Demi ZhuangThis post is not sponsored, neither am I an affiliate of the bank. If that happens down the road, great. 😉 I honestly just really love how it adds value to my personal finance strategy.
What is Trust Bank?
Trust Bank Singapore is a digital bank partnership between Fairprice Group and Standard Chartered Bank launched 01 September 2022. Like most regular banks basic offerings, they have a Savings Account, Debit and Credit Cards. Additionally - Accident Insurance Coverage from NTUC.
As compared to other digital banks such as GXS, MariBank, Trust Bank has physical ATMs that you could withdraw from ➡️ 19 Standard Chartered Banks around Singapore and 1 Trust Bank ATM at VivoCity, inside NTUC.
How it differentiates itself with other more well known Digital Banks such as GXS and MariBank?
- Competitive Foreign Currency Exchange Rates (better than GXS)
- ATM Withdrawals (in Singapore AND Overseas)
- NTUC Linkpoints Accumulation as you spend on the Debit / Trust Link Credit Card (Local & Overseas transactions)
- Discount Coupons (Food, Transport, Travel and more!)
Savings Account
REFRESHED! Trust Bank Singapore now allows customers to earn an interest of up to 3.5% per annum on a deposit amount of $800,000.
Balance | Interest | Cumulative Interest Rate | ||
Base Interest | $800,000 | 1.25% p.a. | 1.25% p.a. | Calculated daily
Amounts above $800K will earn 0.05% p.a. |
Spend Bonus Interest Rate | Make min. 5 eligible card spends (S$30 each) using Trust Link card to unlock this bonus rate on deposit balance up to S$800K for the full month | +0.5% - 1% p.a. | 1.75% p.a. OR
2.25% p.a. | NTUC Union Members get 1.0% p.a. interest whereas others get 0.5% p.a. interest |
Balance Bonus | Maintain min. $100,000 Average Daily Balance | +0.5% p.a. | 2.25% p.a. OR
2.75% p.a. | Interest for the month calculated on the last day of the month |
Salary Bonus Rate | Credit min. S$1,500 salary via GIRO in a single transaction for balance up to S$800K | +0.75% p.a. | 3% p.a. OR
3.5% p.a. |
For anyone who loves consolidating savings and spending in one bank alone, Trust Bank could be the one you’re looking for. With interest earned on deposits as high as $800,000. Most other banks cap their high interest rate on $100,000 or $150,000.
Like traditional banks, there isn’t a lock-in period, so anytime you want to withdraw, feel free to. Trust Bank has physical ATMs that you could withdraw from ➡️ 19 Standard Chartered Banks around Singapore and 1 Trust Bank ATM at VivoCity, inside NTUC.
There is also no monthly fall below fees and no account closure fee.
You do have to be 18 Years old in order to open a Trust Bank Savings Account.
Earn Linkpoint Rebates as you spend with the Trust Link Card (Locally AND Overseas)
You can earn linkpoint rebates as you spend with your Trust Card and track it all in your mobile app!
NTUC Union Members
NTUC Link Card
- With credit card, get up to 21% savings when you hit a minimum monthly spend of $350 outside of FairPrice Group
- With debit card, get up to 11% savings when you hit a minimum monthly spend of S$200 outside of FairPrice Group
Trust Link Card
- With credit card, get up to 15% savings when you hit a minimum monthly spend of $450 outside of FairPrice Group
- With debit card, get up to 5% savings when you hit a minimum monthly spend of S$200 outside of FairPrice Group
Coupons
As if all the perks you’re getting is not enough, Trust Bank also offers it’s customers coupons on categories such as
- Food and Dining 🍔
- Transport 🚗
- Utilities 💡
- Services 🔧
- Entertainment 🍿
- Shopping 🛍️
- Travel ✈️
Save more when you use Trust Bank. There are also transport vouchers like TADA, Gojek and Esso / Caltex Fuel Savings too!
All that being said, Trust Bank Debit / Credit Card can also be very helpful while you’re overseas. I’ve covered this a lot on the channel with full detailed guides on why and how you should be using it overseas, watch here.
How I Personally Use Trust Bank?
I’ve covered Trust Bank Credit / Debit Card a lot on the YouTube Channel as a Multi Currency Card. Bringing it overseas to take advantage of the FREE ATM Withdrawals.
With the competitive exchange rates, it could sometimes be better than changing cash in advance at our local money changers.
🔗 Link to Trust Bank Guide Playlist
