Top 10 Banks in Singapore in 2025

Whether you are starting a business in Singapore, getting your first job, or looking to secure your savings, opening a bank account can be a crucial step. The banking sector in Singapore is robust, featuring a blend of local and international banks that have established a firm presence in the industry. Different banks lead the market in various categories, offering a wide range of services tailored to meet diverse customer needs.

However, choosing the right bank can be a daunting task. To simplify this process, we have compiled a list of the top 10 banks in Singapore, highlighting their standout features and services.

Overview of Banking in Singapore

Singapore's banking sector is a dynamic landscape filled with national and international financial institutions. The banking system plays a pivotal role in the nation's economic development, providing services that range from personal accounts and loans to corporate financing.

The local banking scene is complemented by Islamic banks, which operate under Shariah law and do not engage in interest-based transactions.

To open a bank account in Singapore, you typically need the following documents:

• Identification (NRIC for Singaporeans or a valid passport for foreigners)

• Proof of Address (utility bill, tenancy agreement, etc.)

• Employment Letter or Income Proof (for salaried individuals)

While some banks offer free account opening, others may charge a monthly or annual maintenance fee that varies across banks. The waiting period for receiving your debit card and checkbook can also range from a few days to weeks, and while using your bank’s ATM is generally free, transactions at other banks’ ATMs may incur charges.

Overall, the local banking system is quite accessible and affordable. However, if you require a USD account or need to manage international transactions, considering services like Elevate Pay can be beneficial.

Before diving deeper, let’s explore the top 10 banks in Singapore, showcasing each bank's key features and services.

Top 10 Banks in Singapore

Here is the list of top 10 financial institutions in Singapore:

1. DBS Bank 

DBS Bank, founded in 1968, has become a colossal force in the banking industry, recognized as one of the largest financial institutions in Asia. Headquartered at the Marina Bay Financial Centre, DBS has received numerous accolades, including Global Finance's World Best Bank for five consecutive years from 2018 to 2022. DBS offers a comprehensive suite of personal and business accounts, including multi-currency options, credit and debit cards, and various types of loans. Its digital banking platform is extensive, featuring DBS iBanking, DBS IDEAL, and the popular PayLah! app, ensuring that customers have seamless access to their accounts anytime, anywhere. With a solid credit rating (S&P: AA-, Moody's: Aa1, Fitch: AA-), DBS is well-regarded for its customer support, available through branches, phone, website chat, email, and in-app support, allowing for 24/7 assistance.

2. OCBC Bank 

OCBC Bank (The Oversea-Chinese Banking Corporation Limited), founded in 1932, is another major player in Singapore’s banking sector. Headquartered at OCBC Centre, it stands out as the first bank in Singapore to allow foreigners to open a bank account remotely via its digital banking app. OCBC offers a range of services, including personal savings accounts earning up to 4.65% interest on deposits and an all-in-one business account for SMEs featuring free unlimited transactions. The bank is also known for its multi-currency accounts and cash rebate programs, making it a popular choice among both personal and business banking customers. With a credit rating of S&P: AA-, Moody's: Aa1, and Fitch: AA-, OCBC provides robust customer support through various channels, including a 24-hour phone service.

3. United Overseas Bank (UOB) 

UOB (United Overseas Bank), established in 1935, is the third-largest bank in Singapore, offering an array of banking services. Its operational headquarters is located at 80 Raffles Place, providing a central hub for its numerous banking products. UOB is well-known for its personal and business banking solutions, including checking and savings accounts, loans, and investment options. The bank provides strong support for SMEs, recognizing their essential role in the economy. Furthermore, UOB offers foreign currency fixed deposit accounts and FDI advisory services, catering to international clients. With a credit rating of S&P: AA-, Moody's: Aa1, and Fitch: AA-, UOB ensures reliable customer service via branches, phone, online contact forms, and in-app support.

4. Standard Chartered 

Standard Chartered Bank (Singapore), established in 1853, with its operations in Singapore dating back to 1858, is the largest foreign bank in Singapore, providing a vast array of banking services, including current and savings accounts, loans, and investments. Standard Chartered is recognized for its premium banking services, with a strong emphasis on digital banking solutions. The bank offers various wealth management products and services, ensuring clients receive tailored financial advice. While it has a credit rating of S&P: A+, Moody's: Aa3, and Fitch: A+, Standard Chartered is noted for its high-quality digital banking experience, making it a preferred choice for tech-savvy customers.

5. Citibank 

Citibank Singapore, founded in Singapore in 1902, operates as a division of the American Citibank N.A. It is recognized for its innovative digital banking offerings, allowing customers to manage their accounts seamlessly through online and mobile platforms. Citibank offers a comprehensive range of personal banking services, including savings accounts, credit cards, and commercial banking solutions. Its wealth management division is also robust, providing clients with opportunities for online trading and investments. With a credit rating of S&P: A+, Moody's: Aa3, and Fitch: A+, Citibank is committed to delivering excellent customer service across various channels, including phone, live chat, and online inquiry forms.

6. HSBC Singapore 

HSBC Bank (Singapore) Ltd, a wholly-owned subsidiary of HSBC Holdings plc, has a long-standing presence in the region, with its operations commencing in 1865. The bank offers consumer, commercial, private, and investment banking services, along with an array of insurance products. HSBC is well-regarded for its wealth management and investment services, providing clients with tailored financial solutions. With its operational headquarters at HSBC Centre, the bank ensures that customers have access to services ranging from personal banking to corporate finance. HSBC holds a credit rating of S&P: A+, Moody's: Aa3, and Fitch: A+, ensuring a reliable banking experience supported by various customer service channels.

7. Maybank Singapore 

Maybank Singapore Limited, with its first branch opening in 1960, has been a key player in the banking sector. Headquartered in Maybank Tower, the bank is recognized for its extensive network, boasting 18 branches and 11 ATMs across Singapore. Maybank offers a comprehensive suite of financial products, including retail, commercial, and SME banking solutions. Its private banking division is also notable, providing personalized wealth management services tailored to high-net-worth individuals. While specific credit ratings are not disclosed, Maybank is known for its commitment to customer service and a user-friendly banking experience.

8. CIMB Singapore 

CIMB Singapore, a subsidiary of CIMB Group Holdings Berhad, is recognized as one of Southeast Asia’s largest financial services groups. Though specific details about CIMB Singapore's operations and services are less prominent, it is generally known for offering comprehensive banking solutions across the region. CIMB provides various banking services, including personal and corporate banking, wealth management, and investment services. The bank's commitment to customer satisfaction and digital banking innovations makes it a competitive player in the Singapore banking landscape.

9. Bank of China Singapore 

Bank of China Singapore, a subsidiary of the Bank of China Group, one of the largest commercial banks in China, offers a wide array of retail and corporate banking services, including current accounts, fixed deposits, personal loans, and credit cards. The bank is well-regarded for its international remittance services and investment products, catering to both local and foreign clients. Bank of China ensures customer satisfaction through various support channels, making banking accessible for all.

10. RHB Bank Singapore 

RHB Bank Singapore, a subsidiary of RHB Banking Group, one of the largest financial services groups in Malaysia, offers a comprehensive range of banking services, including retail, commercial, and SME banking, as well as wealth management. RHB is recognized for its commitment to customer service and competitive banking solutions, ensuring that clients have access to a wide range of financial products tailored to their needs.

Why Open Your USD Account With Elevate Pay?

Freelancers and remote workers earning in USD often face challenges in managing their international income. Elevate Pay is designed to address these hurdles, allowing users to streamline their financial transactions. With Elevate Pay, users can open a free USD account through a simple three-step sign-up process. This account, provided by Bangor Savings Bank, enables you to receive and store USD funds easily.

Elevate Pay focuses on serving emerging markets, providing tailored customer service that aligns with your specific needs. By downloading the Elevate Pay app on your iOS or Android device, you can start using the service immediately, making it an excellent solution for managing your USD income.

Conclusion

This guide serves as your comprehensive resource when considering options to open a bank account in Singapore. Each of the top banks highlighted offers unique services and features, ensuring that you can find the right fit for your personal or business banking needs.

Singapore's banking sector is home to several reputable institutions, making the decision ultimately depend on your specific requirements. By evaluating these 10 banks,