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4 Banking Accounts In Singapore With No Monthly Fall-Below Fees You Should Know About
A bank account is important for helping us manage our savings and finances. We can pay our bills by using it, transfer funds to other people, keep cash for contingencies that we can conveniently access from an ATM network, and much more.
However, many accounts in Singapore possess a minimum average balance (usually from $500 up to $3,000) that has to be maintained within the account each month. If the balance isn't met, a regular monthly fall-below fee which is between $2 and $5 is imposed.
For people who don’t want to be penalised because they don’t focus on their monthly balances or are tight on cashflow, here are 4 bank accounts that do not come with any fall-below fees:
| Bank | Account | Main Features In a Glance |
| Standard Chartered | SuperSalary | – Receive 0.2% along with regular time deposit rate if your account is funded by payroll
– Enjoy 1% cashback on eligible MasterCard devote to the disposable Cashback Debit Card |
| OCBC (Along with NTUC) | Plus! Checking account | – Comes with Plus! Visa Credit / Debit Card |
| ICBC Singapore | Current Account | – Free cash withdrawal whatsoever ICBC ATMs within Mainland China with ICBC UnionPay Debit Card
– All current accounts are multicurrency accounts. Deposit and save multiple currencies for example SGD, RMB, USD and EUR in one account |
| CIMB Bank | CIMB FastSaver Account | – Enjoy an interest rate of up to 0.75% per annum on deposits |
We examine these 4 accounts without any monthly fall-below paid around the following factors: 1) Interest Rates; 2) ATM/Debit Cards; 3) ATM Networks; 4) Cheque Book; 5) Other Ancillary Charges.
#1 Interest Rates
| Account | Interest Rates |
| SuperSalary | – Base rate of interest of 0.03% per annum
(New-to-product customers enjoy an additional rate of 0.27% per annum around the average daily balance for the first 8 calendar months, put through a maximum of $1,000,000. Promotion ends 31 December 2021) |
| Plus! Checking account | – 0.05% per year on the first $50,000
– 0.05% per year around the next $450,000 – 0.05% per annum above $500,000 |
| Current Account | – Base interest rate of 0.10% per year on SGD deposits
– Base interest rate of 0.50% per year on RMB deposits – Base rate of interest of 0.08% per year on USD deposits |
| CIMB FastSaver Account | – 0.30% per annum around the first $50,000
– 0.50% per year on the next $25,000 – 0.75% per year on the next $25,000 – 0.30% per annum above $100,000 (Interest will only be paid with deposits of more than $1,000. An initial deposit of $1,000 is needed upon account opening.) |
As you can see in the comparison, CIMB FastSaver Account offers the highest base rate of interest of 0.30% per year on deposits. However, do observe that you have to place a preliminary deposit of S$1,000, and keep the total amount or even more within the account to be able to generate the interest.
While you can also enjoy as much as 0.30% interest on Standard Chartered’s SuperSalary account, it's a promotional rate for new-to-product customers and only can last for 8 months.
For people who transact in foreign currency, such as RMB and USD for instance, you can look at ICBC's Multicurrency Current Account, as it is the only real multicurrency account without any fall below fee. Moreover, additionally, it offers interest on deposits in foreign currency.
#2 ATM / Debit Cards
| Account | Card Fees & Features |
| SuperSalary | – Comes with free Cashback Debit Card that earns 1% cashback on eligible MasterCard spend using the card |
| Plus! Checking account | Credit Card:
– Annual fee of $107 waived around the first year – Fee waiver from 2nd year onwards with $2,500 charged in Visa transactions every year. Debit Card: – Annual fee of $24 waived on the first year – Fee waiver from 2nd year onwards with $1,200 charged in Visa transactions every year. |
| Current Account | – Comes with free ICBC Visa (USD) and UnionPay (RMB) Dual Currency Debit Cards. |
| CIMB FastSaver Account | – ATM card at $10 per card upon request |
Unlike other bank accounts, the CIMB FastSaver Account doesn't have a free ATM card. However the insufficient ATM card should not be a major problem for those seeking a banking account solely with regards to putting aside their savings. In any case, you are able to apply for atm cards at a control of $10.
On another hand, the SuperSalary Account has a free MasterCard debit card that awards a 1% cashback on eligible MasterCard transactions. As everyone knows that lots of debit cards on the market include limited perks, therefore the 1% cashback around the debit card is an attractive feature, especially to people preferring not to transact using credit cards.
If you transact often in USD (or RMB in Mainland China), ICBC's debit cards include dual currency function (SGD and USD for Visa, and SGD and RMB for UnionPay), where transactions will be deducted from the corresponding forex deposit within the account.
#3 ATM Networks
| Account | ATM Networks |
| SuperSalary | – Standard Chartered ATMs
– ATM5 ATM network – soCash via SC Banking App |
| Plus! Savings Account | – OCBC and UOB ATMs |
| Current Account | – ICBC ATMs
– soCash app associated with ICBC Banking App |
| CIMB FastSaver Account | – CIMB ATMs |
If ease of accessing your accounts or cash via the ATM is essential for you, then OCBC’s Plus! Savings Account is the clear winner of the category. Since the account taps on the OCBC banking network, cash withdrawal should not be any problem as you can access your savings through OCBC and UOB bank's 1,200 ATM network round the island.
On another hand, customers of normal Chartered and ICBC Singapore Banks may use soCash to withdraw cash at convenience shops via the SC Banking App (for Standard Chartered) and soCash App (ICBC Singapore) respectively.
#4 Cheque Book
While cheques aren't as popular because it used to be, a lot of people still would rather have cheques plus some businesses and organisations still (stubbornly) insist upon crossed cheques as payments.
| Account | Card Fees & Features |
| SuperSalary | – Cheque book at $10 each |
| Plus! Savings Account | – Cheque book at $10 each |
| Current Account | – SGD cheque book at $15 each |
| CIMB FastSaver Account | – No cheque book provided |
#5 Other Ancillary Charges
| Account | Charges |
| SuperSalary Account | – Non-inward credit fee of $5 is going to be imposed after the fourth month of account opening when there is less than $1,500 credit received into the account each month |
| Plus! Savings Account | – Counter transactions will be subjected to a fee |
| Current Account | – Maintain a minumum of one transaction each year, otherwise a dormant account fee of USD$10 will be charged each month of account inactivity after a year of inactivity |
| CIMB FastSaver Account | – Counter transactions at $5 per transaction |
While these banking accounts do not charge any monthly fall-below fees, there are specific problems that come with such accounts, which is something must take note of prior to signing up on their behalf.
For instance, the SuperSalary account is designed mainly for salary crediting. Hence, you have to ensure that there will be a regular monthly inward credit of at least S$1,500 every month, through either salary crediting or GIRO, to avoid make payment on $5 fee.
In addition, transactions over-the-counter is going to be charged at a fee for Plus! Savings and CIMB FastSaver accounts, while ICBC's Multicurrency Current Account charges a regular monthly dormant account of USD$10 every month for after a year of inactivity (like a deposit or withdrawal) around the account.
Best Bank Account In Singapore With No Fall-Below Fee
If you want a banking account that gives you cashback on your debit card spending, the SuperSalary account should meet your requirements, provided that you apply the bank account to credit your salary.
For someone who would rather have the ease of having a wide ATM network to withdraw cash, the Plus! Savings Account should suit your needs.
If you travel frequently, especially to Mainland China, the ICBC Multicurrency Current Account offers preferential rates on RMB transactions and the capability to convert and hold other foreign currency.
And if you are searching for a no-frills account to stash your savings without locking in a fixed period, CIMB's FastSaver Account is most likely your best bet, as it provides a relatively higher rate of interest compared to the other available choices.
