Standard Chartered current accounts review
Find out which Standard Chartered bank account is most suitable for your banking needs.
Standard Chartered provides a myriad of banking solutions to both residents and expatriates in Singapore. Whether you’re looking for a basic savings account or one with checking facilities, you’d most likely find one best suited to your needs.
Find out more about Standard Chartered current accounts in Singapore, including their features, fees and eligibility criteria.
Minimum Initial Deposit
Fall below monthly fees
What's in this review?
- What features come with Standard Chartered current accounts?
- What fees are charged with Standard Chartered bank accounts?
- Compare a range of current accounts in Singapore
- What Standard Chartered current accounts are there?
- What other Standard Chartered accounts are available?
- Compare Standard Chartered current accounts in Singapore
- How will I know which Standard Chartered account is best for me?
- How do I open a bank account with Standard Chartered?
- Frequently asked questions
What features come with Standard Chartered current accounts?
Each Standard Chartered bank accounts are designed to suit varying needs and comes with different features. However, Standard Chartered bank accounts generally come with the following features:
- Online banking
- Mobile payments
- Reward schemes (e.g. cash rebates, bonus interest earn etc)
- Online payment for local bills
- Standing instructions for regular payments
- Wide coverage of ATMs islandwide with fee-free cash withdrawals
What fees are charged with Standard Chartered bank accounts?
Standard Chartered bank accounts come with a straightforward price structure. Here are some fee types you might encounter:
- Fall-below fee. Standard Chartered charges a S$5 fee for most of its accounts if the balance dip below the required minimum average daily balance.
- Monthly service fee. Some account types charge a monthly service fee regardless of your available balance. For example, the XtraSaver (SGD), Personal Current account and Preferred current account will cost you $2 monthly.
- Unarranged overdraft charge. For accounts with overdraft facility, you’ll be charged a 5% fee on top of the prevailing prime lending rate if your account becomes overdrawn without prior arrangement or exceed your arranged overdraft limit.
- Early account closure fee. There’ll be a S$30 penalty for most accounts if you close it within 6 months from the date of opening.
- Cheque book fee. If your account comes with checking facilities, your first cheque book will be complimentary. Subsequent cheque book will cost $15 per copy.
- Miscellaneous fees. Depending on your account, some services may cost extra when you utilise them. Examples of chargeable services such are trading fees, cashier orders, outward remittance transfer fees and demand draft handling commissions. For more details, please refer to Standard Chartered’s pricing guide here.
Compare a range of current accounts in Singapore
What Standard Chartered current accounts are there?
- SuperSalary Account. Credit your salary to the SuperSalary account will help you earn extra bonus rates of 0.20% p.a. on top of the base rate.
- USD High Account. Manage your day-to-day transactions in US$ and save on foreign currency conversion as well as 1.5% commission waiver on USD deposits. With this versatile account, there’s no fall-below fees or a need to maintain a minimum balance. In addition, you’ll also earn 2% cashback on all MasterCard debit card transactions.
- Xtra Saver Account. Earn up to 3% cashback on your MasterCard transactions and up to 15% bonus cashback on petrol with this interest-bearing current account. Higher interest rates will also be awarded when you perform various activities such as save, spend, credit salary, pay bills, invest and insure on your account.
- Cheque and Save Account. Grow your savings from daily interest earnings and take advantage of a full range of banking features such as convenient cashless payments, standing instructions for regular payments, free GIRO service and remittance facilities.
What other Standard Chartered accounts are available?
Standard Chartered also offers savings accounts, foreign currency accounts and term deposits.
- e$aver Account. Earn up to 1.20% p.a. which consist of bonus interest on your eligible incremental balances, plus base interest on your entire deposit balance.
- Unlimited$aver Account. The Unlimited$aver account is a savings account that allows Standard Chartered Unlimited Credit Card cardholders to unlock up to 5% cashback from their card spends with funds deposited into the Unlimited$aver account.
- Bonus$aver Account.
- Jump Start Account. Specially designed for millennials, the Standard Chartered Jump Start account is only open to individuals aged between 18 and 26 years old. Earn an attractive interest rate of 2% p.a. on deposit balances up to $20,000 and 1% cashback on eligible debit card spends.
- e$aver Kids Account. Help your child save money while maintaining complete control of their savings with this online trust savings account. e$aver Kids account charges no monthly fees and allows you to maintain any balance you deem fit.
- Basic Bank Account. A no-frills savings account that functions similarly to a Passbook Savings Account, the Basic Bank Account is equipped with affordable basic banking facilities and comes with an ATM card.
- MyWay Savings Account. A lifestyle programme designed for customers 55 years and above, MyWay Savings account offers interest rates of up to 1.28%p.a. and a wide array of income-generating wealth solutions. Account holders can also enjoy exclusive travel and healthcare perks at selected merchants.
- USD$ Saver Account. With USD$aver, you can transact in US$ and enjoy attractive interest rates of up to 2.25% p.a with this USD interest-bearing account without locking in your money. In addition, you can earn 2% cashback on MasterCard transactions with both the USD High Debit card >and MasterCard debit card.
Compare Standard Chartered current accounts in Singapore
Foreign currency accounts
- FCY$aver. A foreign currency savings account which only requires a low initial deposit. Available in USD, EUR, GBP, AUD, NZD, CNH, CHF, CAD, HKD and JPY.
Time deposit accounts
- Singapore Dollar Time Deposit. Earn up to 0.6% p.a. on your fixed deposit. A minimum deposit of $5,000 is required and you may opt for tenures between 1 to 60 months.
- Foreign Currency Time Deposit. Enjoy potentially higher interest rates than fixed deposits in SGD when you deposit foreign currency between 1 to 12 months. Available in USD, GBP, AUD, NZD, EUR, CAD, HKD and CNH.
You may visit any Standard Chartered branches or call its 24-hour Client Contact Centre at +65 6747 700 to find out the latest interest rates.
How will I know which Standard Chartered account is best for me?
Standard Chartered provides a range of account types catering to a different banking need.
For example, the Standard Chartered Unlimited$aver Account is undoubtedly one of the most ideal options for Standard Chartered Unlimited Cashback Credit Card cardholders with a sizeable bank deposit due to the potential high cashback unlock. For those who prefer to consolidate their spends, salary crediting, bill payments and wealth in a single account, the Bonus$aver Account promises to offer attractive step-up rates up to 3.88%.
Ultimately, the account that’ll be most suitable for you will depend on your individual banking needs and financial profile.
How do I open a bank account with Standard Chartered?
If you’re an existing Standard Chartered account holder, you can apply for a new account conveniently through online banking.
New applicants (Singapore citizens and PRs) can apply with their SingPass, a simple and secure application process that speeds up the process by retrieving your personal details and income information directly from MyInfo. Alternatively, you can also fill up an online application form if you don’t have a SingPass account.
To ensure a smooth application, make sure that you meet the eligibility criteria for the specific Standard Chartered account you’re interested in and have all the relevant documents and details you need on hand.
The specific eligibility criteria may vary depending on the specific Standard Chartered account you’re applying for, but you’d typically need to meet these requirements:
- Age. You must be at least 18 years of age
- Residency. Singapore citizen, permanent resident or foreigner.
Make sure you have the following information and documents ready when you apply:
- Singapore citizens and permanent residents. NRIC
- Foreigners. A valid passport and a valid employment pass. You’ll also need to submit any of the following documents:
- Utility or telco bill within the last 3 months
- Bank statement within the last 3 months
- Letter from current employer indicating your address
- Government-issued documents stating address (e.g. IRAS, CPF, ICA)
- Tenancy agreement