How to open a bank account in Singapore (7 steps) | Finder SG

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How to open a bank account in Singapore

A quick and easy guide to setting up your bank account

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Opening a bank account in Singapore is pretty simple and can be done online or in-branch. In order to open a bank account, you need to decide the type of account you want and gather the required documents. Once approved, your account will be opened in minutes.

To find out exactly what you need to do to open an account in Singapore, see our steps below.

How to open a bank account in Singapore

You can open a Singapore bank account in a few simple steps:

Who is eligible to open an account in Singapore?

To open a bank account, you’ll generally need to:

  • Be a Singaporean, permanent resident or foreigner with a valid work permit.
  • Be at least 18 years old. However, most banks will allow minors to open a joint account with a parent or legal guardian.
  • Be able to provide a government-issued ID.
If you’re an expat or an international visitor, check out our extensive guide on how to open a bank account in Singapore as a foreigner.

What documents do I need to open a bank account?

New customers can sign up for a bank account either at their nearest local branch or via an online application. Here are the various documents required for each option.

Residential statusDocument typesOnline vs local branch
SingaporeanID and latest copy of proof of residence (e.g. local utility bill, local telecommunication bill, local bank statement)Singaporeans registering online can use their Singpass ID for hassle-free form filling and instant approval. Singaporeans registering at a local branch can use their NRIC as proof of residence.
Permanent ResidentID and latest copy of proof of residence (e.g. local utility bill, local telecommunication bill, local bank statement)Online registration requires a scanned copy of each of these documents
Foreigner (working in Singapore)Passport, Employment Pass, Proof of residence (e.g. IPA issued by MOM, Work Permit issued by MOM)Online registration requires a scanned copy of each of these document
Foreigner (studying in Singapore)Passport, Matriculation/student card approved by the ICA / proof of residence (e.g. utility bill, telecommunication bill, bank statement)Online registration requires a scanned copy of each of these documents

Do note that online applications can be made with scanned copies of the required documents, but registration at local bank branches must be done with the original documents.

Existing customers, on the other hand, can apply for new accounts instantly online.

What are the different types of bank accounts in Singapore?

There are generally four types of bank accounts in Singapore:

  • High-interest savings accounts. With high-interest savings accounts, you are required to fulfil multiple conditions to earn higher interest rates, such as having a minimum income or minimum monthly credit expenditure. Examples of high-interest savings accounts include the OCBC 360 Account, UOB One Account and DBS Multiplier Account.
  • Joint savings account. These accounts can be shared by two individuals (usually parent-child or couples). The requirements for this nature of account differ across banks, so do be sure to check out their respective qualifications. Some examples of joint savings accounts are OCBC’s 360 Account, Bank of China SmartSaver, and Maybank’s Save Up Programme.
  • Multi-currency savings account. Unlike a regular savings account, a multi-currency account allows you to hold multiple foreign currencies in addition to SGD in a single account. This allows account holders to make overseas transactions directly from their bank account without incurring additional foreign exchange conversion fees. Examples include the DBS Multi-Currency Account, UOB Might FX and YouTrip.
  • Digital bank accounts. Digital bank accounts allow you to manage your finances online. You can monitor your account as long as you have a Wi-Fi connection, buying and spending via your digital wallet in a few swipes. Since digital banks are a relatively new development in Singapore’s banking scene, be sure to shop around and familiarise yourself with the options available.

Compare a range of banks accounts in Singapore

Data updated regularly
Name Product Monthly fee Minimum Initial Deposit Fall below monthly fees Mobile payments
POSB current account
Apple Pay, Google Pay, Samsung Pay, NETSPay, PayLah!
Benefit from automatic top-up feature and free chequebooks with this checking account.
CIMB StarSaver Account
Samsung Pay
This combined current and savings account offers three interest tiers based on the size of your account balance.
OCBC Frank Account
Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, Garmin Pay, NETSPay
This fee-free starter account offers 4x higher interest than regular savings accounts and a customisable debit card.
UOB Current Account
Apple Pay, Google Pay, Samsung Pay
Manage your day-to-day finances with this statement-based chequeing account and enjoy a 3-year waiver on your UOB debit card.

Compare up to 4 providers

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.
Data updated regularly
Name Product Monthly fee Card delivery Supported currencies Mobile Payments
5-8 business days


Apple Pay, Google Pay

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A prepaid Mastercard with no monthly fees, contactless payment features and fee-free transactions in over 150 currencies. NOTE: Promo code valid for new signups and Singapore residents only.
Aspire Business Account
3-5 business days


Apple Pay, Google Pay
A virtual business debit card to help you manage business expenses. No foreign exchange fees and cashback perks of up to 1% on selected spending.
Wise Multicurrency Account
2 - 3 business days


Apple Pay, Google Pay
A debit card with fee-free payments in over 45 currencies and competitive currency conversion at real exchange rates.
Revolut Premium
Up to 4 working days


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

Compare up to 4 providers

How do you choose a bank account in Singapore?

The best bank account is one that suits your needs, so you’ll first have to understand your priorities and reasons for opening a new bank account.

Let’s take a look at some of the most popular considerations:

  • Interest rates. Savings accounts in Singapore have a huge range of interest rates, especially when comparing regular savings accounts to high-interest savings accounts. If you fulfil the conditions required by the bank and want to park your savings in an account to let it grow over the years, a high-interest savings account might be appealing to you. On the other hand, if you’re a regular investor seeking a temporary account that will be subject to in-and-out cash flows, then account interest rates might not be a priority.
  • Convenience. If convenience is important to you, you’d probably favour bank accounts from providers who have multiple ATMs around Singapore.
  • Fees. Bank accounts in Singapore come with various fees, so make sure to look into these and check they aren’t excessive. It’s also important to consider whether the features you want have to be paid for, for example, international ATM withdrawals.
  • Ease of online access. If going to the bank simply isn’t your thing, then having reliable online access to your bank account will be a priority. As a result, the account you choose should be with a bank that has an intuitive, appealing interface.
  • Minimum deposit. Some bank account types require a minimum deposit or average daily balance of $1,000 to $3,000.

    Bottom line

    The days of spending an hour at the bank to open an account are gone, and you can open a new current or savings account from your computer or phone in minutes. But don’t let the speed and convenience rush you into making a decision. Compare savings accounts or current accounts before getting started to find the one that’s right for you.

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