Trust Bank Singapore Review: Digital Bank Singapore

Singapore’s financial market is fiercely competitive, so when a new entrant gains traction, it turns heads. Trust Bank, Singapore's first digitally native bank, has done just that—surpassing 1 million customers by early 2024, just 16 months after its launch. It also became the second digital bank in Singapore, after MariBank, to introduce an investment offering, further expanding its suite of financial services.

This rapid growth puts Trust Bank on a strong trajectory to challenge the dominance of the big three—DBS, UOB, and OCBC—as it cements its position as a key player in Singapore's retail banking scene.

In this blog, we review Trust Bank’s offerings in Singapore, exploring what makes it so enticing to locals. We’ll dissect its credit cards, interest rates, partnership with NTUC, and other factors to determine if you should open a savings account with them. Let’s begin!

What is Trust Bank Singapore?

Trust Bank Singapore, a digital bank launched on 1 September 2022, is a partnership between Standard Chartered Bank and FairPrice Group. It aims to provide customers with a seamless and transparent banking experience, leveraging the latest cloud banking technology and robust security measures.

Unlike other digital banks in Singapore, such as GXS and MariBank, Trust Bank holds a full banking license from the Monetary Authority of Singapore (MAS). This allows it to offer a comprehensive range of services, including savings accounts, debit and credit cards, and other traditional banking services, all while ensuring regulatory compliance and financial stability.

Setting itself apart from fully online digital banks, Trust Bank provides customers with access to cash withdrawal services through a network of ATMs. Customers can withdraw cash using their Trust cards at any Standard Chartered Bank ATM across the island, as well as at a Trust-branded ATM located at FairPrice Xtra in VivoCity. This physical presence enhances convenience for users who prefer or require cash.

Trust Bank products and services

Trust Bank Singapore presents a well-rounded array of financial products and services carefully crafted to cater to the diverse banking needs of today's consumers. Let’s review their offerings:

Trust Bank Savings Account

Trust Bank’s savings account now comes with three plans: Flex, Signature, and Zen. Instead of offering one standard interest structure, Trust lets users choose how they want to earn interest and switch plans monthly through the app.

The account remains fee-light, with no lock-in period, monthly fee, minimum balance, account closure fee, foreign transaction fee, or card replacement fee.

It also includes features such as PayNow and FAST transfers, up to five Savings Pots, and Trust Lock, which lets users lock selected savings for added protection.

Singapore dollar deposits are insured by SDIC for up to S$100,000 per depositor per Scheme member. Interest rates and bonus conditions may change, so users should check Trust Bank’s latest terms before opening or switching plans.

Trust Bank credit card

Trust Bank offers two credit cards: the Trust Link Credit Card and the Trust Cashback Credit Card. Both cards are managed through the Trust app and are designed for users who want a digital-first card with simple controls, no annual fee, and no foreign transaction fee.

The Trust Link Credit Card is more rewards-led. It is suited for users who regularly spend at FairPrice Group, Caltex, and other Link partners, as it allows them to earn Linkpoints and enjoy partner savings on everyday spend.

The Trust Cashback Credit Card is built for users who prefer direct cashback instead of points. It offers cashback on eligible local and foreign spend, with the option to earn higher bonus cashback in a selected spending category.

Trust Bank loan services

Trust Bank’s Instant Loan is designed for customers who want quick access to cash through the Trust app. The loan is linked to a Trust credit card, with funds disbursed directly into the customer’s Trust savings account upon approval. 

• Competitive Rates: Loan interest rates start from as low as *1.00% p.a. with EIR 2.28% p.a.. The EIR includes the 0.88% first-year annual fee.
• Flexible Repayments: Choose your loan amount and tenure, with options from 3 to 60 months.
• Quick Access: Instant loan approval with funds deposited directly into your Trust savings account.

*offer until 31 May 2026

Trust Bank insurance

Trust Bank offers selected insurance products through Income Insurance, including travel, life, home, car, motorcycle, domestic helper, and personal accident insurance. These policies are issued and underwritten by Income Insurance, with Trust acting as the distributor.

For travel insurance, customers can apply for TravelShiok through Trust, with options for individual, family, and pre-existing medical condition coverage. For life insurance, customers can explore selected Income Insurance plans or speak with a Trust Insurance Specialist through the Trust app.

As with any insurance product, customers should review the policy coverage, exclusions, premiums, and suitability before applying.

Grow Your Wealth with StashAway Simple™ Cash

While Trust Bank offers a competitive digital savings experience, it’s worth exploring other flexible ways to make your money work harder. With StashAway Simple™ Cash, you can earn 2.5%* p.a. to 4.1%* p.a. at ultra-low risk — no lock-ins, no minimums, and no cap on earnings.

Plus, enjoy our welcome offer when you sign up today and start growing your cash with full flexibility.

Interest rates and returns

One of the biggest reasons for Singaporeans to choose one bank over another are interest rates. So, how does the Trust Bank savings account fare? Let’s review it in greater detail.  

Trust Bank advertises interest rates of up to 2.4% p.a. on the first $1.2M SGD for their savings account on the Flex Plan. However, on closer inspection, this 2.4% is not a flat rate. There are certain prerequisites one has to meet in order to achieve the full amount.

Interest for the Trust Bank savings account is calculated daily, based on the end-of-day balance, using a 365-day year, and credited on the last day of the month.

How does the interest rate on the Trust Bank savings account compare to other digital banks and StashAway Simple™ Cash?

As you can see, while the Trust Bank savings account starts with a lower base interest rate compared to its digital bank counterparts, GXS and Mari, it offers the possibility of earning higher interest rates provided you are able to meet the specific tier conditions.

However, for those seeking a straightforward option without the complexity of tiered rates and aiming for a base rate that surpasses the 2.4% offered by Trust Bank, StashAway Simple™ Cash is an attractive alternative.

Looking for better returns?

StashAway Simple™ Cash allows you to earn a projected rate of 2.5% p.a. to 4.1% p.a. at ultra-low risk with no minimum or maximum deposit requirements, no lock-ins, and no cap on earnings.

Plus, enjoy our welcome offer when you sign up today and start growing your cash with full flexibility.

In comparison to the Trust Bank savings account, StashAway Simple™ Cash offers a compelling advantage for those seeking straightforward, higher-yield investments. With a projected return of 2.5% p.a. to 4.1% p.a., it provides a predictable and attractive return without the need to fulfill various conditions.

Additionally, the ease of no minimum or maximum investment amounts make it an excellent alternative for maximizing short-term savings. 

Additional perks of Trust Bank Singapore

Trust Bank Singapore offers additional lifestyle perks that enhance the banking experience beyond conventional banking benefits. These include:

Earning Linkpoints: Trust Bank customers can earn Linkpoints by spending with their Trust card. The accumulated Linkpoints can be redeemed to offset purchases at FairPrice, Unity, Cheers and other Link partners. 

Partner Offers and Rewards: The Trust app allows users to discover coupons and redeem them at partnered merchants for discounts, free gifts, and more. Users can also earn stamp cards by shopping at partnered merchants, 

Eligibility and opening an account

Opening a savings account with Trust Bank is a straightforward and easy process.

Eligibility Requirements

To open a Trust Bank savings account, you must meet the following criteria:

• Be 18 years or older.
• Hold Singaporean Citizenship or Permanent Residency status.

Step-by-Step Guide to Opening a Trust Bank Savings Account

1. Download the Trust Bank App from the app store
2. Launch the App and click "Get Started" 
3. Choose the option to apply for a savings account.
4. Select "Apply with MyInfo" and use your Singpass to securely continue your application.
5. Verify Information your pre-filled information and ensure it is correct.
6. After verifying your information, confirm your details and set up a 6-digit password for your account.

Foreigners residing in Singapore will have to upload a copy of their passport in addition to the MyInfo authentication. The application process typically takes a few minutes but can be extended to up to 5 working days if additional clarifications are needed. 

Comparing Trust Bank vs GXS vs MariBank

Should you sign up with Trust Bank?

After reviewing its offerings, is Trust Bank right for you? If you like the idea of a simple savings account with competitive basic interest rates, seamless tech-enabled banking, and lifestyle perks such as promotions for shopping at FairPrice, then it might be an attractive option for you. 

Alternatively, for those seeking a straightforward way to boost their savings with higher interest rates than Trust Bank provides, exploring short-term investment alternatives like StashAway Simple could be a smart move. Cash management solutions like StashAway Simple are great for those looking to enhance their financial returns without locking up funds long-term. Ultimately, the decision rests on your financial strategies and how actively you wish to manage your savings and investments.