Bank Accounts in Singapore
If you’re in the market for a new checking account because your current one has let you down, you may be inclined to sign up with another bank down the street. You’re already familiar with the company, and you may even drive by one of their branches every day. So why not choose a local bank for your checking and savings needs? There’s nothing wrong with that, but you may want to cast a wider net when comparing checking account options. Thanks to the internet, it’s easier than ever to research different banks. From there, you can get information to see how they stack up in terms of their amenities. In addition, you can also find out more information like account holder perks.
In this article, we will help you with the best checking bank accounts. Especially those that you can start banking with for free. This means that you won’t have to pay any opening amount or deposit a minimum balance.
DBS
Development Bank of Singapore is the largest bank in Singapore and the whole of Southeast Asia. It has more than four million customers in Singapore alone. If you’re new to Singapore, it’s a great bank to go with. As it has a tailored Expatriate Program you can apply for in a branch or even online. The product includes a multi-currency account, which allows you to deposit Singaporean Dollars and up to 12 other currencies in the same account. Also provided to you, is a visa credit card that’s fee-free for two years. You’ll also get a bunch of other benefits, including free air miles for using your credit card and exclusive invites to events. If you’re a student, the DBS Remix eSavings Plus account has a daily interest and a visa debit card that gives you 0.3% cashback on purchases every three months. You can also apply for a business account. This includes free travel insurance, 0.3% cashback and even invitations to networking events.
POSB
The Post Office Savings Bank was set up in 1877 and is the oldest running of the banks in Singapore. POSB was acquired by DBS in 1998 and currently operates as a subsidiary of DBS. POSB offers a wide range of business-oriented financial products and services. A good supplement to the DBS Multiplier account is the POSB SAYE (Save As You Earn) account, which less of a traditional savings account and more of a tool to instil some discipline in your savings.
OCBC Bank
Overseas Chinese Banking Corporation has three basic accounts: Frank, Statement Savings and 360 Account. You can only apply for a Frank account if you’re between 16 to 29 years old. It requires no initial deposit or minimum daily in-credit balance and can earn you up to 0.4% interest per annum – ideal if you’re a student. Both the Statement Savings and 360 Account will require an initial deposit of S$1,000 and a minimum daily in-credit balance. However, you can earn up to 3.25% in interest a year and get bonuses and cashback when you pay bills or even credit your salary by GIRO. You can also apply for a business account, whether you’re registered in Singapore or abroad. However, the products are only available for registered businesses, not sole traders.
UOB
United Overseas Bank One Account offers up to 3.33% interest per year and cashback on debit card transactions. There’s also a Campus Account for students, which comes with a free visa credit card and up to 0.10% interest per annum on your balance. And if you’re a business owner, the business current account has a free corporate ATM card, planned overdraft facilities and up to 20% in rebates.
Standard Chartered Bank
On paper, the Standard Chartered Bonus$aver Account gives the highest effective interest rate in Singapore at a very impressive 3.88% p.a. This is currently unmatched. The main thing for the Bonus$Saver account is that your salary credit needs to be a minimum of $3,000 per month. If you are able to attain this, the Bonus$aver account offers an attractive interest rate.
While there are many factors to consider, you should choose an account with low ongoing costs, bonus offers, lesser banking fees, more additional perks, and a selection of tools that make banking easier overall. While you may feel more comfortable with a bank you already know and trust, it’s probably time to ditch your local bank in favor of the one that offers free bank account opening options.
Remember to research on the bank before opening any bank accounts with banks in Singapore.
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