8 Best Banks in Singapore
for Retail Customers in 2025
Singapore is home to one of Asia’s most competitive retail banking landscapes. We analysed savings rates, digital quality, fees, branch networks and service to rank the 8 best banks for 2025.
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DBS Bank is Singapore’s largest and most awarded bank, consistently ranked among the world’s best by Euromoney and Global Finance. For retail customers, DBS offers an exceptionally polished end-to-end digital experience through the digibank app, which integrates banking, investments, insurance and carbon tracking in one place.
The flagship DBS Multiplier account rewards customers who consolidate salary crediting, card spend, investments and insurance with DBS, delivering tiered interest up to 4.1% p.a. on the first S$100,000. The bank’s 1,100+ ATMs across Singapore and fee-free PayLah! wallet make daily transactions seamless.
DBS has invested heavily in AI-powered financial planning tools, offering personalised nudges on spending patterns, goal-setting and retirement readiness — features that set it apart from competitors.
- World-class digibank app
- Multiplier account up to 4.1% p.a.
- Extensive ATM & PayLah! network
- Strong investment integration
- High minimum to earn bonus interest
- Multiplier conditions are complex
- Customer service wait times vary
Verdict: DBS is the go-to bank for Singaporeans who want a one-stop digital ecosystem, strong savings rewards and a trusted local brand.
Oversea-Chinese Banking Corporation (OCBC) is Singapore’s second-largest bank and a powerhouse for savers. The OCBC 360 Account offers bonus interest tiers for salary, card spend, investments and insurance — reaching up to 7.65% p.a. for customers who tick all boxes.
OCBC’s mobile app has won multiple awards for its clean UX and features like OCBC Money Insights, which automatically categorises transactions and tracks spending.
The OCBC Frank Account is popular with young adults, offering no minimum balance and no fall-below fees — a great starter account for those new to banking.
- Highest potential savings rate
- Frank Account ideal for students
- Award-winning mobile app
- Strong wealth management suite
- 7.65% rate requires many conditions
- Smaller ATM network vs DBS
- Some fees for basic transactions
Verdict: If maximising savings interest is your priority, OCBC 360 offers the best return of any mainstream savings account in Singapore.
United Overseas Bank (UOB) completes Singapore’s Big Three local banks. UOB’s standout product is the UOB One Account, which pairs a savings account with credit card spend to deliver bonus interest — attractive for families who prefer a simpler two-product structure rather than juggling multiple financial products.
UOB is the strongest of the three local banks in ASEAN, with deep networks in Thailand, Malaysia, Indonesia and Vietnam — a major advantage for families with cross-border ties. The UOB TMRW app has won recognition for its AI-powered insights and intuitive design.
UOB Lady’s Card and UOB YOLO Card are perennial favourites for lifestyle spending and dining respectively, rounding out a strong credit card portfolio.
- UOB One Account is simple & effective
- Largest branch network locally
- Best ASEAN regional coverage
- Strong family-oriented products
- Digital app less polished than DBS/OCBC
- One Account requires card pairing
- Customer service inconsistency
Verdict: UOB shines for families and frequent ASEAN travellers who want straightforward bonus-interest savings and the widest physical branch network in Singapore.
Standard Chartered has been in Singapore since 1859 and holds a full bank licence, giving it the same deep roots as local institutions while bringing international reach. For expats and globally mobile professionals, StanChart is often the first choice thanks to its Priority Banking tiers and seamless relationship with its 60-country network.
The SC Bonus$aver account offers competitive interest on salary, card spend and investments, while the SC Mobile app is rated among the best for wealth management features — including unit trusts, structured products and foreign currency fixed deposits.
StanChart leads for multi-currency accounts and international wire transfers, with preferential FX rates for priority customers — a key advantage for expat families managing finances across multiple countries.
- Excellent for expats & global families
- Strong multi-currency offerings
- Wide wealth management products
- Priority Banking perks
- Fewer physical branches
- Higher minimum balances
- Some fees waived only for priority tier
Verdict: Standard Chartered is the premier choice for expats and internationally mobile customers who need seamless cross-border banking and premium wealth services.
Citibank Singapore has pivoted to a premium retail banking model, focusing on affluent customers through Citigold and Citigold Private Client tiers. While its branch footprint has shrunk, Citi remains a powerhouse in credit cards — the Citi Rewards Card and Citi Cash Back+ Card are consistently ranked among Singapore’s top picks for points and cashback respectively.
The Citi Mobile App is slick and well-maintained, with real-time spend tracking, instant card controls and seamless integration with the global Citigold platform. For customers with significant assets, Citigold unlocks preferential FX rates and global banking privileges across 40+ countries.
The Citi MaxiGain savings account offers a unique compound-interest structure that rewards customers who leave their balance untouched month-over-month — ideal for disciplined, patient savers.
- Best-in-class credit card rewards
- Citigold global banking access
- Polished mobile app
- Strong FX rates for premium clients
- Very limited branch network
- Less suited to basic savings
- High minimums for premium tiers
Verdict: Citibank is best for credit card enthusiasts and affluent customers seeking global banking privileges — not the first choice for everyday savings.
HSBC is one of the world’s largest banks, and its Singapore franchise benefits enormously from that global footprint. The HSBC Everyday Global Account stands out as a multi-currency account allowing customers to hold, convert and spend in up to 11 currencies with no foreign transaction fees — a killer feature for frequent travellers and expats.
HSBC’s Everyday+ Rewards programme offers cashback on daily spending categories, while Premier and Premier Elite customers enjoy relationship managers, preferential rates and seamless account recognition at HSBC branches in over 30 countries. The HSBC Singapore app has improved markedly in recent years.
HSBC is particularly strong in wealth management and private banking, with a growing suite of ESG investment products. Fixed Deposits regularly offer competitive promotional rates, especially for fresh funds.
- Excellent multi-currency account
- Global Premier recognition
- No forex fees on Everyday Global
- Strong ESG investment products
- Lower savings rates for basic accounts
- High Premier minimum (S$200k AUM)
- Smaller local branch network
Verdict: HSBC excels for internationally mobile customers who want seamless multi-currency spending, global Premier recognition and a reputable brand across 30+ countries.
Maybank is Malaysia’s largest bank and maintains a strong presence in Singapore, making it the natural choice for customers with financial ties to Malaysia and the broader ASEAN region. The Maybank SaveUp programme rewards customers who consolidate banking activities, offering bonus interest for salary crediting and card spend.
Maybank’s standout advantage is cross-border remittance. Transfers to Malaysia via Maybank2u are near-instant and among the most cost-effective available, with competitive SGD/MYR rates. The bank’s ASEAN presence extends to Indonesia, Thailand, the Philippines, Vietnam and Cambodia.
For Singapore-Malaysia frequent commuters, Maybank offers a unique Petrol Card with fuel discounts at Maybank-partnered stations in both countries — a niche but highly valued benefit for daily cross-border drivers.
- Best SGD-MYR transfer rates
- Wide ASEAN branch network
- Competitive fixed deposits
- Malaysia petrol card benefit
- Lower savings interest rates
- App less feature-rich vs Big Three
- More limited investment products
Verdict: Maybank is the obvious choice for Singaporeans with regular financial needs in Malaysia or ASEAN, offering the lowest-cost and fastest cross-border transfers.
Bank of China (BOC) is the most prominent Chinese bank in Singapore, with a history dating back to 1936. It serves as a gateway for Singaporeans and PRs with financial, family or business ties to China. BOC’s RMB deposit accounts, fixed deposits and remittance services to China are unmatched in cost efficiency and speed.
The BOC SmartSaver Account rewards salary crediting, card spend and wealth products with bonus interest, while the bank’s UnionPay credit cards offer strong benefits for spending in China, including cashback at major Chinese merchants and e-commerce platforms.
BOC is actively expanding its digital capabilities, with the BOC Mobile app now supporting account opening, trade finance and cross-border payment tracking. The bank is a key participant in Singapore’s PayNow and FAST networks.
- Best RMB deposit & transfer rates
- UnionPay card benefits in China
- Long Singapore track record
- Strong China trade finance
- Limited niche for non-China customers
- Digital app still catching up
- Smaller product range vs local banks
Verdict: Bank of China Singapore is indispensable for anyone regularly transacting in RMB or with financial connections to China, offering unbeatable rates and specialised services.
How to Choose the Right Bank for You
The best bank in Singapore depends entirely on your circumstances. Here is a quick guide to match your needs:
- Maximise savings interest: OCBC 360 (up to 7.65%) or UOB One (up to 7.8%)
- Best digital banking: DBS digibank leads the pack
- Expats and global families: Standard Chartered or HSBC
- ASEAN and Malaysia connections: Maybank or UOB
- China and RMB needs: Bank of China Singapore
- Best credit card rewards: Citibank Rewards or OCBC 365 Card