How to Switch Bank Accounts in Singapore?

Thinking about switching banks in Singapore? Whether you're chasing better interest rates, looking for more digital convenience, or just ready to open a second bank account with better service, making the move to a new bank can be simpler than you think. With the rise of online banking and streamlined account setup processes, switching banks no longer means endless paperwork or long branch visits.

This guide will walk you through everything you need to know, from opening a new account to transferring funds and closing your old one, so you can make a smooth and confident transition to your next financial home.

When selecting a bank in Singapore, consider both traditional and digital options to find the best fit for your financial needs.

• Compare traditional and digital banks: Traditional banks in Singapore, like OCBC, UOB, and DBS, offer attractive savings options with conditions to maximise returns. The OCBC 360 Account provides up to 6.3% p.a. interest on balances up to S$100,000 when you credit your salary, spend, save, insure, and invest with them. 

Similarly, UOB’s One Account offers up to S$6,000 in interest in a year for deposits up to S$150,000 if you meet their requirements. DBS’s Multiplier Account offers bonus interest rates of up to 4.1% p.a. on the first S$100,000 based on your monthly eligible transactions. 

Meanwhile, digital banks like Trust Bank offer up to 1.4% p.a., with additional perks for NTUC union members, while GXS Bank offers up to 2.58% interest on its savings account.

• Consider other factors: When opening a savings bank account or other accounts in Singapore, it’s important to consider more than just interest rates. Consider the bank’s digital features, such as the ease of use of its mobile app, 24/7 access, and built-in budgeting tools, for a smoother experience.

ATM accessibility is also key, so check if the bank is part of the shared ATM5 network for wider coverage. Additionally, perks like cashback, rewards programmes, or bundled insurance offers can add value. Don’t forget to review the minimum initial deposit required to open the account.

Lastly, there’s no need to stick to just one bank, you can spread your funds across multiple bank accounts to take advantage of different benefits.

>> Looking to grow your savings? Explore the best savings account in Singapore

After selecting your preferred bank, the next step is to gather the necessary documents. The required documents to open a bank account in Singapore depend on your residency status and whether you use Singpass. 

• Check the documents required: For Singaporeans and Permanent Residents (PRs) not using Singpass, you’ll typically need your NRIC, proof of residential address, proof of tax residency, and optionally, proof of mobile ownership if your number is recycled. If using Singpass, only additional documents are required if the address differs from MyInfo or tax residency is outside Singapore.

For foreigners using Singpass, Malaysians must provide their identity card, while others need a passport. Proof of address, tax residency, and optional proof of mobile ownership may also be required.

Without Singpass, foreigners must submit their passport or Malaysian identity card, valid passes (employment, student, dependent, or long-term visit), proof of address, tax residency, and, optionally, mobile verification. Requirements may vary slightly between banks, so always check with your chosen institution for accurate details.

• Check the minimum deposit requirement: Many savings accounts in Singapore have a minimum initial deposit requirement. For example, the OCBC 360 Account requires an initial deposit of S$1,000. It's important to check the specific requirements of the account you're interested in, as some accounts may have higher minimum deposit thresholds or monthly balance requirements.​

>> Looking for higher returns? Compare the best fixed deposit rates

Before closing your old bank account, it's crucial to identify all active subscriptions and services linked to it. For this, you can review your recent e-statements to capture all active transactions.

Common outgoing payments include:

• GIRO arrangements for utilities (e.g., SP Group)

• Telcos

• Insurance premiums

• Credit card payments

• Subscriptions (such as Netflix and Spotify)

• Gym memberships

• E-wallet top-ups (like GrabPay, ShopeePay, and FavePay)

Incoming funds may comprise:

• Salary credits via GIRO,

• CPF payouts (if applicable),

• PayNow transfers,

• Bank-linked rewards programmes,

• Recurring investment income, such as dividends or interest

In addition to these transactions, don’t forget to check for any non-transactional services tied to your account, such as a safe deposit box.

>> Ready to save more? Discover top savings accounts with great interest rates

Once you’ve identified all the active subscriptions, incoming funds, and services linked to your old account, the next step is to start moving them over to your new bank account in phases. This helps ensure a smooth transition without missing any essential payments or credits.

Here’s how to go about it:

1. Update direct deposits: Inform your employer or any regular payers of your new account details to ensure salary and payments are correctly credited.

2. Switch GIRO arrangements: Contact billing organisations to set up new GIRO instructions for your new account. Some banks allow you to do this using a simple form or through internet banking.

3. Re-link PayNow: Log into your new bank’s app and link your NRIC or mobile number to your new account so you can continue receiving instant transfers.

4. Set up bill payments: Set up any recurring bill payments (e.g., utilities, telco, or insurance) using your new account’s digital banking tools.

5. Update e-wallets and payment apps: Change your linked bank account in apps like GrabPay, ShopeePay, and the like to avoid failed top-ups.

6. Maintain balance in old account: If you're not closing it immediately, leave the minimum amount required by your old bank to prevent low-balance or fall-below fees.

>> Learn more: What is a savings account and how does it work

Once all payments and credits have been successfully redirected to your new account, the next step is to close your old bank account. First, ensure that any remaining funds in your old account are withdrawn. You can do this via FAST, PayNow, or physically withdrawing the balance at a bank branch.

After withdrawing the remaining funds, proceed to close the account. Some banks, such as DBS, allow for online closure, while others, like OCBC, may require you to visit the branch in person or submit an account closure form via mail. Ensure that you request a closure confirmation letter or email as proof that the account has been successfully closed to avoid any future discrepancies.

Lastly, securely dispose of any old ATM cards, debit cards, cheque books, or passbooks. Shredding or cutting them up is a good practice to prevent any potential misuse.

>> Compare: Fixed deposits vs. high-yield savings accounts

In the initial weeks after switching to your new bank account, it’s essential to proactively monitor your financial activities to ensure that all autopayments and credits are being redirected correctly. Begin by verifying that your salary credits and GIRO deductions are processed smoothly through your new account.

Keep an eye out for any double payments or failed transactions, as this could indicate that some payments haven’t been redirected properly. It’s also advisable to set up transaction alerts through your bank’s mobile app for both incoming and outgoing transactions. Many banks, like DBS and OCBC, offer push notifications for various bank transactions, which can help you stay on top of your finances.

If you notice any discrepancies or if expected transactions don’t show up, contact your bank immediately to resolve the issue.