12 best savings accounts in Singapore with no minimum balance (2024)

Banks like to put nasty conditions like high minimum balances and fall-below fees on their savings accounts to force people to keep more money with them, and at the same time make a bit of cash out of errant customers who don't follow their rules.

But paying fall-below fees on a savings account feels as silly as paying annual fees for a credit card (which, by the way, you should never do. Get your annual fees waived!).

If there are credit cards with no annual fees, you might be wondering if there are savings accounts with no fall-below fees. It only makes sense, right?

Here's our list of savings accounts in Singapore with no minimum balance-and thus maximum liquidity and no fall-below fees.

1. Best savings accounts in Singapore with no minimum balance

Most savings accounts with attractive interest rates will come with a $1,000 to $3,000 minimum monthly balance. If you spent too much and end up with $999 in your account, you do get charged a $2 to $5 fall below fee.

So, if you won't have $1,000+ lying around daily, opt for a savings account with no minimum balance. This way, it's simpler for you and you can spend on what you want worry-free.

Here are the savings accounts with no minimum balance in Singapore. Take note that we didn't include multi-currency accounts in the list.

Looking for your super old school POSB passbook account? It's not in this list because it actually comes with a minimum balance. If you're not in the habit of checking your bank statement and transactions a couple of times per month, now is the time to check if you've been continually charged a $2 fall below fee!

2. Citibank savings accounts with no minimum balance

Of all the international and local banks in Singapore, Citibank has the most savings account options with no minimum balance.

Here are the two Citibank savings accounts you can choose from:

• Citibank Basic Banking Account (below $2,000 monthly salary)
• Citi MaxiGain Savings Account

What's the difference between these savings accounts?

For one, the Citibank Basic Banking Account suits lower income individuals earning a monthly salary below $2,000. With this basic savings account, you get all the usual ATM card, monthly statements, and other banking services.

You don't need to meet any minimum balance, and likewise don't need to pay any fall below fee. You do, however, need to pay $2 every month as an account maintenance fee. After all, you do need to pay the people who make your iBanking, ATM card services run smoothly.

The Citi MaxiGain Savings Account is an upgrade from the previous basic savings account. On top of all the banking services, you'll get to earn interest on the money you saved in the MaxiGain savings account as well. This Citi MaxiGain savings account is a pretty cool account that tries to encourage you to increase your savings monthly.

• Base interest rate: 0.01 per cent (no minimum balance)
• Bonus interest rate: Starting from 0.25 per cent p.a. to a maximum of 3.00 per cent p.a. (increases monthly if your savings account balance increases every month, over 12 months)

3. Standard Chartered savings accounts with no minimum balance

Standard Chartered Bank offers three savings accounts with no minimum balance. They are namely:

• Standard Chartered JumpStart Account (up to age 26)
• Standard Chartered SuperSalary Account
• Standard Chartered Basic Bank Account

The Standard Chartered JumpStart Account is open to young adults aged 18 to 26 only. If age is on your side, this account is a pretty good one as it gives you two per cent p.a. on your account balance (up to $50,000) without needing any effort on your part. Invest with Standard Chartered, and you'll get an additional 0.50 per cent p.a. interest.

The account also comes with a debit card that gives you 1 per cent cashback on all eligible spending.

Even with a salary that is far from super, it's still easy to qualify for the Standard Chartered SuperSalary Account, since there is no minimum initial deposit and the minimum balance is a grand total of $0.

The account pays out a not-so-super base interest rate of 0.01 per cent. New customers may also be able to earn bonus interest rate during the first few months after opening the account. The last promotion ran from May to June 2024 and earned bonus interest of 1.99 per cent p.a. on your first $100,000 for the first six months.

As there's no minimum balance and fall below fee, you can consider using the account for six months to enjoy the bonus interest, and then traitorously switch to a different account after that. This is only worth it if you have quite a bit of cash on hand, though.

The account also entitles you to a Standard Chartered CashBack debit card, which lets you earn one per cent on eligible spending.

Finally, there's the old school Standard Chartered Basic Bank Account which gives you a passbook, initial account opening $20 deposit, no minimum balance, and no fall below fee.

It does however come with a $2 monthly service charge regardless of your account balance.

4. OCBC savings accounts with no minimum balance

OCBC only has one account with no minimum balance, and that is the OCBC FRANK Account which targets the young and presumably broke, which is probably why they've decided not to charge any fall-below fees… but only if you are below 26 years old.

Otherwise, for committing the crime of being old, you get charged $2 if your balance falls below $1,000.

On the bright side, the account's interest rates are not that horrid compared to other savings accounts of this type. You get 0.1 per cent a year on your first $25,000 and $0.2 per cent on your next $25,000. Any amounts above $50,000 will earn 0.05 per cent.

Another perk is that the OCBC FRANK debit card that comes with unlimited one per cent cashback on Lazada, Taobao, Shein, 7-Eleven, Cheers, Grab, SimplyGo, and more.

On a more superficial level, it also comes with over 60 card designs you can choose from. Don't laugh, some of these are limited-edition original artwork! For Singapore Comic Con 2023, they collaborated with designers Mighty Jaxx and Soma Paws. Take a look:

[embed]https://www.instagram.com/p/Cz_DUxkSe0S/?utm_source=ig_web_copy_link[/embed]

5. DBS savings accounts with no minimum balance

Most of local bank POSB and DBS' basic savings accounts (those old passbook accounts?) come with minimum balances of $500, $1,000, or higher.

If you've drained your childhood account and left it aside to die a slow death, beware! You may have been charged $2 fall below fees monthly.

The only DBS account without fall-below fees is their most basic account, DBS My Account. This account is free and easy, with no age restrictions, account fees, minimum balance, initial deposits, or service charge. It's also a multi-currency account that gives you access to 13 currencies and-you guessed it!-no FX conversion fees. Noice.

The only downside is that DBS My Account doesn't give you any interest. If you're after interest, check out the DBS Multiplier Account instead for up to 4.1 per cent p.a. Technically, this account comes with a minimum balance of $3,000, but fall-below fees are waived for those under 29 years old.

For young adults just getting started, the DBS Savings Account for Fresh Grads and Young Adults programme comes with 1.8 per cent interest. Essentially, it's a DBS Multiplier account with young adult perks. Like the DBS Multiplier, fall-below fees are waived till age 29.

Credit salary to this account (min. $2,500)

+

Spend $200 a month on DBS/POSB credit card

=

1.8 per cent interest

Do note that after you hit 29 years old, you'll be smacked with the full requirements of the DBS Multiplier account.

6. Maybank savings accounts with no minimum balance

There's only one savings account with no minimum balance or fall-below fee at Maybank (well, at least until you turn 25 years old). It's the Maybank SaveUp Account.

The SaveUp account itself doesn't offer you any bonus interest. Instead, you'll need to join the MayBank SaveUp programme which gives you a base 0.25 per cent interest.

From there, any bonus you earn depends on how many products you take up with MayBank. These can be GIRO payments, salary crediting, credit card spend, investments, insurance, and loans. Fulfilling one of these earns you an extra 0.30 per cent p.a. on your first $50,000. Taking up three earns you a bonus 2.75 per cent p.a. on your first $50,000. The maximum effective interest rate you can earn is 3.08 per cent p.a..

However, once you hit your 25th birthday, your Maybank SaveUp Account will be subject to a minimum average daily balance of $1,000, and $2 fall-below fee.

7. RHB savings accounts with no minimum balance

Malaysian banks CIMB and RHB used to be known for their savings accounts with straightforward and high interest rates. However, most of these attractive savings accounts come with minimum balance and fall-below fees.

The only savings account with no minimum balance is the RHB High Yield Savings Plus Account which gives you a base 1.5 per cent interest (on your first $50,000):

There's no minimum initial deposit and no minimum balance. To open the account, you just need to be a Singaporean, PR, foreigner with employment pass or work permit, and need to be at least 16 years old. That's all. Easy!

8. Trust bank aavings account with no minimum balance

The Trust Savings Account comes with no lock-in period, monthly fee, minimum balance, or account closure fee. So when it comes to a low commitment account, this one might just take the cake.

You start by earning a base interest of 1.25 per cent p.a. on your first $500,000. From there, you can earn bonus interest too:

Maintain an average daily balance of $100,000: +0.5 per cent p.a.

Credit your monthly salary (minimum $1,500) via GIRO: +0.75 per cent p.a.

Make at least five monthly transactions (minimum $30 for each) on your Trust Card: +0.5 per cent p.a. / 1.0 per cent p.a. for NTUC Union Members

If you max out the bonus interest (which you'll need to be an NTUC Union Member for), you can earn up to 3.50 per cent on your Trust Savings Account. Not a Union member? You can still earn two per cent p.a. just for dumping $100,000 in there and crediting your salary.

ALSO READ: 10 best savings accounts in Singapore with the highest interest rates (September 2024)

This article was first published in MoneySmart.