Review of Trust Bank Singapore - Great Sign-up Gifts (Free!) but Complicated Reward Scheme
Trust Bank Singapore (or just Trust) is a 60-40 joint venture between Standard Chartered Bank and FairPrice Group - it is also the newest digital bank in Singapore. Trust’s use of technology and customer-centric design aims to introduce a new standard of banking and also allow its customers to enjoy significant savings on everyday expenses through the FairPrice Group of companies. FairPrice also owns the largest supermarket chain in Singapore with over a million NTUC union members, giving Trust a good base to start with.
Photo Credit: Trust Bank Singapore
Trust wants to make banking transparent, easy, and rewarding. As such, there will be no annual fee for its credit card, no foreign transaction fee, no cash advance fee, and even no card replacement fee if you always lose your physical card like me. For its savings account, there will also be no monthly fee, minimum balance requirement, or account closure fee.
Trust Bank Singapore
Instead of issuing a debit and credit card individually, Trust bank’s customers will only have one single card which can be toggled easily between debit and credit via the app. There are no limits to how many times you can switch the pairing (although you do have to make a conscious effort to ensure that you’re using the right card to earn the right rebate). You may also withdraw money from your savings account using the card at the Trust ATM (currently only one at Vivocity) or any Standard Chartered ATMs island-wide.
Photo Credit: Trust Bank Singapore
Trust Savings Account
Photo Credit: Trust Bank Singapore
Trust’s Savings Account offers a base interest rate of 1% per annum for deposit of up to S$50,000. Subsequently, the interest rate is lowered to 0.05% for deposits above S$50,000. Interest are accrued daily but will only be paid out at the end of every month.
Trust is also promoting what it is calling a “Bonus Interest” for its Savings Account. Besides the base interest rate of 1% per annum, simply make 5 purchases with your Trust card to unlock a further 0.2% p.a. on deposits up to S$50,000 (for non-NTUC Union Members) and a bonus interest of 0.4% p.a. on deposits up to S$50,000 (for NTUC Union Members). To be an NTUC Union Members, you will have to pay an annual fee of S$117 which comes with a range of benefits which you can find out more about here.
Your deposits are also insured by the Singapore Deposit Insurance Corporation for up to S$75,000.
Trust NTUC Link Card & Trust Link Card
Photo Credit: Trust Bank Singapore
Besides the previous benefits that we have mentioned earlier in the article (no annual fees, no foreign transaction fee etc), the Trust Credit Card also promises up to 21% savings (via Linkpoints) on groceries and food at FairPrice Group and up to 20% savings on fuel purchase at Caltex - though it can be fairly complex to fully comprehend its rebate system.
Sign-up Bonus: S$35 FairPrice e-voucher + 1kg bag of rice + Signature Breakfast Set at Kopitiam
If you sign up using this referral code 7EHUUGJQ and make your first transaction of any amount on your card, you will get S$35 worth of FairPrice e-voucher in your app. You can also redeem a 1kg pack of FairPrice Superior Fragrant Rice (worth S$3.55) and a Signature Breakfast Set from Kopitiam. You also stand a chance to win a Tesla Model 3 when you sign up or successfully refer a friend to sign up. It’s that simple!
Photo Credit: Trust Bank Singapore
As a base rate, union members get 2.5% while non-union members get 0.5% off FairPrice Group (FPG) groceries. If you meet the minimum spend (S$350 for union members, S$450 for non-union members), you will get an additional bonus rate of 8.5%/7.5% off your FPG spending. If you meet the minimum spend consecutively for 3 months, you will get a further 8%/7% off your FPG spending.
This gives you up to 21% of rebates in Linkpoints for NTUC Union members and 15% for non-Union members. However, do note that this is a launch exclusive offer that might or might not be extended after December 2022.
Insurance
Photo Credit: Trust Bank Singapore
Underwritten and issued by Income, Trust provides family personal accident insurance coverage of up to S$8,000 for death and permanent total disability due to accidents for just S$0.50/month. As a launch promotion, you will also get 2 months of free coverage when you apply for the Trust Credit Card.
Should you get the Trust Credit Card?
In summary, the Trust Credit Card would appeal most to people who shop frequently at the FairPrice Group of businesses. And if you’re already an NTUC Union Member, you instantly get to maximise the rebates simply by using the credit card. The 1% base interest rate for the savings account is also higher than most saving accounts in the market (with a higher cap of S$50,000). Finally, it’s quite a no-brainer with the sign-up promotion, and with no account closure fee, there is little reason to not apply for this card.
Sign-Up Promotion
Photo Credit: Trust Bank Singapore
If you sign up using this referral code 7EHUUGJQ and make your first transaction of any amount on your card, you will get S$35 worth of FairPrice e-vouchers in your app. You can also redeem a 1kg pack of FairPrice Superior Fragrant Rice (worth S$3.55) and a Signature Breakfast Set from Kopitiam. You also stand a chance to win a Tesla Model 3 when you sign up or successfully refer a friend to sign up. It’s that simple!
Download the Trust App: Trust App iOS | Trust App Android
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