• Best Current Accounts in Singapore

    Current accounts can come with a host of benefits and perks. A current account is essential for one to carry out certain banking activities. A savings account does offer you a rate of interest on your savings but there are conditions and limitations attached. Savings accounts are meant to help you save and as such performing cash transactions from such accounts through cheques are limited. Not only do you have a limit on the number of cheques you can issue, you also have to ensure you maintain a minimum balance. But with a current account you can issue cheques as well as transfer cash with ease.

    Businesses tend to favour current accounts more especially for this very reason. For individuals, having a current account can be quite beneficial as it can separate their business finance from their personal finance. Having a separate current account can also help in better financial planning. They help in managing your payments and bills and some current accounts even offer you interest on a daily basis. What sets a current account apart for being the best current account is a holistic view on the benefits and convenience it offers. Below, we present to you our pick of the best current accounts in Singapore. Read on to find the right current account for you.

    Best Current Accounts in Singapore

    Here are some of the top current accounts that we think give you the best perks and benefits to suit your banking needs:

    HSBC Singapore Dollar Current Account

    HSBC is a leading banking institution that has a significant global presence. The HSBC Singapore Dollar Current Account is tailored for daily use and provides a host of benefits.

    Advantages

    You will get the following benefits on the HSBC Singapore Dollar Current Account:

    • Daily use: The HSBC Singapore Dollar Current Account is designed to help you manage your day to day finances without any hassle.
    • Payment: Payment of bills can be done with ease. HSBC offers you a wide network of ATMs to withdraw cash when you need it the most. No transaction fees are charged when you withdraw funds from any of the participating ATMs from the atm5 network of banks which include Citibank ATMs, Maybank ATMs and Standard Chartered ATMs among others.
    • Quick Cash: Imagine paying for your grocery bill and withdrawing some cash at the same time. With the HSBC Quick Cash service provided for the Singapore dollar current account allows you to withdraw cash at no extra cost when shopping at over 360 Dairy Farm Group of Stores. Participating stores include Cold Storage, Giant, Market Place, and Shop N Save among others.
    • Convenient: The account is tailored for daily use and as such you get internet banking and phone banking services that allow you to carry out a wide range of transactions and monitor your account 24 hours a day. The minimum deposit amount required to open the account is S$2,000. The account also allows you to store up to 12 months of e-statements and view the summary of your current and previous investments and holdings with HSBC.

    Disadvantages

    Here are some components where the current account doesn’t do too well:

    • Minimum balance required: While the minimum balance required to open the account is S$2,000, you are still required to maintain a minimum balance which is higher. The account should maintain a daily account balance of S$3,000 failing which a minimum balance fee of S$7.50 will be charged.

    Check for HSBC Singapore Dollar Saving Account

    CIMB Current Account

    CIMB is among the leading banking institutions in Singapore which offers current accounts with high rates of interest and packed with value added services to give you convenience as well.

    Advantages

    You will get the following benefits on the CIMB Current Account:

    • Multiple options: CIMB offers you a choice of current accounts to suit your needs. The StarSaver current account and the CIMB Foreign Currency Current Account. The StarSaver account allows you to enjoy the combined benefits of a current account and a savings account while the foreign currency account allows you to deposit funds in a range of foreign currencies such as AUD, USD and EUR.
    • High interest rate: With the CIMB StarSaver current account you can enjoy a high interest rate of 0.8% p.a. on your entire account balance. The interest on the account is calculated on a daily basis. Therefore, you get the interest paid out at the end of every month regardless of whether you deposit additional funds at any time.
    • Easy to top-up: The StarSaver account can be topped up using a wide variety of channels including cash deposits at a branch, cheques by mail, Interbank GIRO or monthly funds transfers.
    • Fall below fees: The StarSaver account charges you no fall below fee if you fall below the minimum balance requirement.
    • Convenience: The StarSaver account can be linked to your CIMB Securities Cash Trading account. The account also gives you access to CIMB Clicks internet banking service that allows you to perform transactions on your account at any time.
    • Foreign currency: The foreign currency current account requires a minimum initial deposit of USD1,000 or JPY500,000. The account offers free USD cheque books and e-statements. The account can be used to invest, pay, trade or receive in 5 different currencies which are USD, AUD, GBP, EUR and JPY.

    Disadvantages

    Here are some components where the current account doesn’t do too well:

    • Minimum balance required: The CIMB StarSaver current account requires a higher initial deposit amount of S$5,000. While there is no fall below fee charged if the daily account balance falls under S$5,000, the interest of 0.8% will not accrue on accounts that do not maintain the minimum daily balance.

    Check for CIMB Saving Account

    UOB Current Account

    UOB is among the most recognised and popular banking institutions in Singapore which offers a host of banking products. Its current account offering aims to make day to day banking transactions easier and hassle-free.

    Advantages

    You will get the following benefits on the UOB Current Account:

    • Auto-mailing cheque books: The UOB Current Account gives you two free cheque books upon opening the account. Any new chequebook applied for thereafter will cost S$10 per chequebook. The chequebook can also be conveniently auto-mailed to you.
    • Feature packed cards: UOB Current Account offers you a choice of two feature packed cards. You can either opt for a UOB ATM Card or a UniCard that is equipped with NETS and PLUS facilities. You can alternatively opt for a Smart UniCard that comes with CashCard, NETS, and PLUS facilities. The UOB debit card that comes with the account has a 3-year annual fee waiver.
    • Timely alerts: The account not only gives you 24-hour access to your accounts through internet or phone banking but you can also get notifications on all your banking activities and transactions on your email or registered mobile phone through the UniAlerts service.
    • Fund transfers: When you complete and submit the application for deposits transfer, you can enjoy hassle-free fund transfers carried out to your account on a monthly basis from not just any other UOB account but any other account in any other financial institution as well.

    Disadvantages

    Here are some components where the current account doesn’t do too well:

    • Minimum balance required: While the minimum balance required to open the account is S$1,000, you are still required to maintain a minimum balance which is higher. The account should maintain a daily account balance of S$3,000 failing which a minimum balance fee of S$7.50 will be charged.

    Check for UOB Saving Account

    Maybank Current Account

    Maybank is among the leading banking institutions in Singapore which enjoys a strong global presence as well. Its current account not only aims to make day to day banking transactions easier but also offers you tiered interest rates on your deposit balance.

    Advantages

    You will get the following benefits on the Maybank Current Account:

    • Hassle-free access: With the Maybank current account, you can enjoy hassle-free access and monitor your account closely. The current account provides you with monthly statements and updates on your account and it can be accessed through phone banking or net banking 24 hours a day, 7 days a week.
    • Ease of cash withdrawals: The Maybank current account provides you with a strong and reliable network of Maybank ATMs to withdraw cash from. Can’t find a Maybank ATM near you? Don’t worry. The Maybank current account allows you to withdraw cash from any of the ATMs in the atm5 shared ATM network, at no additional cost. Furthermore, you can directly withdraw cash in the local currency when overseas at Brunei, Cambodia, Indonesia, Malaysia, and the Philippines.
    • Receive payments with ease: With the Maybank current account, you can not only make payments towards shares you want to invest in but can also receive share proceeds through direct crediting into your bank account. The account also comes with a Direct Crediting Service or DCS that allows you to credit your cash distributions or dividends directly into your account for free.
    • Tiered interest rates: The account offers you tiered interest rates based on your account balance. The interest rate offered for the first S$3,000 of your account balance is 0.187% p.a. The interest rate offered for the next S$47,000 is 0.187% p.a. The interest rate offered for balances that exceed S$50,000 is 0.25% p.a.

    Disadvantages

    Here are some components where the current account doesn’t do too well:

    • Minimum balance required: While the minimum balance required to open the account is S$1,000, you are still required to maintain a minimum balance which is higher. The account should maintain a daily account balance of S$3,000 failing which a minimum balance fee of S$8.50 will be charged.

    Check for Maybank Saving Account

    OCBC Current Account

    OCBC is not just a leading banking institution in Singapore, it’s a household name. In its long list of banking products and solutions, its current account ranks high due to the convenience it offers.

    Advantages

    You will get the following benefits on the OCBC Current Account:

    • Track your expenses: Figuring out where your money goes can be quite an arduous task on occasions. Unless you are constantly ware of your expenses and spend patterns, you will have to rely on old fashioned reviewing of your statements. But with the OCBC Current account, you get access to the Money In$ights service which automatically sorts your spending categorically making your life that much easier.
    • Convenience: The account can be easily accessed through phone banking or internet banking. You can also visit any of the 18 bank branches that stay open 7 days a week from 11AM to 7PM. The account is also easy to open with a minimum deposit requirement of only S$1,000.
    • Peace of mind: The account also protects you from online fraud. If you happen to fall victim to online banking fraud, OCBC current account will guarantee a full refund of your money lost.

    Disadvantages

    Here are some components where the current account doesn’t do too well:

    • Minimum balance required: While the minimum balance required to open the account is S$1,000, you are still required to maintain a minimum balance which is higher. The account should maintain a daily account balance of S$3,000 failing which a minimum balance fee of S$7.50 will be charged. Moreover, the account does not provide any form of interest.

    Check for OCBC Savings Account

    Compare & Review Interest Rates of Best Current Accounts in Singapore

    Name of the account Interest rate Minimum deposit Other benefits
    HSBC Singapore Dollar Current Account N.A. S$2,000 Quick cash facility that allows you to withdraw cash at no extra cost when shopping at over 360 Dairy Farm Group of Stores including stores such as Giant and Cold Storage
    CIMB Current Account 0.8% p.a. depending on daily balance S$5,000 High interest rate, option of opening current account in foreign currency with a choice of up to 5 different currencies
    UOB Current Account N.A. S$1,000 Feature loaded cards and a 3 year waiver on annual fee for the UOB Debit card
    Maybank Current Account 0.1875% p.a. for first S$3,000 of account balance, 0.1875% p.a. for next S$47,000 of account balance and 0.25% p.a. for balance above S$5,000 S$1,000 Tiered interest rates based on your daily account balance.
    OCBC Current Account N.A. S$1,000 Money In$ights service that tracks and sorts out expenses categorically.

    How to choose the best current account for your banking needs

    Here are some tips on how to choose the right current account for you:

    • Current accounts are not hard to find. With almost every bank offering you a current account, settling on one depends on what you’re looking to get out of it. Are you looking for value added services? Would you care for all the bells and whistles? Many current accounts offer a laundry list of services such as insurance and lowered rates of interest on overdrafts that could make your financial life easier, but only if you use them effectively. Otherwise, you’d be paying a lot for services you don’t use.
    • The second important thing to keep in mind when choosing a current account is how you conduct your finances. Do you do your banking online or are you more comfortable with the traditional banking methods? Do you normally require overdraft facilities on a regular basis? Based on your financial needs and how you run your finances you can choose a current account that’s right for you.
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