Trust Bank Savings Account is now giving a high daily interest rate of up to 2.5% starting from 1 November 2022. 💰
I would say that the high 2.5% interest rate, coupled with the free $35 FairPrice vouchers for signing up with a Trust Bank Referral Code: NXEGUJH4 is even way more attractive now.
If you are still sitting on the fence, read on to find out why I signed up for this new bank.
Trust Bank Savings Account:
What Is Good About Trust Bank?
– No minimum balance that you need to maintain your account or fall-below fee
– No monthly service fee, account closure fee, ATM withdrawal fee, card replacement fee and annual fees
– No foreign exchange fees, not even the 1% Visa charge
– ATM cash withdrawals at Trust ATMs or Standard Chartered Bank ATMs (You need to receive the Physical Card before you can use this)
– High Interest Rate of up to 2.5% from today, 1st November, up from the 1.4% previously, and is still calculated daily
– Earn interest of up to 2.5% on your first $125,000 (from 1 August 2023)
Other than the free $35 FairPrice vouchers from Trust Bank, one other thing that interest me is the high interest rate for their savings account.
The base interest in October which you can get is 1% for the first $50,000 that is in your account, and you did not have at least 5 transactions that month.
From 1 August 2023, the minimum interest rate will be increased to 1.5% on your first $125,000!
– This means earning $1875 interest per year if you save $125k, even if you do not have any transactions.
Once you have made 5 transactions, you get a bonus and your total interest rate increases to 2% for non-union members and 2.5% for union members (NTUC union member).
– Your interest will increase to $3125 a year when you save $125k
Sign up with my:
Trust Bank Referral Code: NXEGUJH4
You can get a total of $35 FairPrice E-Vouchers, for first sign ups with Trust Bank Singapore.
You will receive a $10 FairPrice E-Voucher immediately (the supermarket) upon signing up with my Trust Bank Referral Code: NXEGUJH4
After that, all you need to do is to have one transaction, and you will be able receive an additional $25 FairPrice E-Voucher in your Trust Bank account.
Read this Trust Bank Referral Post of mine to find out how to receive this without spending. 😉
What does it mean when interest is calculated daily? Why does it matter?
For NTUC Union members, you earn a maximum of 1.4% in October, while non-Union members earn 1.2%. If you don’t have at least 5 transactions, you earn only the base of 1%.
Here is an example:
Let’s say you deposited $50,000 into your account on 30 October.
Base: $50,000 x 1% x 31/365 = $42.46
Union Member Bonus: $50,000 x 0.4% x 31/365 = $16.98
Non Union Member Bonus: $50,000 x 0.2% x 31/365 = $8.49
Total Union Member (Monthly) Interest October: $59.44
Total Non-Union Member (Monthly) Interest October: $50.95
If you suddenly decide to withdraw your deposited amount of $50k out on 31 October, you would still have earned one day’s interest.
(Union Member) Earned Interest 30 October: $1.91
(Non-Union Member) Earned Interest: $1.64
This is why it matters that interest is calculated daily.
You have full control of your money, unlike fixed deposits or others that are paid annually. 🤑 And the best thing is there are no fees whatsoever. They are even giving you $35 free FairPrice vouchers just for signing up with a Trust Bank Referral Code: NXEGUJH4 and making one transaction.
If you are interested to find out more, or for a guide on how to sign up, you can read my previous Trust Bank Referral post.
In the event if you have any other questions, you can also check out their FAQs on their website.
Enjoy saving and earning! 💵
Stay safe! 😷