SINGAPORE: Trust Bank, the latest digital bank to announce its launch in Singapore, said on Thursday (Sep 1) that it is rolling out a range of products including a savings account and a “numberless” 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 per cent of interest on their deposits, said the new bank formed by Standard Chartered and FairPrice Group.
The base rate is 1 per cent on the first S$50,000 of deposits, with NTUC Union Members getting to enjoy a bonus interest of 0.4 per cent when they make five eligible purchases with the bank’s credit card. Non-members will enjoy a bonus interest of 0.2 per cent on the same purchases.
Chief executive officer Dwaipayan Sadhu told reporters that the bank currently offers “one of the highest” base rates for savings accounts. While the bank reviews its rates on a weekly or monthly basis depending on market developments and overall interest rate movements, it has no plans to make adjustments to its rates anytime soon.
“One of the things that we pride ourselves on is that we must have a sustainable offer which we will be able to sustain over time,” he said.
The new bank’s “numberless” card will offer the dual functionality of a credit and debit card. Cardholders will not have to pay fees, such as an annual fee and foreign transaction fee, and will be able to choose their repayment date.
In addition as a promotional launch rate until December, the digital bank is giving up to 21 per cent NTUC Linkpoints rebates on its credit card for NTUC members and 15 per cent savings for non-members.
Trust Bank is also offering a 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 at no premiums for the first two months when a customer signs up for the bank’s credit card.
These products, which will be available via the bank’s app, were built based on “extensive feedback” received during its user testing period.
The new bank is touting a “differentiated customer experience”, with customers being 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 to the diversity of the local banking system and help strengthen Singapore’s digital economy.
He added that the launch is timely, as it comes amid an acceleration in the society’s adoption of digital services due to the COVID-19 pandemic.
“With this greater digital adoption in financial services, there is much potential for the banking sector to relook how to do things differently and serve customers better,” Mr Wong said, noting how digital banks can reach out to under-served segments better with the use of data and technology.
Mr Wong also encouraged the new virtual bank to protect customers from ever-evolving banking scams and maintain a high level of data security.