trust bank increases interest rates

Trust Bank Increases Interest Rates From 1 November 2022

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.

Disclosure: This blog entry contains referral links and/or codes. This means that I get a commission if you decide to sign up through my links or using my codes, at no cost to you. This helps pay for my running costs. Please read my affiliate and referral disclosure for more information.

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.

_______________________________

Trust Bank Sign Up – Free $35 NTUC eVoucher – Referral Code – 9YA868HD

On a budget? See Free Stuff To Do In Singapore

Check out my Breaking The Marketer’s Code series here

For more updates on my content,

• Add Consume Less Life to your bookmarks

Join my Telegram channel

Join my subreddit r/ConsumeLessLife to participate in discussions

Support the blog over here

Share this:

Leave a Comment

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.