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 banks in Singapore based on what really matters: ease of use, digital tools, and whether they actually fit your personal or business needs, so you can make the right choice 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

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 and tax residency
• Proof of employment or study in Singapore

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.

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.
• 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). This account has an SGD 50 annual fee.
• Account Opening Service for Foreign-Owned Companies: Companies owned by foreigners or incorporated outside Singapore can apply for a guided account opening service.
• Business Loan for SMEs: Borrow up to SGD 500,000 with an interest rate of 7% and a flexible repayment option of up to 5 years. Can be stacked on top of government-assisted loans. 
• DBS World Business Card: Receive up to 2% cash rebate on eligible local and foreign transactions with the DBS Business Card.

Pros & Cons of DBS Bank

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.

Key Services:

• 360 Account: A personal savings account that lets you earn up to 3.30% 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, unless you're over 26 and don’t maintain a daily balance of SGD 1,000.
• Business Growth Account: An all-in-one business account for SMEs registered in Singapore. This account allows businesses to benefit from free unlimited FAST, GIRO, and PayNow transactions and up to 1% cashback on debit card spending.
• 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.

Pros & Cons of OCBC Bank

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 2024.

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 designed for registered sole proprietors and businesses in Singapore with features such as free FAST and GIRO transactions with a rebate programme.
• 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.
• 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.
• UOB Virtual Payment Solutions: Benefit from the digital convenience of on-demand virtual card issuance and virtual payment control.

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. 

Key Services:

• Smart Business$aver Account: Earn up to 3.90% 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 with an average balance of USD 10,000 or equivalent to benefit from features like discounted tariffs for payroll services.
• 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 1.5% unlimited cashback with no minimum spend required.

Pros & Cons of Standard Chartered

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.

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. interest as you grow your wealth by saving, spending, investing, and borrowing with Citibank.
• MaxiSave Account: An interest-bearing checking account that offers 0.01% p.a. interest and instant access to funds and payments. 
• 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.
• Citi Corporate Card: Choose from various cards and expense management tools that suit your company’s financial needs.

Pros & Cons of Citibank

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.

Key Services:

• Maybank iSAVvy Savings Account: Earn up to 1.80% 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.

Pros & Cons of Maybank Singapore

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 2.28% 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.

Pros & Cons of Maribank

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 comes in.

Statrys is an award-winning financial service provider supporting businesses registered in Hong Kong, Singapore, and the BVI. With a Statrys business account, you can:

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

✅ Issue physical and virtual Mastercard® prepaid cards for business expenses

✅ Track international payments in real time, with a free SWIFT MT103 document

✅ Place FX and spot orders at competitive rates

✅ Get personalised support from a dedicated account manager

Statrys also offer a company incorporation service to help you kick-start your business operation in Singapore.