🏦 BanksHow to choose your first bank account in Singapore
Your everyday account (a current or savings account with a card) is where your pay lands and where most of your payments go from. It is rarely where you make money, but the wrong choice can cost you in unnecessary fees and hassle. For a young person or someone opening their first account, the choice comes down to a few things: that the account and card are cheap, that the app and online banking work, that direct deposit and standing orders are supported, and that fees are predictable. You will also need your NRIC or FIN to open one. This guide goes through what to look at.
Fees to watch for
Singapore banks commonly charge a fall-below fee if your balance drops under the minimum (often S$1,000–3,000), a fee per counter transaction, a fee to use another bank's ATM, and card replacement fees. Digital banks and youth accounts usually skip the fall-below fee. Bonus-interest accounts pay their headline rate only if you credit your salary, spend on their card and pay bills through them.
For students and young people, many banks have accounts with reduced or waived fees. Add up your own likely usage — how many withdrawals and transfers a month — rather than the headline.
Features you want from the start
A working app and online banking, a debit card that works at ATMs, in shops and on PayWave, the ability to set up standing orders and bill payments, and instant free transfers to other banks via PayNow and FAST are the basics. Check whether the debit card works for online and overseas purchases and what the foreign-currency fee is.
Also check that you can easily open and link a separate savings account, so your emergency fund sits apart from your spending money but is one transfer away. Keeping the two separate makes saving easier.
Opening the account and switching later
To open an account you need your NRIC (or FIN and pass for a foreigner) and, for most banks, you can do the whole thing in the app with Singpass. There is usually no minimum to open, but watch the balance you must keep to avoid the fall-below fee.
If you switch banks later, open the new account first, move your standing orders and bill payments across, update your employer with the new account details for your salary, and go through which services take money automatically before you close the old account.
Frequently Asked Questions
- Does a bank account cost anything in Singapore?
- The fee most people meet is the fall-below fee if the balance drops under the minimum. Digital banks and youth/student accounts usually have none. Counter transactions and other-bank ATM withdrawals cost a little; PayNow and FAST transfers between banks are free.
- What do I need to open a bank account?
- Your NRIC if you are a citizen or PR, or your FIN and immigration pass if you are a foreigner, plus Singpass for app onboarding. Most banks need no minimum deposit and no reference.
- What is the difference between a debit card and a credit card?
- A debit card spends money already in your account, taken straight away, and works at ATMs, in shops, online and on PayWave. A credit card spends against a limit and is billed later, with interest (around 27% a year) if you do not clear the balance. PayNow is separate again — it moves money bank-to-bank instantly and free.
Informational content, not financial, tax or legal advice. Check amounts, limits and current rules directly with the official sources (CPF, the Monetary Authority of Singapore, IRAS, and the SDIC) before making a decision.
