Trust Bank Review – Free $35 NTUC voucher and 1.4% interest p.a. on $50,000 (Referral Code)

 

A couple of you have asked whether the new Trust Bank account is worth signing up for.

I signed up for this digital bank (partnership between Standard Chartered and NTUC FairPrice Group) a couple weeks back.

I’ve had some time to play around with the bank account, debit/credit card, and check out the freebies since.

So I wanted to share my review.

  

What is Trust Bank?

Trust Bank is a new digital only bank – a collaboration between Standard Chartered Bank and FairPrice Group.

It’s funny because you keep hearing about Grab-Singtel and Shopee winning the digital banking licence.

But then it’s Standard Chartered and FairPrice that comes up with a digital banking solution, and takes Singapore by storm.

Big kudos to them for doing so.

Fully SDIC Backed (up to $75,000)

Because Trust Bank is backed by Standard Chartered Bank, they do not need a separate digital banking licence.

This is why they were able to move so quickly (by leveraging off Standard Chartered’s infrastructure presumably).

And they brought in FairPrice as a partner to appeal to FairPrice’s existing customer base (which is big).

Very smart indeed.

Trust Bank is SDIC insured, so all amounts up to $75,000 are backed by the government.

My views on Trust Bank? Worth signing up for?

Let me cut to the chase.

Trust Bank is exactly what you would expect of a digital bank.

It is a no frills bank account, where you can save money, transfer money, and pay money via a debit / credit card.

BUT – the 3 biggest benefits in my view are:

1. $35 NTUC voucher – Hey call me a cheapo, but $35 NTUC vouchers for no more than 2 minutes work is a good deal in my books
2. Whole bunch of freebies – The freebies are a really good deal, and I used quite a few of them. You can get a free packet of rice (1kg), a free Kopitiam Kaya Toast set, a $1.99 Double Mushroom Swiss at Burger King, and 50% off KFC Zinger Set just to name a few.
3. 1.0% base interest on your first $50,000 (up to 1.4%) – I know 1.0% interest is nothing to shout about. But this is a Bank Account. Which means SDIC insured (risk-free) and instant liquidity (via FAST or Paynow). And no annoying hoops to jump through to earn the 1.0%..

Is it worth signing up for a Trust Bank Account?

My view is that yes it’s worth it.

You can open the account via Singpass and transfer funds in via FAST.

Whole process takes no more than a couple of minutes.

And the 3 benefits I listed above, are more than worth it for the time spent in my view.

But hey – it’s your call ultimately. Full review below!

Trust Bank Referral Code

Full disclosure – to claim the full $35 NTUC vouchers you need to use a referral code (otherwise you only get $25).

If you have a family member/friend already on Trust Bank I suggest you use their referral code.

Otherwise, you can use the Financial Horse Referral Code below:

N0D61KGY

Note: Second letter is zero if you are typing it in.

Download the Trust Bank App here and key the referral code when signing up to enjoy the additional voucher!

Benefits of Trust Bank Account

Let’s talk about each of the 3 big benefits of a Trust Bank Account:

1. $35 NTUC voucher
2. Whole bunch of freebies
3. 1.0% interest on your first $50,000 (up to 1.4%)

$35 NTUC voucher

This is as simple as it gets – $35 worth of digital NTUC vouchers.

To get the full $35 vouchers, you need to

1. Download Trust Bank App from https://trustbank.sg/
2. Use a referral code when you sign up (use your friend/family’s first, otherwise you can use the FH Referral Code: N0D61KGY)
3. Spend any amount on your credit / debit card

And really, that’s it.

Once you open your Trust Bank Account you’re given a digital card (physical card will be sent via mail a few days later)

So if you’re really eager for the NTUC vouchers, just use the digital card to buy anything online (even $1 works).

And once you spend any amount on your card, you get your vouchers immediately.

Quick tip that the NTUC vouchers can be used at self-checkout.

You know, in case you don’t want to look too cheapo. ????

Freebies

I hate to say this, but I the Freebies from Trust Bank are pretty good.

Some examples of what you can get:

1. Free 1kg Rice
2. Kopitiam Free Breakfast Set
3. 50% off KFC Zinger
4. $1.99 Double Mushroom Swiss from Burger King

And more…

You just need to use your Trust Bank card to pay when claiming the promotions.

I don’t know whether this is a bug or a feature, but the app does not prevent you from using the promotion multiple times.

So you can enjoy promotions like the $1.99 Double Mushroom Swiss as many times as you want, if you’re so inclined.

1.0% interest on your first $50,000

Okay, I know that you can get 3.32% on T-Bills, risk free.

But this is a Bank Savings Account.

And that means risk free (SDIC insured up to $75,000), and more importantly – Instant Liquidity.

You can transfer money out in seconds, via FAST or Paynow.

1.0% base interest without having to do anything, up to $50,000, is a pretty decent deal in my books.

If you use your card 5 times a month you can get up to 1.4% (NTUC union member) or 1.2% (everyone else).

Is the Trust Bank Credit Card worth it?

Short answer – No, don’t waste your time with the Trust Bank Credit Card.

Whether you are playing the cashback or miles game, there are much better credit cards out there.

For me personally I skipped the credit card and used the debit card to earn my promo gifts.

If you’re really keen, you can check out Milelion’s more detailed review on the Trust Bank Credit Card below.

Spoiler alert – he reaches the same conclusion as me.

Closing Thoughts: Is it worth signing up for a Trust Bank Account?

My view is that yes it’s worth it.

Trust Bank is exactly what you would expect of a digital bank.

It’s a no frills bank account, that allows you to save money, transfer money, and pay money via a debit / credit card.

You can open the account via Singpass and transfer funds in via FAST.

Whole process takes no more than a couple of minutes.

And the 3 biggest benefits in my view are:

1. $35 NTUC voucher
2. Whole bunch of freebies
3. 1.0% base interest on your first $50,000 (up to 1.4%)

Trust Bank Referral Code

To claim the full $35 you need to use a referral code (otherwise you only get $25).

If you have a family member/friend already on Trust Bank I suggest you use their referral code.

Otherwise, you can use the Financial Horse Referral Code below:

N0D61KGY

Note: Second letter is zero if you are typing it in.

Download the Trust Bank App here and key the referral code when signing up to enjoy the additional voucher!

Refinancing tool

With rapidly rising interest rates – it might pay off to look into refinancing if your loan is coming due.

There’s a fantastic tool by Property Guru.

Do give it a try if you’re close to refinancing.

It’s completely free – you just input your mortgage details, and the tool lets you know whether you’ll save money by refinancing.

If the answer is yes, they’ll give you recommendations on what loan to take.

If the answer is no, you can set up a reminder for the tool to remind you when its time to refinance.

I did the same for my own mortgages and found it pretty useful.

Do give it a try here.