Trust Bank Singapore Launches Automated Savings Pots to Support Customer Financial Wellbeing

Trust Bank Singapore, a digital bank backed by Standard Chartered and FairPrice Group, has launched new automated savings pots, as part of a move to help customers create healthy financial habits. 

Through its new offering, Trust Bank is enabling customers to create personalised savings pots and define savings goals targets, helping them to save money for travel, buy property, and create an emergency fund, among other plans.

Trust Bank has also introduced an enhanced ‘AutoPay’ feature, to introduce greater automation into the saving process, offering customers flexibility in choosing how much and how often they want to add funds to each pot. This offering ensures customers do not forget to put money away, which often proves as a deterrent in building healthy long-term savings habits.

Evonne Low, head of deposits and payments at Trust Bank, said: “Saving money can be a daunting task. That’s why we launched savings pots to provide our customers with an easy tool to automate savings and track their progress towards their financial goals in a simple and delightfully different way. It also gives customers the flexibility to refine and strengthen their saving strategy and goals anytime, anywhere.”

Trust’s savings pots have no minimum deposit requirement and no lock-in period. So far, Trust Bank customers have created over 75,000 savings pots, with the bank enabling customers to open up to five at one time.

Saving… with a difference

Trust Bank is also introducing five characters to represent each savings pott. Starting off as eggs, each character hatches and grows with customers’ savings, in an effort to encourage them to reach their savings goals. Customers can watch as a lion, cat, dog, otter and monitor lizard grow alongside their money.

The money kept in savings pots enjoys the same interest rates as Trust Savings Account, to ensure customers don’t need to think about how to maximise their interest across accounts.

Aditya Gupta, chief product officer at Trust Bank Singapore, also commented: “While saving money is a top priority for many, building healthy savings habits can be complex and tedious. Trust savings pots were developed directly using customer feedback and in a uniquely innovative way to offer customers an easy, automated, rewarding and fun way to grow their savings with greater control over their money.”

The post Trust Bank Singapore Launches Automated Savings Pots to Support Customer Financial Wellbeing appeared first on The Fintech Times.

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