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Compare and open the best joint and basic savings accounts in Singapore based on interest rates, monthly fees, welcome offers and minimum or zero balance deposits
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Bank Account FAQs

A bank account lets you deposit money and use the funds whenever you need to. Depending on the type of account you have, you earn interest on the deposit. Funds can be withdrawn using ATMs or by cheque. You can pay for things you purchase via a number of methods that deduct the funds directly from your account. Many bank accounts charge a monthly service fee.
Everyone can have a bank account. Those aged 16 and below will need to open a kids account and those aged 55 and above will open a senior account. The rest can open either a savings account or a current account.
Consider the reasons why you’re opening the savings bank account. If it’s for transactional purposes, you need one that allows you easy access to your funds such as the ease of cashless payment modes or a wide network of ATMs. But if your goal is to save and grow your money, you’re better off choosing an account that offers you a higher interest on savings.
All savings accounts come with ATM cards that can be used at designated ATMs, including affiliated ATMs from other banks. Both cash withdrawals and deposits are available at your bank ATMs. Local withdrawals are free of charge and overseas withdrawals are charged a fee.
Most banks allow new customers to open a savings account online. Complete the relevant forms and upload the necessary documents. The bank will contact you to verify your details and complete the account opening. You can also download the forms, complete them and mail it to the bank. You can also visit a branch and open an account in-person. If you’re an existing customer, it’s straightforward and hassle-free. Opening an account online is also a breeze through your bank’s iBanking system.
To open an account, you must complete the application forms. In addition, the bank requires NRIC Identity Card for Singaporeans and Permanent Residents. Foreigners need their passport, Employment Pass or S Pass, company letter and proof of residential address.
The base interest rate for savings accounts are pretty low, starting from 0.05% p.a. Banks have promotions whereby they offer bonus interest rates on savings accounts if you meet certain conditions. Depending on the savings account and the promotion, you can earn up to 4.25% p.a. in your savings account.
The main difference is that a savings account earns interest while a current account doesn’t. However, banks have started offering interest on current accounts too. Current accounts also come with a cheque book to enable payments of large sums to another party. Both savings and current accounts have ATM card facilities, allow payments or transfers via Internet banking and GIRO facility.

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