It’s a great bank to start out with if you’re new to the country and need support getting your finances sorted. It generates interest at a more favourable rate than checking/current accounts while giving you the flexibility for you to withdraw funds. As compared to the SCB Jumpstart Savings Account, the CIMB Fastsaver can be opened at least 2 years earlier – at 16 years old (read: more time to collect more interest). As a student, you’ve got the stress of school and exams to take care of as well as your daily expenses. It’s the only savings account which checks all of the criteria I laid out for the ideal savings account for students. Just because you failed to meet the minimum average daily balance. Prior results do not guarantee a similar outcome. There are also regular promotions and cash credit offers for new customers. A good bet if you’re new to Singapore is the POSB Current Account¹¹, which has a low monthly fee, no minimum balance requirements and a linked POSB Savings account. And with so many options on offer, figuring out which account best suits your needs can be tricky. I've been posting a lot of long posts lately, so let's try keep this one a little more brief. You should now have a good idea of the process, the documents you’ll need and which Singaporean banks to check out first. If you only need something basic and simple, go for the OCBC Current Account⁷ instead. It could be up to 8x cheaper than using your bank. The first is the 360 Account⁶, an interest-earning account (the rate varying depending how much you deposit a month) and a small fee waived for the first year. Simply get your documents together and follow the bank’s sign-up procedures. After choosing a bank and preparing your due diligence documents, you have to book a trip to Singapore to open the account in person at the bank. Unfortunately, if you’re a visitor without a relevant pass, you could find it difficult to get accepted by a Singaporean bank. To open a bank account, you’ll either need to 1) Show proof of your residence in Singapore or 2) Justify your need for a local bank account. Check our comprehensive guide on how to go about it. It’s also important to remember that you aren’t just limited to banks. For a relatively small country, it has a huge number of banks to choose from, over 100⁴ in fact. This Page is a mere attempt to analyze and understand the procedure to open a corporate bank account in Singapore, documents required to do so and the range of banking services available thereafter. If you’re undeterred, one of the best UOB accounts is the One Account⁹. Declaration of Purpose of Account, Expected Account Activities & Source of Wealth Below 18 Form signed by Guardian in person (signature must be as per Bank's record) else original document to proof relationship is required. Parents or kids guardians are also allowed to open accounts on behalf of those aged below 18. Unlike in some other countries, it’s not usually necessary to visit a branch in-person to open a bank account in Singapore. If you’re wondering how they calculate this, it’s the total sum of your account’s daily balance divided by the total number of days in a month. For students, there’s the Campus Account¹⁰, offering attractive interest rates, a free UOB Visa Campus Card and UniAlerts to keep you up-to-date on your banking activity. “How much to open a POSB savings account” is a popular question you might have. I’ll be looking at best student savings accounts preferably with: You can also use our Savings Account Calculator to figure out which is the best savings account for yourself! As long as you have one of these and a valid form of ID, you should find it easy to apply for a bank account in Singapore. There are fees to pay and the exchange rates are usually terrible. Whether you’re a tertiary student, an undergraduate or a fresh grad looking for your first job. Recognised proof of residence in Singapore includes a valid employment pass, dependant pass, or student visa. However, you may also open a savings account at the age of 15 years. Simply head to the bank’s website to apply, and you can complete the application online and provide scanned copies of the required documents. Receive your salary, pension payments, invoice payments and much more, straight into your account. And you save $200 of your $500 allowance every month, which only comes in at the end of the month. As a foreigner, you can apply for bank account opening in Singapore even if you don’t live there. How to open a bank account in Singapore Singapore is one of the best countries in the world to live in. Opening a corporate bank account in Singapore is a relatively simple and straight … As long as you have one of these and a valid form of ID, you should find it easy to apply for a bank account in Singapore. At the beginning of the month, you decided to withdraw $100 for a friend’s 21st birthday gift. Most banks including DBS, OCBC, UOB, and Maybank typically require a face-to-face meeting with at least 2 directors. Or, as another example, we can take CIMB bank, which used to open accounts for non-residents, but no longer accepts business accounts with non-resident account signatories or beneficial owners. If you’re looking for a savings account where you’ll never touch the money, the OCBC Monthly Savings Account is a better idea because the additional 0.2% interest per annum is credited only if you deposit a minimum of $50 and make no withdrawals for the month. Hey so I am a student and I made an Termin in Deutsche Bank on Monday 18.12.2017 to open a bank account. For future convenience, open an account at a bank that is open on Sundays or have extended hours on Saturdays. How to open a bank account in Singapore: A guide for foreigners. The stable economy and the extraordinary financial ecosystem in Singapore is shaped by more than 200 domestic and international banks. If you can meet the various criteria, it’ll push up your savings account interest: Still have more questions after reading the article? First things first: what are the different accounts available? 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