Banks With Free Savings Accounts – Complete Financial Guide to Trust Banking Products and Card Services with Dual Functions By Shashi Kumar September 7, 2022
Trust Bank is the new digital bank in Singapore and launched on 1 September 2022. Since it has no physical branches, it is designed and built to work entirely on mobile, 24/7.
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Trust Bank (Trust) is 60% owned by Standard Chartered Bank and the other 40% by NTUC Enterprise and FairPrice Group. Through this unique partnership, the Trust can link banking services to the ecosystem and loyalty system of the FairPrice Group, Link Rewards, which serves more than one customer million per day at 570 points.
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In addition to private contracts, the Trust offers employer savings accounts, credit cards and family risk insurance.
You can save money with the Trust through the Trust Bank SG mobile application, which you can download from the Google Play Store and the Apple App Store. Registration is a simple process, and you can use MyInfo to submit your information.
The app, which supports English and Mandarin, is protected by multiple authentications and can be linked to mobile phones and phone numbers at any time. Additional security is included with the Keypad, which allows you to use a 6-digit PIN to authorize risky or suspicious transactions.
With the app, you’ll also get the first credit card on the market to prevent your card information from being stolen. You can also use the app to lock and unlock the card and manage authorization for online or international payments.
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The app also provides live notifications of activity on all accounts — which, by the way, can’t be turned off — helping you stay on top of your money. In addition, it is easy to monitor your performance with the real-time performance tracker, which helps you not to miss those savings.
Anyone over the age of 18 can open a trust account in their own name. Singapore dollar deposits with the Trust Account are protected by the Insurance Scheme up to $75,000.
You will receive a debit card when you open your account. There are no fees (ie monthly or national) associated with opening and maintaining your account.
Interest on savings accounts is calculated daily but is paid on the last day of each month. Currently, you can earn up to 1.4% per year (that’s 1% base interest plus 0.4% interest) on your first $50,000 if you’re a member. For non-members, you can earn up to 1.2% p.a. (which is 1% base interest and 0.2% interest on the first $50,000).
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In order to benefit from the bonus, two groups of depositors need to purchase at least 5 VISA credit cards. Also, for deposits over $50,000, depositors will only receive 0.05%.
You can send money to your Trust account by bank transfer (via FAST) or PayNow. On the other hand, if you need to physically withdraw money from your Trust account, you can do so now from Bank Trust/Standard Chartered ATMs islandwide as well as international ATMs that accept Visa. Note that you can only withdraw up to $2,000 in one transaction. For more ATM locations, search .
Note that if you want to sign up for a savings account first, you can’t sign up with an existing credit card.]
To get the most bang for your buck as a FairPrice member, you should sign up for a Trust credit card.
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A friendly credit card offers dual functionality like a credit card and debit card, eliminating your need to carry multiple cards. There are no annual fees, foreign transaction fees (even the 1% Visa fee), upfront fees, or card replacement fees.
However, there is a $100 late fee if you do not pay the minimum amount by the specified date. You will also earn interest on your withdrawals, calculated daily at 0.074% (26.9% p.a.) of the amount withdrawn until paid in full.
It’s also the first card where you can choose your preferred payment limit and prepayment date. You can also set reminders to make sure you don’t miss your payment date.
You can apply for a credit card if you are between 21 and 55 years old. You also need to have an annual income of $30,000 as a Singapore citizen/permanent resident, or $60,000 as a foreigner with a valid permit.
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If you are 55 years old, you need to have an annual income of $15,000 as a Singapore citizen/permanent resident or $60,000 if you are a foreigner with a valid permit.
Loyalty Card benefits are limited if you are a member of the Club, which costs $117 per year to join. You can read the article about the benefits of being a member of NTUC.
Basically, you need to spend $1 to get 0.50 points (or spend $2 for 1 point) at FairPrice Group stores, with no minimum spend. After that, you get 100 points to redeem $1 worth of shopping in exchange for your cash back.
The benefits of using a credit card depend on the number of discounts and rebates available for each type of payment. Against this, the Loyalty Card promises a lot of savings, especially in this promotion period, which will last until December 2022.
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You can get up to 20% off – including an additional 17% off – on your Caltex petrol spend and many other retail discounts from F&B, taxi fares , and cell phone plans, to name a few. See the Trust’s website for more business partners.
However, the main “attraction” of the Loyalty card is the Linkpoints discount—up to 21%—that you get on FairPrice Group (FPG) purchases. Here are more details about the rewards you can get as a Club member or as a non-member.
Monthly Benefit: Pay your FPG account when you meet the minimum monthly expenses outside of FPG.
Monthly Bonus: Pay money to your FPG account, after meeting the minimum monthly expenditure outside of FPG for 3 consecutive months.
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FairPrice Annual Member Benefit: A benefit that members will receive once a year on FPG food.
Customers of the Trust can purchase personal risk insurance for the application. The plan provides coverage up to $8,000 for accidental death and permanent disability due to accidents at just $0.50 per month. You can add your car to the policy at no extra cost.
Insurance written and issued by NTUC Income does not require a medical examination or a written letter from the customer.
Get two months of free credit when you sign up for a secured credit card today.
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There are great incentives to sign up for credit cards right now. You will receive a $25 Fairprice E-Vucher when you spend your first card (no minimum spend). You will receive a 1kg Gift Voucher ($3.55 value) and a free breakfast signature set that you can redeem at Kopitiam within 30 days after the offer ends on 31 October 2022.
There is also a “membership registration” promotion from September 1 to December 31, 2022. If the requirements are met, both the sender and the customer in question will receive a $10 FairPrice E-Vucher.
Not only that; Loyal customers will have a chance to win a blue Tesla Model 3! There will be three drawings on November 9, 2022, December 9, 2022 and January 9, 2023, where the Tesla will be awarded. Your chances of winning will increase with more tips.
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Introducing yuu’s own content, Probably the best loyalty program in Singapore where you can earn points between multiple jobs In the AppA mentioned in the previous article, people keep their money in banks to maintain safety and profitability.
You must also prove your identity by providing documents such as your passport, birth certificate or driver’s license.
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In addition, banks also ask for proof of address such as a driver’s license or utility bills such as electricity or gas bills.
The bank will give you a debit card that you can use to withdraw money and pay for goods and services. you
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