Traditional banks and digital neobanks. Compare fees, savings, CPF, SRS and credit cards.
This comparison puts 10 banks in Singapore side by side, among them DBS Bank, OCBC Bank, UOB, Standard Chartered SG. They belong to different families, branch banks, neobanks, and that distinction explains most of the pricing differences: a branch bank charges for the account and the branch network, an online bank rarely charges for the account but sends you to the phone, and a neobank costs almost nothing and almost never lends. The table compares account fees, the debit card, overdraft, savings, mortgages, foreign transaction costs and mobile payment, line by line and without an overall score, because an average hides exactly what matters to you. Dedicated offers are broken out for students, youth, premium and business, because the account that suits a student on no income is rarely the one that suits a business.
Select 2 to 4 banks.
Traditional Banks
Neobanks
| Criteria | DBS Bank Traditional | UOB Traditional | GXS Bank Neobank |
|---|---|---|---|
Monthly Fee | Multiplier: see DBS conditions | One Account: see UOB conditions | Free |
Debit Card | Visa Debit | Visa Debit | Visa Debit |
Minimum Balance | See the bank's price list | See the bank's price list | None |
Overdraft | DBS Cashline (rate depends on profile) | UOB CashPlus (rate depends on profile) | Not available (personal loans) |
Mobile App | Mobile app | Mobile app | Mobile app |
Branches | Branch network | Branch network | 100% digital |
Instant Transfer (PayNow) | PayNow free, PayLah! | PayNow free | PayNow free |
Savings | Multiplier up to 4.1% (salary + transactions); up to 3.50% bonus on monthly savings | One Account up to 3.4% (S$500 card spend + S$1,600 salary or 3 GIRO payments); 2.5% when you invest or insure | 1.38% (0.88% base); Boost Pocket up to 2.82% EIR; SDIC-insured up to S$100,000 |
Mortgage (HDB/Condo) | HDB and condo, competitive rates | HDB and condo, attractive packages | Not available |
Investing | DBS Vickers, digiPortfolio, robo-advisor | UOB Kay Hian, UOBAM Invest, SimpleInvest | Not available |
Credit Cards | Wide range: Live Fresh, Altitude, Woman's Card | Lady's, YOLO, Preferred Platinum, Visa Infinite | Not available |
Apple / Google Pay | Apple Pay + Google Pay + Samsung Pay | Apple Pay + Google Pay + Samsung Pay | Apple Pay + Google Pay |
Checks | Cheque book available | Cheque book available | Not available |
Foreign Fees | Multi-currency account with no FX conversion fees | 0% FX fees on eligible UOB cards, no cap | See the bank's price list |
Welcome Bonus | S$250 (Multiplier, with conditions) | Per current offers | Per current offers |
Students, youth, premium and business.
| Bank | Available | Offer | Price | Card | Details |
|---|---|---|---|---|---|
DBS Bank | DBS POSB Savings | S$0/mo | Visa Debit | Free, no minimum balance, PayLah! integrated | |
OCBC Bank | OCBC Frank Account | S$0/mo | Frank Debit | Young adult account, customisable card | |
UOB | UOB YOLO Account | S$0/mo | Visa Debit | Free, cashback, no minimum balance | |
Standard Chartered SG | JumpStart Account | S$0/mo | Visa Debit | Young adult account, bonus interest | |
HSBC Singapore | – | – | – | No dedicated student account | |
Citibank Singapore | – | – | – | No dedicated student account | |
GXS Bank | GXS Savings | S$0/mo | Visa Debit | Free, Grab cashback, attractive rates no conditions | |
Trust Bank | Trust Savings | S$0/mo | MC Debit | In-app opening, FairPrice perks | |
MariBank | MariBank Savings | S$0/mo | Visa Debit | Free, competitive rates, Shopee cashback | |
Maybank Singapore | iSAVvy Savings | S$0/mo | Visa Debit | Free, no minimum balance, bonus interest |
* Most banks offer free or reduced-fee accounts for students in Singapore.
Our recommendations based on your situation.
Free account, no minimum balance, great for starting out.
MariBank: up to 3.08% credited daily (promotion), no minimum deposit or fall-below fees. GXS: 1.38% with no conditions, Boost Pocket up to 2.82% EIR.
Best value with comprehensive services and attractive savings.
DBS Multiplier: up to 4.1% with salary and transactions, PayLah!, DBS Vickers. UOB One: up to 3.4% with S$500 card spend and salary.
Need HDB/condo mortgage and in-branch advice.
DBS: extensive branch network, HDB and condo loans, DBS Home Planning. UOB: loan packages, digital tracking with UOB TMRW.
Minimize forex fees, send money abroad.
Standard Chartered: international network, Bonus$aver up to 5.85% with conditions, Priority Banking. HSBC: Everyday Global multi-currency account, global HSBC Premier access.
Flexible business account and trade financing.
DBS Business: powerful DBS IDEAL, multi-currency, trade financing. UOB Business: SE Asia network, UOB BizSmart for digitalisation.
Premium services and wealth management.
DBS: Treasures and Private Bank, iWealth platform. OCBC Premier: dedicated RM and wealth services; entry thresholds based on assets.
DBS Bank is the country's largest bank. For no-conditions savings: MariBank (up to 3.08% on promotion) or GXS (1.38%). For bonus rates: Standard Chartered Bonus$aver (up to 5.85%), DBS Multiplier (4.1%) or UOB One (3.4%). For branch network: DBS, OCBC or UOB. For expats: Standard Chartered or HSBC. Whichever you choose, check the conditions attached to the headline savings rates, as most bonus tiers require salary crediting, card spend or investment.
CPF (Central Provident Fund) is Singapore's mandatory retirement savings scheme. The 3 local banks (DBS, OCBC, UOB) are approved CPF agents: you can check your CPF, make voluntary contributions and invest via CPFIS (CPF Investment Scheme) directly from your bank account.
SRS (Supplementary Retirement Scheme) is a voluntary retirement savings account with tax benefits. Only DBS, OCBC and UOB offer SRS accounts. Contributions (max S$15,300/year for citizens, S$35,700 for foreigners) are tax-deductible. Choose based on SRS investment options offered. Contributions are capped each year and the money is locked until the statutory retirement age, with only half of the withdrawal taxed if taken after that point.
PayNow is Singapore's instant transfer system, linked to your NRIC/FIN or phone number. All 10 banks in this comparison support PayNow. Transfers are free and instant 24/7. PayNow Corporate is also available for businesses. PayNow works from a mobile number or NRIC and settles instantly at no cost, which is why it has become the standard way to split a bill or pay a small merchant.
Yes, SDIC (Singapore Deposit Insurance Corporation) protects up to S$100,000 per depositor per bank. All 10 banks in this comparison are covered. Neobanks (GXS, Trust, MariBank) are MAS-licensed banks and benefit from the same protection. Cover applies per depositor and per bank, and only to Singapore dollar deposits, so foreign currency accounts held locally fall outside the scheme entirely.
Yes, all three are digital banks licensed by MAS (Monetary Authority of Singapore). GXS is backed by Grab and Singtel, Trust Bank by Standard Chartered and NTUC FairPrice, MariBank by Sea Group (Shopee). They benefit from SDIC protection like traditional banks.
No conditions: MariBank (up to 3.08% on promotion) and GXS (1.38%, 0.88% base). With conditions (salary, card spend, investment): Standard Chartered Bonus$aver (up to 5.85%), DBS Multiplier (up to 4.1%), UOB One (up to 3.4%), OCBC 360 (1.95% + 2.50% when you insure or invest), Trust (up to 2.40%). Neobanks offer the best base rates, traditional banks the best bonus rates.
Residents (EP, S Pass, DP) can open accounts at all banks with their FIN and proof of address. Neobanks (GXS, Trust, MariBank) only accept Singapore citizens/PRs. For non-residents, Standard Chartered and HSBC are most accessible thanks to their international network.
Singapore's banking market is dominated by three local banks – DBS (Development Bank of Singapore), OCBC (Oversea-Chinese Banking Corporation) and UOB (United Overseas Bank) – which hold most deposits. DBS is Southeast Asia's largest bank by market capitalisation. MAS (Monetary Authority of Singapore) supervises the sector with some of the world's strictest requirements. SDIC (Singapore Deposit Insurance Corporation) protects deposits up to SGD 100,000.
Singapore is a global financial hub where almost every adult holds a bank account. The market combines very strong local banks with major foreign banks (HSBC, Standard Chartered, Citibank, Maybank). PayNow, the national instant payment system, enables free transfers by phone number or NRIC between all banks. NETS is the local debit network. GrabPay, the Grab super-app wallet, is widely used. Digital banks GXS (Grab-Singtel), Trust Bank (Standard Chartered-FairPrice) and MariBank (Sea) offer 100% mobile alternatives.
DBS digibank offers automated wealth management (digiPortfolio), stock investing via DBS Vickers and planning tools. Trust Bank lets you choose your savings bonuses (up to 2.40%) and offers FairPrice perks. GXS Bank targets gig workers and SMEs with micro-loans and flexible savings (Boost Pocket). MariBank pays daily-credited interest with no fall-below fees. Revolut and Wise are popular with expats for international transfers. OCBC and UOB are expanding their digital offers with bonus rates.
Singapore's property market is among the world's most expensive. Mortgages offer fixed rates over a few years and variable rates pegged to SORA. LTV is capped at 75% for the first property and 45% for the second. The CPF (Central Provident Fund), the mandatory savings scheme (20% of salary from the employee + 17% from the employer up to age 55), can be used for the down payment and instalments. Savings accounts pay from under 1% to nearly 6% depending on bonus conditions. The Singapore Savings Bond (SSB) offers a risk-free return set monthly by MAS.
For a Singapore resident, DBS offers the most comprehensive digital experience and the DBS Multiplier programme. Standard Chartered Bonus$aver, OCBC 360 and UOB One offer bonus rates with comparable conditions. MariBank and GXS suit those who want a no-strings rate. Expats will appreciate Standard Chartered or HSBC for multi-currency and wealth management services. For international transfers, Wise and Revolut offer good exchange rates. Use PayNow for peer-to-peer payments and NETS for in-store purchases.
* Rates checked in October 2026 on the banks' websites; they may vary. This comparison is for informational purposes only. Supervised by MAS. Deposits protected up to SGD 100,000 (SDIC).