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Trust Bank Review (2023): More rewards with card spend

27 Aug 2023

Trust Bank Singapore offers a savings account that allows customers to earn an interest rate of up to 2.5% per annum on their first S$125,000 of deposits.

trust bank singapore review

What happened?

Recently, we saw news that Trust Bank has attracted S$ 1 billion of deposits as of April 2023. 

With more than 500,000 retail customers signing up in its first seven months of operations, Trust Bank is targeting to be Singapore's fourth-largest retail bank in terms of customer numbers by the end of next year. 

This would put it just behind household names DBS, UOB and OCBC

Let us find out what is Trust Bank Singapore, and if it might be worthwhile opening a savings accounts with one of the digital banks that have emerged in recent years. 

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 per cent while the remaining 40% is owned by the FairPrice Group's enterprise arm.

Launched on 1 September 2022, Trust Bank currently offers a savings account, a debit/credit card, and accident insurance coverage.

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

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

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

Trust Bank Singapore’s savings account offers you an interest rate of up to 2.5% per annum on the first S$125,000 deposit.

This  is made up of the following 

  • Base interest of 1.5% p.a with no conditions
  • Bonus interest of 1% p.a. if you are a union member with 5 eligible card transactions., or 
  • Bonus interest of 0.5% p.a. for non-union member with 5 eligible card transactions. 

Balances above SGD 125,000 will earn 0.05% p.a. interest.

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 18 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

  • With credit card, get up to 21% savings when you hit a minimum monthly spending of S$350
  • With debit card, get up to 11% savings when you hit a minimum monthly spending of S$200



Trust Link Card

  • With credit card, get up to 15% savings when you hit a minimum monthly spending of S$450
  • With debit card, get up to 5% savings when you hit a minimum monthly spending of S$200


What users may not like about Trust Bank 

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

Trust Bank's base interest rate of 1.5% p.a. with no conditions is lower than what some other no-frills accounts are offering.

For union members, the interest rate of 2.5% 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. 

For this reason, readers who want to maximise the yield on their savings would probably want to look to GXS Bank instead.

#2 – Interest rate of up to 2.5% only applicable to first S$125,000 of savings

While Trust Bank does not have a deposit limit unlike GXS and MariBank, it is important note that any balance above S$125,000 will only earn an interest rate of 0.05% p.a.

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.

 MariBankGXS BankTrust Bank
Savings account interest rate2.88% p.a. until 31 December 20232.68% p.a. for deposits in savings pockets from 17th AugustUp to 2.5% p.a.
Maximum depositS$75,000S$75,000No maximum deposit, but interest rate of up to 2.5% p.a. only applies to the first S$125,000
Eligibility requirements
  • 18 years old and above
  • Singaporean Citizens / Permanent Residents
  • 16 years old and above
  • Have a residential address in Singapore
  • Singaporean Citizens / Permanent Residents / Foreigners
  • Have a Singpass Myinfo account
  • 18 years old and above
  • Singaporean Citizens / Permanent Residents
BenefitsNilNilPromotional discounts on FairPrice Group spending
Physical branches and ATMsNilNil20 ATMs islandwide
Source: Company websites as of 30 July 2023


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

Trust Bank Singapore holds a full banking licence 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$75,000 per account.

Final verdict on Trust Bank Singapore

Trust Bank Promo.jpg

If you are a NTUC union member, Trust Bank offers an interest rate of 2.5% per annum with just 5 eligible card transactions every month. 

This would make the interest rate earned comparable to MariBank. However, the interest rate is still slightly lower than GXS even after the digital bank recently cut interest rates on its savings pockets to 2.68%. 

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

Sign-up Promo: Sign up for a Trust Bank account and earn S$10 Fairprice Group e-voucher as a welcome reward with our exclusive promo code: XS8PCDE1. Also stand a chance to win a Tesla Model Y when you sign up by 30 November. Click here for Tesla draw terms and conditions.

Check out our guide to the best savings account in Singapore to find out which savings account allows you to earn the highest interest rate. 

lightbulb Earn a higher interest rate

Find out which account allows you to earn a higher interest on your spare cash.

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