Curious about which digital bank takes the crown? Let’s break it down as we compare GXS Bank and Trust Bank Singapore. From features to pros and cons, here’s everything you need to decide which one fits your lifestyle better.
In today’s rapidly evolving financial landscape, digital banks have emerged as a popular choice for tech-savvy consumers as convenient and innovative banking solutions. But what is the best digital bank? In this guide, we’ll be comparing two popular digital bank options — GXS Bank and Trust Bank Singapore.
But first, let’s get you up to speed on what a digital bank is 👇
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What is a Digital Bank?
In contrast to traditional banks, digital banks operate entirely online without any physical branches, offering financial services through mobile apps or web platforms. While traditional services like GIRO and cheque cashing are unavailable, digital banks typically offer lower fees compared to a traditional bank’s fall-below or monthly fees. Additionally, digital banks often boast attractive interest rates with little to no conditions.
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 minimum deposit amount and bank balance | No minimum deposit amount and bank balance |
| 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 |
GXS Bank Vs Trust Bank Singapore Comparison 2024: Revolut vs YouTrip, find out more here
Full Bank Vs Digital Full Bank Vs Digital Wholesale Bank License
For the uninitiated, digital banks have two classifications: Digital Full Banks and Digital Wholesale banks.
Digital Full Banks like GXS Bank are able to accept deposits from retail customers. While Digital Wholesale Banks typically serve SMEs and other non-retail sectors.
Digital banks with a full banking license like Trust Bank, can function similarly to traditional financial institutions despite operating entirely online.
GXS Bank Vs Trust Bank Singapore Comparison 2024: YouTrip vs Wise, click here to determine which multi-currency card is right for you
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.
| GXS Bank | Trust Bank Singapore | |
|---|---|---|
| Bank License | Digital Full Bank License | Full Bank License |
| ATM Withdrawals | Does not support local & overseas ATM withdrawals | Supports local & overseas ATM withdrawals Able to withdraw cash but only from Trust or Standard Chartered Bank ATMs with Visa-enabled |
| Base Interest Rate (Daily) | GXS Main Account: 2.38% p.a. for deposits up to S$75k | From 1 June 2024: 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. | From 1 June 2024: 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 | – | – |
| 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 Comparison 2024: Check out our YouTrip VS Amaze Comparison in Malaysia 2024 here
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.
| YouTrip | Trust Bank Singapore | GXS Bank | |
|---|---|---|---|
| SGD to JPY Google’s Rate: 1 SGD = 112.99 JPY | 1 SGD = 112.9 JPY | 1 SGD = 112.35 JPY | 1 SGD = 112.58 JPY |
| SGD to EUR Google’s Rate: 1 SGD = 0.71 EUR | 1 SGD = 0.7081 EUR | 1 SGD = 0.7032 EUR | 1 SGD = 0.6816 EUR |
| SGD to USD Google’s Rate: 1 SGD = 0.75 USD | 1 SGD = 0.7460 USD | 1 SGD = 0.7419 USD | 1 SGD = 0.7419 USD |
| SGD to MYR Google’s Rate: 1 SGD = 3.30 MYR | 1 SGD = 3.295 MYR | 1 SGD = 3.294 MYR | 1 SGD = 3.294 MYR |
| SGD to AUD Google’s Rate: 1 SGD = 1.17 AUD | 1 SGD = 1.168 AUD | 1 SGD = 1.158 AUD | 1 SGD = 1.151 AUD |
| SGD to HKD Google’s Rate: 1 SGD = 5.80 HKD | 1 SGD = 5.801 HKD | 1 SGD = 5.769 HKD | 1 SGD = 5.769 HKD |
*Rates taken as of 11 Dec 2024 at the time of writing
GXS Bank Vs Trust Bank Singapore Comparison 2024: Check out this iChange vs YouTrip comparison
GXS Bank Vs Trust Bank Singapore: Pros & Cons
GXS Bank: For flexible savers
Image Credits: Fintech News Malaysia
As mentioned above, GXS Bank is a Digital Full Bank backed by Grab and Singtel. It has a simple 2.38% p.a. base interest rate accrued daily on deposits of up to S$75,000. You can also earn an increased interest rate of 2.68% p.a. when you transfer your money into GXS Savings Pockets. There’s no minimum initial deposit required, but the maximum deposit earning interest amount is capped at S$75,000.
Pros:
- Suitable for younger users and gig workers looking for flexible savings options.
- Higher base interest rate of 2.38% for deposits up to S$75,000
- No minimum deposit required
Cons:
- Lower daily bonus interest rate of up to 2.68% p.a. compared to Trust
- Lower maximum deposit of S$75,000 compared to Trust Bank’s maximum deposit of S$125,000.
👉 This cap restricts savers who want to deposit more but are restricted from earning interest rates of up to 2.68% on amounts exceeding this threshold.
- ATM withdrawals are unavailable
- At the time of writing, GXS Savings Account slots are full and unavailable. You’ll have to stay updated via email for early access to new slots.
GXS Bank Vs Trust Bank Comparison 2024: Find out more about YouTrip’s Wholesale Exchange Rates here
Trust Bank Singapore: The family-oriented option
Image Credits: Sethisfy
Trust Bank Singapore is a Full Bank backed by Standard Chartered and FairPrice Group. Trust Bank offers two cards: The Trust Link Card and the NTUC Link Card (exclusively for NTUC Union members).
It has a base interest rate of 1.25% p.a. for deposits up to S$500,000 and 0.05% p.a. for deposits above S$500,000. From 1 June 2024 onwards, Trust Bank Singapore also offers a bonus interest rate of up to 3.5% p.a. when meeting the following requirements listed above. There’s no minimum account balance required, however, the maximum deposit-earning interest amount is S$125,000.
You’re able to withdraw cash but only from Trust or Standard Chartered Bank ATMs with Visa enabled.
Pros:
- Suitable for families and those who frequently shop at FairPrice seeking attractive interest rates on higher balances.
- Higher bonus interest rate of up to 3.5% compared to GXS when meeting the qualifying criteria
- Higher maximum deposit
- Supports local and overseas ATM withdrawals
Cons:
- Lower base interest rate of 1.25% p.a. for deposits of up to S$500,000.
- Stricter eligibility for credit cards (min. income criteria applies)
GXS Bank Vs Trust Bank Singapore Comparison 2024: Check out our guide to the best multi-currency cards for the biggest savings here
GXS Bank Vs Trust Bank Singapore: Which is the better digital bank?
GXS Bank Vs Trust Bank Singapore — which is the better digital bank? That’s entirely up to you. If you’re looking for an option that’ll grant you bigger savings and budgeting, GXS’ base interest rates seem to fare better than Trust Bank’s. If you’re gearing towards savings and grocery shopping, and have bigger amounts to deposit, Trust Bank might be more up your alley.
If overseas savings and exchange rates matter to you, your best bet would be a multi-currency card. Consider YouTrip!
GXS Bank Vs Trust Bank Singapore Comparison 2024: Transfer funds from YouTrip back to your bank account! Here’s how
YouTrip: For the best exchange rates with zero fees
YouTrip is a multi-currency digital wallet that enables you to lock in the best rates all day from 10 popular in-app currencies (SGD, USD, EUR, GBP, JPY, HKD, AUD, NZD, SEK, CHF). Plus, score favourable exchange rates for 150+ currencies worldwide at zero fees.
YouTrip is also the first e-wallet to enhance its wallet limits, enabling you to top up S$20,000 and spend with an upsized annual limit of S$100,000.
Need cash overseas? Simply withdraw from any overseas ATM that displays the Mastercard®, Maestro® and/or Cirrus® logos with your YouTrip. With FREE S$400 in monthly ATM withdrawals, we make withdrawals convenient and hassle-free.
So if you’re looking for a go-to travel card, sign up for your complimentary YouTrip card today with <YTBLOG5> and get FREE S$5 in your account! Happy travels 💜
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