[Finance] 2026 Guide: Comparing Singapore's Big 3 Banks

Quick Summary

Choosing a Bank: Select between DBS, OCBC, or UOB based on your salary credit and credit card spending patterns.

What You’ll Need: If you have a FIN card (EP/SP, etc.) and Singpass, you can open an account instantly via mobile without visiting a branch.

Tax Benefits: Foreigners can enjoy tax relief of up to S$35,700 (approx. ₩40.63M) per year through an SRS account.

After arriving and settling into Singapore, one of the first questions you'll face is, "Which bank should I choose?" While there aren't as many options as in Korea, the benefits of the three major local banks vary significantly, which can be confusing at first. With interest rates fluctuating since late 2025, many are curious about which bank offers the best deal in 2026. Here is a comprehensive guide to the "Big Three" banks and tips for opening an account.

Which of Singapore's Big 3 Banks is Right for You?

DBS, OCBC, and UOB—the pillars of Singapore’s finance—each have distinct strengths. Rather than simply choosing the one closest to your home, it is important to check your spending patterns and saving habits first.

Category	DBS Multiplier	OCBC 360	UOB One
Best For	Multi-product users	Salaried consistent savers	Simple requirement seekers
Max Interest (p.a.)	Up to 4.10%	Up to 5.45%	Up to 1.90%
Effective Rate	1.8% – 2.4%	2.45% – 4.45%	1.0% – 1.9%
ATM Network	Largest (incl. POSB)	Extensive (shared with UOB)	Extensive (shared with OCBC)

DBS Multiplier: This account is easy to manage because your interest rate increases if you add just one more category—such as insurance, investment, or home loan installments—on top of your salary credit. A major advantage is the convenience of cash withdrawals, as DBS has the largest ATM network in Singapore.
OCBC 360: You can earn a significantly high interest rate if you increase your monthly balance by at least S$500 (approx. ₩570k) and meet the salary credit and S$500 card spending requirements. This is perfect for those who prioritize saving.
UOB One: Although interest rates were slightly adjusted in late 2025, it still offers the simplest conditions. It is preferred by those who dislike complex calculations, as you can earn bonus interest just through salary credit and card spending.

Essential Requirements Before Opening an Account

As of 2026, opening a bank account in Singapore is much faster and easier than before. However, you should prepare your documents in advance to avoid unnecessary trips.

Singpass and MyInfo: If your Singpass (Singapore's digital ID) is active, you can open an account instantly through the bank's app via 'MyInfo' without submitting physical documents. Don't forget to register for Singpass as soon as you receive your FIN card!
Proof of Residence: You will need a utility bill, phone bill, or an official Tenancy Agreement issued within the last three months. Digital bills in PDF format are usually accepted.
Fall-below Fee: Most accounts charge a monthly fee of S$2 to S$5 (approx. ₩2,300 – ₩5,700) if the average daily balance falls below S$3,000 (approx. ₩3.41M). It is often better to focus on one primary account rather than opening several.
Deposit Insurance: You can bank with peace of mind as deposits are protected by the Singapore Deposit Insurance Corporation (SDIC) for up to S$100,000 (approx. ₩113.8M) per bank per person.

Smart Tax Planning and Remittance for Expats

Once you start receiving a salary in Singapore, you need a strategy that considers tax benefits rather than just saving. For high earners, an SRS account is a must.

SRS (Supplementary Retirement Scheme): Foreign residents can contribute up to S$35,700 (approx. ₩40.63M) annually to an SRS account. This entire amount is tax-deductible, providing significant tax savings during the next year's tax filing. However, approach this with a long-term view, as there are penalties for early withdrawal.
Remittance to Korea: While local banks have improved their overseas transfer services, fintech apps like Wise or Revolut often offer better exchange rates. It is recommended to use fintech apps for small transfers and consult with Singapore branches of Korean banks for VIP exchange rates on large sums (e.g., housing funds).
Tax Residency: If you stay or work in Singapore for 183 days or more in a year, you are classified as a tax resident and will be subject to resident tax rates. It is important to calculate your stay duration carefully to plan your taxes.

Pro Tips for Residents

Finally, here are a few practical tips to make your financial life in Singapore even smarter.

Utilize Digital Banks: 'Trust Bank' has gained popularity recently for having no annual fees and offering strong discounts at FairPrice supermarkets. Using Trust Bank for daily expenses alongside a primary account at one of the Big Three can be a great help to your household budget.
Register for PayNow: In Singapore, PayNow—which allows you to transfer money using a phone number instead of an account number—is part of daily life. Link your mobile number to PayNow as soon as you open your account; it makes splitting bills at restaurants incredibly easy.
Set Up Notifications: While Singapore is quick to handle credit card fraud, the safest way is to monitor it yourself. Get into the habit of setting push notifications for all transactions over S$0.01 in your bank app.