Compare Bank Accounts in Singapore

Live offers

26 live offers compared from 16 providers, from S$1 /month. Updated daily.

What are bank accounts in Singapore?

A bank account, usually a current or everyday account, is the hub for receiving your salary, paying bills, transferring money and spending via card. Singapore's banking is highly digital, anchored by PayNow, which lets people send funds instantly using a mobile number or identification, and by the ubiquitous FAST transfer system. Accounts range from full-service current accounts at established banks to app-only accounts from digital banks, and many double as high-interest savings accounts when you meet certain conditions.

How the Singapore market works

Everyday banking is dominated by the three local banks plus several foreign and digital banks, all connected through PayNow and FAST for near-instant, mostly free transfers. Digital full banks have entered with app-first accounts, competitive interest and no branch network. Many accounts combine spending and saving, unlocking bonus interest when you credit salary and use the linked card. Multi-currency accounts and integrated wealth features are increasingly common, reflecting Singapore's role as a financial hub.

Benefits

Instant transfers — PayNow and FAST enable immediate, typically free transfers between local banks using a phone number or ID.

Everyday convenience — Cards, GIRO bill payments, ATMs and mobile apps cover all routine banking needs.

Deposit protection — Singapore-dollar balances are insured up to S 00,000 per depositor per bank under SDIC.

Integrated features — Many accounts bundle savings interest, multi-currency wallets or investment access.

How to choose

Decide whether you want a straightforward everyday account or one that also maximises interest, which usually requires salary credit and card spend. Compare monthly fees and the minimum balance needed to avoid them, plus fall-below and card-replacement charges. If you travel or shop overseas, look at multi-currency accounts and foreign-exchange fees. For app-first users, digital banks offer clean interfaces and competitive rates; for wide services and branches, established banks may suit better.

Leading providers in Singapore

Everyday accounts are offered by DBS, OCBC and UOB, alongside Standard Chartered, Maybank, CIMB, HSBC and Citibank, plus digital banks such as GXS Bank, MariBank and Trust Bank. Local banks provide the widest branch, ATM and service networks, foreign banks add global and multi-currency features, and digital banks focus on app-first simplicity and interest. Since all connect through PayNow and FAST, the choice often comes down to fees, interest and features.

What it costs

Basic accounts are often free, but many charge a monthly fee, commonly around S$2 to S 0, waived if you keep a minimum balance such as S ,000 to S$3,000 or meet age or salary criteria. Watch fall-below fees, ATM and card-replacement charges, and foreign-currency transaction and cash-withdrawal fees when overseas. Digital banks frequently waive monthly and minimum-balance fees. The overall cost depends on your balance, usage and whether you meet fee-waiver conditions, so a low-balance account can quietly erode value through recurring fall-below charges.

Protections and regulation

Banks are licensed and supervised by the Monetary Authority of Singapore (MAS). Eligible Singapore-dollar deposits are insured up to S 00,000 per depositor per Scheme member by the Singapore Deposit Insurance Corporation (SDIC), automatically and free of charge, covering current, savings and fixed deposits. Digital full banks are licensed and covered on the same basis. MAS also sets standards for fraud protection and dispute handling, with unresolved complaints eligible for FIDReC.

Common questions

What is PayNow? — A service linking your account to your mobile number or ID for instant, usually free transfers between local banks.

Are digital banks covered by deposit insurance? — Yes, licensed digital full banks fall under the same SDIC S 00,000 protection as traditional banks.

How do I avoid monthly fees? — Keep the required minimum balance, meet salary-credit conditions, or choose a digital bank that waives fees.

Bank Accounts in Singapore — FAQ