A couple of you have asked whether the new Trust Bank account is worth signing up for.
I signed up for this digital bank (partnership between Standard Chartered and NTUC FairPrice Group) a couple weeks back.
I’ve had some time to play around with the bank account, debit/credit card, and check out the freebies since.
So I wanted to share my review.
What is Trust Bank?
Trust Bank is a new digital only bank – a collaboration between Standard Chartered Bank and FairPrice Group.
It’s funny because you keep hearing about Grab-Singtel and Shopee winning the digital banking licence.
But then it’s Standard Chartered and FairPrice that comes up with a digital banking solution, and takes Singapore by storm.
Big kudos to them for doing so.
Fully SDIC Backed (up to $75,000)
Because Trust Bank is backed by Standard Chartered Bank, they do not need a separate digital banking licence.
This is why they were able to move so quickly (by leveraging off Standard Chartered’s infrastructure presumably).
And they brought in FairPrice as a partner to appeal to FairPrice’s existing customer base (which is big).
Very smart indeed.
Trust Bank is SDIC insured, so all amounts up to $75,000 are backed by the government.
My views on Trust Bank? Worth signing up for?
Let me cut to the chase.
Trust Bank is exactly what you would expect of a digital bank.
It is a no frills bank account, where you can save money, transfer money, and pay money via a debit / credit card.
BUT – the 3 biggest benefits in my view are:
- $35 NTUC voucher – Hey call me a cheapo, but $35 NTUC vouchers for no more than 2 minutes work is a good deal in my books
- Whole bunch of freebies – The freebies are a really good deal, and I used quite a few of them. You can get a free packet of rice (1kg), a free Kopitiam Kaya Toast set, a $1.99 Double Mushroom Swiss at Burger King, and 50% off KFC Zinger Set just to name a few.
- 1.0% base interest on your first $50,000 (up to 1.4%) – I know 1.0% interest is nothing to shout about. But this is a Bank Account. Which means SDIC insured (risk-free) and instant liquidity (via FAST or Paynow). And no annoying hoops to jump through to earn the 1.0%..
Is it worth signing up for a Trust Bank Account?
My view is that yes it’s worth it.
You can open the account via Singpass and transfer funds in via FAST.
Whole process takes no more than a couple of minutes.
And the 3 benefits I listed above, are more than worth it for the time spent in my view.
But hey – it’s your call ultimately. Full review below!
Trust Bank Referral Code
Full disclosure – to claim the full $35 NTUC vouchers you need to use a referral code (otherwise you only get $25).
If you have a family member/friend already on Trust Bank I suggest you use their referral code.
Otherwise, you can use the Financial Horse Referral Code below:
N0D61KGY
Note: Second letter is zero if you are typing it in.
Download the Trust Bank App here and key the referral code when signing up to enjoy the additional voucher!
Benefits of Trust Bank Account
Let’s talk about each of the 3 big benefits of a Trust Bank Account:
- $35 NTUC voucher
- Whole bunch of freebies
- 1.0% interest on your first $50,000 (up to 1.4%)
$35 NTUC voucher
This is as simple as it gets – $35 worth of digital NTUC vouchers.
To get the full $35 vouchers, you need to
- Download Trust Bank App from https://trustbank.sg/
- Use a referral code when you sign up (use your friend/family’s first, otherwise you can use the FH Referral Code: N0D61KGY)
- Spend any amount on your credit / debit card
And really, that’s it.
Once you open your Trust Bank Account you’re given a digital card (physical card will be sent via mail a few days later)
So if you’re really eager for the NTUC vouchers, just use the digital card to buy anything online (even $1 works).
And once you spend any amount on your card, you get your vouchers immediately.
Quick tip that the NTUC vouchers can be used at self-checkout.
You know, in case you don’t want to look too cheapo. 😉
Freebies
I hate to say this, but I the Freebies from Trust Bank are pretty good.
Some examples of what you can get:
- Free 1kg Rice
- Kopitiam Free Breakfast Set
- 50% off KFC Zinger
- $1.99 Double Mushroom Swiss from Burger King
And more…
You just need to use your Trust Bank card to pay when claiming the promotions.
I don’t know whether this is a bug or a feature, but the app does not prevent you from using the promotion multiple times.
So you can enjoy promotions like the $1.99 Double Mushroom Swiss as many times as you want, if you’re so inclined.
1.0% interest on your first $50,000
Okay, I know that you can get 3.32% on T-Bills, risk free.
But this is a Bank Savings Account.
And that means risk free (SDIC insured up to $75,000), and more importantly – Instant Liquidity.
You can transfer money out in seconds, via FAST or Paynow.
1.0% base interest without having to do anything, up to $50,000, is a pretty decent deal in my books.
If you use your card 5 times a month you can get up to 1.4% (NTUC union member) or 1.2% (everyone else).
Is the Trust Bank Credit Card worth it?
Short answer – No, don’t waste your time with the Trust Bank Credit Card.
Whether you are playing the cashback or miles game, there are much better credit cards out there.
For me personally I skipped the credit card and used the debit card to earn my promo gifts.
If you’re really keen, you can check out Milelion’s more detailed review on the Trust Bank Credit Card below.
Spoiler alert – he reaches the same conclusion as me.
Closing Thoughts: Is it worth signing up for a Trust Bank Account?
My view is that yes it’s worth it.
Trust Bank is exactly what you would expect of a digital bank.
It’s a no frills bank account, that allows you to save money, transfer money, and pay money via a debit / credit card.
You can open the account via Singpass and transfer funds in via FAST.
Whole process takes no more than a couple of minutes.
And the 3 biggest benefits in my view are:
- $35 NTUC voucher
- Whole bunch of freebies
- 1.0% base interest on your first $50,000 (up to 1.4%)
Trust Bank Referral Code
To claim the full $35 you need to use a referral code (otherwise you only get $25).
If you have a family member/friend already on Trust Bank I suggest you use their referral code.
Otherwise, you can use the Financial Horse Referral Code below:
N0D61KGY
Note: Second letter is zero if you are typing it in.
Download the Trust Bank App here and key the referral code when signing up to enjoy the additional voucher!
Refinancing tool
With rapidly rising interest rates – it might pay off to look into refinancing if your loan is coming due.
There’s afantastic toolby Property Guru.
Do give it a try if you’re close to refinancing.
It’s completely free – you just input your mortgage details, and the tool lets you know whether you’ll save money by refinancing.
If the answer is yes, they’ll give you recommendations on what loan to take.
If the answer is no, you can set up a reminder for the tool to remind you when its time to refinance.
I did the same for my own mortgages and found it pretty useful.
Do give it a tryhere.
FAQs
How do I get a $25 NTUC voucher from Trust Bank? ›
Applicable to all new customers upon first Visa transaction. Receive an instant S$25 E-Voucher when you sign up and spend with a Trust Card. Simply download the Trust App and sign up today!
How do I redeem my Trust Bank FairPrice voucher? ›How can I use my $25 Fairprice E-Voucher? In your Trust App, under Rewards > Coupons > Saved coupons > Redeem, a QR will be shown for use at any FairPrice outlets.
How to get free NTUC voucher? ›- Download the Trust app by scanning the QR code on the Trust website HERE.
- Register for an account by selecting 'register with referral code' and enter the Referral Code JVA12EXY. ...
- Once you've registered an account, you will instantly receive your free bonus $10 FairPrice voucher in the app.
Trust Bank Referral Code '8ECQMGJK': Redeem FREE $35 NTUC Vouchers (no min. spend) by signing up | Trust Bank New User Referral Promo April 2023.
Who are eligible for NTUC voucher? ›Monthly Gross Personal Income1 of $1,500 and below. Applicant's immediate family members living in the same household in Singapore excluding domestic helper.
How do I claim cash from CDC voucher? ›1: Visit go.gov.sg/cdcv and tap on CDC Vouchers 2023. 2: Log in with Singpass. Only one household member needs to do this on behalf of the household. 3: Receive your CDC Voucher link by SMS.
How do I withdraw money from my trust card? ›You can access your card number easily via your Trust App Easy access to your cash Withdraw money from your savings account at our ATM located within FairPrice Xtra VivoCity or any Standard Chartered ATM.
How do I claim a coupon? ›When you visit a merchant, you can redeem your coupon by providing the cashier with your coupon code at checkout. When you redeem a coupon, your card statement may initially show a pending charge for the full transaction amount.
How do I use cash to code Vouchers? ›Just visit any partner website that accepts C2C, proceed to checkout and select 'CashtoCode' as your payment method. Enter the 20-digit voucher code you receive from us and you're done!
How long is NTUC voucher valid for? ›The E-Vouchers will be valid for 12 months from the date they are delivered to you.
What is the code of voucher? ›
A discount code or voucher code is simply a combination of numbers and letters, which usually partially describe the offer or discount in some way. Particular brands will enjoy a set discount for a period of time, and so the voucher can be used to obtain this money off.
How much is the FairPrice voucher? ›The perfect gift is here!
*Every $20 FairPrice Group Gift Voucher or Gift Card purchase is entitled to one (1) envelope, $5 or $10 denominations are not entitled to the limited-edition envelope.
- GetResponse – $30 account credit per referral.
- Hostinger – 20% commission.
- Dropbox – Up to 32 GB per referral.
- Fiverr – Up to $100 per referral.
- Chase Bank – $50 per referral.
- SoFi – between $50 and $500 per referral.
- TurboTax – $25 per referral.
- Wise – $50 per three referrals.
- Open Google Pay .
- On the top right, tap. Referral Code.
- Type in the referral code that your friend sent you. If the code is valid, you'll see a success screen.
- Make your first payment.
A referral code (or referral tracking code) is a unique combination of numbers and/or letters used to identify the participants in a brand's customer referral program. Referral codes are assigned to every customer (the referrer) as soon as they join a program.
Can foreigners join NTUC? ›Am I Eligible? NTUC membership is open to anyone above 16 years of age, except personnel from Singapore Police Force, Singapore Prisons, Auxiliary Police bodies, foreign domestic workers and full-time students.
Who is eligible for Singapore voucher? ›| Income earned in 2020: $34,000 and below (Assessable Income for YA2021) | Annual Value of Home as at 31 Dec 2021 | |
|---|---|---|
| Up to $13,000 | $13,001 to $21,000 | |
| GSTV – Cash [To be paid from August 2022] | $400 | |
| GSTV – Cash Special Payment [To be paid from August 2022] | $300 | $100 |
NTUC FairPrice | Membership Registration. Enjoy a free 1-month membership and exclusive benefits. Pay just $9.99/month after your trial.
Who is the CDC voucher for? ›Each Singaporean household can claim $300 in CDC vouchers. $150 can be spent at participating heartland merchants and hawkers, and the other $150 can be spent at participating supermarkets. How do I/my household apply for the CDC Vouchers Scheme?
How do I claim CDC $100? ›Visit go.gov.sg/cdcv, select CDC Vouchers Scheme 2023, and login with Singpass to claim the vouchers. CDC Vouchers 2023 are valid till 31 December 2023.
Where can I get CDC vouchers? ›
Visit go.gov.sg/cdcvouchers to search for the nearest participating hawkers and heartland merchants, and participating supermarkets.
How to withdraw money from trust wallet to bank account in usa? ›In the “Amount” field, enter the amount of money you want to send to your bank account. Select the bank account you want to send the money to on the “Withdraw To” field and click on “Continue”. After you've clicked on “Continue”, complete the security verification and the money will be sent to your bank account.
How do I withdraw money from my trust wallet in USA? ›- Step 1 - Open Trust Wallet.
- Step 2 - Select The Crypto To Be Withdrawn.
- Step 3 - Fill Out The Withdrawal Details.
- Step 4 - Confirm the transaction.
- Step 1 - Select a cryptocurrency exchange.
- Step 2 - Register an account.
- Step 3 - Withdraw crypto from Trust Wallet to the exchange.
How can a beneficiary claim money from a bare/absolute trust? If a beneficiary of a bare trust is over the age of 18 years then they can simply ask the trustees to pay the money out to them that they are entitled to. As long as there is no other criteria to satisfy, the trustees should not refuse.
What is coupon payout? ›What Is a Coupon? A coupon or coupon payment is the annual interest rate paid on a bond, expressed as a percentage of the face value and paid from issue date until maturity.
How do you get paid from the coupons app? ›Use cash back offer coupons at your favorite stores.
After shopping, tap “Redeem” to submit your receipt and get cash back sent automatically to your PayPal account.
Extreme couponers primarily get their coupons through print sources such as store ads, newspapers or in the mail.
What does it mean to redeem a voucher code? ›In the world of retail and promotions, redemption is the act of exchanging a coupon, token, or some other form of promotion, for a product or discount in order to save money or benefit in other terms.
Can expired NTUC voucher be extended? ›Unfortunately, Vouchers that have expired cannot be extended or replaced.
Can I use NTUC voucher at self checkout? ›How to use NTUC Fairprice e-Voucher from Trust Bank app at self checkout terminal. Step 1. Scan your items at the self checkout terminal as per normal.
What happens to expired vouchers? ›
What happens when a gift voucher expires. Gift voucher's are treated as a Liability until they are redeemed. When a gift voucher expires, then that liability is no longer owed to the customer and that value will need to be treated as Revenue instead.
Does voucher mean free? ›For many workers, a voucher is a receipt that proves they spent money on something, like travel, which their company will later pay for. A voucher is also a type of coupon that allows you to purchase something for less or no money, even tuition to a school. Both types of vouchers allow you to save money.
Is it safe to use voucher codes? ›Second, some discount codes can be fake, which might cause you to spend more money than you intended. Finally, some coupon codes may not be valid online and only work in certain stores or at specific times. So, it is crucial to be cautious when using them and to check the validity of the code before using it.
Is voucher code the same as gift card? ›A gift card, sometimes known as a gift voucher, is usually loaded with an amount of money. The person who receives the gift card can exchange it for goods or services to the value of the amount on the card. A gift card may be in physical or electronic form.
How do I redeem my $150 voucher? ›What is the process for redeeming vouchers? Simply open up the voucher link, and present the voucher together with your NRIC at any of the participating retail stores. The cashier will scan the barcode on your voucher or key in the voucher number for you to be able to use the voucher.
Where can I use FairPrice voucher? ›Gift Vouchers are valid for use and redemption at NTUC FairPrice, FairPrice Finest, FairPrice Xtra, FairPrice Shop, FairPrice Xpress, Cheers by FairPrice, Cheers Convenience Stores, Warehouse Club and Unity Pharmacy stores.
Can I use CDC vouchers for NTUC? ›Currently, 7 supermarket chains accept CDC vouchers as payment – HAO Mart, NTUC FairPrice, Prime Supermarket, Sheng Siong, U Stars Supermarket, Giant Singapore, and Ang Mo Supermarket.
Can I earn money by referring? ›Refer and ear
Dhani Dost is an exciting referral program that helps you earn extra income every month, just by referring Dhani products & services to family, friends, and social contacts. The more you refer, the more you earn.
Paytm is an Indian digital payment and e-commerce company that offers a mobile wallet, online payments, bill payments, and online shopping services. Paytm is accepted by over 8 million merchants in India and is available in multiple languages. Paytm Refer & Earn Program can give you up to ₹50,000 for your efforts.
What Cash App referral codes give you money? ›Join Cash App with referral code GRVQQZC and earn a $5 bonus when you send at least $5 within the first 14 days of account opening.
What does referral code get you? ›
A referral code might come with a discount code, which means that the referrer and the people they refer to the company will get a discount on the company's products or services.
How do I use my referral money? ›OYO Rupee is 100% redeemable (up to ₹2000) against any booking on the OYO app. Thus the next stay of the referrer at OYO becomes free when the cost of the room is ₹700 or below. For a room that costs higher, the user can redeem ₹700 OYO Rupee completely on that booking.
How do I find my visible referral code? ›Where do I find my Friend code? You can log in to your account and visit the referral section to find and share your code.
What is referral code link? ›A referral link is a unique URL used in referral marketing programs companies provide to their existing customers to promote their brand and products. Customers that enroll in a referral program get a referral link.
What is the difference between referral code and promo code? ›Except for the "Refer a friend" code which allows you to share your referral code with more than one person, Promo Codes may only be used once. Promo Codes are non-transferable, and may not be sold or bartered. Promo Codes may be restricted to specific merchants, areas or products.
How do I buy a bank voucher? ›- Tap Transact.
- Tap Buy vouchers.
- Choose a voucher.
- Select 'From' account.
- Choose or enter the voucher amount.
- Enter the recipient's cellphone number.
- Enter the recipient's name (optional)
- Tap Buy now.
- Visit the Evoucher For School Placement Portal: cssps.org or cssps.gov.gh.
- Then Click on buy e-voucher then enter your index number and click the “Click to Buy Evoucher For School Placement” button.
- The invoice that the supplier receives from the firm.
- The details of the supplier like name, address and contact number.
- The details of the payment like the amount, discounts or the due date of payment.
You can easily turn gift cards into cash (or more desirable gift cards) through reputable sites like Raise and CardCash. The site you choose will depend on the ease of sale and the type of gift card you have. You won't get full value for it, but that's still better than letting a gift card go unused.
Can you get cash from a voucher? ›In short, no. You cannot pay with a gift card and ask for cash back. A gift card acts as a voucher—not a debit card. The only way to get cash back from a gift card is if it is a closed-loop gift card or a prepaid card.
How do I cash a cash voucher? ›
A cash voucher is a standard form used to document a petty cash payment. When someone wants to withdraw cash from the petty cash fund, that person fills out the cash voucher to indicate the reason for the withdrawal, and receives cash from the petty cash custodian in exchange.
Can I redeem a voucher online? ›Gift cards can be redeemed online as a method of payment at the checkout.
How does an online voucher work? ›An e-Voucher is an electronic voucher which is usually delivered to the customer by e-mail or SMS and can be printed and redeemed in store, or redeemed online using a PIN code. E-vouchers are a popular choice as they are delivered in real-time and can be redeemed instantly in many cases.
What is online payment voucher? ›A payment voucher is a way to record payments made to suppliers and maintain a history of payments that your business has made. Companies use vouchers to gather and file supporting documents that are required to approve and track payments of liabilities.
What are the 3 types of vouchers? ›- Debit or Payment voucher.
- Credit or Receipt voucher.
- Supporting voucher.
- Non-Cash or Transfer voucher (Journal voucher)
Visit a Standard Bank ATM or a participating retailer. Select 'Withdraw money' and enter the amount. Enter your chosen 4-digit voucher PIN which creates an Instant Money voucher which you'll receive by SMS.
What is the difference between cash voucher and bank voucher? ›1. Cash payment voucher- It contains information about cash payments. 2. Bank payment voucher- It contains information about payments made by the bank.