Best Business Savings Interest Rates – A collaboration between Standard Chartered Bank and NTUC Fairprice, Trust Bank is a newly launched bank that offers savings accounts, debit cards, credit cards and personal accident insurance.
Its main selling points are customer discounts, free card services or helping customers save through high-interest savings accounts
Best Business Savings Interest Rates
In short Trust Bank offers a savings account, payment services and insurance Deposits up to $75,000 are guaranteed by SDIC and account holders can earn up to 2.5% p.a. Interest on savings deposits As an added plus, it charges no card fees, account fees or foreign transaction fees.
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NTUC Union members can enjoy 21% savings with the NTUC Link Credit Card and 11% savings with the NTUC Link Debit Card (with a minimum monthly spend of S$350). Meanwhile, non-NTUC union members can get 15% savings with TrustLink Credit Cards and 5% savings with TrustLink Debit Cards (with a minimum monthly spend of S$450). (Link Card and Trust Link Card savings are only applicable to FairPrice Group businesses, and come in the form of LinkPoints.)
Trust Bank is an online-only institution, which means you won’t find any physical outlets or branches around. Everything is done completely online through Trust Bank’s mobile app
Some may find the concept of online banking entirely anxiety-provoking (for example, if something goes wrong, there’s no way to talk to someone from the bank face-to-face and find a solution together), while others may appreciate it for its hassle-free convenience and efficiency.
It would have inspired more than a little doubling, but in today’s climate of rising interest rates and the impending credit crunch, unfortunately it has largely been washed away and more established banks are floundering.
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However, with a competitive base rate of 1.5% p.a., it may not be a bad idea for some savers to park their spare funds in a trust bank savings account.
Another differentiating factor for Trust Banks is its zero-fee card offering The bank offers both debit and credit cards, which help you save money in various ways
Specifically, the TrustLink Credit Card comes with no annual fee, no currency exchange fees (not charged by payment networks like Visa), no cash advance fees and no care refund fees.
There are no ATM withdrawal fees and no over-limit charges, making Trust Bank’s credit card the cheapest option for cardholders.
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One of only two digital banks in Singapore (the other being a collaboration between GXS Bank, Grab and Singtel), Trust Bank promises to bring a new dimension to banking.
The table above provides a quick comparison between Trust Bank and three other established players – OCBC, DBS and SCB.
You will notice that among these four banks, Trust Bank offers the lowest maximum interest savings account, with a cap of 2.5% p.a. Meanwhile, OCBC, DBS and SCB offer the highest savings account interest from 4% p.a (And in case of OCBC, up to 7.65% p.a.)
Although these high ceilings may seem attractive, several conditions are necessary to reach them If your circumstances or preferences just don’t match them, you won’t be able to enjoy higher interest rates
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Just to illustrate, reach a ceiling of 4.1% p.a i DBS Multiplier Account requires at least S$30,000 worth of eligible banking transactions (payroll credit, investments, mortgages, investments, etc.) per month.
Seen in this context, it may be easier for you to maximize your savings account in Trust Bank You earn 1.5% p.a as standard, and an additional 1% if you have an NTUC union membership – both of which require no active action on your part.
If you do not have NTUC membership, you will only get base rate of 1.5% p.a However, you can earn an additional 0.5% p.a Interest (gross 2% p.a.) on at least five eligible card transactions every month
These customers will enjoy a bonus of 1% p.a Earns interest on their savings deposits, a maximum of 2.5% p.a As standard
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In addition, they can also earn LinkPoints for food and groceries at any FairPrice Group outlet (FairPrice Supermarket, Unity Pharmacy, Kopitiam, Foodfair, Khushi, etc.).
Non-members may also find Trust Bank Savings Account a good option for a relatively hassle-free way of earning a respectable 1.5% p.a. on their savings It increases to 2% p.a With at least five card transactions per month
To further enhance its appeal, Trust Bank Savings Account has no minimum deposit. There are no fees that are covered under Account Fees
Trust Bank removes most of the fees typically charged by other banks, but that doesn’t mean there aren’t any. Please note the following fees and charges, and see this fact sheet for more information
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You can apply for a Trust Bank account by downloading the Trust Mobile App Follow the on-screen instructions to open your savings account
Alternatively, go to the Trust Bank Savings Account page, click on ‘Open Account’ and scan the QR code with your smartphone to download the Trust Bank app.
We’ve identified the best bank savings accounts in Singapore and explained how they work in a simple way Read our guide to the best savings accounts in Singapore 2022 to find out which one is best for you.
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We try to have the most up-to-date information on our website, but customers should ask the relevant financial institution if they have any questions, including eligibility to purchase financial products. In no way shall it be construed as assuming any risk or assuming any responsibility in connection with or related to the distribution or sale of financial products. The Site does not review or include all companies or all available products To help boost retirement savings, the government pays extra interest on the first $60,000 of your combined balance, with $20,000 set aside for an Ordinance Account (OA).
The excess interest earned on your OA savings goes to your Special Account (SA) or Retirement Account (RA) to boost your retirement savings.
If you join the LIFE plan, you will still earn additional interest on your combined balance, including savings used for LIFE.
Reviewed quarterly, the rate is calculated based on the 10-year Singapore Government Securities (10YSGS) and 12-month average yield above 1%.
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To help members grow their savings, the government will extend interest earned on all special, mediasave and pension savings until 4 December 2023.
This interest rate, which is assessed annually, is calculated based on the weighted average interest rate for the entire invested portfolio. New Savings paid to RA every year gives a 12-month average return of 10YSGS and 1%.
To help members increase their savings, the government will increase the 4% floor rate for interest on all special, mediasave and pension savings until 31 December 2023.
Your savings are invested in Special Singapore Government Securities (SSGS) which are guaranteed by the government SSGS are non-negotiable bonds to the board for investment of savings
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This ensures that the savings are safe regardless of the conditions in the financial market The coupon rate this SSGS earns for the board matches the rate you receive You may be wondering where to put the money you started saving Some of the more popular options are money market funds, money market accounts (MMA) and regular savings accounts All three are highly liquid places to park cash, meaning you can easily access funds when you need them.
But there are some important differences that you should know Most traditional savings accounts offer nominal interest rates, so you may find that money market funds or MMAs are a better option because they typically offer higher returns. And like savings accounts, many money market funds and accounts allow you to write checks and easily transfer money to your savings account.
Money market funds are mutual funds offered by brokers, investment companies and financial services firms. They pool money from multiple investors and invest in high-quality, short-term securities. Although they are technically investments, they function more like on-demand cash accounts because the money is readily available.
These mutual funds may have minimum initial investment requirements, balance sheet requirements and transaction fees. There are also associated fees
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