Trust Bank is a joint venture between Standard Chartered (60%) and FairPrice Group (40%). Launched in September 2022, it holds a full MAS banking licence and is embedded in the FairPrice/NTUC everyday-spend ecosystem.
Applicants must be at least 16 and be a Singapore citizen/PR or a foreigner with a valid work pass, verified via Singpass. Tourists cannot apply.
These are stable, standing account benefits (not time-limited) — available as long as you qualify:
Foreigners need a valid Singapore work pass and a Singpass account; EP/SP holders can normally apply. Holders of short-term visit visas cannot open an account.
No minimum deposit and no minimum balance — the bank lists an initial deposit of S$0 and no fall-below fee.
Just your phone and MyInfo (Singpass) authentication; NRIC/FIN, work pass, Singapore mobile number and address proof are only needed if MyInfo cannot verify them.
The whole process is in-app and usually takes a few minutes; if extra checks are needed it can take up to 5 working days, with no branch visit.
Typical reasons: under 16, no valid pass or Singpass, mismatched MyInfo data, unverifiable address, or failing the bank's identity and compliance checks.
Standing benefits: No Monthly Fee, No Min Deposit, Fully Online, Digital Bank, Fast Approval. Promotions change by region and quarter — always check the bank's official promo page (verified 2026-10).
Having documents ready lowers the chance of rejection; policies change, so confirm with the bank before applying.