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DBS Bank Accounts

Find out which accounts are offered by DBS and if they are right for you.

DBS offers a range of bank accounts, from everyday savings to high-yield multiplier accounts. The accounts suit a number of different needs, including students looking for no fees and rewards and those looking to grow their savings.

This guide will cover DBS bank accounts offered in Singapore, including the features and fees involved, so you can decide if any suit you.


Monthly fee


Minimum Initial Deposit


Fall below monthly fees


What type of bank accounts does DBS offer?

DBS offers a wide range of bank accounts, ranging from everyday savings to high-interest accounts.

Here are some DBS savings accounts you might want to consider when you get started with DBS bank:

  • DBS Multiplier Account. The DBS Multiplier Account is a high-yield savings account to help you grow your cash. It offers maximum variable interest rates of up to 3% p.a. while charging S$0 monthly account fees. This account is an option for working adults who can meet the Multiplier Account’s eligibility requirements.
  • DBS My Account. A customisable, interest-earning bank account available to customers of all ages.
  • DBS eMySavings Account. Enjoy special savings rates by saving more with a preset monthly savings amount and crediting date.

If you have some spare cash to stash away for a short tenure, DBS also offer time deposit accounts with competitive interest rates:

  • DBS Foreign Currency Fixed Deposit Account. The Foreign Currency Fixed Deposit Account gives you exposure to your chosen foreign currency and potentially earn higher rates.
  • DBS Singapore Dollar Fixed Deposit Account. This account allows you to maximise your savings with attractive interest rates while keeping your funds secure.

Bundle packages

DBS currently offers bundle packages for fresh graduates and expatriates living in Singapore. These bundles could offer you great savings, so be sure to explore them if you’re eligible to apply.

DBS Fresh Graduates Bundles:
Earn higher interest rates of 0.4% – 1.6% p.a. and potentially more on your savings. Enjoy the DBS Multiplier account and DBS Live Fresh Credit Card with no minimum salary credit and credit card expenditure required. No minimum balance requirements apply either for graduates up to 29 years old.

DBS Expat Bundles:
On top of standard DBS Multiplier Account benefits, you can enjoy multicurrency conversion rates in the same account, from SGD to 12 different currencies. There are no minimum salary or credit card expenditure requirements. Additionally, you can get access to DBS Remit which allows for same-day transfers to select countries.

Key features of DBS savings accounts

DBS savings accounts come with varying features depending on the type of account involved. The accounts usually offer the following features:

  • Digibank. You can easily manage your account online with Digibank, which comes as an app and online. You can get insights on your spending, send and receive money, make same-day overseas transfers, and use the DBS Digibot to find out about your account.
  • Get in line without getting in line. If you need to get to a branch you can SMS “Q” to get a number in line at the bank. Just show up when it’s your turn.
  • Cashback. By using multiple banking services, such as spending on a credit card or crediting your salary to an account, you can earn up to $130 cashback.
  • Secure banking. Stay secure with multiple security features such as voice biometrics for phone banking and a phone banking PIN.
  • Debit cards. DBS offers a number of useful debit cards with the current accounts and offers benefits such as rebates, contactless payments and more.
  • DBS Paylah. Keep track of and redeem your DBS card points with Paylah plus receive personalised rewards. There are over 180,000 places that accept your points including restaurants, hawker centres, and more.

Fees and limits

DBS savings accounts come with different fees. Here are some fee types you might encounter:

  • Fall-below fee. Select DBS bank accounts charge a small fee when your bank balance drops below a certain amount. For example, the DBS Multiplier Account charges a S$5 monthly fee when your minimum average daily balance drops below S$3,000.
  • Service fee. Most DBS bank accounts do not come with a monthly service fee. However, DBS does charge a S$50 service fee for DBS Treasures members if their bank balance at the end of the month falls below S$200,000.
  • Minimum overdraft interest charge. Accounts with overdraft facilities, such as the DBS Multiplier account, may face a minimum overdraft interest charge of S$10.
  • Early account closure fee. Accounts that are closed before a stipulated time period may be subject to early account closure fees. For instance, individuals holding DBS Multiplier Accounts will face a S$30 fee if accounts are closed within 6 months.
  • Miscellaneous fees. Since DBS accounts come with features such as a personal investment platform, additional fees like trading fees, over-the-counter FAST transfer fees and demand draft handling commissions may apply.

DBS savings account interest rates

DBS Bank AccountsBase interest rate (p.a.)Maximum interest rate (p.a.)
DBS My Account0.05%3%
DBS Multiplier Account0.05%3%
DBS eMySavings Account0.05%0.25%
POSB SAYE Account0.05%2%

Note: Interest rates indicated are accurate as of 3 August 2021 and are subject to change at the bank’s discretion.

Guide to DBS digital banking

Which is the best DBS savings account?

Each DBS account caters to a different banking need. An individual looking for a high-yield savings account would gravitate towards the DBS Multiplier Account, while a fresh graduate would more likely choose the DBS Fresh Graduates Bundle. The account you choose will ultimately depend on your banking needs and financial profile.

How to open a bank account with DBS

You can open a DBS bank account just like any other Singapore bank account. First, be sure to meet the eligibility requirements for the specific DBS account you’re interested in. Once you’ve determined that you’re eligible, prepare all the necessary documents for registration:

  • Singaporeans. ID and the latest copy of a proof of residence (e.g. local utility bill, local telecommunication bill, local bank statement)
  • Permanent Residents. ID and the latest copy of a proof of residence (e.g. local utility bill, local telecommunication bill, local bank statement)
  • Foreigners working in Singapore. Passport, Employment Pass, proof of residence (e.g. IPA issued by MOM, Work Permit issued by MOM)
  • Foreigners studying in Singapore. Passport, matriculation or student card approved by the ICA, or proof of residence (e.g. utility bill, telecommunication bill, bank statement)

Online application process

  1. Click on the ‘Apply now’ button on any DBS account page.
  2. Select your preferred mode of application.
  3. For existing DBS customers: choose between iBanking or debit/ATM card.
  4. For new customers: click on ‘none of the above’.
  5. Select ‘Use MyInfo’ if you have a SingPass account to prefill your application.
  6. If you have none of the above, click ‘Continue without MyInfo’ to proceed.
  7. Fill in the required fields and upload any necessary documents.
  8. Submit your application.
  9. Allow time for DBS to get in touch with further instructions.

Compare a range of savings accounts in Singapore

Name Product Monthly fee Minimum Initial Deposit Fall below monthly fees Mobile payments
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Get 20% cashback on all eligible public transport expenses in Singapore when you pay with Revolut. Valid until 31 December 2021.

Enjoy no monthly fees, competitive currency conversion rates, and spend in over 150 currencies with Revolut’s Standard card.
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Get 20% cashback on all eligible public transport expenses in Singapore when you pay with Revolut. Valid until 31 December 2021.

An exclusive premium contactless card that allows for unlimited currency exchanges, a free Lounge Pass, and 1% cashback on expenses.
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Get 20% cashback on all eligible public transport expenses in Singapore when you pay with Revolut. Valid until 31 December 2021.

On top of standard Revolut perks, this debit card comes with unlimited spending and free overseas ATM withdrawals, up to $700 per month.

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Disclaimer: Interest rates are applicable for deposits between S$1,000 and S$49,999. Interest rate and initial deposit are shown in Singapore dollars. Please check with the provider for deposits and rates in other amounts and currencies.

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