The trustee (and not the beneficiary) will be treated as the depositor of the account.
Coverage will be on a per account basis and will not be aggregated with other accounts held by the same trustee or with the trustee's own accounts.
Example: You have (i) an individual e$aver account with a balance of S$20,000, (ii) Trust Accounts A with a balance of S$120,000 and your son as the beneficiary and (iii) Trust Account B with a balance of S$15,000 and your daughter as the beneficiary. Your insured deposit coverage will be based on your e$aver account only i.e. S$20,000. Separately, Trust Account A will be insured at the cap of S$100,000 and Trust Account B will be insured for S$15,000. If your son has an individual e$aver account with a balance of S$5,000, his deposit will not be aggregated with the deposit in Trust Account A. Instead, his deposit will separately be insured for S$5,000.