If you’re thinking of opening a bank account in Singapore, the good news is you’re spoilt for choice. But with so many different banks and account types available, which should you choose?
Remember to consider all your long and short-term needs to help narrow in on the perfect choice, and it might be best to choose a bank with branches near your residence or workplace for convenience. Some account types in Singapore also require you to maintain a minimum balance inside at all times, so it’s recommended to check beforehand as the minimum balance amount varies from account to account.
Like anywhere else, you’ll also have to produce a few essential documents when opening a bank account in Singapore, including your passport, student or work visa, recognized proof of residence here, and an employment or dependent pass. There is a likely chance you might also be asked for a letter of recommendation from your current bank.
To make the selection process an easier one for you, we’ve rounded up 10 best bank accounts in Singapore catered to varying needs.
Check out these other guides too!
The DBS Multiplier account has one of the highest interest rates in Singapore. It offers a 0.05% base interest rate, with a bonus interest rate increase according to your DBS credit card spend, house loans, investments, and insurance (capped at 3.8%). There’s also no minimum amount needed across your DBS products to earn higher interest.
DBS Multiplier Account, www.dbs.com.sg/personal/deposits/bank-earn/multiplier
If you’re a foreigner working in Singapore, the DBS Expat Programme might be suitable for your needs. With this account, you get to enjoy multi-currency convenience in one account, including SGD and 12 other foreign currencies. There’s also a low remittance fee for overseas fund transfers and $0 fees for same-day transfers to various countries around the world. Also, earn up to 3.00% p.a. on your savings with no minimum salary and credit card spend.
DBS Expat Programme, www.dbs.com.sg/personal/deposits/for-expats/expat-programme-benefits
With the POSB SAYE account, you get to enjoy higher interest when you credit your salary to an existing POSB or DBS bank account. It gives you an additional 2% p.a. interest on the amount you decide to save from your salary each month.
All you have to do is credit your salary to any POSB or DBS account and select it as the debiting account for the monthly savings contribution into the POSB SAYE account. There’s a requirement to make no withdrawal from the account itself, so it's ideal if you're planning to save up a fixed portion of your salary for yourself or your family each month.
POSB SAYE Account, www.posb.com.sg/personal/deposits/savings-accounts/saye
UOB is one of the biggest banks in Singapore, and can definitely be trusted to meet your financial needs. The UOB One account allows you to earn 0.25% p.a. from your first dollar with a minimum card spend of SG$500, and offers a higher interest rate of up to 2.50% p.a. with a minimum SG$500 plus salary credit. The account has a minimum monthly average balance of SG$1,000 and a fall-below fee of SG$5.
UOB One Account, www.uob.com.sg/personal/save/chequeing/one-account
If you and your family are super savers, you might want to consider the UOB Stash Account. It rewards you with higher interest rates the more you save in your account while refraining from making withdrawals. Earn up to 1% p.a. interest when you maintain or increase your monthly average balance each month, and earn up to 11x more interest as compared to a basic savings account over a period of twelve months. The account has a daily average balance of SG$1,000 and a fall-below fee of SG$2.
UOB Stash Account, www.uob.com.sg/personal/save/savings/stash
You’ll love this account if you’re a frequent flyer! It’s the only account that rewards you with miles on top of interest, so you and the family can be stocking up on miles for future trips. You can earn an interest of 0.05% p.a. on your balance while also earning an additional 6 bonus Krisflyer miles per $1 spend on eligible UOB cards and 6 bonus Krisflyer miles per SG$1 spend on eligible UOB cards + salary crediting. The account has a minimum monthly average balance of SG$1,000 and a fall-below fee of SG$2.
UOB Krisflyer Account, www.uob.com.sg/personal/save/chequeing/krisflyer-uob-account
The OCBC Monthly Savings Account is perfect if you’re creating your first account here. There’s a minimum initial deposit of SG$0, and you’ll earn 0.05% interest per year. Earn an extra 0.05% interest when you deposit at least SG$50 while making no withdrawals the same month. The minimum average daily balance for the month is SG$500 with a fall-below fee of SG$2, but it’s waived for the first year.
OCBC Monthly Savings Account, www.ocbc.com/personal-banking/deposits/monthly-savings-account
Grow your savings with the OCBC 360 account. You can earn an interest rate of up to 2.38% a year, with bonus interest on the first SG$75,000 of your account balance. You also get bonus interest rates from crediting your salary or purchasing an eligible insurance or investment product from OCBC. The account has an initial deposit of SG$1,000 and a minimum average daily balance of SG$3,000 with a SG$2 fall-below fee.
OCBC 360 Account, www.ocbc.com/personal-banking/deposits/360-savings-account
Another account type to consider for your first bank account in Singapore, the CIMB Fastsaver account offers competitive rates of up to 1% p.a. on your first SG$10,000. It’s a fuss-free option that doesn’t include multiple conditions nor extra requirements such as credit card spend and salary crediting.
CIMB Fastsaver Account, www.cimb.com.sg/savings-accounts/cimb-fastsaver-account
With the Standard Chartered E$aver Account, you can earn up to 0.50% p.a. interest even without needing to lock in your money. There’s also no minimum initial deposit amount, but there is a minimum average daily balance of SG$1,000 with a fall-below fee of SG$5 per month. If you sign up for priority banking, you also receive up to SG$9,000 cash rewards.
Standard Chartered E$aver Account, www.sc.com/sg/save/savings-accounts/esaver
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