SINGAPORE: Trust Bank, the latest digital bank to announce its launch in Singapore, said on Thursday (1 September) it is rolling out a range of products including a savings account and a “no-number” credit card that allows customers to choose their Repayment Date.
The savings account will offer a “market-leading” base rate and allow customers to earn up to 1.4% interest on their deposits, said the new bank formed by Standard Chartered and FairPrice Group.
The base rate is 1% on first deposits of S$50,000, with NTUC syndicate members earning 0.4% bonus interest when they make five qualifying purchases with the bank’s credit card. Non-members will receive a 0.2% interest bonus on the same purchases.
Chief executive Dwaipaya Sadhu told reporters that the bank currently offers “one of the highest base rates” for savings accounts. Although the bank reviews its rates on a weekly or monthly basis depending on market developments and overall interest rate movements, it does not intend to make adjustments to its rates anytime soon.
“One of the things we pride ourselves on is that we have to have a sustainable supply that we can sustain over time,” he said.
The new bank’s ‘no-number’ card will offer the dual functionality of a credit and debit card. Cardholders will not have to pay any fees, such as annual fees and foreign transaction fees, and will be able to choose their repayment date.
In addition to a promotional introductory rate through December, the digital bank is offering up to 21% NTUC Linkpoints discounts on its credit card for NTUC members and 15% savings for non-members.
Trust Bank also offers family personal accident insurance developed by Income. This comes at a premium of S$0.50 per month and has no limit to the number of dependents covered. The policy will be available without premiums for the first two months when a customer signs up for the bank’s credit card.
These products, which will be available through the bank’s app, were built based on “extensive feedback” received during its user testing period.
The new bank touts a “differentiated customer experience”, with customers able to sign up “in minutes” with their SingPass accounts and use their digital cards immediately.
Speaking at the launch, Deputy Prime Minister and Finance Minister Lawrence Wong said Trust Bank will add diversity to the local banking system and help strengthen Singapore’s digital economy.
He added that the launch is timely as it comes amid accelerating society’s adoption of digital services due to the COVID-19 pandemic.
“With this greater digital adoption in financial services, the banking industry has a lot of potential to rethink how to do things differently and serve customers better,” Wong said, noting how digital banks can better reach underserved segments. served with the use of data and technology.
Wong also encouraged the new virtual bank to protect customers from ever-evolving banking scams and maintain a high level of data security.