Exactly when you have a financial balance, you can manage your money better. You can deal with your bills, send money to others, and have cash available when you truly need it from ATMs. Yet, some ledgers in Singapore need you to keep a specific measure of cash in them every month. If you don’t, they charge you an expense you can choose the best bank account singapore.
Be that as it may, some ledgers don’t charge you assuming your equilibrium falls under a specific sum. Thus, if you’re not perfect at monitoring your equilibrium or don’t necessarily in every case have a huge load of cash in your record, these records may be better for you.
Please Note that: The NTUC & OCBC PLUS! The Savings Account isn’t available anymore. It stopped working on February 1, 2023.
Bank |
Account |
Main Features At A Glance |
Standard Chartered |
SuperSalary |
– Enjoy 1% cash back on eligible MasterCard spending with the free Cashback Debit Card |
OCBC (In Conjunction with NTUC) |
Plus! Savings Account |
– Phased out |
ICBC Singapore |
Current Account |
– Free cash withdrawal at all ICBC ATMs within Mainland China with ICBC UnionPay Debit Card– All current accounts are multicurrency accounts. Deposit and save multiple currencies such as SGD, RMB, USD and EUR, GBP, JPY, HKD, and AUD in a single account |
CIMB Bank |
CIMB FastSaver Account |
– Enjoy an interest rate of more than 3% per annum on deposits |
We look at these bank accounts without monthly fees by considering these things:
1) How much interest they give you
2) If they give you a card to use at ATMs
3) Where you can use their ATMs
4) If they give you a checkbook
5) Any other extra charges they might have.
Interest Rates
Account |
Interest Rates |
SuperSalary |
– Base interest rate of 0.01% per annum |
Current Account |
– Base interest rate of 0.10% per annum on SGD deposits– Base interest rate of 0.50% per annum on RMB deposits– Base interest rate of 0.25% per annum on USD deposits |
CIMB FastSaver Account |
– 1.50% per annum on the first $25,000– 2.50% per annum on the next $25,000– 3.50% per annum on the next $25,000– 0.80% per annum above $75,000(Interest will only be paid with deposits of more than $1,000. An initial deposit of $1,000 is required upon account opening.) |
Assuming that you take a gander at the correlation, the CIMB FastSaver Record gives you the most noteworthy financing cost on your cash. In any case, remember, that you want to begin with no less than S$1,000 and keep that sum or more in the record to procure interest.
Assuming you frequently utilize unfamiliar monetary forms like RMB or USD, you could like ICBC’s Multicurrency Current Record. It’s the only one with no expense on the off chance that your equilibrium falls under a specific sum. Plus, it gives you interest on your money in those foreign currencies and you can choose the best bank account singapore.
ATM / Debit Cards
Account |
Card Fees & Features |
SuperSalary |
– Comes with a free Cashback Debit Card that earns 1% cash back on eligible MasterCard spending using the card |
Current Account |
– Comes with a free ICBC UnionPay Dual Currency Debit Card (RMB & SGD) and ICBC Visa Dual Currency Debit Cards (USD & SGD). |
CIMB FastSaver Account |
– ATM card at $10 per card upon request |
The CIMB FastSaver Record rejects a free ATM card, yet if you need one, you can apply for it for $10. Nevertheless, expecting that you’re on a very basic level using the record to save cash, not having an ATM card presumably won’t be a significant issue and you can choose the best bank account singapore.
Then again, the SuperSalary Record gives you a free MasterCard charge card. This card gives you 1% cashback on specific exchanges, which is a decent reward. This is great for individuals who would rather not use Visas yet at the same time need a few advantages.
If you frequently use USD (or RMB in China), ICBC’s charge cards are helpful. They have a double cash highlight, so if you have cash in both SGD and USD (or SGD and RMB), your exchanges will be straightforwardly deducted from the related money in your record.
ATM Networks
Account |
ATM Networks |
SuperSalary |
– Standard Chartered ATMs– ATM5 ATM network |
Current Account |
– ICBC ATMs |
CIMB FastSaver Account |
– CIMB ATMs |
If you care about easily getting your money from ATMs, it’s good to know that all these bank accounts offer ATM services.
Cheque Book
Despite the fact that take a look at aren’t generally as well known as they used to be, certain individuals like utilizing them. A few organizations demand getting compensated with checks.
Account |
Card Fees & Features |
SuperSalary |
– Cheque book at $10 each |
Current Account |
– SGD chequebook at $10 each |
CIMB FastSaver Account |
– No cheque book provided |
Other Ancillary Charges
Account |
Charges |
SuperSalary Account |
– Non-inward credit fee of $5 will be imposed after the fourth month of account opening if there is less than $1,500 credit received into the account each month |
Current Account |
– Maintain at least one transaction every year, otherwise, a dormant account fee of SGD$2 will be charged each month of account inactivity after a year of inactivity |
CIMB FastSaver Account |
– Counter transactions at $5 per transaction |
Despite the fact that these ledgers don’t have month-to-month charges for falling under a specific equilibrium, they have conditions you want to be aware of before you join and you can choose the best bank account singapore.
For example, the SuperSalary account is meant for getting your salary. So, you need to make sure you get at least S$1,500 deposited into it every month, either through your salary or GIRO, to avoid a $5 fee.
Also, if you use the CIMB FastSaver account for transactions at the bank counter, they’ll charge you a fee. If you haven’t used the ICBC Multicurrency Current Account for a year, they’ll charge you SGD$2 every month if it is inactive and you can choose Discover the best bank account Singapore options with these 4 no-fee banking accounts, offering convenience and savings for your financial needs.
The top bank account in Singapore doesn’t charge a fee for falling below a minimum balance.
If you like getting cashback when you spend with your debit card, the SuperSalary account is good for you, as long as you use it to get your salary.
If you travel a lot, especially to China, the ICBC Multicurrency Current Account gives you good rates for transactions in RMB and lets you hold different foreign currencies and you can choose the best bank account singapore.
And if you just want a simple account to save money without any fancy features, CIMB’s FastSaver Account is a good choice. It gives you a higher interest rate compared to the others.
Before you go, do check out our other article as well!
- Guide for Beginners on Fixed Deposits in Singapore
- Calculating Monthly Average Balance for Interest and Fall-Below Fees
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