Top 8 banks in Singapore (2026): Which is right for you?

Key takeaways:

• Banks in Singapore include DBS, OCBC and UOB, international banks such as Citibank, Standard Chartered and HSBC, and a newer group of digital banks.

• The right bank depends on what you need. For personal use, look at everyday banking and savings features. For business use, look at fees, requirements, cross-border payments and financing.

• Airwallex offers a MAS-regulated business account with multi-currency support, free transfers to 120+ countries, and built-in tools for corporate cards, expense management, and payments. There are no setup fees or monthly fees on the free Explore plan.

Choosing between the banks in Singapore is harder than it looks. There are dozens of options, each built for different customers and different needs.

This guide covers eight banks that serve individuals and businesses in Singapore. For each one, you'll see what sets it apart and who it suits best.

If you’re running a business, we also have a guide to the best banks for small businesses in Singapore instead.

Types of banks in Singapore

MAS grants banking licences in Singapore. The banks in this guide include DBS, OCBC and UOB, plus international banks and digital banks.

Type 1: International banks

Some banks in Singapore belong to international banking groups. Citibank and Standard Chartered are two examples. Both hold Qualifying Full Bank privileges from MAS, a licence type for international banks.

These banks often suit customers with international needs, such as wealth management across borders or trade support for businesses.

Type 2: Digital banks

MAS also grants digital bank licences. Some digital banks serve individuals and businesses. Others serve only businesses, such as small and medium-sized enterprises (SMEs). Standard Chartered runs one digital bank, Trust Bank, in partnership with FairPrice Group.

For a full comparison, read our guide to digital banks in Singapore.

Type 3: Fintech providers

Not every provider you'll see is a bank. Some businesses choose fintech platforms licensed by MAS instead. Airwallex is one example. It is a Major Payment Institution, not a bank. We cover this in the section on options beyond traditional banks.

Top 8 banks in Singapore for businesses and individuals

Here's a quick look at the banks covered in this guide, who they serve, and what each one is best known for:

This information is based on publicly available information accessed on 1 Oct 2026. Information reflects Airwallex's own research and has not been independently verified.

Note that we’ve only covered traditional banks here. If you’re interested in learning more about Singapore’s digital banks, including GXS Bank, MariBank, and ANEXT Bank, read our guide to digital banks in Singapore.

1. DBS Bank (Development Bank of Singapore)

DBS is Singapore's largest bank by assets and one of the country's major retail and business banks. It offers a broad range of banking products, supported by an extensive branch and ATM network and digital banking services.

Personal banking

DBS's flagship savings account is the Multiplier Account, which rewards customers for combining activities such as salary crediting, card spending, and investments. DBS also offers credit cards, personal loans, home loans, and investment services through its digital wealth platform.

Business banking

DBS offers business accounts for startups and SMEs, including the Business Starter Bundle. The account has a monthly fee and supports multiple currencies, with digital banking services for everyday business payments.

DBS also provides corporate banking, trade finance, and treasury services for larger businesses.

Information in this section is based on DBS’s official website as of 1 Oct 2026.

2. OCBC (Oversea-Chinese Banking Corporation)

OCBC is Singapore's second-largest bank by assets and offers a full range of retail, wealth, and business banking services. It is also one of the major local banks serving new businesses through digital account opening.

Personal banking

OCBC's flagship savings account is the 360 Account, which rewards customers for activities such as salary crediting, saving, spending, insurance, and investing. The bank also offers credit cards, home loans, personal loans, investments, and wealth management services.

Business banking

OCBC offers business accounts for startups and SMEs, with digital account opening available for eligible companies. Its business banking services include payments, cards, financing, and multi-currency accounts for companies with cross-border needs.

Information in this section is based on OCBC’s official website as of 1 Oct 2026.

3. UOB (United Overseas Bank)

UOB is one of Singapore's three major local banks and has an extensive presence across Southeast Asia. It provides retail, wealth, and business banking services in Singapore and across the region.

Personal banking

UOB's One Account is its flagship savings account, with bonus interest linked to activities such as salary crediting and card spending. UOB also offers credit cards, home loans, personal loans, investments, and wealth management services.

Business banking

UOB offers business accounts for SMEs, including the eBusiness Account. Its business banking platform, UOB Infinity, provides digital tools for payments, collections, cash management, and other business banking needs.

UOB also has a broad ASEAN network, which can be relevant for businesses expanding across the region.

Information in this section is based on UOB’s official website as of 1 Oct 2026.

4. Citibank Singapore

Citibank is the Singapore arm of US-headquartered Citigroup and has a large international network. Its Singapore business covers retail banking, wealth management, and banking services for larger companies.

Personal banking

Citibank's retail offering includes savings accounts, credit cards, investments, and wealth management. Its international network is a notable feature for customers who regularly bank or travel across multiple countries.

Citigold provides additional wealth management and international banking services for eligible customers.

Business banking

Citibank Singapore's business banking services are primarily focused on commercial and corporate clients.

Its Commercial Bank serves emerging and mid-sized companies, while its Corporate Bank provides services including cash management, trade finance, foreign exchange, and financing for larger companies.

Information in this section is based on Citibank’s official website as of 1 Oct 2026.

5. CIMB Bank Singapore

CIMB is a Malaysia-headquartered bank with a full banking licence in Singapore. It offers retail and business banking, with a particularly strong presence across the Singapore-Malaysia corridor.

Personal banking

CIMB offers savings accounts including the FastSaver and StarSaver, as well as credit cards, home loans, investments, and other retail banking products. Its regional presence can be relevant for customers with financial activity across Singapore and Malaysia.

Business banking

CIMB's SME Account is designed for small and medium-sized businesses, with no monthly fee during the introductory period and no minimum balance requirement.

Its BizChannel@CIMB platform supports digital business banking, including FAST, GIRO, PayNow, and other payment services.

Information in this section is based on CIMB Bank’s official website as of 1 Oct 2026.

6. Maybank Singapore

Maybank is a Malaysia-headquartered bank with a significant presence in Singapore and across Southeast Asia. It offers retail, business, wealth, and Islamic banking services.

Personal banking

Maybank offers savings accounts including the SaveUp and iSAVvy accounts, alongside credit cards, home loans, investments, and wealth management. It also provides Islamic banking products for customers looking for Shariah-compliant financial services.

Business banking

Maybank offers SME accounts including FlexiBiz and PremierBiz, with different account features for businesses at different stages.

Its business banking services cover payments, financing, cash management, trade finance, and foreign exchange, with its regional network supporting businesses operating across Southeast Asia.

Information in this section is based on Maybank’s official website as of 1 Oct 2026.

7. Standard Chartered Singapore

Standard Chartered has operated in Singapore since 1859 and offers retail, wealth, and business banking services. The bank combines a long-established local presence with an international network spanning multiple markets.

Personal banking

Standard Chartered's savings accounts include Bonus$aver, which rewards customers for activities such as salary crediting, card spending, insurance, and investments. It also offers credit cards, home loans, investments, and wealth management services.

Business banking

Standard Chartered provides business banking services covering accounts, payments, financing, trade finance, and cash management.

SMEs can also access working capital and government-supported financing schemes through the bank's business lending products.

Information in this section is based on Standard Chartered’s official website as of 1 Oct 2026.

8. HSBC Singapore

HSBC is a UK-headquartered international bank with a significant presence in Singapore. Its local offering covers personal banking, wealth management, commercial banking, and trade finance.

Personal banking

HSBC's Everyday Global Account is a multi-currency account that allows customers to manage funds in multiple currencies.

HSBC also offers credit cards, home loans, investments, and Premier Banking, which provides additional wealth management and international banking services for eligible customers.

Business banking

HSBC provides business accounts and services covering international payments, foreign exchange, cash management, and trade finance.

Its Innovation Banking division focuses on venture-backed and high-growth companies, while its broader commercial banking services cater to businesses with international operations.

Information in this section is based on HSBC’s official website as of 1 Oct 2026.

How to choose a bank in Singapore

The right bank depends on how you plan to use your account. These questions can help you narrow down your options.

Are you banking as an individual or a business?

DBS, OCBC, UOB, Citibank, Maybank, Standard Chartered and HSBC all serve individuals and businesses, but their product ranges and areas of focus differ.

Some have a stronger focus on everyday banking and savings, while others offer more extensive wealth management, business banking or international services. Start by identifying what you need from your account, then compare the banks that offer those services.

What do you need from the account?

Think about how you'll use the account day to day:

• Everyday banking and savings: Compare how each bank's savings accounts work and whether they offer bonus interest for activities such as salary crediting, card spending or using other bank products.

• A business operating account: Look for an account that matches your business stage and transaction needs. Banks may offer different accounts for startups, SMEs and larger companies.

• Cross-border banking: If you regularly hold or send foreign currencies, compare the bank's multi-currency accounts, international transfer services and digital banking tools.

For a more detailed comparison of business accounts, see our SME bank account guide, which compares fees and features side by side.

Do you need deposit insurance?

Banks with a full banking licence in Singapore must be members of the Deposit Insurance Scheme, administered by the Singapore Deposit Insurance Corporation (SDIC).

Foreign banks with a full banking licence are also covered, while wholesale and merchant banks are not required to join.

The scheme covers Singapore dollar deposits in savings, fixed deposit and current accounts. Individuals and business entities such as sole proprietorships, partnerships and companies are covered, up to S$100,000 per depositor per bank.

If you hold deposits with two different banks, the coverage limit applies separately to each bank.

How do you want to open and manage your account?

Account opening processes vary between banks. Some allow eligible customers to open an account online using Singpass, while others may require a branch visit or additional documents. Check the bank's website for its current requirements before applying.

Your choice may also depend on how you prefer to manage your banking. Consider whether you need physical branches, access to a relationship manager, or a mobile app with the features you use regularly.

When a fintech platform makes sense

A business doesn't necessarily need to use a traditional bank for every financial task.

You can also use fintech platforms, which typically offer more specialised tools for things like cross-border payments, multi-currency accounts, expense management and payment collection. This can be useful for businesses that regularly pay suppliers or collect revenue across borders.

These platforms are not banks, so their regulatory framework and deposit protection can differ.

Airwallex, for example, is a Major Payment Institution licensed by the Monetary Authority of Singapore (MAS). Customer funds are safeguarded under applicable regulations rather than covered by the SDIC Deposit Insurance Scheme.

Why Singapore businesses choose Airwallex

Airwallex was built for businesses that operate across borders, including Singapore businesses which pay suppliers overseas, collect revenue in foreign currencies, or manage a team across multiple markets.

With Airwallex, you can open a business account fully online, with no setup fees or monthly fees on our free Explore plan. Here’s what you get with the Airwallex Business Account:

• Hold funds in 20+ currencies

• Save on FX. Our FX rates of 0.4% to 0.6% above interbank are highly competitive, saving you up to 80% on FX fees as compared to traditional banks.

• Transfer to 200+ countries. 94% of our transfers go through local rails with $0 transfer fees.

• Accept online payments via 160+ local payment methods in 180+ countries.

Frequently Asked Questions (FAQs)

What are the main banks in Singapore?

Singapore's three major local banks are DBS, OCBC and UOB. The country also has a number of international banks, including Citibank, HSBC, Standard Chartered, Maybank, CIMB, Bank of China and BNP Paribas. MAS classifies these banks under different banking licence categories, including Qualifying Full Bank and Full Bank licences. Singapore also has a growing digital banking sector, including GXS Bank, MariBank and ANEXT Bank.

What are banking hours in Singapore?

Bank branch hours vary by bank and location, so there isn't one standard schedule across Singapore. Many branches operate during weekday business hours, while some open on Saturdays or Sundays and others stay open into the evening. For example, OCBC lists standard branch hours of 9am to 4.30pm, while individual DBS and UOB branches have different opening hours.

What is the best bank in Singapore for small businesses?

The answer depends on your priorities. DBS and OCBC both offer fully digital SME account opening via Singpass and are reliable all-round options. For businesses with heavy cross-border payment needs, a fintech platform like Airwallex may serve you better than a traditional bank. See our full guide to the best banks for small businesses in Singapore.

What is the minimum deposit to open a bank account in Singapore?

There isn't a standard minimum deposit across Singapore banks. The amount depends on the bank, account type and whether you're opening a personal or business account. Some personal accounts have no minimum initial deposit, while others require a deposit of several hundred or thousand dollars. Business accounts may also have minimum initial deposits or balance requirements.

Sources:

1. https://www.dbs.com.sg/sme/default.page

2. https://www.ocbc.com/

3. https://www.uob.com.sg/

4. https://www.citibank.com.sg/

5. https://www.cimb.com.sg/en/personal/home.html

6. https://www.maybank2u.com.sg/en/personal/index.page

7. https://www.sc.com/sg/home-affluent/

8. https://www.hsbc.com.sg/