Singapore is not only known for its iconic skyline and world-class infrastructure; it also boasts one of the most robust and secure banking ecosystems in the world. If you’re a foreigner seeking to open a savings account in the Lion City, you’ve come to the right place. In this article, we’ll explore why Singapore stands out as a top destination for your finances, outline key factors to consider, and delve into the best banks in Singapore for foreigners to open a savings account.
Why Choose Singapore for Your Savings Account?
Many global professionals and expatriates view Singapore as a premier location to manage their finances. If you’re wondering why, take a look at these compelling reasons:
- Stability and Security
Singapore’s financial system is globally recognized for its stringent regulations and strong governance. When you open a savings account here, you can feel confident that your funds are in a secure environment. - Competitive Interest Rates
According to StashAway, interest rates in Singapore are among the most appealing in Southeast Asia. Many local and foreign banks offer tiered interest structures, enabling you to maximize your returns. - Multi-Currency Options
Whether you frequently travel or do business overseas, multi-currency accounts can help you manage funds in different currencies without incurring hefty conversion fees. - Global Accessibility
With advanced online and mobile banking services, you can conveniently access your money from any part of the world. This feature is particularly beneficial if you travel often or live in multiple countries. - Tech-Driven Innovation
Singapore is at the forefront of fintech developments, resulting in cutting-edge banking services such as digital onboarding, instant fund transfers, and AI-driven financial tools.
Key Factors to Consider Before You Open a Savings Account
Although Singapore’s banking system offers plenty of perks, it’s crucial to evaluate the following factors before finalizing your choice:
- Minimum Deposit and Balance
Some banks in Singapore require a specific initial deposit. Additionally, watch out for “fall-below fees” if your balance slips under the required threshold. - Interest Rates and Fees
High advertised interest rates often come with terms and conditions. Make sure to read the fine print on monthly fees, maintenance charges, or hidden costs tied to fund transfers or multi-currency services. - Accessibility and Convenience
Evaluate a bank’s branch network, ATM coverage, and user experience for online or mobile banking. A convenient banking interface can save you time and effort, especially if you’re new to Singapore. - Customer Service Quality
As a foreigner, you may have questions about local banking norms. Opt for banks with responsive and helpful customer support that can guide you through account setup and other banking matters. - Eligibility for Foreigners
Different banks have different criteria for non-residents. Some might require a specific visa type, while others might accept foreign students or dependents. - Account Features
Check whether the account includes useful benefits like debit cards, global ATM access, or multi-currency capabilities. Additional perks, such as rewards on spending, can also be valuable.
Best Banks in Singapore for Foreigners to Open a Savings Account
The following comparison table outlines the best banks in Singapore for foreigners to open a savings account based on interest rates, requirements, and special features. All interest rates mentioned are referenced from StashAway.
| Bank & Account | Max Interest Rate (p.a.) | Min. Initial Deposit | Foreigner Eligibility | Key Features |
|---|---|---|---|---|
| OCBC 360 Account | Up to 7.65% on first S$100k | S$1,000 | Valid passport; local address proof | – Five criteria (salary credit, save, spend, insure, invest) – Extensive branch & ATM network |
| Citi Wealth First Account | Up to 7.51% on first S$100k | S$15,000 | Passport; valid work or residence permit | – Five criteria (spend, invest, insure, borrow, save) – Global Citibank network |
| Bank of China Smart Saver | Up to 7.00% on first S$100k | S$1,500 | Passport; work or study pass | – Five criteria (insure, spend, credit salary, pay, save) – Offers multi-currency services |
| Standard Chartered Bonus$aver Account | Up to 6.05% on first S$100k | S$3,000 | Passport; local address proof | – Four criteria (salary credit, spend, insure, invest) – Wide range of digital banking features |
| UOB One Account | Up to 6.00% on first S$150k | S$1,000 | Passport; valid visa/residence status | – Two main criteria (spend, salary credit/GIRO) – Strong local presence with numerous branches and ATMs |
| DBS Multiplier Account | Up to 4.10% on first S$100k | S$0 | Passport; valid pass (e.g., employment, student, dependent) | – Four categories (salary, spend, loan, insure, invest) – Largest local bank with extensive ATM and branch network |
| HSBC Everyday Global Account | Up to 3.80% on first S$100k | S$2,000 | Passport; local address; valid pass | – Multi-currency account – Ideal for international transactions |
High-Yield Savings Accounts: Maximizing Your Returns
If maximizing interest is a priority, high-yield savings accounts are worth exploring. These accounts typically offer lucrative rates, but they often require you to fulfill multiple criteria each month. For instance:
- OCBC 360 Account: You can earn interest rates up to 7.65% p.a. on balances up to S$100,000 if you meet all five requirements.
- Citi Wealth First Account: Achieve a top-tier rate of 7.51% p.a. by spending, investing, purchasing insurance, borrowing, and saving regularly.
While these accounts can substantially boost your returns, keep in mind that failing to meet just one criterion may lower your interest significantly. If you prefer a simpler structure, consider accounts like the UOB One Account, which focuses on just a couple of key criteria.
Easy Account Opening for Foreigners
Opening a savings account as a non-resident in Singapore doesn’t have to be complicated. Here are a few banks that make the process smoother:
- OCBC Bank
- Offers digital onboarding for foreigners with e-passports from specific countries.
- Straightforward online application that reduces in-person visits.
- DBS Bank
- Provides an online account setup process, though some applicants may need to visit a branch for ID verification if they do not have Singpass.
- Backed by the largest local bank, ensuring reliable support.
- HSBC
- Ideal for international banking needs, especially if you hold an account in another HSBC branch worldwide.
- Remote account application is possible, but additional documents might be required.
Considering Digital Banks
In recent years, digital banks have become increasingly popular in Singapore, offering innovative solutions and hassle-free account setup:
- GXS Bank
A collaborative venture focusing on user-centric mobile apps and competitive interest rates. - MariBank
Backed by a major e-commerce platform, MariBank provides seamless integration with online marketplaces. - ANEXT and Green Link Digital Bank
These digital newcomers cater to niche segments, offering sophisticated fintech tools and services for cross-border transactions.
If you value minimal paperwork and a modern banking experience, digital banks could be a perfect fit. Always confirm whether they accept foreign applicants and check for additional requirements related to residency.
Tips for a Smooth Account Opening Experience
- Prepare the Right Documents
Keep your passport, proof of address, and any relevant employment or student visas readily available. This step can significantly expedite the application process. - Check Bank Requirements
Each bank may have distinct criteria for foreigners. Confirm eligibility beforehand to avoid hiccups later. - Compare All Available Options
Evaluate multiple accounts to see which one best aligns with your financial goals and lifestyle needs. - Consider Online Applications
Many banks in Singapore now allow for online onboarding. This option can save you time, especially if you have limited availability. - Seek Customer Support
If you have any questions or concerns, do not hesitate to reach out to a bank’s customer service hotline or online chat.
Frequently Asked Questions (FAQs)
Conclusion
Opening a savings account in Singapore provides foreigners with a secure, accessible, and globally recognized banking solution. Whether you choose a traditional bank offering high-yield savings accounts or opt for the convenience of a digital bank, you’ll find that Singapore’s financial infrastructure is both dependable and innovative.
If you’re ready to take the next step, Easy Global Banking is here to assist you with the entire account-opening journey. Experience peace of mind and enjoy the rewards of a high-interest savings account in one of the world’s most reputable financial hubs.
Embark on your Singapore banking journey now, and reap the benefits of robust financial services tailored to the needs of foreigners.
