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 relatively new digital bank in singapore, a partnership between Fairprice Group and Standard Chartered Bank that launched on 01 September 2022.
Like most regular banks basic offerings, they have a Savings Account, Debit and Credit Card. Additionally - Accident Insurance Coverage.
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
- ATM Withdrawals (in Singapore and Overseas)
- NTUC Linkpoints Accumulation as you spend on the Debit / Credit Card (Local & Overseas transactions)
- Discount Coupons (Food, Transport, Travel and more!)
Savings Account
Recent upgrade - Trust Bank Singapore now allows customers to earn an interest of up to 3% per annum on a deposit amount of $500,000. This used to be $75,000. Great for those who can’t fulfil other Bank’s requirements like UOB One’s Salary Crediting and Spending to enjoy higher interest on your idle cash. Here’s how it works -
Balance | Interest | ||
Base Interest | $500,000 | 1.5% p.a. | |
> $500,000 | 0.5% p.a. | ||
Bonus Interest Rate | Maintain $100,000 Average Daily Balance | +0.5% p.a. | |
Spend Bonus Interest Rate | Make min. 5 eligible card spends using Trust card to unlock this bonus rate on deposit balance up to S$500K for the full month | +0.5% - 1% p.a. | NTUC Union Members get 1.0% p.a. interest whereas others get 0.5% p.a. interest |
Get a base interest of 1.5% p.a. on a deposit of up to $500,000. Any amounts above will only get 0.5% p.a. interst. Bonus Interest Rate is on top of the base interest, get an additional 0.5% p.a. interest if you maintain your average daily balance of $100,000.
Make 5 eligible card spend on either the Trust Debit or Credit Card to unlock an additional 0.5% p.a. Interest (1% p.a. interest if you are an NTUC Union Member) on deposit balance up to $500,000 for the full month.
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 Card
You can earn linkpoint rebates as you spend with your Trust Card, 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
- With debit card, get up to 11% savings when you hit a minimum monthly spend of S$200
Trust Link Card
- With credit card, get up to 15% savings when you hit a minimum monthly spend of $450
- With debit card, get up to 5% savings when you hit a minimum monthly spend of S$200
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
