Trust Bank Review 2026: Is Singapore’s Biggest Digital Bank Worth Opening?
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Trust is the digital bank from Standard Chartered and FairPrice Group. Since its launch in September 2022 it has passed 1 million customers and nearly S$4 billion in deposits, more than any other digital bank in Singapore.
It is easy to see why. There are no FX fees, no minimum balance, strong savings at FairPrice and a credit card that pays cashback, stock or miles. The headline savings rate of 2.40% is a different story: most people will earn well under half of it.
I went through Trust’s three savings plans, its cards, TrustInvest, fees, safety and the latest results, and set it against GXS and MariBank. We already have a full review of the Trust Freedom card. This one covers the whole bank. Here is the complete, honest verdict.
→ Open Trust Bank with the DLCuration referral code
Trust Bank at a Glance
| Factor | Rating |
|---|---|
| Savings interest | ⭐⭐⭐ 3.2/5 |
| Credit and debit cards | ⭐⭐⭐⭐⭐ 4.6/5 |
| Overseas spending | ⭐⭐⭐⭐⭐ 4.6/5 |
| Investing (TrustInvest) | ⭐⭐⭐⭐ 3.9/5 |
| Safety | ⭐⭐⭐⭐⭐ 4.5/5 |
| App and sign-up | ⭐⭐⭐⭐⭐ 4.5/5 |
| Best for | FairPrice shoppers, travellers and anyone who wants a no-fee everyday account and card |
| Not ideal for | Savers chasing the highest interest without conditions |
| Free plan | Yes. No monthly fee, no minimum balance and no annual card fee |
| Starting price | Free. Zen plan pays 0.40% a year with no conditions |
| Overall rating | ⭐⭐⭐⭐ 4.1 / 5 |
→ See the current Trust welcome gift on our referral page
What Is Trust Bank?
Trust Bank launched on 1 September 2022 as a joint venture between Standard Chartered (60%) and FairPrice Group (40%). It is licensed as a bank by the Monetary Authority of Singapore, and your deposits are insured by SDIC up to S$100,000 per depositor. Investment products and foreign currency deposits are not covered.
Trust runs entirely in an app. You sign up with Singpass Myinfo in a few minutes, and you need to be 16 or older for the savings account. There are no branches, but your debit card works at Standard Chartered ATMs.
It is growing fast. Trust passed 1 million customers in February 2025, the fourth-largest retail bank in Singapore by customer numbers. It recorded its first profitable month in March 2026, the first of Singapore’s digital banks to do so, per Fintech News Singapore. It still made a full-year loss of about S$53.5 million in 2025, narrowed by about 42%.
The honest caveat: Trust is a great everyday bank, but it is not a high-interest savings account unless you meet its conditions every month.
Trust Bank Savings Account in 2026: The Three Plans
You choose one of three plans and can switch each month in the app. If you don’t choose, you are on Signature. All rates apply to the first S$1.2 million; balances above that earn 0.05% a year.
Flex — Up to 2.40% a Year
A 0.05% base rate, plus any three of eight monthly bonuses, per Trust’s savings page:
| Bonus | Extra rate | What you need to do each month |
|---|---|---|
| Refer | +1.20% | Refer at least one new Trust credit card customer who signs up with your code |
| Invest | +0.70% | Buy at least S$20,000 of eligible TrustInvest funds |
| Salary | +0.45% | Credit a salary of at least S$1,500 by GIRO in one transaction |
| Balance | +0.30% | Keep an average daily balance of at least S$100,000 |
| Grow | +0.20% | Raise your average daily balance by S$3,000 from last month |
| Spend | +0.20% (NTUC Union) or +0.10% | Make 5 card spends of at least S$30 each |
| PayNow | +0.15% | Receive at least S$1,500 in PayNow transfers |
| FX spend | +0.15% | Spend at least S$500 in foreign currency |
The 2.40% headline needs the top three: a new credit card referral, S$20,000 into funds, and your salary. Every month.
Signature — Up to 1.00% a Year
A 0.05% base, plus salary (+0.45%), a S$100,000 balance (+0.30%) and card spend (+0.20% for NTUC Union members, +0.10% for others). Non-members top out at about 0.90%.
Zen — 0.40% a Year
A flat rate with no conditions. Simple, but low.
What You Will Actually Earn
| Saver | Plan and bonuses | Rate | On S$30,000 a year |
|---|---|---|---|
| Does nothing | Zen | 0.40% | S$120 |
| Salary, card spend, growing balance | Flex: salary + grow + spend | 0.75% to 0.85% | S$225 to S$255 |
| Salary, card spend, FX spend | Flex: salary + spend + FX | 0.75% to 0.85% | S$225 to S$255 |
| Refers one friend a month, credits salary, invests S$20,000 | Flex: refer + invest + salary | 2.40% | S$720 |
For most people with a salary and a Trust card, the realistic rate is about 0.75% to 0.85%. That is below GXS and MariBank’s 0.88% base rates, which need no conditions at all.
Limited-time Level Up promo (November 2026): if you have a lump sum to park, Trust’s Level Up promotion pays a guaranteed 2.2% a year on S$100,000 or more of fresh funds, or 2.0% on S$25,000 to S$99,999.99. Create a Savings Pot named “Level Up” and top up by 30 November 2026, and the rate runs until 31 January 2027. Fresh funds are measured against your October 2026 average daily balance, so existing money does not count. Trust pays the extra interest in one go by 15 February 2027.
Trust+
Keep S$100,000 across your savings and TrustInvest and you get Trust+: a metal card, a black and gold app theme and 24/7 priority support. It does not add any interest.
Cards: Where Trust Is Strongest
Trust Freedom Credit Card
No annual fee and no FX fee. You pick one reward mode a quarter:
- Stockback: 3% of spend invested in fractional shares, up to S$500 a quarter. The 3% rate runs until 31 December 2026, then drops to 2% on local and 0.5% on foreign spend.
- Unlimited cashback: 1.5% on local spend and 0.5% on foreign spend, with no cap.
- Bonus cashback: 1% local and 0.5% foreign, plus up to 15% in one category you choose each quarter, capped.
- Miles: 1.3 miles per S$1 on local and foreign spend, added on 21 September 2026. Miles convert 1:1 to KrisFlyer or HeyMax Max Miles, with a S$27.25 fee per conversion.
The minimum income is S$30,000 a year for citizens and PRs, and S$60,000 for foreigners. Our Freedom card review has the full breakdown.
Trust Link Credit and Debit Cards
The Link cards are built for FairPrice. Trust advertises up to 21% savings at FairPrice Group on the credit card for NTUC Union members (15% for others) when you meet the monthly spend, and up to 11% on groceries and food with the debit card. You also earn Linkpoints. Our Trust credit card comparison sets the two credit cards side by side.
Smart Switch
One tap in the app switches your card between debit and credit. It is the same physical card.
Overseas Spending
Trust charges no FX fee on any of its cards. Spending converts at Visa’s rate, with non-USD amounts going through USD first. That beats the 3.25% most bank cards add.
Two things to watch:
- Use the debit card for cash. Overseas ATM withdrawals from your savings account have no Trust fee, though the ATM owner may charge one. Turn on overseas withdrawals in the app first. On the credit card, ATM withdrawals count as cash advances, which have cost 8% plus interest since 1 February 2026, per Trust’s key facts sheet.
- You can’t hold foreign currency. Unlike YouTrip or Wise, there are no currency wallets, so you can’t lock in a rate before you travel.
TrustInvest
TrustInvest is built into the app:
- US stocks and ETFs: fractional shares from US$10, through a partnership with Saxo, with over 7,000 stocks and ETFs. Trust’s site shows zero commission until 30 June 2027.
- Funds: from S$100, with no platform fee and no sales charge.
It is convenient for small regular amounts. It is not a full brokerage: there are no SGX shares, and no CPF or SRS investing. TrustInvest holdings are not bank deposits and are not insured by SDIC.
Loans and Insurance
Trust offers an instant personal loan, balance transfers and instalment plans on card spend, plus travel and life insurance. Loan rates are personalised in the app. Interest on credit card balances has been personalised at 18.9% to 29.9% a year since 1 July 2026, and the late fee is S$100.
The Honest Assessment: What Holds Up and What Does Not
The cards hold up. No annual fee, no FX fee and a choice of cashback, stock or miles is rare in Singapore.
FairPrice shoppers win. Up to 21% back at FairPrice Group is the best grocery deal on any Singapore card.
Safety holds up. Standard Chartered backing, SDIC insurance and nearly S$4 billion in deposits put Trust among the safest of the digital banks.
The savings rate is mostly marketing. 2.40% needs a new credit card referral and S$20,000 into funds every month. Realistic savers get about 0.75% to 0.85%.
The conditions keep changing. Trust has cut the headline rate, added an 8% cash advance fee and moved to personalised card interest in 2026. Expect more changes.
The app is quick. Seedly users rate it 3.8 out of 5. They praise the fast sign-up and app, and complain about the hoops for bonus interest.
Trust Bank vs GXS vs MariBank: Which Digital Bank Should You Choose?
| Factor | Trust Bank | GXS Bank | MariBank |
|---|---|---|---|
| Backed by | Standard Chartered, FairPrice | Grab, Singtel | Sea (Shopee) |
| Base savings rate | 0.05% (Zen: 0.40% flat) | 0.88% | 0.88% |
| Highest rate | 2.40% with 3 Flex bonuses (2.2% Level Up promo on S$100,000+ fresh funds until 31 Jan 2027) | 2.00% on an 18-month Boost Pocket | 3.08% for new customers’ first 30 days |
| FX fee on card | 0% on all cards | 0% on the credit cards | 0% on the credit card |
| Card rewards | Cashback, stock or miles; FairPrice savings | Cashback and GrabCoins | Cashback |
| Investing | US stocks, ETFs and funds | GXS Invest | Mari Invest funds |
| Deposits | About S$4 billion | Not disclosed | About S$1.9 billion |
| SDIC insured | Yes, up to S$100,000 | Yes, up to S$100,000 | Yes, up to S$100,000 |
GXS and MariBank rates are from our GXS and MariBank reviews, October 2026.
Choose Trust for spending: the card, overseas use and FairPrice.
Choose GXS or MariBank for idle cash. Their 0.88% base rate beats what most people earn at Trust, with no conditions.
Or use both. Trust for your card and salary, and GXS or MariBank for savings, is a common setup.
Who Should Use Trust Bank
Trust is a strong fit if:
- You shop at FairPrice, Kopitiam, Unity or Cheers.
- You travel and want a card with no FX fee.
- You want one card that pays cashback, stock or miles with no annual fee.
- You want a digital bank backed by a major global bank.
- You want to start investing in US stocks with small amounts.
Trust is not a strong fit if:
- You want the highest interest without monthly conditions.
- You want to hold foreign currency or send money overseas.
- You want to buy SGX shares or invest your CPF or SRS.
- You need branch service.
Is Trust Bank Worth It in 2026?
Yes, as an everyday bank and card. No fees, no FX fee, strong FairPrice savings and a flexible rewards card make Trust one of the best free accounts in Singapore.
As a savings account, only if you meet the conditions. The headline 2.40% is out of reach for most, and the realistic 0.75% to 0.85% trails GXS and MariBank.
The test for your first month: put your salary in by GIRO, use the card for five S$30 spends and pick Flex. Check your rate in the app at the end of the month.
Sign-up offer: Trust gives new customers a welcome gift when they sign up with a referral code, usually a scratch card that is bigger if you take a credit card. Until 31 January 2027, new-to-Trust credit card customers get a sure-win scratch card worth S$50 to S$8,000 cashback, or a sure-win stock gift worth up to US$8,000 if they pick Stockback on the Freedom card. A savings account sign-up adds a separate S$8 to S$1,888 scratch card. The rewards change with each campaign, so check the current terms on our Trust Bank referral page and Trust Bank promo page. The Trust referral guide shows where to enter the code.
→ Open Trust Bank with the referral code
Frequently Asked Questions
Is Trust Bank safe?
Yes. Trust is licensed as a bank by MAS and backed by Standard Chartered and FairPrice Group. Deposits are insured by SDIC up to S$100,000 per depositor. TrustInvest holdings and foreign currency are not covered.
What is the Trust Bank interest rate?
Up to 2.40% a year on the Flex plan, which needs three of eight monthly bonuses on top of a 0.05% base. Signature pays up to 1.00% and Zen a flat 0.40%. Rates apply to the first S$1.2 million.
Is there a minimum balance?
No. Trust has no minimum balance, no fall-below fee and no monthly fee.
Does Trust Bank charge FX fees?
No. Trust’s cards have no FX fee and convert at Visa’s rate. Use the debit card for overseas ATM withdrawals, since credit card cash advances carry an 8% fee.
Is Trust Bank profitable?
Trust recorded its first profitable month in March 2026, but made a full-year loss of about S$53.5 million in 2025. Its deposits are insured by SDIC either way.
Can I use Trust Bank with my CPF or SRS?
No. TrustInvest uses cash only and does not support CPF or SRS.
Final Verdict
Trust Bank earns 4.1 out of 5 stars.
It earns its best marks for the cards and everyday banking. No fees, no FX fee, strong FairPrice savings and a cashback, stock or miles card make it one of the best free accounts in Singapore, with Standard Chartered behind it.
The deductions come from the savings account. The 2.40% headline needs a referral and S$20,000 into funds every month, most people earn under 1%, and the terms changed several times in 2026.
Open Trust for your card, your travel spending and your groceries. Keep your idle cash where the base rate is higher.
→ Start with Trust Bank through the referral code
Do you use Trust for its card, its savings or both? Tell me in the comments.
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