Trust Bank is the latest digital bank in Singapore and was launched on 1 September 2022. Since it doesn’t have any physical branches, it is designed and built to operate entirely on your mobile phone, 24/7.
Trust Bank (Trust) is 60% owned by Standard Chartered Bank and the remaining 40% by NTUC Enterprise and FairPrice Group. Through this unique partnership, Trust is able to link its banking services to FairPrice Group’s ecosystem and loyalty program, Link Rewards, which serves more than a million customers every day through 570 touchpoints.
In addition to specially curated deals, Trust offers users a savings account, a credit card, and family personal accident insurance.
Here’s what you need to know about Trust Bank’s products and services.
Easy To Use App With A Secure Interface
You can only perform banking transactions with Trust through its Trust Bank SG mobile application, which can be downloaded from both the Google Play Store and Apple App Store. Signing up is a simple process, and you can use your MyInfo to submit your details.
The app, which supports both English and Mandarin languages, is protected by multi-factor authentication and can only be paired with one smartphone and one phone number at any one time. There is also an extra layer of security with the Trust Key, which lets you use a 6-digit PIN to approve high-risk or sensitive transactions.
With the app, you will also receive the first-to-market numberless card to prevent your card details from being stolen. You can also use the app to lock and unlock the card and control permissions for online or overseas payments.
The app also provides instant notifications for all account activities—which incidentally, cannot be turned off—helping you to keep track of your expenses. Moreover, it is easy to monitor your bonus rewards with the app’s real-time rewards tracker, which helps you not miss out on those savings.
High-Interest Rate On Savings Accounts Without Any Hoops
Anyone over the age of 18 can open a single Trust savings account in their name. Your Singapore dollar deposits with Trust’s savings account are protected under the Deposit Insurance Scheme for up to $75,000.
You will receive a debit card when you open your savings account. There are no fees charged (i.e., monthly fee or fall-below) in relation to opening and maintaining your savings account.
Interest on the savings account is calculated on a daily basis but paid out on the last day of each month. Currently, you can get an interest rate of up to 1.4% per annum (made up of 1% base interest and 0.4% bonus interest) on the first $50,000 if you’re a union member. For non-union members, you can earn an interest rate of up to 1.2% p.a. (made up of 1% base interest and 0.2% bonus interest) on the first $50,000.
To earn the bonus interest, both groups of depositors need to make at least 5 eligible VISA purchases on their Trust card. Furthermore, for deposits above $50,000, both groups of depositors will earn only 0.05% p.a.
You can deposit funds to your Trust account by either using a bank transfer (via FAST) or PayNow. On the other hand, if you need to withdraw physical cash from your Trust account, you can currently do so from Trust/Standard Chartered Bank ATMs located across the island as well as overseas ATMs with Visa enabled. Do note that you can only withdraw up to $2,000 in a single transaction. For more ATM locations, search <here>.
[Editor’s Note: Do note that if you were to sign up for the savings account first, you would currently not be able to sign up for the credit card.]
Read Also: [2022 Edition] Best Savings Accounts for Working Adults in Singapore
Dual Functionality As A Debit And Credit Card With No Recurring Fees
If you want to earn the highest rebates on your FairPrice group spending, then you should sign up for the Trust credit card.
The eco-friendly ocean plastic Trust credit card offers dual functionality as both a credit card and a debit card, removing the need for you to carry multiple cards. There are no annual fees, foreign transaction fees (not even the 1% Visa charges), cash advance fees, or card replacement fees.
Nevertheless, there is a late payment charge of $100 if you do not pay the minimum amount by the due date. You would also incur finance charges on your cash advance, which are calculated on a daily basis at 0.074% (26.9% p.a.) on the amount withdrawn until full payment.
It is also the first card that allows you to select your preferred credit limit and repayment date upfront. You can also set reminders to ensure that you do not miss your payment dates.
Eligibility To Apply Credit Card
You can apply for the credit card if you are between 21 and 55 years old. You would also need to have an annual income of $30,000 as a Singapore citizen/permanent resident, or $60,000 if you are a foreigner with a valid work pass.
If you are 55 years of age, you would need an annual income of $15,000 as a Singapore citizen/permanent resident or $60,000 if you are a foreigner with a valid work pass.
NTUC Membership And Linkpoints
The Trust card’s benefits are maximised if you are a Union member, which costs $117 annually to join. You can read our article on the benefits of an NTUC membership.
Basically, you would need to spend $1 to earn 0.50 linkpoints (or spend $2 for 1 linkpoints) at any of the FairPrice Group outlets, with no minimum spend. After that, it takes 100 linkpoints to redeem $1 worth of in-store credit in exchange for the rebates you’ve earned.
Trust Debit And Credit Card Rewards And Rebates
The lure of using credit cards is based on the number of discounts and rebates that we can get with each spending category. In that aspect, the Trust card promises significant savings, especially during this promotion period, which lasts until December 2022.
You can get discounts of up to 20% – consisting of a 17% upfront discount – on your Caltex petrol spend and on a variety of other merchant discounts ranging from F&B, taxi fares, and mobile plans, to name a few. Check out Trust’s website for more partner deals.
However, the main “attraction” of the Trust cards is the Linkpoints rebates–of up to 21%–that you can earn on your FairPrice Group (FPG) spend. Here’s a more detailed look at the rewards that you can get as a Union member or as a non-union member.
Union Member – Linkpoints rebate of up to 21% or 11% on credit or debit cards, respectively.
Source: Trust Bank
Terms To Understand:
Base Rate: Earns you unlimited savings on FPG spend and on all eligible spend.
Monthly bonus: Earns you bonus rebate on your FPG spend when you meet the minimum monthly spend outside of FPG.
Quarterly bonus: Earns you bonus rebate on your FPG spend, when you meet the monthly minimum spend outside of FPG for 3 consecutive months.
FairPrice Annual Member Bonus: Bonus rebate that Union members will earn once a year on their FPG groceries.
Non-Union – Linkpoints rebate of up to 15% or 5% on credit or debit cards, respectively.
Source: Trust Bank
Offers Family Personal Accident Insurance
Customers of Trust can purchase family personal accident insurance directly on the app. The plan provides coverage of up to $8,000 for accidental death and permanent total disability due to an accident for just $0.50 per month. You can add your spouse to the policy without any additional premium.
The insurance which is underwritten and issued by NTUC Income does not require any medical check up or underwriting from the customer.
You get free two months of complimentary coverage when you sign up for the Trust credit card today.
Read Also: 5 Reasons You Should Consider Getting A Personal Accident Insurance Plan
Sign Up Promotions
There’s a good incentive for signing up for the Trust card now. You will receive a $25 Fairprice E-Voucher when you make your first card spend (no minimum spend). You will also receive a free 1kg of Superior Fragrant Rice (worth $3.55) and a free signature breakfast set that you can redeem at Kopitiam within 30 days after the promotion ends on 31 October 2022.
There is also a “member get member” promotion that runs from 1 September to 31 December 2022. If the requirements are met, then both the referrer and the referred customer get another $10 FairPrice E-Voucher.
That’s not all; customers of Trust will also get a chance to win a blue Tesla model 3! There are three draws to be held on 9 November 2022, 9 December 2022, and 9 January 2023, where a Tesla will be given. Your chances of winning will increase with more referrals.
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