Compare current accounts

Find out about the features and fees, plus a roundup of current accounts available in Singapore.


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If you receive a salary, wages or even a benefit, a current account is important to have. While there are different kinds of accounts to cater to different needs, this type of account is suitable for day-to-day transactions such as paying bills, shopping online, making in-store purchases or mortgage and loan payments. With easy access to your money and the ability to manage your finances online, you can find a current account in Singapore that suits your finances and spending habits.

Read on to find out more about what current accounts are offered in Singapore, the features and fees these accounts come with as well as how to open an account.

How do current accounts work?

A current account is a bank account that you can use for day-to-day banking transactions and for managing your money. You can ask your employer to pay your salary or wages into this account and then make transfers to other accounts or have direct debits and standing orders set up for bills and loan payments. With your current account, you receive a debit card that you can use to withdraw money from ATMs or make payments in-store or online. Some banks also offer free cheque books with their accounts.

A current account is different from a savings account or deposit account because you can’t usually earn interest, and money is regularly going in and out. It’s possible to add an overdraft and perks are offered by banks to entice customers such as rewards programmes and no fees if you meet certain criteria.

Online banking is commonly used to manage your money, although you also have the option of visiting a branch or speaking to someone over the phone if your bank allows. Most banks have mobile apps that allow you to take care of all your banking needs from wherever you are, making dealing with finances simple and relatively stress-free.

What features come with current accounts in Singapore?

Current accounts in Singapore are often relatively similar, but each has its own features depending on the bank. Some of the features that you can find include:

  • Overdraft facility
  • Mobile payments
  • Reward schemes
  • Preferential FX rates

What fees are charged with current accounts in Singapore?

Banks in Singapore charge fees in some shape or form for their main current accounts, with an exception being EBS which doesn’t offer any benefits as other banks do. The typical fees that you can expect to see include:

  • Minimum balance fee. Most banks charge a fall-below fee if you’re unable to maintain the balance above the required minimum. For example, DBS, OCBC, HSBC and UOB current accounts charge a fall-below fee of $7.50 if you can’t maintain at least $3,000 daily average in the account.
  • Overseas ATM withdrawal fee. Every time you take money out at the ATM you can be charged depending on your bank. Some banks include ATM withdrawals for free, while others charge somewhere between $5 and $10.
  • Cheque book fee. Cheque books are generally chargeable at $10 per book, but some banks such as POSB and Standard Chartered Bank waive the charges for the first cheque book issued upon account opening.
  • Early account closure fee. You’d typically incur a $30 to $50 fee if you decide to close your current account within a short period after opening it, which is generally less than 6 months.

These fees are typical for the main personal current account that a bank offers, however they vary from bank to bank. So make sure to look up on and compare all the fees that may be charged by the bank.

How can I compare current accounts to find the best one?

When comparing the different options available for current accounts in Singapore, you should ask yourself the following questions to find the right one for your personal circumstances:

  • What type of account holder am I? Some accounts offer extra facilities at a higher monthly fee. So before committing to a current account, make sure to check if these facilities suit your needs.
  • Will I be able to maintain the minimum account balance each month? One way to avoid banking fees is by keeping a certain amount in your account at all times. Most banks in Singapore require you to have an average daily balance of at least $3,000 in your account, otherwise you may incur a fall-below fee.
  • What are my banking habits? Different fees are charged for different banking transactions such as FAST payments, over the counter withdrawals, contactless payments, cheque clearance and direct debits. Some accounts may offer certain transactions for free, or a waive off charges for limited number of transactions, so you should check these details to find an account that will charge as little fees as possible for your banking habits.

What digital banks are available in Singapore?

At the time of writing (2 February 2020), the Monetary Authority of Singapore (MAS) had received 21 applicants for the 5 digital banking licenses that are expected to be released by June this year. The new digital banks are expected to commence by the middle of 2021.

Compare a range of digital banks in Singapore

Data indicated here is updated regularly
Name Product Monthly fee Card delivery Supported currencies
Wirex Visa Card
5 business days
A multicurrency account that lets you spend aborad in more than 150 currencies and 11 supported cryptocurrencies.
Aspire Business Account
Aspire Business Account
3-5 business days
A digital business account for all your SME and Startup business needs, with no fees and no minimum deposit.
Transferwise Borderless
2 - 3 business days
Enjoy no monthly fee with free cash withdrawals up to £200 every 30 days, and more than 50 currencies at once
Revolut Standard
Up to 9 working days
Enjoy no monthly fee, no currency conversion fees up to €6,000 per month and the ability to hold up to 16 currencies in your account.

Compare up to 4 providers

Most banks in Singapore, such as DBS/POSB, OCBC, Maybank and UOB, all offer personal current accounts.

How do you open a current account in Singapore?

To open a current account in Singapore, you’ll need to first decide on the bank that you wish to join and visit the nearest branch. Alternatively, you may also make an appointment before heading down to avoid long queues.

You will need to take with you:

  • Identification. For Singaporeans and permanent residents, please bring along your NRIC. For foreigners, you’ll need to bring your passport as well as your Employment Pass (EP) or S-Pass or Student Pass)
  • Proof of residential address. Your latest utility bill, account statement or letter from any government bodies.

You also need to meet the following eligibility criteria to apply:

  • Be at least 18 years old (some banks like UOB requires you to be at least 21 years old)
  • Be living in Singapore

Do note that the documentation and eligibility information we’ve provided is meant as a general guide only. Before proceeding to open a current account at your chosen bank, make sure to check their eligibility criteria and know what are the exact documents you need to bring.

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