Finally, there is a product that I feel excited to use and find out more! Trust bank is a new digital bank in Singapore and it is also a collaboration between NTUC and Standard Chartered Bank. So how this bank different from the few giant banks in Singapore, namely, DBS, OCBC and UOB? Basically, most of Trust bank’s operations are running in the cloud and accessible primarily only through the phone app that can be downloaded on all app stores. In this post, I will be sharing the main benefits from my experience with this bank’s products and more importantly, why I will be parking cash in their bank for the foreseeable future.
Trust Bank APP User Experience is awesome PERIOD
So far, I have been a loyal customer to OCBC for their high interest rates and somewhat easy to use services on the app as well as the web app but once I have tried Trust Bank’s app, I was “hooked” for at least 20 – 30 mins and that is odd because it is not an app that provides any form of entertainment. It is their clear interface and quick responses that really put this app in my top 5 list on my iPhone. For example, I was able to register for a savings account and credit card in less than 5 mins! This is really awesome and the way we can transfer funds and pay our credit card usage is also seamless and more importantly, immediate, with notifications and email. I strongly advise more people to get onboard and try it out. At the time of writing, there should be a $10 Fairprice voucher referral promotion for new successful sign ups (for both referee and new applicant) for their savings account and debit card and a $25 Fairprice for a successful credit card sign up so its definitely a win-win for all to try this out.
Moving on to its max 2.5% Per Annum interest rate
Yes, I understand that many banks are now offering way higher interest rates, in fact, OCBC EIR is almost 4+% for me. However, those accounts still have some limits in terms of interest when you hit a certain balance. Furthermore, I have been looking for a place to park some excess cash that I can withdraw anytime without any penalties, so I feel that Trust bank offers the must needed flexibility and interest benefits for me. Although, it requires me to sign up for Union membership, which costs $9 X 13 months of payments to get that extra 0.5%, I still feel that it makes sense if I am able to maintain a balance of $75k in the bank. But guess what, it’s completely optional so you can decide for yourself if it is worth the membership fees. Another great feature is that there is no need for minimum spending for the 5 eligible transactions which you will need to make to get the additional 0.5% interest rate per annum. All in all, this bank’s offers are fair and easy enough for an average person to see why it is a good choice to be an account holder with this bank. This is especially true for people who are self-employed or are homemakers!
It is a great opportunity for non-digital natives to get onboard the digital bank train
As the digital bank concept is still new even for young adults, I feel that this is a great time for non-digital natives to get onboard as well. With quite a range of vouchers in place to incentive potential users to sign up for it, I think its would be a great time for people who are previously resistant to using mobile apps in general to start using these well built and easy to use user interface. As a matter of fact, I think this will be a great way for frequent Fairprice businesses patrons to learn and benefit from the app.
Closing Thoughts
I think it’s high time for us to move from the traditional brick and mortar bank set ups to a more digital scene. Although, I do appreciate the human touch from bank branch staff, I still see a huge space for digital banks to continue growing in this area. My hope for this post is that it will encourage more people to recommend the use of apps like Trust Bank so that they can be a part of the digitalisation of the Singapore economy and society.
