Which bank is the best for you?



Bank AccountMinimum Initial DepositMinimum monthly average balanceFall-below feeMonthly account feeCheque book charge
Citibank Savings Account S$5,000 S$15,000 S$20 Nil NA
Citibank MaxiSave Account S$5,000 S$15,000 S$20 Nil Nil
POSB Passcard/DBS Savings Passbook NA S$500 S$2.00 Nil NA
DBS Savings Plus/POSB Savings Passbook S$500 S$500 S$2.00 Nil NA
DBS Current Account S$3,000 S$3,000 S$7.50 Nil S$10
DBS Autosave S$3,000 S$3,000 S$7.50 S$2.00 S$10
POSB Current NA S$500 S$2.00 S$2.00 S$10
Keppel/Tatlee Passbook Savings S$2,000 S$500 S$2.00 Nil NA
Keppel/Tatlee MoneyMax S$1,000 S$3,000 S$10 Nil Nil
Keppel/Tatlee Current Account S$1,000 S$3,000 S$5.00 Nil Nil
HSBC Statement/Passbook Savings S$500 S$2,000 S$5.00 Nil NA
HSBC Current S$1,000 S$3,000 S$5.00 Nil Nil
HSBC PowerVantage S$500 S$5,000 S$6.00 S$2.00 Nil
Maybank Savings S$1,000 S$200 S$2.00 Nil NA
Maybank Current S$500 S$3,000 S$10 Nil Nil
OCBC Young Savers' Club S$100 S$100 S$2.00 Nil NA
OCBC Passbook Savings S$500 S$500 S$2.00 Nil NA
OCBC Moi S$50 S$100 S$1.50 Nil NA
OCBC Easi-Save S$1,000 S$3,000 S$7.50 S$2.00 Nil
OCBC Current S$1,000 S$1,000 S$7.50 Nil Nil
OUB Savings S$1,000 S$500 S$2.00 Nil NA
OUB Current S$1,000 S$3,000 S$10 Nil Nil
OUB Multilink S$1,000 S$3,000 S$8.00 S$2.00 Nil
Standard Chartered Savings S$2,000 S$2,000 S$5.00 Nil NA
Standard Chartered Personal Current S$2,000 S$2,000 S$7.50 Nil Nil
Standard Chartered Personal Cheqeue and Save S$2,000 S$3,000 S$7.50 S$2.00 Nil
UOB Fun Savers/TX/Campus S$100 Nil Nil Nil NA
UOB Savings/Uniplus S$500 S$500 S$1.50 Nil NA
UOB Current S$1,000 S$3,000 S$7.50 Nil Nil
UOB I-Account S$1,000 S$1,000 S$7.50 S$2.00 NA

Notes

  1. Citibank waives the monthly account fee of S$20 if your balance in all accounts (including fixed deposits, unit trusts etc.) exceeds S$15,000. Hence, I am treating the monthly account fee as a fall-below fee.
  2. Keppel-Tatlee bank's minimum initial deposit for in-trust accounts is only S$1,000.
  3. OCBC Easi-Save's monthly account fee of S$2.00 is waived if the monthly average balance is above S$50,000.
  4. DBS/POSB cheque book charges are for cheque books of 50 leaves.
  5. OCBC Easi-Save and Current accounts have a S$2.00 charge per cheque from the 11th cheque onwards presented in a calendar month (for accounts with a monthly average balance below S$1,000).
  6. None of the above constitutes a recommendation of any bank. The above table is purely for informational purposes. While some effort has gone into ensuring the accuracy of the above information, I do not guarantee the correctness or otherwise of the above information. If you are aware of any mistake, please inform me at webmaster@srikant.org.
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