Singapore’s Trust Bank has launched a new savings product, the Flex savings plan, which allows customers to decide how they earn bonus interest.
Under the plan, customers can choose any three bonus interest categories from a menu of eight, depending on their lifestyle and financial habits such as spending, saving, or investing.
Described by the bank as the first of its kind in Singapore, the Flex plan offers up to 2.5% per annum on deposits of up to S$1.2 million.
Customers can adjust their selected categories anytime through the Trust app, with changes taking effect from the first day of the following month.
Trust said the plan was introduced following research showing that most savings products reward specific behaviours such as salary crediting or card spending, leaving little room for personalisation.
Flex was designed to address this by offering more options in how customers earn interest.
The Flex plan and the newly introduced Zen plan join the existing Signature plan.
The Signature plan maintains its current reward structure, while the Zen plan provides a simpler format with a higher base interest rate and no conditions attached.
Together, the three plans apply to deposit balances of up to S$1.2 million.
Since the Flex plan’s launch in September, Trust said features such as FX spends, salary crediting, and PayNow transactions have been among the most commonly selected options.
Around 10% of customer balances have already been transferred to the new plan.
Aditya Gupta, Chief Product Officer, said,
“The new Flex plan started with a simple idea for consumers to create a Build-Your-Own-Savings-Account with the freedom to choose how they want to earn interest on their savings. With our new Flex plan, customers get complete flexibility, transparency and control to grow their savings.
This innovation reflects our commitment to continually reimagine traditional banking with personalised, rewarding and delightfully different solutions for our customers.”
Featured image: Edited by Fintech News Singapore, based on image by wahyu_t via Freepik
