How to Open a Savings Account in Singapore

A savings account is the foundation of sound financial planning. Whether you're saving for a specific goal, building an emergency fund, or simply looking to grow your money securely, having a dedicated savings account is the crucial first step. Most local banks in Singapore offer convenient application processes, with options available both digitally through their online platforms and mobile apps, as well as in-person at their branch locations. A good savings account allows you to access other essential financial products down the line, such as credit cards or even your future home loan.

1. Choose your application method

To open a savings account with a bank in Singapore, you can choose between a digital application and a branch visit.

» COMPARE: Best Savings Accounts 2025

For a fast and paperless experience, you can use the online platforms or mobile apps offered by banks such as DBS digibank, OCBC Digital, and UOB TMRW. Some banks also partner with third-party financial marketplaces like SingSaver to streamline the application process, which can be completed within minutes (here). 

Alternatively, if you prefer a more personalised approach or have specific questions, do consider visiting a bank branch in person. 

Generally, online applications are the faster and more convenient route, particularly for existing customers who can often enjoy a seamless experience.

2. Gather your identification

These are the common documents required in Singapore if you are applying in person at the bank branch:

• NRIC for Singaporeans/PRs

• Passport and FIN/Work Pass for foreigners

• Proof of address (e.g. utility bill, tenancy agreement) for foreigners

If you are a foreigner, the bank might require additional documents such as your work permit or employment pass.

If you are applying digitally, look for the option to apply with Singpass or MyInfo. You will have to give the bank consent to retrieve your personal details. This will allow for the instant population of your personal details so you don’t have to manually type them out.

3. Provide your contact details

During the online or in-person application, you'll need to furnish your essential contact information. Standard fields you can expect to fill out include:

• Full name, NRIC/passport number

• Date of birth

• Mobile number and email

• Residential and mailing address

Do note that your mobile number and email address will be used to receive One-Time Passwords (OTPs) for verification purposes and important account-related communications. 

4. Decide between a single or joint account

When you open a bank account, you'll typically have the option of a single account or a joint account.

A single account is opened and operated by one individual. This is the most common type of account and is primarily used for personal banking needs, such as receiving salary, managing personal expenses, saving for individual goals, and applying for personal financial products like credit cards or individual loans. The account holder has sole control over the funds and all transactions.   

On the other hand, a joint account is opened and held by two or more individuals who collectively manage the funds within it. This type of account is usually used in these scenarios:

• Couples: For shared household expenses, joint savings goals, or managing finances together.   

• Parents and Children: Often for managing a child's savings or educational funds, with both parent(s) and the child (if of age) having access.   

• Business Partners: For managing shared business finances, allowing multiple partners to deposit and withdraw funds for operational needs.   

Most banks in Singapore allow joint accounts to be held by up to two or more individuals, although the specific number may vary slightly between institutions. Each individual listed as a joint account holder will be subject to the bank's standard identity verification processes to ensure compliance with regulations and to establish their rights and responsibilities regarding the account. 

The operational rules of a joint account, like whether all parties need to authorise withdrawals, are typically determined when you open the account.   

5. Accept terms and conditions

It’s important to understand the terms and conditions associated with your account. Here are some key terms that Singaporean users should review:

1. Fall-below fees

Many traditional savings accounts in Singapore come with fall-below fees. These fees are charged when your account balance falls below a specified minimum balance. It's essential to know what this minimum balance is and the amount you'll be charged if you fail to maintain it. Some banks may waive these fees under certain conditions, such as setting up direct salary crediting or maintaining a certain level of deposits.

2. Minimum balance requirements

Closely related to fall-below fees are the minimum balance requirements. Some savings accounts require you to maintain a minimum balance to avoid fees or to qualify for certain benefits. For example, the OCBC Monthly Savings Account requires a minimum average daily balance of S$500 a month. While the DBS Multi-Currency Account does not have a minimum balance. Do find out the minimum balance for the savings account you want to apply for and think about whether it's feasible for you to maintain it.

3. Interest rate tiers

Many savings accounts in Singapore offer tiered interest rates. For example, a base interest rate might be offered on your entire balance, with a bonus interest rate applied under certain conditions, such as crediting your salary to the account, making a certain number of debit transactions, or growing your account balance. Get to understand how these tiers work and what you need to do to maximise your interest earnings.

4. Account closure fees

Some banks impose fees if you close your account within a certain period after opening it. The length of time could run up to a few months, and the fee can vary. It's worth checking the terms and conditions to understand if there are any penalties for early closure and the timeframe within which these apply.

To get a good understanding of the terms and conditions of your savings account, do read the bank's product factsheet or terms of service.

6. Submit your application

This is what you can expect to happen after submitting your application. 

If you apply online using SingPass with MyInfo, your application can often be approved within minutes, provided all details are accurate and no additional verification is needed.

For applications submitted in person or those requiring manual review, processing may take 1–3 working days, depending on the bank and the complexity of your application.

Once your application is processed, you will typically receive confirmation via SMS or email. This notification will inform you if your account has been successfully opened or if further action is required. 

Some banks may reach out via phone calls or emails if there are discrepancies in your application or if additional documents are needed for verification.

7. Fund your new account

Once your bank account in Singapore has been approved, the next step is to fund it to activate and start using the account. The funding process and requirements may vary depending on the bank and account type. You can use the methods below to fund your new account:

FAST (Fast And Secure Transfers) 

FAST is widely used in Singapore for instant interbank transfers. You can initiate a FAST transfer from an existing bank account in Singapore to your new account via online banking or a mobile app. Ensure you have the recipient’s bank name, account number, and other required details for the transfer. Transfers are typically instant, and there are usually no fees for FAST transactions.

ATM or branch deposit:

You can deposit cash or cheques directly into your new account at the bank’s ATM (if the feature is supported) or at a branch counter. For ATM deposits, insert your debit card (if issued) or follow the bank’s instructions for cardless deposits, and deposit the cash or cheque. For branch deposits, visit the bank with your account details and the funds to be deposited. You may need to fill out a deposit slip. Processing times may vary: cash deposits are usually credited instantly, while cheques may take 2–3 working days to clear. 

Payroll crediting:

If you’re opening the account for salary purposes, you can arrange for your employer to credit your salary directly to the new account. Provide your employer with the bank name, account number, and any other required details to set up payroll crediting. This method is not immediate for initial funding, as it depends on your payroll cycle, but it ensures regular funding once established.

Many banks in Singapore, especially for digital savings accounts like the DBS Multiplier or OCBC 360, do not require an initial deposit to open or activate the account. This means you can start using the account without funding it immediately, though some features (e.g., earning interest or accessing certain benefits) may require a minimum balance later.

Selecting the right savings account in Singapore requires careful consideration of your financial goals, lifestyle, and banking needs. With a variety of options offered by banks like DBS, OCBC, UOB, and others, comparing features can help you maximize benefits such as interest earnings and convenience. 

High-interest accounts compared to regular savings accounts

When selecting a savings account in Singapore, the interest rate is an important factor as it determines how much your savings can grow over time. There is a stark contrast between high-yield savings accounts and traditional savings accounts in terms of interest rates and the conditions to earn them. 

Below is a comparison of these account types, focusing on popular high-yield options such as DBS Multiplier, UOB One, and OCBC 360 against traditional savings accounts.

High-Yield Savings Accounts:

High-yield accounts are structured to offer much higher interest rates compared to traditional accounts, often through tiered rates and bonus interest incentives. These accounts are ideal for individuals who can meet specific conditions to boost their returns. The major ones in Singapore include:

DBS Multiplier: Offers interest rates up to 4.1% per annum (based on recent promotions) on the first S$100,000, contingent on engaging in multiple transactions or products with DBS, such as salary crediting, credit card spending, investments, or loans. Without meeting these criteria, the base rate is significantly lower, often closer to 0.05% – 0.1% per annum.

UOB One: Provides interest rates as high as 7.8% p.a. on the first S$100,000 if key conditions are met, like crediting a salary of at least S$1,600 monthly and spending a minimum of S$500 on a UOB credit card each month. The base rate without bonuses is minimal

OCBC 360: Yields up to 7.65% p.a. (on the first S$100,000 based on recent offers) with bonus interest for actions such as crediting a salary of at least S$1,800, increasing savings by S$500 monthly, spending on an OCBC credit card, or participating in investment/insurance products. Without meeting these conditions, the base rate is low, often near 0.05% per annum.

These accounts typically feature tiered interest structures, where larger balances or fulfillment of more conditions result in higher effective rates, though the bonus rates usually apply only up to a certain balance cap, for example from S$50,000 to S$100,000.

Traditional Savings Accounts:

Regular savings accounts, often the basic offerings from banks, come with a much lower base interest rate, typically around 0.05% p.a. across most major banks like DBS, OCBC, and UOB. These accounts:

• Do not usually offer bonus interest tiers or incentives.

• Are straightforward with minimal or no conditions to maintain the account (though fall-below fees may apply if the minimum balance isn’t met).

• Are suitable for those who prioritise simplicity or cannot meet the criteria for high-yield accounts, but offer very limited growth on savings.

• For example, a traditional POSB Savings Account or OCBC Passbook Savings Account earns just 0.05% p.a. on most balances, with no significant bonuses regardless of transactions or balance size.

The key difference is that high-yield accounts can offer interest rates much higher than traditional accounts when bonus conditions are met, but revert to similarly low base rates if conditions aren’t fulfilled. Traditional accounts, on the other hand, provide consistent but negligible returns without additional requirements.

Yes, you can open a savings account online. The process has been significantly streamlined through digital platforms, making it convenient and efficient for all applicants.

The key to this efficiency is the integration of banks with MyInfo, Singapore's national digital identity platform. By consenting to use MyInfo, your required personal information is automatically and securely pre-filled, eliminating the need for lengthy manual data entry. 

Many banks now offer instant approval for online applications, and you can often gain immediate access to your new account through their mobile app, allowing you to start transacting right away. 

Do note that foreigners may still be required to complete their application in person at a bank branch, depending on the specific bank's policies and verification requirements.

There are actually several reasons your savings account application might be rejected. 

Common reasons include mismatched details in your MyInfo profile. Banks also conduct thorough checks for suspicious activity or blacklist records, which could include entries in fraud databases or breaches of the bank's internal policies. If you submit invalid or expired identification documents, your bank account application will also be rejected.

If your application is rejected, you should call the bank to understand the specific reason for the rejection and whether any clarification or additional information can fix the issue. If the reason is unclear or you believe there has been an error, you can try applying with another bank, as they might have different internal policies and verification processes. 

Regardless of the outcome, it's crucial to ensure all your personal documents, especially your identification, are valid and up to date before attempting to open a new account.