Top 10 Biggest Banks in Singapore in 2024
You can’t possibly talk about Singapore without mentioning its role as an international financial center with a strong banking sector that drives the local economy. This means that, if you are relocating to Singapore for work, study or retirement, opening a bank account in the country is one of the main steps to be taken. It reviews the top 10 banks in Singapore for 2024, their services and characteristics which make them different.
Here is the list of the Top 10 Banks in Singapore in 2024:
- DBS Bank
Overview:
DBS Bank (Development Bank of Singapore) was established in 1968 and it is not only Singapore’s biggest bank but also one of Southeast Asia’s most significant financial institutions. The retail business unit covers retail businesses while SME and corporate banking have notable presence.
Key Services:
DBS Multiplier Account: This has different rates of interest based on your income and transactions. There are specific spending/saving criteria to earn higher interest.
SME Banking: Services include multi-currency accounts, trade finance, working capital solutions etc.
Corporate Banking: Digital solutions together with industry expertise and range of corporate finance services inclusive therein.
Fees and Features:
- There is a small service fee that may be waived under certain conditions e.g., by maintaining minimum balance or being below a certain age.
- Additionally DBS offers comprehensive wealth management solutions as well as private banking services.
Pros:
- Thorough digital banking offerings
- Attractive interest rates for high-balance accounts
- A vast array of banking services
Cons:
- If you don’t maintain minimum balances, service fees can become hefty.
2. OCBC Bank
Overview:
Overseas Chinese Banking Corporation (OCBC) is one of Singapore’s biggest financial institutions in terms of presence in both Singapore and Malaysia. It was founded in 1932 and has a wide range of banking products.
Key Services:
- An OCBC 360 account: This particular accounts rewards you for your expenditure, saving and other financial activities that you get engaged to.
- Business Banking: Encompasses accounts such as business growth account; multi-currency business account designed for SMEs.
- Corporate Services: Transaction banking, treasury services and investment banking solutions are provided.
Fees and Features:
- A small fee for falling below minimum balance requirements on initial deposit.
- Personalized answers for individual customers as well as corporations are available.
Pros:
- Interest-earning savings accounts with tiered benefits.
- Wide range of business and corporate banking solutions.
- Excellent customer service and support.
Cons:
- No high-yield checking options for low balances.
3. United Overseas Bank (UOB)
Overview:
It is another major local bank in Singapore with a broad range of financial services. UOB was founded in 1935 and has expanded its operations to Southeast Asia.
Key Services:
- UOB One Account: A daily use account offering interest based on meeting monthly spending threshold
- Business Banking: Services such as FOREX, financing, insurance tailored towards SMEs as well as large firms
- Wealth Management: Provides investment solutions and private banking services
Fees and Features:
Minimum initial deposit required plus a small fee if the balance falls below certain amount
Offers various rewards/interest rates depending on how an account is used
Advantages:
Good interest rates for daily banking Comprehensive range of business banking solutions Award winning services for SMEs
Disadvantages: Account fees can accumulate if minimum balance is not maintained.
Bank of Singapore
Synonym:
Singapore Bank.
Overview:
AOCBC’s subsideray -Bank of Singapore- which remains focused on private banking and wealth management, is committed to addressing the individual needs wealthy individuals have.
Key Services:
Wealth Management: This includes investing for the affluent, sustainable investments, and lending solutions.
Private Banking: Involves advanced asset planning, as well as alternative products.
Fees and Features:
Accordingly, service fees vary depending on the level of wealth management services required.
Emphasis is more on customized solutions provided to HNWIs.
Pros:
Specializes in wealth management at partner banks and investment banking advisors.
It is present globally with personalized financial instruments.
Cons:
Mainly serving high net worth individuals but has limited offerings for the general public
Citibank Singapore
Synonyms:
All about CitiBank in Singapore
Overview:
Citibank has been one of the major players in Singaporean banking since 1902. It provides a wide array of financial products and services covering both personal and corporate segments.
Key Services:
Citi Wealth First Account: From this account holders, clients receive extra benefits when they spend money on it invest through it insure using it or borrow against its balance save with it .
Business Banking: Covers cash management, trade finance, global banking services etc..
Fees and Features:
ATM charges are zero when transacted on any Citibank ATM outlet anywhere in the world..
Numerous services available for personal uses as well as commercial purposes..
Pros:
Outstanding interest rates when dealing with Citi Wealth First Account’s savings plans that pay off faster than traditional banks do since they award premiums based upon customer’s expenditure profile .
Huge range of worldwide commerce network plus a variety of useful administrative tools you can enjoy from any part of the globe.
Cons:
Limited number of branches compared to local lenders.
HSBC Singapore
Overview:
As the oldest offshore bank Singapore had ever witnessed, after establishment in 1877, HSBC has diversified banking services for individual, corporate and business purposes.
Key Services:
HSBC Everyday Global Account: Perfect for those who would like to deal with several currencies and be involved in foreign transactions.
Business Banking: Offers international business finance, cross-border cash management and a platform called Global View that enables entrepreneurs to manage their global accounts.
Fees and Features:
Zero fees for international transfers between linked HSBC accounts.
Attractive incentives coupled with multi-currency account qualities.
Pros:
Comprehensive global banking services.
Effective for international businesses and frequent travelers abroad.
Cons:
The complexity of account features and fees may make it difficult to use them efficiently.
Standard Chartered Singapore
Overview:
Standard Chartered started its operations in Singapore in 1859 by providing numerous range of financial services to retail customers as well as clients at priority and business level .
Key Services:
Standard Chartered Bonus Saver Account: Interest is earned on this account through salary crediting, spending, and bill payments made in connection with the credit card (13)^3^2^ these are on page 10
Business Banking: The offering here entails working capital finances or loans; treasury solutions offered through cash management department; forex trading services available to clients which can assist companies expand globally 21)^2^(these are on page 11)
Fees and Features:
There is no monthly service charge applicable for standard accounts but a penalty fee is charged if the balance falls below a minimum limit(14).
Multiple-currency options are accessible(16).
Pros:
Attractive interest rates with Bonus Saver Account? (15)
Impressive array of international locations where they operate plus good business products provided(18).
Cons:
Penalties are levied if there is failure to maintain minimum requirements concerning balances.
Maybank Singapore
Overview:
In Singapore, Maybank offers a diversified range of banking services as a Malaysian bank. Established in 1960, it extends different personal and business banking propositions.
Key Services:
PremierOne Current Account: It offers ATM access that has no charges on withdrawals from Maybank ATMs as well as debit cards and pays interests on deposit.
Business Banking: This includes e-Financing, trade finance and PayNow corporate services.
Fees and Features:
It comes with a low minimum opening deposit plus monthly fees.
Competitive rates for transactions between Singapore and Malaysia.
Pros:
Strong regional presence and cross-border services
Good options for SMEs and corporate clients
Cons:
There are service charges when balance goes below a certain amount.
BNP Paribas Singapore
Overview:
BNP Paribas is part of a major international banking group concentrating on corporate customers & institutions in Singapore with no personal banking products provided here.
Key Services:
Corporate Banking: Wealth and asset management; global banking; corporate finance.
Fees and Features: Specifically tailored to the needs of corporate & institutional clients. Pros: Comprehensive global network and dedicated corporate services Complete asset & wealth management solutions Cons: No personal banking products available.
RHB Singapore
Summary:
RHB Bank, a Malaysian bank, is known for its world-class service and wide selection of banking products. It was established in 1961 in Singapore where it operates by offering personal and business services.
Key Offerings:
RHB Trio Current Account: It’s good for day to day banking with balance interest and mobile banking functionalities.
Business Banking: It includes loans, insurance, and investment products.
Rates and Benefits:
Trio current account does not require an opening deposit or imposes monthly fee but will charge a small amount of money if the minimum balance is not maintained.
Advantages:
Effective monthly rates and charges on simple accounts are voided.
Comprehensive customer service and support tools
Disadvantages:
It has limited international banking capabilities as compared to some of its competitors.
Digital Bank Alternatives
Apart from traditional banks, there is also a growing fintech industry that offers innovative alternatives to banking services in Singapore. Some notable digital banking alternatives include:
Revolut: This provides you with multi-currency wallet, international transfers, debit card services. Perfectly designed for travelers would want to transact with multiple currencies.
YouTrip: For frequent travelers there is a multi-currency travel wallet plus prepaid cards too.
Aspire: Concentrating on SMEs by delivering payment processing services like business accounts along other smart financial tools.
Wise (formerly TransferWise): Offers low-cost international transfers, multi-currency wallets as well as global ATM withdrawals.
Benefits of Digital Alternatives:
Online money account management solutions have become more convenient and they come with a variety of financial tools….
Downside/ Drawbacks of Digital Alternatives:
Physical branch presence is limited at best…
Personal accounts do not provide the entire range of services available on the platform….
In Conclusion
The most suitable bank option in Singapore depends on what the individual needs are – whether comprehensive personal banking facilities or powerful business services or even fintech solutions are required. Each of the top 10 banks has something unique to offer thus it is important to weigh them up against your personal financial objectives and lifestyle. Furthermore, fintech options allow for adaptable and cost-effective handling of international finances.
