Trust Bank Singapore: Complete Review 2026

Savings Accounts · Credit Cards · FairPrice Perks · Is It Worth Opening?

Trust Bank Singapore is a digital bank backed by Standard Chartered and FairPrice Group, holding a full banking licence from MAS. Its savings account offers up to 2.40% p.a. interest on balances up to S$1.2 million — spread across three flexible plans. Deposits are SDIC-insured up to S$100,000. If you shop at FairPrice or want a truly fee-free bank account, Trust Bank is worth a serious look.

Not financial advice. All figures are for educational reference only. Data verified against trustbank.sg as at 2 September 2026.

What Is Trust Bank Singapore?

Trust Bank launched in 2022 as Singapore’s first digital bank backed by a major traditional bank. It’s a partnership between Standard Chartered Bank (60% stake) and FairPrice Group (40% stake), the parent of NTUC FairPrice.

Unlike neobanks that operate on restricted licences, Trust Bank holds a full banking licence from the Monetary Authority of Singapore (MAS). That means it’s held to the same regulatory standards as DBS, OCBC, or UOB — not a lighter digital bank licence.

Here’s the quick snapshot:

Source: Trust Bank Singapore official website (trustbank.sg), September 2026

Trust Bank Savings Account: 3 Plans Explained

Trust Bank’s savings account now offers three distinct plans. You pick one and can switch every month — completely free. If you don’t choose, you’re automatically placed on the Signature Plan.

Here’s the key thing: all three plans start with the same 0.05% p.a. base rate. The difference is how you earn bonus interest on top of that.

Source: trustbank.sg (Official), September 2026

1. Flex Plan — Up to 2.40% p.a.

This is the highest-earning plan. You choose any 3 bonus categories from a list of 8 each month. Meet those 3 criteria and you unlock the bonus interest on top of your base rate.

The maximum is 2.40% p.a. — achievable by combining the referral bonus (+1.20%), TrustInvest (+0.70%), and salary credit (+0.45%), for example.

2. Signature Plan — Up to 1.00% p.a.

The Signature Plan is simpler. You earn bonus interest by meeting any combination of: spending on your card (5× S$30 spends), crediting salary (min S$1,500 via GIRO), or maintaining a high balance (min S$100K ADB).

This plan suits those who want a low-effort account that still pays more than the base rate. The cap is 1.00% p.a. for NTUC Union members who meet all three criteria.

3. Zen Plan — Flat 0.40% p.a.

No conditions. No hoops. Just park your money and earn 0.40% p.a. — automatically, every month. This is the right plan if you want zero effort and don’t want to think about qualifying criteria.

For context, most traditional bank savings accounts pay 0.05% p.a. as a base rate. Zen Plan already beats that by 8×.

Interest Rate Summary Table

Source: trustbank.sg, September 2026. NTUC Union member rates may differ for the Spend Bonus.

For a deeper dive on how to maximise each plan’s bonus criteria, see our dedicated Trust Bank interest rate guide.

Flex Plan Bonus Scoops: All 8 Criteria Explained

The Flex Plan uses a “scoops” concept — you pick any 3 of these 8 bonus interest options each month. You can mix and match based on what’s realistic for you that month.

Source: trustbank.sg (Official), September 2026

Here’s a practical guide to which scoops are easiest to achieve:

Easiest to unlock consistently: Salary credit (+0.45%), Savings Increase (+0.20%), and PayNow incoming (+0.15%) are low-effort if you’re already saving regularly.

Highest value scoop: The Referral Bonus (+1.20%) is the biggest single bump. Refer just one friend per month who gets their credit card approved, and you unlock 1.20% bonus — that’s more than the entire Signature Plan’s maximum.

Highest commitment: The Invest Bonus (+0.70%) requires purchasing S$20K of eligible TrustInvest funds monthly. It’s powerful but not practical for everyone. The Balance Bonus (+0.30%) needs a S$100K ADB — workable for those with significant savings.

Most everyday savers will realistically achieve 2 to 3 of the lower-commitment scoops, landing between 0.80% and 1.25% p.a. — still competitive versus traditional banks.

Trust Bank Credit Cards: Freedom Card vs Link Card

Trust Bank offers two credit cards, both with no annual fee. They work differently — pick based on how you spend.

Trust Freedom Card (formerly Trust Cashback Card)

On 13 August 2026, Trust renamed its flagship card to the Trust Freedom Card. The core upgrade: you now pick one of three reward modes per quarter. Switch modes free at the start of each new quarter.

Source: Trust Bank (trustbank.sg), August 2026. *Stockback rate drops to 2% local / 0.5% foreign from 1 Jan 2027.

For a full breakdown of all three reward modes and which type of spender suits each, read our Trust Bank Freedom Card review.

Trust Link Card

The Link Card is designed for FairPrice devotees. It earns LinkPoints on every dollar spent — which you redeem at FairPrice Group stores. If a significant chunk of your monthly spending is at FairPrice, Cold Storage, or Kopitiam, the Link Card’s rewards accumulate faster than cashback cards.

Both cards have no annual fee, no foreign transaction fee waiver (Trust’s exchange rates are competitive but not a 0% markup), and come with MasterCard network access globally.

FairPrice & Lifestyle Perks: Where Trust Bank Shines

This is Trust Bank’s most unique advantage over other digital banks. Because FairPrice Group is a co-owner, you get built-in grocery and lifestyle benefits that no other digital bank in Singapore offers.

Key perks when you use your Trust credit card:

• Up to 21% savings on groceries and food at FairPrice Group outlets (FairPrice, Cold Storage, Kopitiam, Unity)
• Up to 20% savings on fuel at Caltex
• Earn LinkPoints on eligible purchases, redeemable at FairPrice Group stores
• NTUC Union members get additional bonus interest on the savings account (+0.20% vs +0.10% for the Spend Bonus scoop)

If your household spends S$800 a month at FairPrice, even a 5% effective saving works out to S$480 a year in recovered grocery costs. That’s a tangible benefit most pure savings accounts can’t match.

Trust Bank App Features & Security

Trust Bank is app-first — all banking happens on your phone. Here’s what stands out:

Savings Pots: Create up to 5 separate savings pots within your account. Name them (e.g. “Holiday Fund”, “Emergency Fund”) and move money between them easily. Your main account and pots share the same interest rate.

Trust Lock: This is a scam-prevention feature. Lock your Savings Pot so that even if someone gains access to your phone, they can’t withdraw money immediately. Unlocking requires your Trust card, Trust Key, and a mandatory 12-hour cooling period. It’s one of the more thoughtful security features in Singapore banking.

Savings Calculator: Built into the app — lets you model exactly how much you’d earn under each plan with your actual balance and the bonus scoops you plan to unlock.

Smart Switch: A feature that automatically moves money between your savings account and other financial products when you set rules — useful for optimising interest across tools.

TrustInvest: Access to mutual funds directly within the app. Note: money in your investment account does NOT earn savings interest, and investments are not SDIC-insured.

For a comparison of how to build a real savings pipeline using Trust Bank alongside other platforms, see our guide on the real-rate vs headline-rate savings pipeline using Trust Bank and FSMOne.

Trust Bank vs Traditional Banks: How Does It Stack Up?

*Traditional bank rates as at September 2026 — refer to each bank’s official website for current rates. See our full Singapore bank interest rate comparison for updated figures.

The main trade-off is clear: Trust Bank has no physical branches or extensive ATM network. If you regularly withdraw cash or need in-branch service, you’ll need a traditional bank as your primary account.

That said, for everyday digital banking, transfers, and savings, Trust Bank is comparable to or better than most traditional options — and cheaper.

Trust Bank Pros & Cons

Should You Open a Trust Bank Account?

Trust Bank works best as a secondary savings account — not necessarily your only bank. Here’s a simple decision guide:

Open Trust Bank if you:

• Shop regularly at FairPrice, Cold Storage, or Kopitiam
• Want a genuinely fee-free savings account with no minimum balance requirement
• Can meet 2–3 of the Flex Plan bonus criteria each month
• Are building a cash savings ladder alongside investments (see our Trust Bank + Endowus savings pipeline)
• Want a credit card with no annual fee and flexible rewards

Stick to traditional banks as your primary if you:

• Need frequent ATM cash withdrawals
• Want walk-in branch service for complex needs
• Rely on GIRO for fixed payments from your main account

The practical play for many Singaporeans: keep your traditional bank for payroll and fixed payments. Open Trust Bank as your dedicated savings account where you park surplus cash to earn higher interest with no fee drag.

If you’re optimising your savings rate across multiple platforms, also check out how Syfe Cash+ compares as a complementary option for short-term cash parking.

How to Open a Trust Bank Account (+ Referral Code)

Opening a Trust Bank account takes about 5 minutes on the app. Here’s how:

1. Download the Trust Bank app on iOS or Android
2. Enter your NRIC/FIN and personal details
3. Complete SingPass MyInfo verification (pulls your details automatically)
4. Enter referral code HTWYQP95 when prompted to earn a welcome bonus
5. Fund your account via PayNow or bank transfer (no minimum deposit needed)
6. Select your savings plan (Flex, Signature, or Zen)

TKN may earn a referral fee when you sign up using the code above. This does not affect the review above — all opinions are independent and based on publicly verified data.

Frequently Asked Questions

Disclaimer: This article is for informational and educational purposes only. It does not constitute financial advice. Interest rates and product features are subject to change — always verify current rates on the official Trust Bank website (trustbank.sg) before making any financial decisions. TKN may earn referral commissions from links in this article. Data verified as at 2 September 2026.