Trust Bank Singapore Review 2026
Savings rates up to 2.40% p.a., 15% cashback card, NTUC LinkPoints & referral code — is Trust Bank worth it for Singapore investors?
Trust Bank Singapore is the city-state’s first digital bank backed by a traditional banking giant — Standard Chartered Bank (60%) in partnership with FairPrice Group (40%). Since launching in 2022, it has grown to offer a compelling suite of savings plans, a highly flexible cashback credit card, and deep integration with the NTUC ecosystem that no other digital bank in Singapore can match.
In this review, we cover Trust Bank’s current savings rates (as at April 2026), how its three savings plans (Zen, Flex, Signature) stack up against GXS Bank and MariBank, the Trust cashback card’s 15% category cashback, and the current referral code for 2026. This is not financial advice. All rates and promotions are subject to change — always verify directly with Trust Bank before deciding.
Table of Contents
Contents — Click to expand
What Is Trust Bank Singapore?
Trust Bank is a MAS-licensed digital full bank, SDIC-insured up to S$75,000. It is a joint venture between Standard Chartered Bank (60%) and FairPrice Group (40%) — the parent of NTUC FairPrice, Kopitiam, and Unity Pharmacy. This partnership gives Trust Bank a unique edge: unlike GXS Bank (Grab-Singtel) or MariBank (Sea Group), Trust Bank’s integration with the NTUC ecosystem makes it especially attractive for NTUC union members and regular FairPrice shoppers.
Key product pillars:
- Trust Savings Account — three monthly-switchable plans (Zen, Flex, Signature) up to 2.40% p.a.
- Trust Cashback Credit Card — up to 15% cashback on a preferred category, unlimited 1% on all spend
- TrustInvest — in-app investment products (launched 2024)
- Trust+ savings plan — the Signature plan’s full feature set for higher-balance savers
Trust Bank operates purely as an app-based bank — there are no physical branches or ATM cards issued. Withdrawals are via PayNow/FAST to a linked bank account. The bank is backed by the full regulatory weight of Standard Chartered, giving it stronger institutional credibility than GXS or MariBank for savers who value that assurance.
Trust Bank Savings Plans: Zen, Flex & Signature Explained
As at April 2026, Trust Bank offers three savings plans that you can switch between monthly inside the app. The right plan depends on how actively you engage with Trust Bank’s ecosystem.
1. Zen Plan — 0.40% p.a. Flat
The Zen plan is the simplest option: a flat 0.40% p.a. with no conditions to meet. No spending requirements, no salary crediting, no NTUC membership needed. Balances up to S$1.2 million earn 0.40% p.a.; above S$1.2 million drops to 0.05% p.a. If you want zero complexity, Zen is your choice — but note that GXS Saving Pockets (1.08% p.a., no conditions) offers a meaningfully better fuss-free rate.
2. Flex Plan — Up to ~1.00% p.a.
The Flex plan starts at a base of 0.05% p.a., and you select three bonus “scoops” each month to earn additional interest. Scoop options include NTUC union membership (+0.20%, non-member +0.10%), foreign currency spending, card transactions, GIRO salary crediting, and more. A union member who picks the right three scoops can reach approximately 0.85–1.00% p.a. — better than MariBank’s 0.88% and competitive with GXS’s Saving Pockets rate, without requiring deposits to be locked up.
3. Signature Plan — Up to 2.40% p.a.
The Signature plan (marketed as Trust+) is where Trust Bank pulls ahead of its digital bank rivals. At its maximum, it offers 2.40% p.a. (revised down from 2.50% p.a., effective March 2026) on balances up to S$1.2 million. To reach the top rate, you typically need to combine:
- NTUC union member status with 5+ eligible card transactions per month
- Credit at least S$1,500/month via GIRO in a single transaction (salary crediting)
- Maintain a high average daily balance (S$100,000+) for the highest balance-tier bonus
- Invest at least S$20,000 via TrustInvest to unlock the invest bonus
For most everyday savers who can meet salary crediting and NTUC membership conditions, a more realistic Signature rate is 1.50–1.80% p.a. — still comfortably ahead of GXS Boost Pockets (1.30% max) and MariBank (0.88%).
| Plan | Max Rate | Key Conditions |
|---|---|---|
| Zen | 0.40% p.a. | None — flat rate, no hoops |
| Flex | ~1.00% p.a. | Choose 3 bonus scoops monthly (NTUC member, card spend, GIRO, etc.) |
| Signature (Trust+) | 2.40% p.a. | NTUC membership + salary GIRO + card transactions + balance/invest conditions |
All rates as at April 2026. Switch between plans anytime via the Trust app. Balances above S$1.2M earn 0.05% p.a. Rates subject to change — verify at trustbank.sg.
Trust Bank vs GXS Bank vs MariBank: Quick Comparison
Singapore now has three MAS-licensed digital full banks serving retail customers: Trust Bank, GXS Bank (Grab-Singtel), and MariBank (Sea Group). Here is how they compare across the features Singapore savers care most about (data as at April 2026):
| Feature | Trust Bank | GXS Bank | MariBank |
|---|---|---|---|
| Max Savings Rate | 2.40% p.a. | 1.30% p.a. | 0.88% p.a. |
| Fuss-Free Rate (No Conditions) | 0.40% (Zen) | 1.08% (Saving Pockets) | 0.88% (flat) |
| Max Balance at Top Rate | S$1.2M | S$95,000 | S$100,000 |
| ATM Card Available | No | No | No |
| Credit Card | ✅ Yes (up to 15% cashback) | ❌ No | ❌ No |
| Zero-Fee FX Transfers | ❌ No | ❌ No | ✅ Yes (13 countries) |
| NTUC LinkPoints | ✅ Up to 9% (members) | ❌ No | ❌ No |
| SDIC Deposit Insurance | S$75,000 | S$75,000 | S$75,000 |
| Backed By | StanChart + NTUC FairPrice | Grab + Singtel | Sea Group (Shopee/Garena) |
| CPF OA / SRS Compatible | ❌ No | ❌ No | ❌ No |
Data as at April 2026. Rates and features subject to change without notice. Verify current terms at each bank’s official website before switching.
Read our full dedicated reviews: GXS Bank Singapore Review 2026 and MariBank Singapore Review 2026.
Trust Cashback Credit Card: Features & Cashback Rates
The Trust Cashback Credit Card is a standout feature that no other Singapore digital bank currently offers. Here is what you get as at April 2026:
Cashback Structure (from 1 March 2026)
- Up to 15% cashback on your chosen preferred category — select one of: dining, shopping, travel, wellness, transport, or entertainment
- 1% unlimited instant cashback on all other eligible spending (no cap on this tier)
- Quarterly cashback cap: S$30/quarter (standard tier) or S$250/quarter (higher-spend tier)
- Cashback is applied automatically to your statement — no redemption steps or apps needed
NTUC LinkPoints & FairPrice Rewards
- NTUC union members earn up to 9% LinkPoints on FairPrice, FairPrice Xtra, Kopitiam, and Unity Pharmacy spending
- Non-union members earn up to 4% LinkPoints on the same FairPrice Group merchants
- LinkPoints can be redeemed directly against purchases — effectively a cash discount on your groceries
Fee Structure — Genuinely Zero-Fee
- No annual fee — ever, for the lifetime of the card
- No foreign transaction (FX) fee on overseas and online foreign currency spending
- No cash advance fee and no late payment fees beyond standard interest charges
- No card replacement fee
The Trust card is especially powerful for NTUC members who shop regularly at FairPrice or Kopitiam. The combination of 9% LinkPoints on grocery spend plus 15% preferred-category cashback creates one of the richest rewards structures available in Singapore for everyday consumer spending — without any annual fee drag. The minimum income requirement for the credit card is S$30,000/year for Singapore citizens and PRs (foreigners S$60,000/year).
Who Should Use Trust Bank?
Trust Bank is not the right fit for everyone. Here is a quick decision guide based on your profile and priorities:
| Profile | Best Choice | Reasoning |
|---|---|---|
| NTUC union member, shops at FairPrice weekly | Trust Bank ✅ | LinkPoints up to 9% + 2.40% Signature rate + 15% cashback card = unbeatable ecosystem combo |
| Wants decent savings rate, zero conditions | GXS Bank | GXS Saving Pockets 1.08% p.a. with no salary/spending requirements beats Trust’s Zen 0.40% |
| Frequent overseas traveller (remittance or FX) | MariBank | Zero-fee FX transfers to 13 countries in 10 currencies — unique in Singapore digital banking |
| Large cash balance (>S$95,000) | Trust Bank ✅ | Only Trust Bank covers balances up to S$1.2M at competitive rates; GXS caps at S$95k |
| CPF OA or SRS investor seeking robo-advisor | Endowus / Syfe | Digital banks do not accept CPF OA or SRS funds; use robo-advisors for CPF/SRS investing |
| Building long-term passive income portfolio | S-REITs / ETFs | S-REITs yield 5.5–9% p.a., dividend ETFs 3–5%+ — far above Trust Bank’s 2.40% max; use Trust for emergency fund only |
For Singapore investors building long-term wealth, Trust Bank works best as a high-yield emergency fund or short-term cash parking vehicle — not as an investment platform. For S-REIT dividends (5.5–9% yields), ETF investing, or CPF/SRS optimisation, complement Trust Bank with Endowus or Syfe. See our guide on Best S-REITs Singapore 2026 and use our Singapore Retirement Planning Calculator to map out a complete strategy.
Trust Bank Referral Code 2026
When you sign up for Trust Bank using a referral code, both you and the referrer receive an in-app scratch card with guaranteed cashback — minimum S$5 up to S$1,000 per scratch card. There is no cap on the number of people you can refer.
How to use a Trust Bank referral code:
- Download the Trust Bank app (iOS or Android) — search “Trust Bank” in your app store
- Tap “Sign Up” and enter your NRIC and personal details
- On the referral screen during sign-up, enter an active referral code
- Complete your application and activate your account with a first deposit
- Both you and the referrer receive scratch card rewards upon successful account activation
For the latest active Trust Bank referral codes, check community sites such as sgreferralpromo.com or lobang.guru.sg, or ask an existing Trust Bank user in your network. Trust Bank’s official “Refer & Earn” page at trustbank.sg/refer-and-earn/ also lists current programme terms.
For robo-advisor and investment platform referral bonuses, The Kopi Notes has dedicated verified referral pages. Use our links below to get the latest promotions from Endowus, Syfe, FSMOne, and MariBank:
Frequently Asked Questions
Is Trust Bank Singapore safe? Is it MAS-regulated?
Yes. Trust Bank holds a full MAS (Monetary Authority of Singapore) Digital Full Bank licence. All deposits are covered by the Singapore Deposit Insurance Corporation (SDIC) up to S$75,000 per depositor. Trust Bank is backed by Standard Chartered Bank (60%) and FairPrice Group (40%) — two well-established institutions — making it as regulated and safe as any traditional bank in Singapore for the covered deposit amount.
Does Trust Bank have a minimum deposit or monthly fee?
No. Trust Bank has no minimum deposit requirement and no monthly account fee. The account is completely free to open and maintain. There is also no fall-below fee, making it accessible to savers of all budget sizes. The Trust cashback credit card similarly carries no annual fee.
Can I use Trust Bank for CPF or SRS investing?
No. Trust Bank does not accept CPF Ordinary Account (OA) funds or SRS (Supplementary Retirement Scheme) monies. Digital banks in Singapore are not approved for CPFIS (CPF Investment Scheme) use. For CPF OA investing, you need a CPFIS-approved broker such as FSMOne or DBS Vickers. For SRS investing, robo-advisors like Endowus and Syfe are excellent options — see our Endowus referral code page and Syfe referral code page for current promotions.
How does Trust Bank compare to GXS and MariBank for savings?
Trust Bank leads on maximum rate (2.40% p.a. Signature Plan) and has the highest covered balance cap (S$1.2M). GXS Bank wins on fuss-free simplicity — its Saving Pockets rate of 1.08% p.a. requires no conditions at all. MariBank (0.88% p.a.) is best for fee-free overseas FX transfers. For regular NTUC shoppers, Trust Bank offers the best overall ecosystem via LinkPoints and the cashback card. See our full comparisons: GXS Bank Review and MariBank Review.
Can I withdraw cash from Trust Bank with an ATM card?
No. Trust Bank does not issue ATM cards. To access cash, transfer funds via PayNow or FAST to a linked bank account (e.g. DBS, OCBC, UOB) and withdraw from your traditional bank. This applies to all three Singapore digital full banks — GXS and MariBank also do not issue ATM cards.
Is it worth switching salary crediting to Trust Bank?
It depends on your current bank’s bonus interest rate. If your current bank offers 2.5%+ p.a. on salary-credited balances (e.g. DBS Multiplier, OCBC 360, UOB One), sticking with it may make more sense. Trust Bank’s Signature Plan can realistically reach 1.50–1.80% p.a. for most users who meet salary crediting (S$1,500/month via GIRO) and NTUC membership conditions — which, when combined with the cashback card’s 15% category rewards and LinkPoints on FairPrice spend, creates a competitive total value proposition. Run the numbers based on your actual spending habits and balance size before switching.
The Kopi Notes Verdict: Trust Bank Singapore 2026
Trust Bank is the strongest all-round digital bank in Singapore — particularly for NTUC members. The 2.40% p.a. Signature Plan rate leads all three digital full banks, the credit card offers genuine 15% category cashback with zero annual fee, and the NTUC LinkPoints integration makes it a natural everyday banking hub for the millions of Singaporeans who shop at FairPrice regularly.
That said, for long-term wealth building, no savings account replaces a well-constructed investment portfolio. S-REITs yielding 5.5–9% p.a., dividend stocks, and CPF/SRS-optimised portfolios via Endowus or Syfe deliver materially higher returns over a 10–20 year horizon than any bank savings rate. Use Trust Bank for your 6-month emergency fund and near-term savings goals — then invest the rest for passive income.
Want to build a passive income portfolio on top of your emergency fund? Start with our Best S-REITs Singapore 2026 guide and plan your retirement income with our free Singapore Retirement Planning Calculator.