Trust Bank review

Benefit from attractive interest rates and save on daily essentials when you bank with Trust.

Backed by Standard Chartered and FairPrice Group, Trust Bank is the newest player in Singapore’s digital banking field for retail customers. 

Through this unique partnership, users can enjoy on-the-go mobile banking services, attractive interest rates, curated deals and FairPrice’s highly rewarding loyalty program.

Discover the products and services Trust has to offer in our review below.

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S$0

Monthly fee

0%

Domestic ATM fee

Details

Product NameTrust Bank card
Monthly feeS$0
Card delivery2-5 working days
Supported CurrenciesSGD
More Info

How does Trust Bank work

At launch, Trust’s suite of products includes a credit card, savings account, and family personal accident insurance.

In addition, the digitally-native bank offers a number of market-first offerings. The Trust card comes with dual functionality as a credit and debit card, allowing users to toggle between them anytime according to their spending needs. Spending on the card also rewards users with higher savings and a faster earn rate for NTUC Linkpoints.

Trust Bank features

Trust Bank’s products offer a myriad of features, including the following:

  • Various financial products available. Currently, Trust Bank offers 3 products — a savings account, a credit card and insurance.
  • Attractive interest rate. Earn a base daily interest rate of 1% p.a. on the first S$50,000 with the Trust Bank Savings Account. Balances above S$50,000 will earn 0.05% p.a. base interest.
  • Bonus interest rates. Make at least 5 eligible credit or debit card retail transactions within the month to unlock 0.4% p.a. (NTUC Union members) or 0.2% p.a. (non-Union members) bonus interest on the first S$50,000 of your account balance.
  • Rewards. Accumulate Linkpoints for every dollar spent on your Trust card. Redeem S$1 for every 100 Linkpoints.
  • Convenient cash withdrawals. Users can withdraw cash from any Trust or Standard Chartered Bank ATMs islandwide as well as any Visa-enabled ATMs overseas.
  • Quick deposits and transfers. Make real-time fund transfers to and from your Trust savings account with FAST and PayNow.
  • Intuitive mobile app. Manage your finances completely online and on the go with the Trust app. Monthly statements can also be viewed or downloaded from the app.
  • 24/7 customer support. Get in touch with customer service directly through the Trust app.

What are the different products offered by Trust Bank

Trust currently offers the following products:

Interest rates and fees

Interest tiers

The following interest rates are accurate as of 11 September 2022 and are subject to change.

Savings account by TrustInterest rate
First S$50,000
  • Base interest. 1% p.a. base interest
  • Bonus interest. Make 5 eligible purchases with your Trust card within the month to unlock 0.4% p.a. (NTUC union members) or 0.2% p.a. (non-Union member) bonus interest
Balance above S$50,000
  • Base interest. 0.05% p.a.

Fees and limits

  • Deposit limits. There is no deposit cap or minimum balance requirements.
  • Fees. The Savings Account by Trust doesn’t charge any opening, monthly, fall-below, or maintenance fees. For Trust credit cards, there’ll be a late payment charge of S$100 if the minimum amount due is not received by the due date.

Pros and cons

Pros

  • Competitive interest rates. Earn up to 1.4% p.a. interest easily by making 5 eligible purchases with your card within the month.
  • No hidden fees. Besides a late payment penalty, the majority of Trust Bank’s services are available for free.
  • Able to withdraw cash from ATMs. Trust savings account holders can easily withdraw cash from any Trust/Standard Chartered Bank ATMs in Singapore.
  • Attractive rewards. Earn Linkpoints from daily spend on the Trust card, which can be used to exchange for rebates or in-store credit.
  • Round-the-clock support. As Trust Bank is a fully-digital bank with no physical branches, its customer support is available 24/7.

Cons

  • Tiered interest rates. Bonus interest is only applicable for the first S$50,000 of your account balance. Deposits above S$50,000 only accrue interest at 0.05% p.a.
  • Does not support foreign currencies. Currently, Trust Bank only accepts transfers in Singapore dollars. You won’t be able to conduct cross-border payments in either SGD or foreign currencies.
  • Limited banking features. Compared to a traditional bank like DBS or OCBC, Trust’s banking products and features are rather limited. Users will not be able to set up joint accounts, hold multiple currencies or set up GIRO payments for the time being.

Trust Bank review and verdict

Compared to other digital banks and ewallets such as GXS and Revolut, Trust Bank certainly stands out with its cash withdrawal features and reward programmes – especially for NTUC Union members, who’d gain from higher bonus interest, larger savings and quick Linkpoint earn rate.

If you’re looking for a no-cost and fuss-free credit card (which comes with an affordable insurance add-on) or a savings account designed for your day-to-day spending needs, Trust may be an ideal option.

But before signing up, make sure to compare other credit cards, savings accounts and insurance alternatives in the market to find one that best suits your needs.

How to sign up for Trust Bank

Signing up with Trust is quick and simple. If you’re at least 18 years old, you can apply for a Trust credit card or savings account in a few steps:

  1. Download the Trust Bank app from the Apple App Store or Google Play
  2. Choose your preferred language (available in English or Chinese)
  3. Enter a referral code (if you have one) or click on “Get started”
  4. Select the product you wish to sign up for – credit card or savings account
  5. Tap on “Proceed” and “Continue with MyInfo”. If you’re a foreigner residing in Singapore, you’ll need to upload your identity and/or income documents.
  6. Wait for approval and further instructions to set up your account

How to contact Trust Bank

You can reach Trust Bank’s customer support through the following ways:

  • Hotline. +65 3138 7878
  • Live chat. Located in the Trust Bank app
  • Social media channels. Alternatively, you can also reach Trust Bank through their Instagram or Facebook accounts.

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      2 Comments

      1. Default Gravatar
        Beatrix
        October 21, 2022

        hi i cant apply trust saving account from app
        please advise.

        Thanks.

        • Avatarfinder Customer Care
          Zyane
          October 21, 2022

          Hi Beatrix,

          Thank you for contacting us. For account setup and other provider-related enquiries, please contact Trust Bank directly via its general hotline (+65 3138 7878), live chat (available on Trust App) or Facebook (https://www.facebook.com/trustbanksg/).

          Best regards,
          Zyane

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