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

Key takeaways:

• Singapore's banking landscape includes three major local banks — DBS, OCBC, and UOB — alongside a wide range of foreign qualifying full banks.

• When choosing a bank, the factors that matter most are fees, minimum balance requirements, international payment costs, and whether the account supports multi-currency transactions.

• Airwallex offers a fee-free, MAS-regulated business account with multi-currency support, free transfers to 120+ countries, and built-in tools for corporate cards, expense management, and payments.

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 the ten most relevant banks for people living and working in Singapore, including what each one offers for personal banking and for businesses. If you run a company, you'll also find a section on fintech platforms that may serve you better than a traditional bank.

Overview of Singapore's banking landscape

Singapore's banking sector is regulated by the Monetary Authority of Singapore (MAS), which licences institutions as full banks, qualifying full banks, or wholesale banks.

The three major local banks — DBS, OCBC, and UOB — form the backbone of everyday banking in the country and are among the largest banks in Southeast Asia by assets. All three remained profitable in 2025, reporting full-year net profits of S$11.0 billion¹, S$7.42 billion², and S$4.7 billion³ respectively.

Beyond the local banks, Singapore is also home to a range of foreign qualifying full 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:

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 the largest bank in Southeast Asia by assets and the most widely used bank in Singapore. It has a large branch and ATM network, a well-regarded mobile app, and a full range of products for both individuals and businesses.

Personal banking

DBS's flagship savings product is the Multiplier account, which offers interest of up to 4.1% p.a.⁴ when you credit your salary and transact across eligible categories. It also offers credit cards, personal loans, home loans, and investment products via its digiWealth platform.

Business banking

For SMEs, the Business Starter Bundle has no minimum balance and charges a flat S$10 monthly fee with unlimited free FAST and GIRO transfers (bulk and payroll excluded). It supports 13 currencies in a single account — one of the broadest among local banks. Overseas telegraphic transfers cost a flat S$30 per transfer plus agent fees.⁵

2. OCBC (Oversea-Chinese Banking Corporation)

OCBC is Singapore's second-largest bank by assets. It's a popular choice for both individuals and new businesses, largely because of its fully digital account opening process via Singpass.

Personal banking

OCBC's flagship savings product is the 360 Account, which pays up to 5.45% p.a. on your first S$100,000 when you meet criteria across salary, saving, spending, insuring, and investing. Note that from 1 May 2026, the maximum rate will drop to 4.45% p.a.⁶

Business banking

The Business Growth Account requires a S$1,000 initial deposit and charges S$10 per month (waived for the first two months), with 80 free FAST and 80 free GIRO transfers included. A debit card with up to 1% cashback on business spend is included. For businesses with cross-border needs, a separate Multi-Currency Account supports 13 currencies.⁷

3. UOB (United Overseas Bank)

UOB is Singapore's third major local bank and has the most extensive ASEAN network of the three, with a presence in 10 markets across the region. It's a strong choice for SMEs looking to expand regionally, as well as individuals seeking competitive savings rates.

Personal banking

UOB's flagship savings product is the UOB One Account, offering up to 3.4% p.a. on balances up to S$150,000 when you credit your salary and hit your card spend. The UOB Uniplus Account is a simpler option, earning up to 2.5% p.a.⁸ when you invest or insure with UOB.

Business banking

UOB's entry-level SME account is the eBusiness Account, which requires a S$1,000 initial deposit and a minimum average daily balance of S$5,000. The annual account fee is S$35, with a monthly fall-below fee of S$15 waived for the first 12 months.

FAST and PayNow transactions are eligible for a S$0.50 rebate per transaction on up to 60 outgoing transactions per month, and bulk GIRO payroll transactions are fully rebated. The business digital banking platform — UOB Infinity — spans 10 ASEAN markets.⁹

4. Citibank Singapore

Citibank is one of the most internationally connected banks in Singapore, with a presence in over 100 countries. It's well suited to frequent travellers, global citizens, and large corporations with cross-border banking needs.

Personal banking

Citibank's standout feature for individuals is its global reach. You can withdraw cash free of charge from Citibank ATMs in 20 countries using your ATM/Debit Card, subject to a daily limit of S$3,000.

Business banking

Citibank Singapore's business services are primarily aimed at mid-sized to large corporations rather than SMEs. Its Commercial Bank division serves emerging and mid-sized corporations, while the Corporate Bank delivers Citi's full product suite to multinationals.

If you run a small business, you are better served by one of the other banks in this guide.

5. CIMB Bank Singapore

CIMB is a Malaysia-headquartered bank with a full banking licence in Singapore. It's best known for its low-cost SME account and competitive personal banking products — particularly for customers with Singapore-Malaysia financial activity.

Personal banking

CIMB offers two savings accounts: the FastSaver, which pays interest from the first dollar, and the StarSaver, which rewards consistent saving. Its standout credit card is the CIMB Founders Card, which offers 0% interest for up to 114 days and zero foreign exchange fees.¹¹

Business banking

CIMB's SME Account is one of the lowest-cost business accounts in Singapore. It charges S$0 monthly fees for the first year, then S$8 per month, with no initial deposit required,¹no minimum balance, and no fall-below fees.

All FAST, GIRO, and PayNow transactions are free and unlimited via BizChannel@CIMB. Under a promotion valid until 31 December 2026, outward telegraphic transfers are free for the first 12 months¹² (usual rate: S$15 flat, excluding agent charges).

6. Maybank Singapore

Maybank is one of Southeast Asia's largest banks and has the widest reach across the Malaysia-Singapore corridor of any bank in this guide. It is a natural fit for individuals and businesses that regularly move money between the two countries.

Personal banking

Maybank's flagship savings product is the SaveUp Account, which earns up to 4% p.a.²⁰ on the first S$75,000 when you save, spend, invest, insure, or borrow with Maybank. The minimum initial deposit is S$500 for Singapore citizens and permanent residents.

For a simpler option, the iSAVvy Savings Account earns up to 1.55% p.a.²¹ on incremental fresh funds during the current promotional period (valid until 30 April 2026), with no bonus criteria to meet.

Business banking

Maybank's two main SME accounts are the FlexiBiz and the PremierBiz. The FlexiBiz is designed for startups — it has no monthly fee and no minimum balance, with an initial deposit of S$1,000. The PremierBiz suits more established SMEs, with an initial deposit of S$1,000¹⁹ and a minimum average daily balance of S$30,000.

7. Standard Chartered Singapore

Standard Chartered has been in Singapore since 1859 and offers a full range of retail and business banking products. It stands out for its high savings rates for individuals and its government-backed financing options for SMEs.

Personal banking

Standard Chartered's flagship account is the Bonus$aver, which offers up to 7.05% p.a. when you meet criteria across salary crediting, card spend, insurance, and investments. For simpler savings, the e$aver Account offers up to 1.50% p.a. with no lock-in period.

Business banking

For SMEs, the Smart Business$aver Account earns up to 2.88% p.a. on deposits, and the Business$aver Account earns up to 1.08% p.a. with no lock-in period.

Business working capital credit facilities are available up to US$4.5 million, and SMEs can access government-backed financing via the Enhanced Enterprise Financing Scheme, including unsecured working capital loans of up to S$500,000.¹⁴

8. HSBC Singapore

HSBC is one of the largest international banks in Singapore and is widely regarded as the global leader in trade finance. It's best suited to expats, internationally active businesses, and companies that need a banking partner with a truly global network.

Personal banking

HSBC's core account is the Everyday Global Account, which offers up to 2.80% p.a. on incremental fresh funds and lets you manage money in up to 7 foreign currencies.¹⁵ Premier Banking customers get access to HSBC's global network, priority service, and preferential rates.

Business banking

HSBC has won the Euromoney World's Best Trade Finance Bank award for nine consecutive years as of 2026, and is ranked number one in Singapore for trade finance, client service, and technology. It was also named World's Best Cash Management Bank in the Euromoney Cash Management Survey 2025.¹⁶

Business products include global payment solutions, FX and risk management, and trade finance. Its HSBC Innovation Banking division specifically serves venture-backed, high-growth companies with banking that scales alongside their business.

How to choose a bank in Singapore

The right bank depends on what you actually use it for. Here are the key factors to weigh before deciding.

For individuals:

• Savings rate — Look at the bonus interest criteria, not just the headline rate. A high rate you can't realistically qualify for is not a good rate.

• Fees — Check the minimum balance requirement and the fall-below fee. These can quietly cost you more than the interest earns you.

• Accessibility — Consider how often you need a branch or ATM. If you bank entirely on your phone, this matters less.

• International needs — If you send money overseas regularly or hold foreign currency, look for accounts with low FX fees and multi-currency support.

For businesses:

• Transaction fees — Compare FAST, GIRO, and telegraphic transfer costs. High-volume businesses can spend significantly on fees if they don't choose carefully.

• Multi-currency support — If you pay overseas suppliers or receive foreign currency revenue, check whether the account handles multiple currencies natively.

• Regional presence — If you operate across Southeast Asia, choose a bank with branches or correspondent banking relationships in your target markets.

• Digital onboarding — Some banks still require in-person visits to open a business account. If speed matters, prioritise banks that support Singpass-based digital onboarding.

Fintech platforms to consider

Traditional banks are not the only option for businesses in Singapore. A growing number of fintech platforms offer business accounts with lower fees, faster onboarding, and better cross-border payment infrastructure.

If you run a business that pays or receives funds internationally, it is worth comparing these platforms alongside the banks above.

1. Airwallex

Airwallex is a MAS-regulated Major Payment Institution offering a free business account with no setup fee, no minimum deposit, and no monthly fee for core features. It lets you collect funds like a local in 70+ countries, hold and convert money in 20+ currencies, and make transfers to 200+ countries at competitive FX rates that save you up to 80% on FX fees.

Corporate cards can be issued instantly in multiple currencies, and the platform integrates with Xero, QuickBooks, NetSuite, Shopify, and Amazon.

2. Wise Business

Wise is a low-cost international payments platform. Its business account lets Singapore-incorporated companies hold balances in 40+ currencies and receive payments using local account details in 24 currencies, for a one-time setup fee of S$99.²² There are no monthly fees — you pay only for the transactions you make. 

Wise suits businesses that primarily need an affordable way to send and receive money internationally, without the overhead of a full business banking setup.

Worth knowing²²:

• Receiving domestic payments in AUD, CAD, EUR, GBP, HUF, NZD, SGD, TRY, and USD is free

• Receiving USD wire or SWIFT payments costs a fixed US$6.11 per payment

• ATM withdrawals are free up to S$350 per month; S$1.50 + 1.75% per withdrawal after that

3. Aspire

Aspire is a Singapore-headquartered fintech platform that combines a business account, corporate cards, expense management, payroll, and accounts payable tools in one place. Its account is free to open and supports multi-currency payments and global transfers. Aspire operates under a temporary MAS exemption for certain payment services while pursuing its full licence.

Aspire suits startups and SMEs that want to consolidate their finance stack across spend management, FX payments, and accounting.

Worth knowing:

• Connects to 10+ accounting platforms including Xero, QuickBooks, and NetSuite

• CPF contributions and salary payments via GIRO are supported

4. Revolut Business

Revolut Business is available in Singapore and offers four tiered plans: Basic at S$0/month, Grow from S$15/month, Scale from S$84/month, and Enterprise from S$417/month (prices reflect annual billing; monthly billing is available at a higher rate).

All plans support 25+ currencies and include physical and virtual corporate cards, expense management, and accounting integrations. Revolut Business is best suited to businesses that need multi-currency spending and card controls at a low entry price, and are comfortable paying more as their transfer volumes grow.

Worth knowing²³:

• Grow, Scale, and Enterprise plans include access to Flexible Cash Funds in USD, GBP, and EUR at variable net returns

• The Basic plan includes only 5 no-fee local transfers per month — high-volume businesses will likely need to upgrade quickly

Why Singapore businesses use Airwallex as their primary platform

Most traditional banks were built for a domestic economy. 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 in around 15 minutes, with no minimum deposit and no monthly fee. You can hold and convert money in 20+ currencies, make transfers to 200+ countries, and issue multi-currency corporate cards to your team — all from one platform.

Where banks typically charge S$30 or more per overseas telegraphic transfer, Airwallex charges no fee on international transfers to 120+ countries via local rails. Where banks take days to process cross-border payments, 93% of Airwallex transfers arrive on the same day.

Singapore businesses across industries have made the switch. Love, Bonito cut cross-border fees by up to 25%. Endowus saved more than S$30,000 over two years on card spend alone.

Frequently Asked Questions (FAQs)

What are the main banks in Singapore?

Singapore's three major local banks are DBS, OCBC, and UOB. Beyond these, a number of foreign qualifying full banks operate in Singapore — including Citibank, HSBC, Standard Chartered, Maybank, CIMB, Bank of China, and BNP Paribas. Singapore also has licensed digital banks: GXS Bank, MariBank, and ANEXT Bank.

What are banking hours in Singapore?

Most bank branches open from 9.30am to 3.00pm on weekdays, with some branches opening as early as 8.30am.²⁵ Many branches are also open on Saturdays. The three local banks — DBS, OCBC, and UOB — operate more than 150 retail branches and more than 1,600 off-premise ATMs across Singapore.²⁶

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?

For personal accounts, most banks require a minimum initial deposit of between S$500 and S$1,000. For business accounts, the typical initial deposit is S$1,000 across most banks covered in this guide. CIMB's SME Account is an exception — it has no initial deposit requirement.¹²

Sources:

1. dbs.com/newsroom/Full_year_profit_before_tax_at_record_SGD_13_1_billion_net_profit_at_SGD_11_0_billion_with_ROE_at_16_2pct

2. ocbc.com/group/media/release/2025/ocbc-group-full-year-2025.page

3. uobgroup.com/uobgroup/newsroom/2026/uobgroup-fy25-financial-results.page

4. dbs.com.sg/personal

5. dbs.com.sg/sme

6. ocbc.com/personal-banking/deposits/360-savings-account

7. ocbc.com/business-banking/help-and-support/accounts-and-services/business-pricing-guide

8. uob.com.sg/personal

9. uob.com.sg/business/accounts/uob-ebusiness-account.page

10. citibank.com.sg/personal-banking

11. cimb.com.sg/en/personal/home.html

12. cimb.com.sg/en/business/solutions-products/cash-management/commercial-current-accounts/cimb-sme-account.html

13. sc.com/sg

14. sc.com/sg/business

15. hsbc.com.sg/accounts

16. hsbc.com.sg/business

17. bnpparibas.com.sg/en

18. citibank.com.sg/static/aboutus

19. maybank2u.com.sg/en/business/local-enterprise/sme/manage-day-to-day/deposits/flexibiz.page

20. maybank2u.com.sg/en/personal/saveup/save-up-programme.page

21. maybank2u.com.sg/en/personal/accounts/savings/iSAVvy-Savings-Account.page

22. wise.com/sg/pricing/business

23. revolut.com/en-SG/business/business-account-plans/

24. payoneer.com/solutions

25. abs.org.sg/consumer-banking/consumers/banking-hours

26. mas.gov.sg/news/parliamentary-replies/2026

This publication does not constitute legal, tax, or professional advice from Airwallex, nor does it substitute seeking such advice, and makes no express or implied representations / warranties / guarantees regarding content accuracy, completeness, or currency. If you would like to request an update, feel free to contact us at [[email protected]]. Airwallex (Singapore) Pte. Ltd. (201626561Z) is licensed as a Major Payment Institution and regulated by the Monetary Authority of Singapore.