Editor’s note: Trust’s growth story is not just sign-ups. We examine the higher Trust+ cap, the metal card push, and whether engagement can convert to profitability.
The milestones
Trust confirmed in February that it had reached one million customers, positioning itself as Singapore’s fourth-largest retail bank by customer count. Company updates and trade media since May reiterate the number and add that referrals drive a large share of new users. In June, Trust upgraded its Trust+ program, raising the maximum deposit balance eligible for the top interest tier from S$0.8 million to S$1.2 million, alongside a metal card and new partner privileges. Trust frames this as rewarding customers who maintain higher average balances and deeper relationships inside the app.
Why it matters
Digital banks often win on onboarding and UX, but losses mount without deposits and everyday usage. Trust is trying to anchor itself with high-frequency behavior (groceries, bill pay) layered with a premium tier to retain bigger balances. The lifted cap nudges affluent users to consolidate more funds; the card and partner perks add brand signal. The open question is margin math: can net interest income and fee income scale faster than servicing and acquisition costs as the bank pushes into investments and lending?
What consumers should know
A higher cap is useful only if you qualify for Trust+ criteria such as minimum average daily balance. Read the small print on rate bands and privilege conditions; banks reserve the right to revise rates. Consider safety features (for example, card lock) and whether your use case benefits more from cashback, miles, or simple high-interest savings. If you plan to park six or seven figures, compare overall package value with incumbents—fees, FX spread, limits, and the convenience of ecosystem partnerships.
What we will watch
Three items: the revenue mix between deposits, cards, and investments; the unit economics for the premium tier; and the pace at which Trust closes the gap to profitability. A related metric is customer activity density—transactions per user per month—because that drives interchange, cross-sell and stickiness.
Bottom line
Trust’s playbook is frequency plus depth: daily spend, visible perks, and a bigger roof for balances. The new cap and card are signals that it is now competing head-on for primary-bank status among affluent users. Profitability will be the proof.
Sources :
Trust newsroom posts on the one-million milestone (Feb and May 2025); The Business Times, Hubbis, and Fintech News Singapore coverage; The Digital Banker article on the Trust+ upgrade; Trust’s Trust+ page with current cap and conditions.
Citations: Trust Bank+2Trust Bank+2Business TimesHubbisFintech SingaporeThe Digital Banker+1
About the Author
Marks Toms – Editor-in-Chief
Marks oversees editorial policy, compliance, and fact-checking at bankaccountsopen.
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