Could Trust+ Be Better Than Fixed Deposits or T-Bills?


Interest rates were at an all-time high in 2023, which raised the rates for fixed deposits and T-bills. If you were quick to capitalise on the generous rates, you probably locked in some fantastic returns for the next year or two and may be happy to let your money grow there. 

But many of us will have our fixed deposits and T-bills maturing soon. What do we do then? Lock our money in for 6 months or another two years? 

With rising costs, some of us may want to keep our savings liquid. If that’s what we do, where can we stash our cash?

Consider growing your savings with Trust

Trust Bank is a digital bank that’s been gaining popularity in Singapore—and for good reason. They’re offering up to 3.0% p.a. interest on their savings account! And get this—you’ll also be automatically enrolled in Trust+, their next level of banking experience with extra privileges and a curated range of rewards and benefits, when you meet their criteria. 

Unlike T-bills or fixed deposits, where your money is subject to a non-flexible lock-in period (and even penalties for early withdrawal!), your money in your Trust savings account remains fully liquid. What’s more, a Trust savings account isn’t a time-based investment—there’s no need to shift your cash into a new fixed deposit account or buy a new T-bill every year or so. You’ll be enjoying more flexibility and control of your money.

So instead of earning a measly interest rate of around 0.05% p.a. with other savings accounts, putting your money at Trust Bank could earn you up to 3.0% p.a.—all while still having your cash fully liquid.

Let’s dive a little into digital banks.

What are digital banks, and are they safe?

If you haven’t heard, digital banks are banks that function entirely online and often only through a mobile app. That means no physical branches, no taking a queue number, and no sitting around waiting for a staff member to attend to you. Instead, you use the bank’s mobile app to do all your banking transactions yourself.

If you’re hesitant about safety, fret not. There are criteria and licensing conditions before the Monetary Authority of Singapore will allow such banks to operate.  Just like all other banks, Trust Bank is licensed by the Monetary Authority of Singapore (MAS) and is a member of the Deposit Insurance (DI) Scheme administered by Singapore Deposit Insurance Corporation Limited (SDIC). This means that insured deposits held with a DI Scheme member are protected up to S$100,000 in the event a DI scheme member fails. 

Trust Bank is backed by two major establishments—Standard Chartered and FairPrice Group, a leading international bank and a local social enterprise with more than 200 years of combined experience in Singapore. Recent research1 found that Trust Bank is one of the financial services brands most positively received by women in Singapore.

With Trust savings account, you can also send or receive PayNow and bank transfers to/from other banks’ accounts, and for those times when you need cash, you can withdraw funds at any Standard Chartered ATM in Singapore. 

So you get the best of both worlds: high interest rates with no lock-in period, top-notch security, and everyday convenience.

No lock-in period. No complex requirements. How does Trust compare against other savings accounts?

Trust savings account requires no minimum balance to maintain, so there’s no monthly or fall-below fee that other banks typically charge when your deposit balance drops below their required minimum criteria.

On the other hand, it’s interesting to note there’s a thing called maximum balance or balance cap. If you fulfil all their criteria, most banks give the published higher interest rate on balances below the balance cap. For example, if 2.0% p.a. interest is applicable for a balance up to S$100,000, then any incremental deposits above S$100,000 only get 0.05%.

With Trust savings account, the interest rate of up to 3.0% p.a is on your first S$500,000 deposit balance—a cap higher than most banks out there. That’s up to S$15,000 total interest you can earn in 1 year!

Unlike many other banks’ savings accounts, there are no hoops to jump through with Trust savings account. Enjoy zero lock-in period, with no need to invest with the bank, buy insurance, or take out a new mortgage loan.

Furthermore, the Trust savings account comes with a debit card, which gives you up to 11% savings on groceries and food at FairPrice and has no annual fee or foreign transaction fees.

Exclusive benefits with Trust+

We mentioned earlier that Trust+ offers the next level of banking experience with extra privileges and a curated range of rewards and benefits when you meet their criteria.

So what are the criteria to qualify for Trust+? All you need to do is keep a minimum average daily balance of S$100,000 for the month2. It’s that simple! 

And to achieve the 3.0% p.a. interest, there are just 2 criteria to meet. Here’s a breakdown:

High base rate 1.5% p.a.
Make at least 5 qualifying card transactions for the month  1.0% p.a *
Maintain an average daily balance of at least S$100,000 for the month 0.5% p.a.

* NTUC Union Members get 1.0% p.a. interest, whereas others get 0.5% p.a. interest. 

Even if you don’t have S$100K in liquid cash, don’t worry. You’ll still enjoy up to 2.5% p.a. interest on your savings, which is much higher than the 0.05% p.a. that some other personal Savings Accounts offer.

What’s better than signing up with a bank that gives high interest rates? Signing up with one that makes life a little fancier.

With Trust+, you’ll enjoy exclusive Trust+ merchant offers such as: 

  • 1-for-1 GV Gold Class tickets
  • 1-for-1 weekday buffet at Edge at Pan Pacific Singapore
  • Up to 25% off staycations at Far East Hospitality hotels
  • Various F&B vouchers and more

While fixed deposits and T-bills are viable ways to invest, they tie up our cash, and once they end, we are left trying to figure out what to do next. With Trust+, maximising our cash is simple and fully liquid. Find out more about Trust+ and see if it’s a good fit for you.

Not a Trust customer? Download Trust Bank SG and sign up with referral code <MONEYSMT> to get up to S$170 worth of FairPrice Group E-Vouchers3. T&Cs apply.

Deposit Insurance Scheme: Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$100,000 in aggregate per depositor per Scheme member by law.

1 Source:

2 Customers who maintain a minimum average daily balance of S$100,000 can enjoy up to 3.0% interest per annum on their savings and will automatically qualify for Trust+ from the following month.

3 For new Trust customers only. Promotion is valid till 31 May 2024. Only with referral code <MONEYSMT>, S$10 FairPrice Group E-Voucher will be issued upon successful sign-up and  S$100 of FairPrice Group E-Vouchers will be issued within 5 business days of becoming a Trust+ customer. Get up to S$60 of FairPrice E-Vouchers when you successfully refer your first 3 friends to Trust. T&Cs apply. Refer to Trust website for more details.

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This post was written in collaboration with Trust Bank. While we are financially compensated by them, we nonetheless strive to maintain our editorial integrity and review products with the same objective lens. We are committed to providing the best information in order for you to make personal financial decisions with confidence.