The 7 Best Banks To Use in Singapore in 2025

Finding the right bank in Singapore sounds simple, until you realise there are over 130 options, each with different account types, fees, and onboarding requirements.

Whether you're opening a personal account or managing a growing business that needs the right banking support, what works for one person might not work for you.

In this guide, we highlight the top 7 banks in Singapore, focusing on what matters most: ease of use, digital tools, and how well they meet personal and business needs. For each bank, we outline their key services along with the main pros and cons, so you can compare options and choose with confidence.

Singapore is a global financial hub with a well-regulated banking sector that supports personal, SME, and corporate banking needs. It’s also a key gateway for international banking, with many banks offering multi-currency accounts and cross-border payment services.

The Monetary Authority of Singapore (MAS) regulates various types of deposit-taking institutions. While some banks are fully local, others operate under foreign or digital banking licences. 

Opening a bank account in Singapore is generally easy if you are a Singaporean resident with a SingPass. While non-residents and foreign companies can open accounts with most major banks in Singapore, they will typically need to provide the following:

For non-resident individuals:

• A valid passport
• Proof of address from their country of residence (e.g. a recent utility bill or bank statement).
• Proof of tax residency from their current country of residence (e.g a national identity card, residence permit, or a government document from that country’s tax authority showing recent income tax filing).

For companies opening a corporate account:

• Business registration documents, such as the ACRA Business Profile
• Proof of the company’s business activities, such as invoices and contracts
• Identity documents of directors and shareholders
• Resolution of the board authorising the account opening

However, the required documents vary depending on the type of bank account and the specific bank where you're opening the account. 

Let’s take a look at an overview of the top banks in Singapore this year. Each bank stands out for different needs, some are better suited for SMEs, others for everyday retail banking or high-interest savings. This list includes a mix of local, international, and digital banks to reflect the full range of options available.

DBS Bank Ltd, founded as The Development Bank of Singapore Limited, is a multinational banking and financial services firm headquartered at Marina Bay Financial Centre. It is one of the largest banks by assets in Asia Pacific and was named Global Finance’s World’s Best Bank from 2018 to 2022. In addition, DBS has been accorded the “ Safest Bank in Asia” award by Global Finance for 17 consecutive years from 2009 to 2025.

DBS is widely trusted in Singapore for its extensive branch network and digital platforms like PayLah! for personal banking and DBS IDEAL for businesses. The bank offers a full range of services for both individuals and businesses, from personal savings accounts to SME loans. While some services come with fees (such as an annual business account fee or monthly service charge), many are waivable based on account activity.

Key Services:

• DBS My Account: An all-in-one savings account for personal use that allows you to save in up to 13 currencies, with no initial deposit or minimum balance requirements. The linked Visa debit card supports transactions in only 11 currencies, excluding Offshore Renminbi (CNH)..
• DBS Business Multi-Currency Account: Hold and manage money in SGD and 12 other foreign currencies. Companies incorporated in Singapore are eligible for online account opening (with conditions). It comes with an SGD 50 annual account fee and a monthly fee of SGD 10, which is waived if the account maintains an average daily balance of at least SGD 10,000 or its equivalent.
• Account Opening Service for Foreign-Owned Companies: Companies owned by foreigners or incorporated outside Singapore can apply for a guided account opening service. This is subject to stricter documentation and compliance.
• Business Loan for SMEs: Borrow up to SGD 500,000 at an interest rate of 7%, with flexible repayment terms of up to 5 years, subject to the borrower’s credit profile. In many cases, these loans may be combined on top of government-assisted financing schemes.
• DBS World Business Card: Receive up to 2% cash rebate on eligible local and foreign transactions. However, the card has an annual fee of SGD 414.20 (inclusive of 9% GST.
• digiVault: A security feature that lets you lock funds in your DBS accounts to prevent unauthorised digital withdrawals. Locked funds continue to earn interest, and access can only be restored by unlocking through a DBS branch, selected ATMs, or video teller machines. This provides added protection against online fraud.

OCBC, or the Oversea-Chinese Banking Corporation Limited, is one of Singapore’s local banks and a major player in ASEAN and Greater China, including Hong Kong. It is also one of the largest banks in Southeast Asia in terms of assets, market capitalisation, and profitability.

The bank has received a lot of accolades and awards, the most significant being the consecutive 6-year win for Best Bank for SMEs Singapore from 2017 to 2022. OCBC was also awarded the Best SME Bank in Southeast Asia 2025.  

Key Services:

• 360 Account: A personal savings account that lets you earn up to 2.45% interest a year on your first SGD 100,000 deposit. Only Singaporeans, Singapore PR, and foreigners with a valid pass may apply.
• FRANK Account: Designed for students, this savings account offers up to 4x more interest than standard accounts. You get instant mobile sign-up, a digital debit card, a savings dashboard, and no fees.
• Business Growth Account: An all-in-one business account for SMEs registered in Singapore. This account offers up to 1% cashback on debit card spending and 80 free FAST and 80 free GIRO transactions per month. You also have access to various digital tools to manage your business.
• OCBC Visa Business Credit Card: Earn a 3% rebate on your business expenses at selected merchants, 1% on foreign currency transactions, and 0.2% on SGD transactions.
• OCBC Velocity (Digital Business Banking): OCBC’s online platform gives SMEs a central dashboard for account summaries, payments, collections, and real-time reporting. It’s designed to simplify daily cash management and support international payments, which is useful when paired with the Multi-Currency Business Account.

United Overseas Bank (UOB) is one of Singapore’s most established banks, and it has grown into a leading financial institution across Southeast Asia. With a strong regional focus, UOB operates multiple overseas branches and subsidiaries throughout the region, alongside its 63 branches within Singapore.

The bank was recognised as the Best Bank in Asia-Pacific in 2025.

Key Services:

• Global Currency Account: A multi-currency account for personal use that allows you to hold and transfer 10 other currencies: USD, AUD, GBP, CHF, CAD, NZD, EUR, HKD, JPY and CNH.
• UOB eBusiness Account: A business account for registered sole proprietors and businesses in Singapore. It offers a rebate on up to 60 outgoing FAST transactions and up to 60 GIRO payment and collection transactions per month.
• UOB BizGlobal Account: Suitable for companies incorporated in and outside Singapore that frequently trade in USD, this account allows you to earn 0.18% p.a. on your USD deposits and benefit from free inward Telegraphic Transfers. It is important to note that this is a promotional rate, and the account has a high minimum average daily balance of US$80,000 to avoid fall-below fee.
• UOB Business Loan: Businesses that have been operating for more than 12 months can apply for a loan of up to SGD 800,000 with up to 5 years of repayment. However, this figure bundles loan types. For example, the UOB Business Loan, offered with Enterprise Singapore, has a maximum loan quantum of SGD 500,000 for SMEs.
• UOB Virtual Payment Solutions: Benefit from the digital convenience of on-demand virtual card issuance and virtual payment control.
• UOB BizSmart (SME Digital Suite):  A suite of integrated digital solutions for SMEs covering payroll, invoicing, accounting, and sales. 

Standard Chartered Singapore is a subsidiary of the UK-based Standard Chartered banking group, headquartered in the United Kingdom. It is one of the first foreign banks to obtain a Qualify Full Bank (QFB) licence from the Monetary Authority of Singapore. 

The bank's history and reputation as a reliable financial institution, combined with its international expertise, make it a significant player in the Singaporean banking landscape. Its extensive global network makes it a good option for corporate clients with international banking needs, including foreign currency accounts and global payment solutions. 

• Smart Business$aver Account: Earn up to 3.70% interest p.a. on your deposit.
• BusinessOne Business Current Account: A USD or SGD non-interest-bearing business current account that grants access to a free Internet Banking Service and a dedicated Client Care Centre.
• Business Non-USD Foreign Currency Account: Open a business account in AUD, GBP, HKD, or NZD and access discounted payroll services and online banking. The account is non-interest-bearing, and the minimum average monthly balance to waive fees is a US$10,000 equivalent.
• Business Protection Insurance: Get business insurance solutions to protect your business and property with expert guidance from a team of insurance specialists.
• Simply Cash Credit Card: A cashback card that offers a  1.5% unlimited cashback with no minimum spend required. There are, however, limited-time promotions that provide a 2% cashback rate.
• FCY$aver: A foreign currency savings account that allows you to hold multiple currencies (USD, EUR, GBP, AUD, NZD, CHF, CAD, HKD, JPY). Start with as little as USD 2,000 (or equivalent). Be mindful of fall-below fees if your average balance is under the threshold.

Citibank Singapore, a division of American Citibank N.A., is one of the most prominent foreign banks in Singapore. It is also among the largest financial institutions by assets and one of the oldest, having established a presence in the country in 1902. Citibank was named the " Best International Bank in Singapore" at the Euromoney Awards for Excellence 2025.

In 2024, the bank closed its last retail branch for in-person transactions and now provides services primarily through mobile and online channels. It is now focused on wealth management and investment services, especially for high-net-worth clients.

Key Services:

• Citi Wealth First Account: Earn up to 7.51% p.a. by saving, spending, investing, and borrowing with Citibank. The top rate requires meeting transaction criteria and applies up to certain balances (e.g., SGD 50,000 for standard customers, SGD 250,000 for Citigold).
• MaxiGain account: A savings account that offers a tiered interest structure, with the potential to earn bonus interest of up to 3.00% p.a. on the first SGD 100,000 of your balance.
• USD Interest Checking Account: A US Dollar current account that earns daily interest, credited monthly..
• Citibank Wealth Management: Personalised investment and portfolio solutions for affluent clients, with global market access and expert advisory support. There are offerings for Citigold and Citigold Private Client tiers.
• Citi Corporate Card: Choose from various cards and expense management tools that suit your company’s financial needs, but be aware that complimentary travel insurance coverage is set to end on March 31, 2026. 
• CitiDirect® Online: Consolidate your global payments, treasury, and FX on one web-based platform. Recent enhancements in August 2025 have integrated AI for greater efficiency, streamlined KYC process, and improved ERP integration.

Maybank (Malayan Banking Berhad) is a Malaysian universal bank with operations across Malaysia, Indonesia, and Singapore. In Singapore, one of its home markets, Maybank offers a broad range of personal, SME, and Islamic banking services, including Halal business solutions and Shariah-compliant deposits.

In 2024, Maybank received multiple honours at the Global Retail Banking Innovation Awards by The Digital Banker, including Credit Card of the Year – Travel and Best Cross-Border Payments Platform. Maybank Securities Singapore was named "Best Distributor, Singapore" at the SRP Asia Pacific Awards 2025 for its role in structured retail products.

Key Services:

• Maybank iSAVvy Savings Account: Earn up to 1.60% interest and set short- or long-term savings goals via the Maybank2u SG app. Requires an initial deposit of SGD 500.
• Maybank Savings Account-i: A Shariah-compliant savings account that may offer bonus hibah. Initial deposit required.
• Foreign Currency Current Account-i: Hold and transact in major foreign currencies like USD without converting to SGD.
• Cross-Border ATM Services: Withdraw cash with no service fee at Maybank ATMs across Malaysia, Singapore, Brunei, Cambodia, Indonesia, and the Philippines.
• Maybank Overseas Transfer: Enjoy instant transfers to Maybank accounts in Malaysia with no fee, and SGD 2 for transfers to other Malaysian banks.
• Wealth Portfolio / Dashboard: You can view and manage all your Maybank assets and liabilities within the Maybank2u SG app or website through their Wealth Portfolio feature. It offers a consolidated, categorised view in real time and historical data for up to 24 months. 

Maribank is one of Singapore’s licensed digital banks, offering fully online banking services for both personal and business customers. Although a relatively new player, it has already received recognition in the industry, most notably being named New Virtual Bank of the Year (2024) by the ABF Retail Banking Awards.

As a registered bank in Singapore, customer deposits are safeguarded under the Deposit Insurance Scheme.

Key Services:

• Mari Savings Account: Earn 1.28% p.a. interest, credited daily, with no minimum deposit and free overseas transfers.
• Mari Business Account: Business account offering 1.00% p.a. interest and free local and international transfers to 13 countries, with competitive FX rates across 10 currencies.
• Mari Business Loan: Access to credit lines and term loans for business financing.
• Mari Credit Card: Personal credit card with high cashback rewards. The rewards include up to 4.5% cashback on overseas spending (promotional until the end of 2025), 1.7% cashback on local spending, and Shopee Coins on Shopee purchases. The card has no annual fee.
• Overseas Transfers / Remittances (Retail + SME): MariBank is Singapore's first digital bank to offer remittances for both retail and SME customers. It supports transfers in up to 20 currencies to over 40 destinations. As part of a promotional offer until December 31, 2025, customers get access to zero transfer fees and competitive foreign exchange rates.
• Mari Invest (Wealth / Investment): Access integrated investment and wealth features directly within the MariBank app. Products like Mari Invest SavePlus (for higher potential returns than traditional savings) and Mari Invest Income (offering monthly payouts from a global bond fund) are available with minimum investments as low as SGD 1.

While Singapore’s top banks offer solid options for personal, SME, and cross-border banking, they’re not the only way to manage business transactions, especially if your focus is handling payments in Singapore dollars without the complexity of opening a traditional bank account.

That’s where Statrys come in.

Statrys is not a bank, but an award-winning financial service provider. With a Statrys business account, you can:

✅ Hold and manage 11 major currencies under a single account number

✅ Track international payments in real time

✅ Competitive FX rates and fees 

✅ Get personalised support from a dedicated account manager via WhatsApp, phone, email and WeChat

We are launching our business account in Singapore soon. Join the waitlist to be among the first to access 100% online account setup with transparent pricing, no hidden charges or monthly fall-below fees.