Trust Bank, a collaboration between Standard Chartered and FairPrice Group, launched today to much fanfare. With no physical branches and every service delivered via their app, is this truly the future of banking? Honestly, I don’t know, but they’re giving away NTUC vouchers like hyped up Oprah, so why not take advantage of it?
At launch, they provide 2 core services: A credit card, and a savings account.
Trust Bank Credit Card
First of all, the card has no annual fee, which at this day and age, I am surprised hasn’t caught on to every player in the industry. Come on banks, each time a card annual fee pops up on someone’s statement, a cute cat dies! Let’s remove this archaic fee structure already.
Not surprisingly, the card leverages heavily on the FairPrice side of things, with NTUC members getting up to 21% savings and non NTUC members getting up to 15% savings.
Trust Bank Savings Account
With the Trust Bank savings account, you get a base interest rate of 1% on the first $50,000 in deposits. Make 5 purchases in a month with your Trust card, and you get bumped up to 1.2% p.a. NTUC members will get bumped up to 1.4%p.a. on those same 5 card transactions.
Account opening review & first impressions
Being an early adopter (ahem), I naturally downloaded the app, and applied for both the card as well as the savings account. I have to say the experience was pretty smooth and seamless.
Integration with Myinfo made the application easy. And once I got approved for the card, I had the details to add the digital card into my Google wallet.
Proceeded to make my first payment (McDonald’s lunch!) and voila, instantly received my $25 NTUC voucher.
Oh, did I mention that they’re giving away $25 in NTUC vouchers with every sign up and 1st purchase using your Trust card?
As a launch promo, they are also have a referral program, where both referrer and referee (that’s both you and I) will receive a $10 NTUC voucher for every referral made.
You also stand a chance to win a Tesla!
So, if you want to try it out, please download the Trust Bank app and use my referral code: 70PYWHVF