Choosing a bank isn’t just about picking the one with the nicest logo or the flashiest ad.

The bank you choose can quietly affect your daily life; From when your salary comes in and how much interest you earn, to whether you’re unknowingly paying extra fees.

Whether you’re adulting for the first time or just feeling like your current bank isn’t pulling its weight anymore, picking the right one makes a real difference.

» MORE : How to switch bank accounts in Singapore?

Before you even step into a bank (or click ‘Apply’ online), it helps to know what you’re signing up for. Here's a quick guide:

Savings accounts

Your everyday parking spot for money. Popular choices like DBS Multiplier, OCBC 360, and UOB One Account give you tiered interest when you do things like credit your salary, spend on your credit card, or buy insurance.

Source:

1. Savings accounts (https://www.singsaver.com.sg/bank-account)
2. Cash management accounts (https://www.singsaver.com.sg/investments/robo-advisory)
3. Fixed deposit accounts (https://www.singsaver.com.sg/investment/blog/best-fixed-deposit-singapore)
4. Singapore Stocks Investment Accounts (https://www.singsaver.com.sg/investments/sgx-stocks)
5. US Stocks Investment Accounts (https://www.singsaver.com.sg/investments/us-stocks)

» MORE : Best savings accounts in Singapore

Current accounts

Good for frequent transactions like GIRO payments, bill deductions, or running a small business.

Accounts like DBS My Account or OCBC 360 Current Account offer flexibility and no fall-below fees — but don’t expect much (or any) interest.

Fixed deposits (FDs)

Also known overseas as Certificates of Deposit (CDs).

Here, it’s Fixed Deposit — park your money for a few months (3, 6, or 12 months), and earn guaranteed interest, sometimes up to 3–4% p.a. during promo periods like CNY or National Day.

Just one catch: withdraw early, and you'll lose part of your interest.

Multi-currency accounts

For the travel lovers and online shoppers:

Accounts like DBS Multiplier Multi-Currency, HSBC Everyday Global, or even a YouTrip wallet let you hold different currencies like SGD, USD, GBP, AUD all in one place.

Goodbye to expensive forex fees when you shop or travel.

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Hybrid savings accounts

Accounts like DBS Multiplier, OCBC 360, and UOB One reward you for doing a mix of things — salary crediting, card spending, insurance, loans.

The more you do, the higher your interest.

With DBS Multiplier, you could earn up to 4.1% p.a. if you tick enough boxes.

Think of banks like different hawker dishes — some are classic crowd-pleasers, some offer new twists. What you choose depends on your taste and financial appetite.

Full-service local banks

DBS, OCBC, UOB 

• Full product range (home loans, car loans, investments, insurance).

• Huge ATM and branch network.

• Reliable digital services.

Best for: If you want one bank to handle everything, from saving for your first BTO to eventually getting a home loan.

» What is a bank statement?

Foreign banks with retail presence

Citibank, HSBC, Standard Chartered.

• Global presence — great if you travel often.

• Premium banking packages (but often with high minimums).

Best for: Expats or frequent travellers who need easy overseas access.

Digital banks in Singapore

Trust Bank, GXS Bank, and MariBank.

• No monthly fees.

• Slick apps and quick setups.

• Rewards and promos galore.

• No physical branches yet (as of 2025).

Best for: Millennials, Gen Zs, or anyone who prefers everything digital.

» MORE : What is fractional reserve banking?

Neobanks and fintech platforms

Revolut, Wise, YouTrip 

• Technically not banks, but fantastic for multi-currency wallets and overseas spending.

Best for: Travel junkies and digital nomads.

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What matters most to you? Here's what to prioritise:

Wide range of accounts

Need to open a child savings account? A joint account with your partner? Or a foreign currency account for your travel fund? Check if your bank offers flexibility.

Low current account fees

Some accounts charge "fall-below" fees if you don't maintain a certain balance (e.g., $1,000–$3,000).

Example: DBS My Account — no fall-below fees. 

Common fee traps to look out for:

• Monthly maintenance fees

• Foreign ATM withdrawal charges

• GIRO payment failures

High savings and fixed deposit rates

Accounts like UOB One Account or Standard Chartered JumpStart can give you up to 5% p.a. — but usually only if you credit your salary and spend enough.

Money-saving tip: Look out for festive fixed deposit promos during Chinese New Year, Hari Raya, or National Day!

Branches near you

Still need to deposit a cheque, update a passbook, or solve a problem face-to-face? Local banks have better branch coverage — especially important for seniors or small business owners.

Large fee-free ATM network

POSB, DBS, UOB, and OCBC ATMs are interconnected — use any of them free! Meanwhile, digital banks often rely on third-party ATMs (e.g., OCBC ATMs for Trust Bank).

Specialised banking services

Looking for Shariah-compliant banking or SME loans?

• Maybank: Strong in Islamic banking.

• OCBC: Great for small business support.

Special perks

Some banks offer bonuses like:

• Trust Bank: NTUC LinkPoints cashback.

• SCB JumpStart: 1% cashback, no salary crediting needed.

Mobile apps

Not all banking apps are created equal.

• DBS digibank: Top-rated, packed with features like PayNow, bill splitting, FAST transfers.

• UOB TMRW: Great spending insights.

• OCBC Digital: Clean, easy-to-use.

Community-focused support

Some banks give back:

• UOB works to end hunger in Singapore.

• OCBC runs outreach programmes to help seniors learn digital banking.

Social responsibility

If ESG (Environmental, Social, Governance) matters to you:

• DBS: Big on green loans.

• Maybank: Active in sustainability projects.

Banking safety

• All Singapore banks are MAS-regulated.

• Your deposits are insured up to $100,000 per bank under the Deposit Insurance Scheme.

Important tip: Avoid banks with frequent app outages or data breaches. MAS and Yahoo Finance highlight such issues publicly.

» Learn More : A guide to opening an online bank account in Singapore

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Once you know what features you want, stack your options side-by-side. Use platforms like SingSaver's comparison pages to find what works best for you. 

Checklist when comparing:

• Monthly fees

• Minimum balance

• Interest rates

• Rewards

• Digital app quality

• ATM/branch access

• Promotions for new customers

Example: Keep your salary in UOB One for high interest, and use Revolut for overseas spending.

Choosing the right bank isn’t about brand loyalty — it’s about being smart with your money. Pick the bank (or banks!) that help you save, spend, and grow your funds without unnecessary fees or hassle.

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