5 Reasons Why You Should Put Your Trust in Trust Bank’s Savings Account Before 2022 is Over

Emma Lam

Emma Lam

Last updated 29 November, 2022

Want a trustworthy and rewarding high-yield savings account, offering up to both 2.5% p.a. interest and 11% savings in Linkpoints on groceries? Then it’s time to switch over to Savings Account by Trust!

The recent interest hikes across traditional banks stirred up quite a commotion in Singapore. With inflation and other socio-economic developments happening left and right, everyone is doing their best to buckle up for the choppy waters ahead.

As a result, this spurred many Singaporeans to transfer and stash their savings in the best-yielding account possible. 

This is where digital banks like Trust Bank come into the picture. It is effortless to earn higher interest on your savings account, with almost no hoops to jump through, unlike other savings accounts you might see in the market

Featuring a competitive 1.5% p.a. base interest, an additional 0.5% to 1% bonus p.a. with relatively fuss-free mechanics, attractive debit card benefits — particularly for NTUC FairPrice grocery shopping — and more!

Here are some reasons why you should consider saving with Trust Bank before the year is over.

Table of contents


#1 Competitive interest rates with a fee-less banking experience

Competitive interest rates

As far as user-friendliness and attractive rates go, Savings Account by Trust is a decent competitor against traditional banks, and here’s why.

For starters, its base 1.5% p.a. interest has absolutely no strings attached and surpasses the base 0.05% p.a. interest rate of many other savings accounts out there.

Yes, you read that right.

This method of earning interest proves useful to many gig economy workers, part-timers, entrepreneurs and others, who now need not worry about not being able to qualify for interest rates earned on their savings account.

Note: The base 1.5% p.a. interest rate applies for the first S$75,000 deposit.
For balances above S$75,000, the interest rate will be 0.05% p.a. 


Fee-less banking experience
 

Savings Account by Trust is also straightforward to use simply because it does not require users to jump through various ‘hoops’ or satisfy certain conditions before achieving a desirable interest rate. There are also:

  • No lock-in period
  • No monthly fees
  • No minimum balance 
  • No foreign transaction fees
  • No card replacement fees
  • No account closure fee

From this overview alone, you can tell that one of the unique features of this savings account is its ‘fee-less’ experience. 

Such simple mechanics with minimal obligations to fulfil make Trust Bank’s savings account fuss-free and easily accessible to all.


#2 Additional bonus interest rewards on your transactions 

Speaking of their simple mechanics, the way to unlock their bonus interest rate is a good demonstration. 

For the first S$75,000 deposit, users can earn 1.5% p.a. interest with no strings attached! The additional bonus 0.5% to 1.0% p.a. interest (on first S$75,000 bank balance) is earned through completing five eligible retail transactions* monthly on the Trust Card.

Non-NTUC Union members will earn an extra 0.5% p.a. whereas NTUC Union members will earn an extra 1.0% p.a.

After five eligible Trust Card transactions per month

On first S$75,000 deposit

Bonus interest

Total interest earned

Non-NTUC Union Member

0.5% p.a. interest

2.0% p.a. interest

NTUC Union Member

1.0% p.a. interest

2.5% p.a. interest

These monthly transactions can be monitored via the Trust App’s nifty Bonus Interest Tracker. This tracker gives you real-time updates on your number of posted card transactions and accrued interest in real-time

Image: Bonus Interest Tracker on Trust App
Calculations are simplified for illustration purposes

Tracking other rewards like Linkpoints, coupons, and stamp cards are also possible through the app. Their partners include famous names like Haidilao Hot Pot, Viu, KFC, Starbucks, Sephora and many more.

Not to mention, there is a Monthly Bonus Tracker that features a quarterly overview of your expenditure for three consecutive months. Image: Monthly bonus tracker, coupons, and stamp cards

*Can be both FairPrice and outside FairPrice spending. Category exclusions apply


#3 Extra savings on groceries

Consider yourself an avid NTUC FairPrice grocery shopper?

Well, if not, now’s probably the time to switch supermarket loyalties because currently, there aren’t any other supermarkets with an ecosystem as intrinsically linked with a bank as the NTUC-Trust ecosystem.


NTUC Link Debit Card vs Trust Link Debit Card

NTUC Link Debit Card
(For NTUC Union Members)


Trust Link Debit Card
(For Non-NTUC Union Members)

Trust credit card

Up to 11% savings

Up to 5% savings

Conversion rate

100 Linkpoints = S$1 💵

All Trust Bank savings account holders will receive a debit card. (If you’re an existing Trust credit card holder, you can use the card flip function to use it as a debit card too!)

However, whether you receive an NTUC Link Debit Card or Trust Link Debit Card depends on your NTUC Union membership.

Members will receive the NTUC Link card while non-members will receive the Trust Link card.


[Click to jump to:]


NTUC Link Debit Card


NTUC Link Card

Earn up to 11% savings in Linkpoints savings (for NTUC Union Members)

Upon opening a Trust bank savings account, users will receive a debit card to start shopping with and accumulate Linkpoints. 

If you receive the NTUC Link Debit Card, you can earn rebates of up to 11% savings in Linkpoints on all FPG groceries and food haul!

To illustrate, here’s the percentage breakdown:

11% savings = 2.5% base rate + 3.5% monthly bonus + 3% quarterly bonus + 2% annual membership bonus

 

Savings rate

2.5% base rate

3.5% monthly bonus

3% quarterly bonus

2% annual bonus

Details

- Unlimited savings of 0.5% on FPG groceries^^


- Unlimited savings of 0.22% on all other eligible spend*


- FairPrice Member exclusive: 2% on FPG groceries^^ (capped at 12,000 Linkpoints per year)

3.5% savings on FPG transactions spend^


- Min. S$200 eligible spend required**


- Capped at 3,500 Linkpoints

3% savings on FPG transactions spend^


- Min. S$200 eligible spend for 3 consecutive months required


- Capped at 3,500 Linkpoints

2% savings on FPG groceries^^


- Once-a-year bonus, subject to approval at Annual General Meeting of NTUC FairPrice Co-operative Limited


- Capped at 12,000 Linkpoints per year

*Eligible spend refers to all Visa transactions made using Trust debit on purchases outside of FairPrice Group (FPG). No cap on Linkpoints earned.
**All min. spend refer to purchases outside of FPG and excluding ineligible transactions
^FPG transactions spend refer to purchases at FairPrice Group groceries & FairPrice Group food (including Kopitiam and Kopitiam top-up cards)
^^FPG groceries refer to FairPrice, FairPrice Finest, FairPrice Xtra, FairPrice Xpress (excluding Esso outlets), FairPrice online, Warehouse Club, Unity, Cheers (excluding Esso outlets). FairPrice Member savings is applicable to FPG groceries (excluding Cheers)


Trust Link Debit Card


Trust Link Card

Earn up to 5% Linkpoints savings

As a non-NTUC Union member, you’ll be given the Trust Link Debit Card upon opening a savings account. 

Through this debit card, you’ll be eligible for up to 5% savings in Linkpoints.

But the most obvious difference is the omission of the 2% annual FairPrice member bonus. 

As a result, what’s left over from the percentage breakdown is as follows:

5% savings = 0.5% base rate + 2.5% monthly bonus + 2% quarterly bonus

 

Savings rate

0.5% base rate

2.5% monthly bonus

2% quarterly bonus

Details

- Unlimited savings of 0.5% onFPG groceries


- Unlimited savings of 0.22% on all other eligible spend*

2.5% savings on FPG spend transactions^


- Min. S$200 eligible spend required**


- Capped at 3,000 Linkpoints

2% savings on FPG spend transactions^


- Min. S$200 eligible spend for 3 consecutive months required


- Capped at 3,000 Linkpoints per quarter

*Eligible spend refers to all Visa transactions made using Trust debit on purchases outside of FPG. No cap on Linkpoints earned.
**All min. spend refer to purchases outside of FairPrice Group and excluding ineligible transactions.
^ FPG transactions spend refer to purchases at FPG groceries & FPG food (including Kopitiam and Kopitiam top-up cards)
^^ FPG groceries refer to FairPrice, FairPrice Finest, FairPrice Xtra, FairPrice Xpress (excluding Esso outlets), FairPrice online, Warehouse Club, Unity, Cheers (excluding Esso outlets). 

All in all, the biggest disadvantage of the Trust Link debit and credit cards is that you’re penalised in loss of potential savings as a non-NTUC Union Member. 

So unless you hardly shop for groceries or you’re contented with earning minimum rebates, then the Trust Link cards might be enough for you.

But most importantly, don’t forget to…


Consistently meet your monthly minimum eligible spend (outside of FPG)

Remember that spending a minimum of S$200 monthly outside of FairPrice Group with your NTUC Link or Trust Link card gets you more bonus Linkpoints?

So long as you consistently meet the minimum monthly spend, you should be able to acquire both the monthly and quarterly bonus savings in no time. And how does that work?

Basically, make an effort to track your monthly transactions outside of FairPrice Group using the Bonus Tracker function in the Trust App. Monitor it dutifully throughout the month to ensure it satisfies the minimum monthly spend requirement. 

💡 Pro-tip: Within each month’s minimum spend, remember to complete at least five eligible retail transactions to earn the extra 0.5% or 1.0% p.a. bonus interest for your savings account!

Once you can comfortably hit the eligible minimum spend each month, keep it up and your efforts will easily translate into three consecutive months. And voila! You’ve just qualified for your quarterly savings bonus as well!


#4 Everyday Rewards from your favourite merchants 

Besides earning rebates on FairPrice Group groceries and food, did you know that you can earn savings on many other merchants too?

Do you know that as a driver, you can look forward to an upfront 17% discount on fuel payments at Caltex using your Trust Card?

💡 Pro-tip: Apply for any of the Trust credit cards to increase your fuel savings to 20%! 

Some of the existing rewards and bonuses include: 

Merchant

Offer

Details

Expiry

KFC

Get “Zhng” Zinger at $3 with any purchase

First 10,000 redemptions only, while stocks last

1 Dec 2022 to 31 Dec 2022

Starbucks

Get S$2 off Starbucks with min. S$10 spend

First 8,000 redemptions per month

1 Sep 2022 to 28 Feb 2023

Burger King

Get 1 free Chocolate Pie with Cheesemas Burger meal 

1st 10,000 redemptions only

1 Dec 2022 to 31 Dec 2022

Absolute Boutique Fitness SG

Get 15% off all regular-priced class packs

Promo code: <xxxxxxTRUST15OFF> where ‘xxxxxx’ is the first 6 digits of Trust Card

Valid for both new and existing members

 

1 Nov 2022 to 30 Apr 2023

Get 1x complimentary Absolute Drop-In (worth S$69)

Promo code: <xxxxxxTRUSTTRIAL> where ‘xxxxxx’ is the first 6 digits of Trust Card

Valid for first-timers only

Whiskdom

Get 1 free cookie with Trust in-app stamps

Every transaction with Trust card will earn 1 in-app stamp.

Customer can continue to earn this offer on a recurring basis (not just one-time) during the promo period.

1 Nov 2022 to 31 Jan 2023

Haidilao Hot Pot


Free hotpot items with Trust in-app stamps

1x S$60 min. spend = 1 Trust App stamp

1 Oct to 31 Dec 2022

Note: Must present Trust Card to counter staff to redeem any Trust Rewards offer, where applicable. The above list is not exhaustive. Please refer to the Trust App for more rewards listings and specific T&Cs.

 

And many more!

 

#5 Convenient access and withdrawals

Last but not least, Trust Bank operates completely online.

This means that their online interface would be more innovative, robust, and intuitive for the average smartphone user to adopt. Thus, online banking is made even more convenient and accessible whenever you’re on the go, regardless of where you are.

But this also begs the question: What about withdrawing cold, hard cash? Which ATMs can I withdraw money from using the Trust debit card?

Well, you’ll be pleased to know that ATM withdrawals can be made at any Standard Chartered ATM island-wide and the Trust ATM found at VivoCity. 

You can refer to Standard Chartered’s ATM map and filter the search for your nearest available ATM.

For all other important transactions and banking options, simply access them through the Trust App.


Trusting your savings with Trust Bank

Even though every bank out there is competing for customers right now, there’s nothing to lose in savings with Trust Bank. 

The base rate of 1.5% p.a. interest is a huge incentive and benefit for those without regular income but still want to combat inflation somewhat. 

The savings account should be your first line of defence before amplifying it with other financial tools or products such as an endowment plan, fixed deposit, a diverse investment portfolio, and more. More importantly, savings play an important role to help grow our wealth and will help reduce our financial worries during rainy days.

That’s why placing your trust in the Trust savings account should be considered before 2022 ends. 

💡 Pro-tip: Apply now through the Trust Bank SG App (available only via Apple App Store or Google Play Store) and receive a S$25 NTUC FairPrice E-Voucher when you make your first Visa transaction purchase with the Trust card.

Refer your friends with your promo code and get another S$10 E-Voucher when they sign up!


For more information, check out
Trust Bank’s website, download their app, and kickstart your savings journey with them today!

This article is written in partnership with Trust Bank. 


Read these next:

Best Grocery Credit Cards in Singapore (2022)
Best Savings Accounts in Singapore to Park Your Money (October 2022)
Differences Between Bank Account Types You Need to Know
Latest NTUC FairPrice Promo Codes in Singapore (October 2022)

With a minor problem of ‘itchy fingers’ when it comes to checking out at flash deals and sales, Emma is on a lifelong journey to understand what being financially independent in adulthood means. That said, her inner child is still very much alive… with animals and gaming (especially Pokémon) being her weak spot.