The 7 Best Banks To Use in Singapore in 2026

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.

Overview of Banking in Singapore

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 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.

7 Top Banks in Singapore

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.

Rates, fees, and promotions below were checked in August 2026 and may change frequently. Confirm the latest on each bank's official page before deciding.

DBS Bank

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 the 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, 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 (13 total). For businesses over 3 years old, the account carries an SGD 50 annual fee plus an SGD 40 monthly service charge, waived if the account maintains an average daily balance of at least SGD 10,000. Businesses under 3 years old can instead apply for the Starter Bundle: SGD 10/month flat, no annual fee, and unlimited free FAST and GIRO payments (versus 50 free/month on the standard account).
• 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.

Pros & Cons of DBS Bank

OCBC 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 numerous 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 with a tiered bonus-interest structure across salary crediting, saving, spending, insuring, and investing categories. OCBC revised these rates in 2026; as of August 2026 the effective maximum sits well above the 2.45% this guide previously quoted. Check the current rate table before applying, since OCBC adjusts it periodically (most recently 1 May 2026) and runs limited-time bonus promotions on top of the standing rate. Only Singaporeans, Singapore PR, and foreigners with a valid pass may apply.
• FRANK Account: Designed for students, this savings account offers 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 cashback on debit card spending and a monthly allowance of free FAST and GIRO transactions. You also have access to various digital tools to manage your business.
• OCBC Visa Business Credit Card: Earn a rebate on your business expenses at selected merchants, plus a smaller rebate on foreign currency and 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, useful when paired with the Multi-Currency Business Account.

Pros & Cons of OCBC Bank

UOB

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. This is a promotional rate, and the account has a high minimum average daily balance of USD 80,000 to avoid the 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. 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.

Pros & Cons of UOB

Standard Chartered

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 Qualifying 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$aver Account: Earn up to approximately 2.88% p.a. on your deposit, based on current secondary reporting; Standard Chartered revises this rate periodically, so confirm the live rate directly with the bank before opening.
• BusinessOne Business Current Account: A USD or SGD non-interest-bearing business current account that grants access to a free Internet Banking Service and a dedicated Client Care Centre.
• Business Non-USD Foreign Currency Account: Open a business account in AUD, GBP, HKD, or NZD and access discounted payroll services and online banking. The account is non-interest-bearing, and the minimum average monthly balance to waive fees is a USD 10,000 equivalent.
• Business Protection Insurance: Get business insurance solutions to protect your business and property with expert guidance from a team of insurance specialists.
• Simply Cash Credit Card: A cashback card that offers a 1.5% unlimited cashback with no minimum spend required. Standard Chartered periodically runs limited-time promotions above this base rate. Check current offers before assuming a higher rate applies.
• FCY$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.

Pros & Cons of Standard Chartered

Citibank

Citibank Singapore, a division of 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 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 2.40% p.a. on the first SGD 100,000 of your balance (revised down from 3.00% p.a. effective 1 July 2026).
• 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. Update: the complimentary travel insurance benefit previously attached to these cards has now ended: Citi's own updates notice moved the cessation date to 30 June 2026 (from an earlier March 2026 date), and as of this review both dates have passed. Confirm current card benefits directly with Citi.
• CitiDirect® Online: Consolidate your global payments, treasury, and FX on one web-based platform. Enhancements in August 2025 integrated AI for greater efficiency, streamlined KYC processes, and improved ERP integration.

Pros & Cons of Citibank

Maybank Singapore

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: Base rates run 0.20%–0.80% p.a. depending on balance tier, with a promotional rate of up to 1.68% p.a. running July–August 2026 for incremental fresh funds, so check the current promotion before assuming this rate is standing. 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: View and manage all your Maybank assets and liabilities within the Maybank2u SG app or website. It offers a consolidated, categorised view in real time and historical data for up to 24 months.

Pros & Cons of Maybank Singapore

MariBank

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 0.88% p.a. interest, credited daily, with no minimum deposit and free overseas transfers.
• Mari Business Account: Business account offering up to 0.88% p.a. interest and free local and international transfers, with competitive FX rates.
• Mari Business Loan: Access to credit lines and term loans for business financing.
• Mari Credit Card: MariBank has simplified this card's rewards structure. It now offers 1.5% unlimited cashback on local spend and 1.5% cashback with 0% FX fees on overseas spend, no annual fee, plus Shopee Coins on Shopee purchases (promotion ends on 31 Dec 2026). The card's older 4.5%-overseas/1.7%-local promotional structure has been retired.
• Overseas Transfers / Remittances (Retail + SME): MariBank is Singapore's first digital bank to offer remittances for both retail and SME customers, supporting transfers in multiple currencies to dozens of destinations. The SGD 0 transfer fee offer is still running as of August 2026. It has been extended until 31 Dec 2026, so check the current terms since promotional end-dates may change.
• Mari Invest (Wealth / Investment): Access integrated investment and wealth features directly within the MariBank app, with minimum investments as low as SGD 1.

Pros & Cons of MariBank

A Smarter Alternative for Business Payments: Statrys

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 on handling payments in Singapore dollars without the complexity of opening a traditional bank account.

That's where Statrys comes 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

✅ Enjoy competitive FX rates and fees

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

See how Statrys compares to a full list of business accounts in Singapore if you want the broader picture before deciding.