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Look for one that can provide the products and services you need to help you to meet your financial goals.
Do they offer the type of account, or accounts, you need? For example, you might already have a regular savings account to keep your savings separate. Or maybe you're looking for a multicurrency account to manage your day-to-day income and spending, and to make easy global money transfers?
Spend and save in 11 currencies with just one account and get rewarded with cashback and bonus interest. T&Cs apply.(PDF)
Do they provide the account features you are looking for? Do you simply want a free basic bank account to deposit your income, make payments, and withdraw cash from ATMs? Or perhaps a Premier Account that may charge a monthly fee, but includes added benefits such as:
If you have savings, an ordinary savings account that provides instant access to your money might be ideal. But you could also look for one that pays higher interest in return for leaving your money untouched for a longer period.
What is their digital banking experience like? You should be able to avoid the queues and bank digitally without needing to visit a branch, or even make a phone call. Many banks now have mobile apps that let you:
Some banks offer online and mobile banking services in addition to a network of branches. Others are 100% digital, online only, and have no physical branches at all. Which one is right for you?
Do they offer the specific services you know you will need? This could be providing cheques, sending money overseas or setting up automated payments.
The rate of interest offered on your savings, or charged on your overdraft, could be key to your choice of account and banking provider. Keep in mind that what you need can change over time. As a student, you might prefer a savings account that offers instant access. Once you're working, you may be happy to pay a monthly or annual fee in return for additional services that would benefit you.
Increasingly, people are choosing to trust their finances with providers who share their personal values. What kind of ethical credentials do you want your bank to have? Are they committed to reducing their carbon footprint? Or investing in specific environmental causes, like renewable energy companies or community projects?
You may wish to take time to research your banking partner's impact on the planet and choose one that funds initiatives with a positive impact on society.
There are plenty of banks to choose from, with strong competition between providers. It’s perfectly normal to use multiple providers for banking, savings, credit cards and loans.
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Deposit Insurance Scheme
Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$100,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.
