Curious about which digital bank takes the crown in Singapore?
Let’s break it down as we compare GXS Bank Singapore and Trust Bank Singapore. From interest rates and safety to debit cards and features, here’s everything you need to know before choosing your next bank.
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📚 Table of Contents:
- ⚡️ TL;DR
- What is a Digital Bank?
- Full Bank vs Digital Full Bank vs Digital Wholesale Bank: What’s the Difference?
- GXS Bank Vs Trust Bank Singapore: Comparing Features
- GXS Bank Singapore: Overview
- Trust Bank Singapore: Overview
- GXS Vs Trust Bank Singapore VS YouTrip: Which has better exchange rates overseas?
- Which is Better: GXS or Trust Bank?
- YouTrip Benefits
- FAQs: GXS Bank Singapore vs Trust Bank
⚡️ TL;DR
- GXS Bank Singapore:
- Great for – Gig workers, younger savers, digital-only users
- Weak points – No ATM access, capped deposits, and no fixed deposit products
- Verdict – GXS Bank is strong for flexible, smaller savers who don’t need branch or ATM access.
- Trust Bank Singapore:
- Great for – Families, high deposit savers, NTUC shoppers
- Weak points – Lower base rate, stricter card eligibility
- Verdict – Trust Bank is the better choice if you have larger deposits or want NTUC-linked rewards.
What is a Digital Bank?
A digital bank operates entirely online through mobile apps or web platforms — no physical branches, no queues. Compared to traditional banks, they usually:
- Have no minimum deposit requirements
- Charge lower fees (no fall-below penalties)
- Offer daily-accrued interest rates
- Lack cheque/GIRO services, but make up with 24/7 app-based support
Here’s an overview of the key differences between traditional and digital banks:
| Traditional Bank | Digital Bank |
|---|---|
| Physical branches | Online only (mobile apps or web platforms) |
| Requires a minimum deposit amount and a bank balance | GIRO and cheque encashment are unavailable |
| Interest accrued monthly | Interest accrued daily |
| 24/7 customer service or limited to working hours | 24/7 helpline and support services |
| GIRO and cheque encashment available | GIRO and cheque encashment unavailable |
| Higher fees | Little to no fees |
👉 In Singapore, digital banks are licensed as either Digital Full Banks (retail deposits allowed) or Digital Wholesale Banks (focused on SMEs).
GXS Bank Vs Trust Bank Singapore: Discover the Best Savings Account Singapore 2025: Top Interest Rates & Bank Picks
Full Bank vs Digital Full Bank vs Digital Wholesale Bank: What’s the Difference?
If you’re new to digital banking, it helps to know that digital banks in Singapore fall into two categories:
- Digital Full Bank (DFB) – Accepts deposits from retail customers like you and me. Example: GXS Bank Singapore, backed by Grab and Singtel.
- Digital Wholesale Bank (DWB) – Primarily serves SMEs and non-retail sectors, not everyday consumers.
Meanwhile, a Full Bank license (like Trust Bank Singapore) allows a digital bank to operate just like a traditional bank — from deposits and savings to loans and cards — but entirely online, with no physical branches.
👉 In short:
- Trust Bank = Full Bank (broader services, ATM access, family-friendly perks).
- GXS Bank = Digital Full Bank (for retail customers, higher interest, app-first).
GXS Bank Vs Trust Bank Singapore: Discover next – Revolut Singapore (2025): The Ultimate Guide To The Revolut Card, Account & Fees
GXS Bank Vs Trust Bank Singapore: Comparing Features
Now that we know the difference between traditional banking and digital banking, let’s dive right into the features of GXS Bank and Trust Bank Singapore.
| Feature | GXS Bank | Trust Bank Singapore |
|---|---|---|
| Bank License | Digital Full Bank | Full Bank |
| Backed by | Grab & Singtel | Standard Chartered & FairPrice |
| Base Interest Rate (Daily) | 2.38% p.a. for deposits up to S$75k | 1.25% p.a. for deposits up to S$500k 0.05% p.a. for deposits above S$500k |
| Bonus Interest (Daily) | GXS Saving Pockets (up to 8): Up to 2.68% p.a. | Up to 3.5% Spend bonus Rate: ✅ Make 5 x S$30 qualifying Trust Card transactions monthly ✅ NTUC Union Member: +1% p.a. ✅ Non-NTUC Union: +0.5% p.a. Min. S$100k Balance Bonus Rate: ✅ Maintain a min. S$100k Average Daily Balance (ADB) for the month on your deposit balance up to S$500k ✅ +0.5% p.a. Salary Bonus Rate: ✅ Credit a min. monthly salary of S$1,500 to the Trust account via a single GIRO within the month ✅ +0.75% p.a. |
| Maximum Deposit Earning Interest | S$75k | S$125k |
| Min. Account Balance | – | – |
| ATM Withdrawals | ❌ Not available | ✅ Able to withdraw cash but only from Trust or Standard Chartered Bank ATMs with a Visa-enabled card |
| Loan Products | FlexiLoan from 2.99% p.a. | Instant Loan from 3.40% p.a. |
| Eligibility | ✅ At least 16 years old ✅ Has a residential address in Singapore ✅ Has a Singpass Myinfo account ✅ Has a valid visa | Trust Debit Card: ✅ 18 years old and above ✅ Singaporeans, Permanent Residents, Foreigners Trust Credit Card: ✅ Between 21 and 55 years old ✅ Singaporeans Citizens or Permanent Residents: Min. income of S$30,000 ✅ Foreigners with a valid work pass: Min. income of S$60,000 |
GXS Bank Vs Trust Bank Singapore: Here’s everything you need to know about the DBS Multi-Currency Account (MCA) Guide 2025: Features, Exchange Rates, Fees
GXS Bank Singapore: Overview
Image Credits: Fintech News Malaysia
- Backed by: Grab and Singtel
- Bank license: Digital Full Bank
- Interest rate:
- Base rate: 2.38% p.a. on deposits up to S$75,000
- Savings Pockets: Up to 2.68% p.a. (8 customizable pockets)
- Maximum deposit earning interest: S$75,000
- ATM withdrawals: ❌ Not supported
- Debit card: GXS Debit Card (virtual, linked to Mastercard)
- Fixed deposit rate: ❌ No fixed deposits offered
- Safety: Regulated by MAS, deposits insured under SDIC
✅ Benefits of GXS Bank
- High base interest rate (2.38% p.a.)
- Flexible Savings Pockets for budgeting
- No minimum deposit required
- Daily interest accrual
❌ Downsides
- Deposit cap of S$75,000
- No ATM withdrawals
- Fixed deposits not available
- Account openings often on waitlist
GXS Bank Vs Trust Bank Singapore: Also read Western Union Guide: All You Need To Know About Sending Money Overseas
Trust Bank Singapore: Overview
Image Credits: Sethisfy
- Backed by: Standard Chartered & FairPrice Group
- Bank license: Full Bank
- Interest rate:
- Base rate: 1.25% p.a. (up to S$500,000)
- Bonus interest: Up to 3.5% p.a. with salary crediting, card spend, or NTUC membership
- Maximum deposit earning interest: S$125,000
- ATM withdrawals: ✅ Supported (Trust/Standard Chartered ATMs with Visa-enabled)
- Cards: Trust Debit Card + Trust Credit Card
- Safety: Regulated by MAS, deposits insured under SDIC
✅ Benefits of Trust Bank:
- Higher bonus interest (up to 3.5% p.a.)
- Higher maximum deposit (S$125,000)
- ATM withdrawals supported
- NTUC-linked perks for groceries
❌ Downsides:
- Lower base interest rate (1.25% p.a.)
- Strict credit card income requirements
- Bonus interest tied to conditions
GXS Bank Vs Trust Bank Singapore: Also read Trust Bank Singapore Guide: Credit Card & Cashback Card Review (2025)
GXS Vs Trust Bank Singapore VS YouTrip: Which has better exchange rates overseas?
When it comes to overseas savings, exchange rates can be an important consideration. That’s why we’ll be adding the multi-currency card, YouTrip, to the mix if you’re looking for a multi-currency card with competitive exchange rates and zero fees.
| Currency | YouTrip | Trust Bank Singapore | GXS Bank |
|---|---|---|---|
| JPY | 1 SGD = 115.22 JPY | 1 SGD = 114.51 JPY | 1 SGD = 114.56 JPY |
| EUR | 1 SGD = 0.6658 EUR | 1 SGD = 0.6627 EUR | 1 SGD = 0.6644 EUR |
| USD | 1 SGD = 0.7750 USD | 1 SGD = 0.7747 USD | 1 SGD = 0.7727 USD |
| MYR | 1 SGD = 3.273 MYR | 1 SGD = 3.271 MYR | 1 SGD = 3.256 MYR |
| AUD | 1 SGD = 1.190 AUD | 1 SGD = 1.184 AUD | 1 SGD = 1.185 AUD |
*Rates taken as of 4 Sept 2025 at the time of writing
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Which is Better: GXS or Trust Bank?
It depends on your goals:
- Choose GXS Bank if you want higher base interest, flexible savings tools, and a purely digital experience.
- Choose Trust Bank if you want higher bonus interest, ATM access, and perks with NTUC groceries.
👉 For travel and overseas spending, neither beats a multi-currency wallet like YouTrip with zero FX fees and wholesale exchange rates.
GXS Bank Vs Trust Bank Singapore: Check out this Wise Card Singapore Guide (2025): Fees, Limits, Exchange Rates
YouTrip Benefits:
If you frequently travel, shop online on global sites, or send money abroad, YouTrip can offer more savings compared to GXS or Trust Bank, such as:
- Zero FX fees — Pay in 150+ currencies with no hidden charges
- Wholesale exchange rates — Lock in competitive rates anytime
- Free overseas ATM withdrawals — Up to S$400 monthly
- Instant transfers — Send funds between YouTrip users fee-free
- No account maintenance fees or minimum balance required
GXS Bank Vs Trust Bank Singapore: Find out what’s the Best Citi Miles Credit Cards in Singapore: PremierMiles, Prestige, Rewards (2025)
FAQs: GXS Bank Singapore vs Trust Bank
1. Which bank is GXS under?
GXS Bank is a joint venture between Grab Holdings and Singtel, regulated by MAS.
2. What kind of bank is GXS?
GXS is a Digital Full Bank, meaning it can accept deposits from retail customers.
3. What is GXS Bank Singapore’s interest rate?
GXS offers a base rate of 2.38% p.a. (up to S$75,000) and up to 2.68% p.a. with Savings Pockets.
4. Does GXS Bank have a fixed deposit rate?
No. GXS Bank does not offer fixed deposit products.
5. What is Trust Bank’s interest rate?
Trust offers a base rate of 1.25% p.a. (up to S$500,000) and bonus interest up to 3.5% p.a.
6. Is Trust or GXS better?
- GXS: Higher base rate, flexible savings, but limited features.
- Trust: Higher bonus rates, ATM withdrawals, family-friendly perks.
7. Does GXS Bank have a debit card?
Yes, GXS offers a GXS Debit Card (virtual, Mastercard-enabled).
YouTrip: For the best exchange rates with zero fees
Not a YouTrooper yet? Singapore’s favourite multi-currency wallet helps you save with great FX rates and zero fees, with no minimum balances or account fees. Skip the money changer and get a free YouTrip card + S$5 YouTrip credits with code <YTBLOG5>.
Then, head over to our YouTrip Perks page for exclusive offers and promotions — we promise you won’t regret it. Join our Telegram (@YouTripSG) and Community Group (@YouTripSquad) for travel tips, event invites, and more!
Happy travels!
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