What Is Trust Bank Singapore?

Trust Bank is a digital bank licensed by the Monetary Authority of Singapore (MAS), formed through a joint venture between Standard Chartered (60% stake) and FairPrice Group (40% stake). It launched in September 2022 and has since attracted over 900,000 customers — making it one of the fastest-growing banks in Singapore’s history.

Unlike traditional banks with physical branches, Trust Bank operates entirely through its mobile app. It holds a full digital banking licence, meaning your deposits are protected under the Singapore Deposit Insurance Corporation (SDIC) scheme — the same protection you get at DBS, OCBC, and UOB.

Trust Bank’s competitive edge lies in its integration with the FairPrice ecosystem. If you shop at NTUC FairPrice, earn Linkpoints, or are part of the FairPrice Group loyalty programme, Trust Bank offers unique rewards that traditional banks simply can’t match.

Trust Bank Interest Rates (2026)

Trust Bank offers a tiered interest rate structure on its savings account. The base rate requires no conditions, while bonus interest tiers reward specific activities like salary crediting, spending, and investing.

Source: Trust Bank official rates, May 2026. Rates subject to change — verify at trustbank.sg.

The realistic rate for most customers who credit their salary and use the Trust card for everyday spending is around 0.70% p.a. (base + salary + card spend). The headline 2.40% p.a. requires meeting all conditions including a referral — which isn’t always achievable on a recurring basis.

Still, the absence of a minimum balance requirement and the generous S$1.2 million cap on bonus interest make Trust Bank attractive for parking larger sums, especially compared to traditional bank savings accounts that often require complex salary + spending + investment combos for similar rates.

For a comparison with other high-yield savings options, check out our guides on Singapore Savings Bonds and Singapore T-Bills.

Key Features & Benefits

Beyond savings interest, Trust Bank offers several features that make it stand out:

No Minimum Balance: There’s no minimum balance requirement or monthly fee. You can open an account and keep any amount without penalty — something most traditional banks can’t offer without conditions.

Instant Account Opening: Sign up takes about 5 minutes via the Trust Bank app. You’ll need your Singpass and a valid Singapore mobile number. No branch visits, no paperwork.

FairPrice Linkpoints Integration: Earn Linkpoints on eligible card spend, which can be redeemed at NTUC FairPrice, Unity Pharmacy, and other FairPrice Group outlets. For regular FairPrice shoppers, this is a meaningful everyday perk.

TrustInvest: Launched in January 2026, this feature allows you to trade US stocks and ETFs directly from the Trust app with a minimum investment of just US$10. Fractional shares are supported, making it accessible for beginners looking to start investing without large capital. For more on building a portfolio, see our retirement planning calculator.

Numberless Card: The physical Trust card comes without a card number, expiry date, or CVV printed on it — reducing the risk of fraud if your card is lost or stolen.

24/7 In-App Support: Customer service is available around the clock through the app’s chat function. Trust Bank also monitors transactions 24/7 for suspicious activity.

Trust Bank Credit Card Overview

The Trust Cashback Credit Card is one of the most competitive no-fee cashback cards in Singapore. Here’s what it offers as of May 2026:

Source: Trust Bank, May 2026. The preferred category can be changed quarterly.

The standout feature is the ability to choose your preferred spending category each quarter and earn up to 15% cashback in that category. Categories include groceries, dining, transport, online shopping, and more. For a deeper dive into the credit card specifically, see our FAQ section below.

Note that from March 2026, Trust Bank removed the S$1,000/month mid-tier and reduced foreign spend cashback on non-preferred categories from 1% to 0.5%. This makes the card less attractive for overseas spending unless you set travel as your preferred category.

SDIC Coverage & Safety

Trust Bank deposits are insured up to S$100,000 per depositor under the Singapore Deposit Insurance Corporation (SDIC) scheme. This is the same coverage provided by all major banks in Singapore — DBS, OCBC, UOB, HSBC, and others.

As a full digital bank licensed by MAS, Trust Bank must comply with the same regulatory requirements as traditional banks, including capital adequacy ratios, anti-money laundering (AML) regulations, and customer protection rules.

Important note: Funds held in TrustInvest (the investment feature) are not SDIC-insured, as they are investment products subject to market risk.

Trust Bank vs MariBank vs GXS: Quick Comparison

Singapore now has three digital banks — Trust Bank, MariBank (backed by Sea/Shopee), and GXS (backed by Grab/Singtel). Here’s how they stack up:

Verdict: If you want the highest no-condition rate, MariBank wins at 0.88%. If you want the highest possible rate with conditions met, GXS leads at 3.48%. Trust Bank’s edge is its massive deposit cap (S$1.2M vs S$75K) and the FairPrice rewards ecosystem — ideal if you’re a regular NTUC shopper. For a full comparison, see our article on MariBank.

Who Should Use Trust Bank?

Trust Bank is best suited for:

NTUC FairPrice shoppers — The Linkpoints integration makes it the natural choice if FairPrice is your primary grocery store. No other bank offers this level of FairPrice integration.

People with larger savings — The S$1.2 million cap is far more generous than the S$75K cap at MariBank and GXS. If you want to park more than S$75K and still earn bonus interest, Trust Bank is your best digital bank option.

Credit card users who prefer simplicity — No annual fee, no minimum income requirement, and decent cashback on everyday spending. The 15% preferred category cashback is a strong perk if you can hit S$2,000/month spend.

Beginners in investing — TrustInvest lets you start with as little as US$10 in fractional US stocks and ETFs — lower than most brokerages. If you’re exploring investing for the first time, this is a convenient starting point. For more advanced portfolio planning, try our retirement planning calculator.

Trust Bank is less ideal if you want the highest unconditional savings rate (MariBank is better) or if you primarily spend overseas (the 0.5% foreign cashback is below average).

How to Sign Up for Trust Bank (With Referral Code)

Signing up for Trust Bank takes about 5 minutes. Here’s the process:

Step 1: Download the Trust Bank app from the App Store or Google Play.

Step 2: Open the app and tap “Sign Up”. You’ll need your Singpass and a valid Singapore mobile number.

Step 3: Enter the referral code BANK50 when prompted to enjoy welcome rewards.

Step 4: Verify your identity via Singpass MyInfo. The app will pull your details automatically.

Step 5: Set up your Trust savings account and optionally apply for the Trust Cashback Credit Card.

Your account is typically activated within minutes. You can start transferring funds via PayNow or FAST immediately. For the full referral code details and latest promotions, visit our Trust Bank referral code page.