From 1 November 2022, Trust Bank has significantly increased its interest rates to stay competitive and reflect the growing interest environment. If you are still on the fence about whether to get a Trust Bank Account, this interest rate increase and their sign-up bonuses can be quite attractive.
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All comments on this blog site are an expression of opinion. You are recommended to consult with a licensed, qualified financial advisor before making any financial decisions.
Get Interest Rates Up To 2.5%
The base and bonus interest rates and balance cap have increased from 1 November 2022.
| Before | Now | |
| Base Interest / Yr | 1% | 1.5% |
| Bonus Interest / Yr | 0.2% / 0.4% | 0.5% / 1.0% |
| To qualify for the bonus interest, you just have to make 5 transactions on your Trust Bank debit or credit card. The interest rates are split into two tiers.
The lower tier is for non-NTUC Union Members while the higher tier is for NTUC Union Members. |
||
| Total Interest / Yr | 1.2% / 1.4% | 2.0% / 2.5% |
| If you are a non-NTUC Union Member, you should be able to get 2.0%, while if you are an NTUC Union Member, you should be able to get 2.5% easily without jumping through too many hoops. | ||
| Balance Cap | On first S$50k | On first S$75k |
Comparisons Between Different Saving Vehicles
For those looking for higher yield without jumping through hoops, here are some of the common alternatives.
- Singlife Savings Account
- Dash PET
- Trust Bank
- Singapore Savings Bonds
| Singlife | Dash PET | |
| Type | Insurance Savings | Insurance Savings |
| Base Interest | 1.5% on 1st S$10k
1.1% on next S$90k 0% above S$100k |
26/4/2021 and before
1.8% on 1st S$10k 1.2% on next S$20k 0% on above S$30k 26/4/2021 – 3/8/2022 1.3% on 1st S$10k 0.3% on next S$20k 0% on above S$30k Open after 4/8/2022 1.6% on 1st S$50k 0% above S$50k |
| Bonus Interest | Up to 1%
0.5% each on 1st S$10k – Singlife Sure Invest – S$500/month spend |
Up to 0.75%
0.25% each for up to 3 policies |
| Interest Crediting | Monthly | Monthly |
| Minimum Balance | S$100 | S$50 |
| Minimum Top Up | S$0.01 | S$1 |
| Withdrawal Fees | S$0 | S$0.70 |
| Withdrawal Time | Immediate via PayNow | Immediate via PayNow |
| Trust Bank | SSB | |
| Type | Digital Bank | Government Bond |
| Base Interest | 1.5% on 1st S$75k
0.05% above S$75k |
November 2022’s bond
1st yr – 3.08% 10th yr – 3.3% Avg – 3.21% Capped at S$10k Cap will vary depending on the demand Can hold up to S$200k of SSBs |
| Bonus Interest | Up to 1%
5 card spends 0.5% for non-NTUC Union 1% for NTUC Union Limited to S$75k |
None |
| Interest Crediting | Monthly | Semi-annually |
| Minimum Balance | S$0.01 | S$500 |
| Minimum Top Up | S$0.01 | S$500 |
| Withdrawal Fees | S$0 | S$2 |
| Withdrawal Time | Immediate via PayNow | Next month via transfer |
Take note that this is accurate as of 1 November 2022. Due to the volatile interest rate environment, this can change significantly. Please check the respective websites for the latest rates.
My Strategy
Singapore Savings Bonds give me the best returns at above 3% but due to the demand, we should expect to get only S$10,000 or below per month. While I slowly load up on SSBs, I will keep some of my money in Trust Bank to enjoy 2% (Base 1.5% + Bonus 0.5%)as I am not an NTUC Union Member. To get the bonus 0.5%, I will need to make 5 transactions on the Trust Bank card. If I am unable to hit the 5 transactions, I will use the S$0.01 Shopee voucher hack.
If you have not opened an account with Trust Bank, you can use my referral code 9YA868HD to get S$35 of NTUC eVouchers when you open an account with them. Click here to find out more.
