Current Accounts in Singapore: An Overview
I decided to do a bit of research and check out which bank offers the best current account with cheque book services. I’ve included DBS, POSB, UOB, OCBC, Citibank, Standard Chartered, HSBC and Maybank. There are some other clauses you need to check, such as how much you will be charged if you stop a cheque or if there are insufficient funds in your accounts. Hope you will find the following table useful.
|
Banks |
Minimum Sum | Monthly Service Charge | Cheque books | Comments |
| DBS | $3000 for auto-save | $7.50 if less than minimum sum
$2 per month |
Not mentioned New cheque book would be issued when cheques run out | If you are able to maintain $3000 in your current account at all times, this is a good choice. However, the monthly charge if you fall below the minimum sum is not the lowest around. |
| POSB | Nil for current account | $2 monthly fee and $2 addition if lower than $500 in Savings Account | Not mentioned New cheque book would be issued when cheques run out | If you do not wish to be tied down by zero interest rates, this is a good choice because you can keep your money in your savings account. The drawback is the monthly $2 payment, which could add up in the long run. |
| OCBC | $3000 for personal | $7.50 if less than minimum sum | S$2 per cheque from the 11th cheque onwards per month if monthly average balance falls below S$1,000 | $2 per cheque is exorbitant, especially if you have to write a lot of cheques. |
| UOB | $10000 | Nil But $15 if less than minimum sum | Not mentioned | This is the highest minimum sum account around, and at $10000, it is certainly a huge sum. In addition, should you fall below that, the $15 charge is quite hefty compared to the other banks. |
| HSBC | $3000 | $5 if below minimum sum | Free | This appears to be one of the best choices around. This is better than the DBS auto-save account. |
| Citibank | $2000 or salary for step-up account | Citibank-ing or Citigold fee of S$5 or S$50 if below minimum sum without salary deposit | Free | For those who deposit their salary into this account, it is a good offer. You only have to pay charges if you do not credit your salary directly to this step-up account. The Citigold fee is extremely hefty. |
| Standard Chartered | $3000 for personal current account | $7.50 if falls below $2000 $7.50 for cheque and save account if below $3000 (old accounts) and $5000 (new account) $2 transfer fee between current and save accounts | Free unlimited | This is one choice you may consider. |
*The information here is based on what the websites say as of the published date. Please check with the banks personally if you wish to apply for any of the above services.
Sarah Tan – SingaporeProfit.com
Popularity: 7% [?]
Hi Sarah, Great post as usual, very usual information which I will save up. BTW you might wanna include the OCBC entrepreneurs’ account which only requires $500 to start.
Hi, thanks for posting this.
it beats looking at bank websites with confusing contents
Hi Nicholas, I was just checking the OCBC entrepreneurs’ account. $500 to start is great if you have a new business that is set up within 6 months. However, if you read on, if you don’t maintain $10000 in the account after six months, you have to pay $15 a month! http://www.ocbc.com.sg/sme-banking/banking/Bnk_Dep_Cur_SingaporeDollar.shtm?bcid=M1_C1_S2_P1
Hi Xinyun, thanks for your comment.
[...] was after doing research on the cheque books that I realised that getting this particular account was a good option, and I got really frustrated [...]
[...] rates, would have lost money even if they did not try other ‘riskier’ instruments. Even the Citibank stepup account that promised up to 2% for deposits if you keep increasing the amount in the bank each month had [...]
wonderful post. this morning i went to DBS, POSB & OCBC to open current account and left the place confused. When I am back home did google to see whether any comparison online. Now i feel my trip was wasted and believe me no changes at all even it’s almost 2 years over.
Well, interesting point, will have to rethink about that such an great idea of Singapore Account.
Great discussion is going on this blog for Singapore Account, i’d like to join with you guys and gain knowledge from it.
?????????????…
[...]Current Accounts in Singapore: An Overview[...]…
online bookstores…
[...]Current Accounts in Singapore: An Overview[...]…
Navi Mumbai Directory…
[...]Current Accounts in Singapore: An Overview[...]…
Chicago Business Directory…
[...]Current Accounts in Singapore: An Overview[...]…