Trust Bank: Earn up to 2.40% p.a. interest rate

What happened?

Trust Bank has revised the interest rate for its savings account and introduced three savings account plans that let you decide how you earn interest each month in 2025.

As of March 2026, the maximum interest rate has been trimmed to up to 2.40% p.a. on balances up to S$1.2 million (down from up to 2.50% p.a. previously), depending on the plan you pick and the conditions you meet.

In this review, I’ll look at what Trust Bank Singapore is, how each savings plan works, and whether it’s worth opening an account, especially if you’re comparing the newer digital banks in Singapore.

What is Trust Bank Singapore?

Trust Bank Singapore is a digital bank backed by a unique partnership between Standard Chartered Bank and FairPrice Group.

The former owns 60% while the remaining 40% is owned by the FairPrice Group's enterprise arm.

Launched on 1 September 2022, Trust Bank has expanded its range of services beyond just a savings account. Customers can now access a wider selection of financial products, including:

• Debit/credit cards
• Personal bank loans
• In‑app investment platform - TrustInvest Account
• Various types of insurance coverage

Unlike digital banks such as GXS and MariBank, Trust Bank Singapore actually has a full banking license, complete with 20 ATMs islandwide.

This includes 19 StanChart ATMs and 1 ATM at FairPrice Xtra (Vivocity).

Download the Trust Bank app and try TrustInvest — start with S$100 and invest in globally-diversified funds today

What is the current interest rate on the Trust Bank savings account?

As of March 2026, Trust Bank Singapore offers up to 2.40% p.a. interest on its savings account, applicable to deposits of up to S$1,200,000. 

There are now three flexible savings plans to choose from, each tailored to different saving and spending habits.

You can switch between plans every month through the Trust App. If no plan is selected, the Signature Plan will be applied by default. 

Let’s take a closer look at each plan.

Flex Plan (Up to 2.40% p.a.)

The Flex Plan offers a base interest of 0.05% p.a.. You can boost this rate by selecting any 3 bonus "scoops" each month to earn additional interest:

Here are some examples to illustrate how you can customise your bonus interest:

Example #1 - The Active Spender and Salary Earner

• Credit Salary: You receive your monthly salary of at least S$1,500 via GIRO (+0.45% p.a.)
• Card Spending: You use your Trust debit/credit card for at least 5 transactions of S$30 or more
  • NTUC Union Member: +0.20% p.a.
  • Non-Union Member: +0.10% p.a.
• Foreign Currency Spending: You spend at least S$500 overseas or online in foreign currency (+0.15% p.a.)

Total Bonus Interest (Union Member): 0.45% + 0.20% + 0.15% = 0.80%
Effective Interest Rate (Union Member): 0.05% base + 0.80% bonus = 0.85% p.a.

Total Bonus Interest (Non-Union Member): 0.45% + 0.10% + 0.15% = 0.70%
Effective Interest Rate (Non-Union Member): 0.05% base + 0.70% bonus = 0.75% p.a.

Example #2 - The Investor and Big Saver

• Invest in TrustInvest: You invest at least S$20,000 in eligible TrustInvest funds (+0.70% p.a.)
• Maintain High Balance: You keep a minimum average daily balance of S$100,000 (+0.30% p.a.)
• Salary Credit: You credit your salary of at least S$1,500 via GIRO (+0.45% p.a.)

Total Bonus Interest: 0.70% + 0.30% + 0.45% = 1.45%
Effective Interest Rate: 0.05% base + 1.45% bonus = 1.50% p.a.

So, in order to earn the maximum 2.40% p.a. interest as advertised, you will have to combine the three highest scoops which requires you to refer a new Trust credit card customer (+1.20% p.a), invest at least S$20,000 in TrustInvest funds (+0.70% p.a), and have at least S$1,500 salary credited via GIRO (+0.45% p.a).

Total: 0.05% base + (1.20% + 0.70% + 0.45%) = 2.40% p.a.

Signature Plan (Up to 1.00% p.a.)

The Signature Plan is Trust Bank’s original offering. It gives you a base rate of 0.05% p.a., with bonus interest awarded for meeting key financial activities:

• Make at least 5 card spends (minimum S$30 each): +0.20% p.a. (NTUC Union Member) or +0.10% p.a. (Non-Union Member)
• Credit a salary of at least S$1,500 via GIRO: +0.45% p.a.
• Maintain an average daily balance (ADB) of S$100,000: +0.30% p.a.

Zen Plan (Flat 0.40% p.a.)

Prefer something simple and fuss-free? The Zen Plan offers a steady 0.40% p.a. with no conditions to meet. 

However, it's worth noting that there are several other fuss-free savings accounts that offer higher base interest rates. 

Check out the full list of best savings accounts with the highest interest rates here.

For all plans, any balance above S$1.2 million will earn 0.05% p.a.

Your interest will be calculated on a daily basis (based on each day-end deposit balance using a 365-day per annum basis), and credited on the last day of the month.

There is no lock-in period, no monthly fee, and no account closure fee on the Trust Bank savings account.

However, you will need to be at least 16 years of age to be eligible for a Trust Bank savings account. 

What users may like about Trust Bank

#1 – Attractive rewards with your credit card spend

But wait! The savings account is not all that Trust Bank has to offer.

You can also accumulate Linkpoints when you shop with your NTUC Link Card or Trust Link Card, which can be tracked on your Trust mobile app.

There are also savings you can enjoy on FairPrice Group groceries and food:

NTUC Link Card (for NTUC Union Members)

• With credit card, get up to 21% savings when you hit a minimum monthly spending of S$450 eligible spend outside FairPrice Group
• With debit card, get up to 9% savings when you hit a minimum monthly spending of S$300 eligible spend outside FairPrice Group

Trust Link Card (for Non-Union Members)

• With credit card, get up to 15% savings when you hit a minimum monthly spending of S$550 eligible spend outside FairPrice Group
• With debit card, get up to 4% savings when you hit a minimum monthly spending of S$300 eligible spend outside FairPrice Group

What users may not like about Trust Bank

#1 - Lower interest rate compared to best no-frills savings account

Trust Bank's Zen Plan that offers a base interest rate of 0.40% p.a. with no conditions is still lower than what some other no-frills accounts are offering.

Under the Signature Plan and for union members who don't deposit their salary, the current interest rate of 0.55% p.a. offered by Trust is still lower than the interest rate offered by the best savings accounts with the highest interest rates in Singapore. 

#2 – Getting the maximum interest may not be realistic for everyone

It is important to note that you’ll need to refer a new credit card customer (+1.20%), invest S$20K in TrustInvest (+0.70%), and credit S$1,500 salary via GIRO (+0.45%) to earn the maximum interest rate of 2.40% p.a. with Trust Bank.

Most of us may find it difficult to refer new customers monthly or invest large sums. Hence, the realistic interest rate you may get would be between 0.45% to 1.50% p.a, depending on which bonuses we can meet each month.

#3 – Active effort and planning ahead needed

One potential downside is that earning meaningful interest may require extra planning and effort.

If you don’t actively choose a savings plan each month, Trust Bank defaults you to the Signature Plan. But without meeting any conditions like salary credit, card spending, or a S$100K balance, you’ll earn just 0.05% p.a.

To avoid this, you’ll need to manually opt into the Zen Plan each month to get the 0.40% p.a. flat rate which, while modest, is still better than the base rate.

This means even earning basic interest requires some planning and action, which may feel like a chore for passive savers.

How does Trust Bank compare to GXS and MariBank?

In case you’re wondering how does Trust Bank compare to GXS and MariBank, I've compiled them in the table below.

Is it safe to deposit your money with Trust Bank Singapore?

Trust Bank Singapore holds a full banking license that is issued by the Monetary Authority of Singapore.

As mentioned previously, it is backed by two reputable names–Standard Chartered and FairPrice.

Additionally, all deposits in Trust are fully secured by the Singapore Deposit Insurance Corporation (SDIC) up to S$100,000 per depositor.

Final verdict on Trust Bank Singapore

If you are looking for a fuss-free option to grow your savings, opting for the Zen Plan monthly would give you an interest rate of 0.40% per annum. 

This would make the interest rate earned lower than Mari savings account and GXS savings account. 

If you are looking for a fuss-free account with no salary credit or credit card spend requirements, UOB Stash Account offers an effective interest rate of 1.50% p.a., and when paired with the UOB Leap of Fortune Savings Promotion, the returns can be even higher.

With both Signature Plan and Flex Plan, you will be able to get a higher interest rate of up to 1.00% p.a. if you are able to maintain an average daily balance of S$100,000 and above, are a NTUC union member with 5 eligible card transactions, and credit at least S$1,500 monthly via GIRO in a single transaction. 

If you're willing to take it further, the Flex Plan offers up to 2.40% p.a. for those who tick off the right mix of monthly conditions, and balances up to S$1.2million are eligible to earn interest at this top tier.

In addition, Trust Bank stands out for its wider product offering, particularly rewards earned with the NTUC Link Card or Trust Link Card. 

From a practical standpoint, Trust Bank works best as a account to park money you want to keep safe and accessible for emergencies, bills, and near-term goals, while still earning some interest. 

To find out which savings account allows your money to work harder, check out our guide to the best savings account with highest interest rates in Singapore.

But once you’ve already set aside enough cash to cover your safety buffer and upcoming expenses, putting every extra dollar into savings accounts may not be the most efficient way to grow your wealth. 

At that point, it can be worth exploring longer-term options like diversified investments that have a better chance of outpacing inflation over time.

To explore ways to grow your money beyond savings accounts, check out our our guide to best ways to earn a passive income in Singapore.

Alternatively, if you’re new to investing and want a simple framework to get started, check out our beginner-friendly guide here.

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