Nerfed: Trust Bank Drops Maximum Interest Rate to 3.0% p.a. From 1st December 2024
In an email sent out to its customers, Trust Bank is announcing a drop in interest rates for its savings account. From 1st December 2024, the maximum interest one can get is 3.0% p.a. until 28th February 2025.
Summary of Changes
| Current (Until 1st December 2024) | New (From 1st December 2024) | |
| Base | 1.25% p.a. | 0.75% p.a. |
| Spend Bonus 5 × S$30 transactions in a month | Union: 1.0% p.a. Non-Union: 0.50% p.a. | Union: 0.75% p.a. Non-Union: 0.40% p.a. |
| Balance Bonus Min. S$100,000 average balance | 0.50% p.a. | 0.75% p.a. |
| Salary Bonus S$1,500 salary credit | 0.75% p.a. | 0.75% p.a. |
| Highest Possible | 3.50% p.a. | 3.00% p.a. |
From 1st December 2024, the Base interest will be taking a drop of 0.5 percentage points, going down to 0.75%. Spend Bonus category also sees a drop in rates, with NTUC Union members getting 0.75% p.a. and non-members getting 0.40% p.a. instead of the current rates of 1.0% p.a. and 0.50% p.a. respectively.
Trust Bank is bumping up the Balance Bonus slightly to 0.75% (up from 0.50% p.a.) until 28th February 2024. Thereafter, it will revert to its 0.50% p.a. rate.
3% p.a. on up to S$800,000 isn’t too exciting, but isn’t terrible
Even at 3.5% p.a, Trust Bank’s savings account hasn’t been the most exciting of options. While the requirements aren’t difficult to meet, I imagine people would rather choose accounts like UOB One for 4% p.a. on S$150,000 (and more with their quarterly promos) or OCBC 360 for up to 4.65% p.a. on the first S$100,000.
The advantage of Trust Bank is perhaps the high S$800,000 cap it awards its interest rate on. While there are some who would rather alternate their funds between HSBC EGA and StanChart e$aver to meet those accounts’ fresh funds requirements, I suspect there are also those who would rather just keep the funds firmly in a single account. 3% p.a. isn’t terrible for such a use case, I guess, and as rates fall around us it’s inevitable the interest rates we can get also start to decline.
Sign-up Promo
If you wish to, you can sign up below for a Trust Account and credit card for the below sign-up rewards. I’ve recently touched on how Trust Cashback is one of the top travel cards you can use right now, particularly if you are a new customer, and you can sign up below:
Trust Account / Card
Remember to use code JP8171J5
🔥 👍🏼
Get 1% cashback and 0% fx fee! Also get bonus cashback on selected category spend.
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Seth Wee was a licensed financial adviser representative from 2009 to 2025, with over 16 years of experience in Singapore’s financial advisory industry.
He started Sethisfy.com in 2019 to share practical insights on credit cards, banking products, and miles strategies, helping readers identify financial products that deliver the best value. Seth has been featured in CNA, Channel 8, Today, and a host of other publications. In 2025, he was also part of a panel at CPF’s Ready For Life festival.
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