Typical Minimum Balances to Open a Savings Account in Singapore

A savings account is a deposit account used for safekeeping one's funds. They typically offer a modest interest rate that helps your money grow over time. Those willing to put down a larger minimum deposit may opt for opening a high-yield savings account for greater interest rates. But it doesn’t end there. Your bank may also impose other criteria required for access to favourable rates, such as crediting your salary to your bank, or investment in the bank's financial products.

Major banks in Singapore often levy a minimum initial deposit and a minimum daily balance for savings accounts. Our article will cover products offered by DBS, OCBC and UOB, as well as competing products by digital banks.

>>  MORE: The best high-yield online savings accounts

Minimum initial deposit requirements

A minimum initial deposit is the sum of money you need to open your savings account. This can range anywhere from $0-5000, depending on your bank of choice. Some basic savings accounts do not impose any minimum initial deposit conditions, or require you to maintain a minimum daily balance.

• Ordinary savings accounts – Fees can range from zero to $5,000 for an ordinary savings account offered by major banks in Singapore. The lowest interest rates are offered by basic savings accounts, while accounts that impose more requirements may offer slightly more competitive rates, comparable to those offered by current accounts.

• High-yield savings accounts – These savings accounts provide higher interest rates, allowing you to earn as you save. A high minimum initial deposit is expected if you would like to maintain these favourable rates, as well as purchase of the bank’s investment or insurance products.

• Online savings accounts – Like basic savings accounts offered by major banks here, online savings accounts are usually free to open. For example, Trust Bank and GXS’s savings accounts both require zero initial minimum deposits.

Though you’re not obliged to make an initial deposit for some basic savings accounts, you should still make a deposit when you can. DBS encourages their eMySavings customers to set aside a designated amount of savings each month between $50-3000, so they can start earning interest as soon as possible.

>>  MORE: Differences between bank account types

Minimum daily balance requirements

Now that we’re done talking about minimum initial deposits, here’s another requirement you should look out for: minimum daily balance. This value is determined by totalling your daily balances and dividing them by the number of days present in the month.

This means that if your balance regularly drops below a minimum sum, you might incur service fees or what are more commonly known as fall-below fees. Though fall-below fees may be small, it’s still worth keeping an eye on your account balance to avoid forking out an extra $2-7 per month.

>>  MORE: Discover the best savings accounts of 2025

After all, interest rates for basic savings accounts can be as low as 0.05% per annum, which means you could easily wipe out any interest earned just like that. 

Let’s take a closer look at what sort of minimum initial deposit rates you can expect from major banks.