Trust Bank Launches Innovative Flex-Sparplan in Singapore
Truist Bank has introduced a new savings plan in Singapore, the Flex-Sparplan. This innovative product allows customers to choose their own bonus interest rate, adding to the bank's existing Signature and Zen plans for deposits up to S$1.2 million.
The Flex plan, launched in September, offers customers a unique level of personalisation. They can select three bonus interest categories from a menu of eight, tailored to their lifestyle and financial habits. These categories include FX spends, salary crediting, and PayNow transactions, among others. The plan provides up to 2.5% per annum on deposits.
Since its introduction, around 10% of customer balances have already been transferred to the Flex plan. Customers can adjust their selected bonus interest categories anytime through the Truist app, with changes taking effect from the first day of the following month.
The Flex plan is the first of its kind in Singapore, offering customers complete flexibility and control to grow their savings. Aditya Gupta, Chief Product Officer, stated that the plan provides customers with more personalisation in how they earn interest on their savings. Truist Bank continues to reimagine traditional banking with such innovative and rewarding solutions.
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