Trust Bank Singapore 2026: Complete Review (Interest Rates, Credit Card & TrustInvest)

Updated June 2026 · 8 min read · Digital Banks

Trust Bank Singapore is a digital bank backed by Standard Chartered and FairPrice Group, offering a savings account with up to 2.40% p.a. interest, a no-annual-fee cashback credit card with up to 15% cashback, and TrustInvest — Singapore’s first in-app fractional US stock and ETF trading platform launched in January 2026. It is SDIC-insured up to S$100,000 and is available exclusively via the Trust mobile app.

Not financial advice. All figures are for educational reference only. Data as at June 2026 unless noted.

📋 In This Review

• → Trust Bank Overview
• → Savings Account & Interest Rates
• → Credit Card Review
• → TrustInvest: In-App Investing
• → vs MariBank, GXS & Others
• → Referral Code & Sign-Up Bonus
• → Pros and Cons
• → Frequently Asked Questions

Trust Bank Singapore: At a Glance

Trust Bank is not your typical digital bank. Launched in September 2022, it is the product of a unique partnership between Standard Chartered Bank — one of the world’s oldest international banks — and NTUC FairPrice Group, Singapore’s largest supermarket cooperative. This gives Trust Bank a rare dual advantage: the financial muscle and regulatory credibility of a 168-year-old bank, combined with the mass-market reach of a retailer with over 4.5 million Link Rewards members.

As of June 2026, Trust Bank has grown to become one of the most widely used digital banks in Singapore, offering three core products: a savings account, a credit card, and TrustInvest. All are managed through a single mobile app, with no physical branches and no minimum balance requirements.

All deposits with Trust Bank are protected by the Singapore Deposit Insurance Corporation (SDIC) up to S$100,000 per depositor — the same protection that applies to DBS, OCBC, and UOB accounts.

Source: Trust Bank Singapore (trustbank.sg), MAS, June 2026

Trust Bank Savings Account: Interest Rates (June 2026)

The Trust savings account offers a base interest rate of 0.45% p.a. on balances up to S$1.2 million, with bonus tiers that can lift your effective rate to a maximum of 2.40% p.a. — but reaching the maximum requires meeting several conditions simultaneously.

Here is how the interest rate stacks up in June 2026:

Source: Trust Bank Singapore (trustbank.sg/trust-plus/), June 2026

Let’s be honest about what the realistic interest rate looks like for most Singaporeans. Referring a new credit card user every single month is not sustainable for most people — that +1.20% bonus is the hardest to maintain consistently. A more realistic scenario for an everyday Trust Bank user would be:

• Salary credit only: 0.45% + 0.45% = 0.90% p.a.
• Salary credit + TrustInvest S$20K: 0.45% + 0.45% + 0.30% = 1.20% p.a.
• All conditions including referral: 2.40% p.a.

Trust Bank also offers a Trust+ tier for customers with a combined Average Daily Balance (ADB) of at least S$100,000 across their savings and TrustInvest accounts, unlocking additional benefits and premium support.

The savings account cap is set at S$1.2 million — unusually generous compared to most high-yield savings accounts, which cap bonus interest at S$75,000–S$100,000. For high-net-worth savers, this is a meaningful differentiator. You can also switch freely between plans each month via the Trust app, letting you optimise for your circumstances. For a broader comparison of how Trust stacks up, see our guide on passive income in Singapore 2026.

Trust Bank Credit Card: No Fee Cashback

Trust Bank offers two credit card options — the Trust Card and the Trust Cashback Credit Card — both with no annual fees and no foreign transaction fees on selected transactions.

Trust Cashback Credit Card

The flagship Trust Cashback Credit Card is designed for everyday spending in Singapore. Key features as at June 2026:

• 15% cashback on your preferred category (capped at S$250 per quarter). Categories include dining, groceries, transport, petrol, online shopping, and more.
• 1% unlimited cashback on all other local eligible spend — no cap, no minimum spend.
• 0.5% cashback on overseas spend.
• No annual fee — ever. Not waived in the first year; simply zero.
• Instant cashback credited directly to your savings account upon each transaction.
• Link Rewards integration — earn Link points at FairPrice, Unity, and other NTUC-affiliated merchants on top of cashback.

The 15% cashback on your preferred category is genuinely competitive — few cards in Singapore offer this rate, even with conditions. The main caveat is the S$250 quarterly cap, which works out to roughly S$1,667 of spending in that category before the cap kicks in and it reverts to 1%. For regular grocery and dining spenders, this is an excellent card to hold alongside a miles card for overseas purchases. If you want to compare credit cards more broadly, our guide on Singapore retirement planning can help contextualise spending and saving decisions together.

TrustInvest: Singapore’s First In-App Fractional Trading

In January 2026, Trust Bank launched TrustInvest, making it the first banking app in Singapore to offer fractional trading of US stocks and ETFs. This is a genuinely significant milestone — for the first time, a Singaporean can open a savings account and buy fractional shares of Apple, Amazon, or the S&P 500 ETF, all from the same app without leaving the banking ecosystem.

TrustInvest is powered by a partnership with Saxo Bank, one of the most established online brokerage platforms globally. Key details:

• 7,000+ US stocks and ETFs available for trading
• Minimum investment of US$10 — fractional shares enable access to high-priced stocks like Amazon and Alphabet
• Zero commission on all trades until 30 June 2026, after which 0.05% per trade (minimum US$2.99) applies
• No custody, platform, or settlement fees
• Instant fund transfer between your Trust savings and TrustInvest account within the app
• Interest rate bonus — maintain S$20,000 in TrustInvest to earn +0.30% p.a. on your savings account

For Singaporeans who want to start investing in US index ETFs — think S&P 500, Nasdaq, or total market funds — TrustInvest lowers the barrier significantly. That said, investors with larger portfolios should also consider dedicated platforms. Our Endowus referral code and Syfe referral code and sign-up bonus pages detail promotions from Singapore’s leading wealth platforms, which offer access to institutional-grade funds and CPF-OA investing that TrustInvest does not currently support.

One important note: US stocks are subject to a 30% US withholding tax on dividends for Singapore-resident investors. If you’re building a long-term portfolio focused on dividend income, consider whether UCITS ETFs listed on the London Stock Exchange (which carry a reduced 15% WHT for Irish-domiciled funds) may be more tax-efficient. For a deeper look at CPF-linked investment options, see our CPF investment strategy guide.

Trust Bank vs MariBank vs GXS Bank (2026)

Singapore’s digital banking landscape has matured rapidly. Here’s how Trust Bank compares to its two closest digital-only peers, MariBank and GXS Bank, as at June 2026:

Source: Individual bank websites. Rates subject to change. Data as at June 2026.

The verdict: MariBank currently offers the highest no-conditions base rate, making it the easiest to earn meaningful interest without jumping through hoops. Trust Bank’s key advantages are its credit card ecosystem (15% category cashback), TrustInvest’s fractional trading, and the exceptionally high S$1.2M interest cap. GXS Bank lags somewhat on the savings rate but benefits from Grab’s ecosystem integration. Most financially active Singaporeans should consider holding accounts at two digital banks to maximise bonuses — it takes less than 30 minutes to open both. For a full breakdown of MariBank, see our separate review linked in the related articles section.

Trust Bank Referral Code: How to Claim Your Sign-Up Bonus

Trust Bank runs an active referral programme that benefits both the referrer and the new customer. When you sign up using a referral code, both parties receive an in-app scratch card with guaranteed cashback of a minimum S$5 up to S$1,000 — the exact amount is revealed upon scratching.

To claim your bonus when opening a Trust Bank account:

1. Download the Trust Bank app from the App Store or Google Play
2. Enter referral code HTWYQP95 during sign-up
3. Complete account verification (MyInfo / Singpass takes under 5 minutes)
4. Apply for the Trust Credit Card in the same session (required for referral bonus eligibility)
5. Scratch your bonus card in-app once approved

Disclosure: TKN may earn a referral fee if you sign up using the code above. This does not affect our editorial assessment — Trust Bank is reviewed objectively.

Trust Bank Singapore: Pros and Cons

After thoroughly reviewing Trust Bank’s product suite, here is an honest assessment of where it excels and where it falls short:

✅ What Trust Bank Does Well

• Credible backing: Standard Chartered’s 168-year track record provides institutional confidence that pure tech-led banks cannot match.
• High savings cap: S$1.2M interest cap is far above MariBank’s S$100K, benefiting high-net-worth savers significantly.
• 15% category cashback: Genuinely best-in-class for a no-fee credit card in Singapore’s digital bank segment.
• TrustInvest innovation: First banking app in Singapore with fractional US stock trading — a genuine product first.
• SDIC protection: Full S$100,000 deposit insurance — your money is safe.
• FairPrice ecosystem: Extra Link points at NTUC FairPrice, Unity pharmacies, Kopitiam, and Warehouse Club.

⚠️ Where Trust Bank Falls Short

• Base rate is low: Without meeting conditions, 0.45% p.a. is below MariBank’s ~2.20% no-conditions rate. If you won’t credit salary or refer users, MariBank is simpler.
• Monthly referral requirement: The +1.20% bonus requires a new referral each month — most people will exhaust their social network within 3–6 months.
• TrustInvest US WHT: US stocks and ETFs carry 30% dividend WHT for Singapore investors. Dedicated brokers with access to LSE-listed UCITS ETFs remain more tax-efficient for dividend investors.
• App-only: No branch, no human relationship manager — can be limiting for complex financial needs.

For Singaporeans focused on building long-term passive income, pairing Trust Bank (for cashback and short-term savings) with a dedicated robo-advisor like Syfe or a fixed income instrument like Singapore T-bills 2026 creates a well-rounded financial strategy. You can also use our Singapore retirement calculator to model how much you need to save at various interest rates to reach your retirement goal.

Frequently Asked Questions: Trust Bank Singapore

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Interest rates, product features, and promotional offers are subject to change. Always verify current rates directly with Trust Bank Singapore at trustbank.sg before making any financial decisions. The Kopi Notes may earn a referral fee from sign-ups made using codes listed on this page. All data as at June 2026.