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DBS bank accounts review

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Discover a range of bank accounts from DBS to suit your savings needs.

DBS offers a range of bank accounts, from high-yield multiplier accounts to multi-currency accounts. Whether you’re a student looking for a start savings account or an expatriate looking for banking rewards, DBS could have the bank account for you.

This review will cover DBS bank accounts offered in Singapore, including the features and fees involved.

S$2

Monthly fee

S$0

Minimum Initial Deposit

S$0

Fall below monthly fees

Details

What features come with DBS bank accounts?

DBS bank accounts come with varying features depending on the type of account involved. For instance, a DBS multiplier account has features that differ from those offered by a DBS savings account. However, DBS bank accounts generally come with the following features:

  • iBanking
  • Mobile payments
  • Reward schemes
  • Preferential interest rates

What fees are charged with DBS bank accounts?

DBS bank 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 Expatriate Savings Account charges a S$2 monthly fee when your bank balance drops below S$5,000 in any day.
  • 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.

Guide to DBS digital banking

Compare a range of current accounts in Singapore

Data indicated here is updated regularly
Name Product Monthly fee Minimum Initial Deposit Fall below monthly fees
POSB current account
S$2
S$0
S$2
CIMB StarSaver Account
S$1
S$5,000
S$0
OCBC Frank Account
S$2
S$0
S$2
UOB Current Account
S$0
S$1,000
S$7.50
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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.

What type of DBS bank accounts are there?

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

  • DBS Cashback Bonus Account. Earn up to S$130 a month on cashback bonuses, with no minimum account balance required. Simply increase your total monthly transactions to earn more.
  • DBS Multiplier Account. A high-yield savings account to help you grow your cash. It offers maximum variable interest rates of up to 3.8% 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.
  • DBS Multi-Currency Account. 12 foreign currencies and the Singapore Dollar in one account. This account is best suited to individuals who spend in other currencies and are looking for the best currency conversion 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.
  • DBS Premier Income Account. An SGD-denominated fixed deposits account which allows you to earn an additional 0.1% p.a. interest that will be added to the prevailing board rate for your deposits.

What bundle packages are offered by DBS?

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 1.55% – 1.85% 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.

How will I know which DBS bank account is best for me?

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.

Compare a range of DBS accounts in Singapore

Data indicated here is updated regularly
Name Product Minimum Initial Deposit Fall below monthly fees Minimum annual interest rate Maximum annual interest rate
DBS My Account
DBS My Account
S$0
S$0
0.05% p.a.
3.8% p.a.
DBS Multi-Currency Account
DBS Multi-Currency Account
S$7.50
0.05% p.a.
3.8% p.a.
DBS eMySavings Account
DBS eMySavings Account
S$50
S$0
0.05% p.a.
0.25% p.a.
DBS Fresh Graduates’ Bundle
DBS Fresh Graduates’ Bundle
S$0
S$0
0.05% p.a.
1.6% p.a.
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How do I 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.

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