By The Ledger desk · Last verified 28 September 2026
Most savings accounts in Singapore charge no monthly fee, but they do charge a fall-below fee, typically S$2 or S$5 a month, if your average daily balance drops below a minimum, often S$1,000 or S$3,000. Many banks also charge an early closure fee, typically about S$30, if you close the account within six months of opening it. Some accounts waive the fall-below fee for younger customers or for a first period. Basic bank accounts have no minimum balance but a small flat monthly charge.
Quick facts
- Fall-below fees: usually S$2 or S$5 a month.
- Minimum balances: often S$1,000 or S$3,000, averaged daily over the month.
- Early closure: typically about S$30 within six months.
- Some accounts waive fees for under-29s or for the first months.
- Basic accounts: no minimum balance, a small monthly charge.
- Fees apply whether you’re a citizen, a PR or a foreigner.
What do the big accounts charge?
| Account | Fall-below fee | Waivers noted |
|---|---|---|
| DBS Multiplier | S$5 a month | Waived for under-29s and new DBS/POSB customers |
| OCBC 360 | S$2 a month | Waived for the first year |
| UOB One | S$5 a month | Waived for the first six months if opened online |
| Standard Chartered Unlimited$aver | S$5 a month if the average daily balance is below S$3,000 | Waived for Priority Banking |
Terms change; check your bank’s current fee schedule for the exact minimum balance and conditions.
How is the balance measured?
Usually as the average daily balance over the month, not the balance on one day. A short dip below the minimum doesn’t always trigger the fee, but a balance that sits low for most of the month will.
What’s a basic bank account?
An account with no minimum balance, for people who can’t keep one. Standard Chartered’s, for example, charges S$2 a month regardless of balance, waived for recipients of certain government assistance schemes.
The WahLiao Verdict
Five dollars a month is S$60 a year, which on a S$2,000 balance is worse than earning no interest at all. Close the accounts you don’t use, keep one above its minimum, and wait six months before closing a new one.
Questions people ask
Can a fall-below fee take my balance to zero?
Fees keep being charged on an account that’s left below the minimum, which can slowly run it down. Close accounts you no longer use.
Do digital banks charge fall-below fees?
Many digital bank accounts have no minimum balance; check each one’s terms.
Can I ask for a fee to be waived?
You can ask; waivers are at the bank’s discretion.
Are there other fees?
Some banks charge for counter cash withdrawals or replacement passbooks; check the fee schedule.
Sources: Standard Chartered Singapore, pricing guide; SingSaver on fall-below fees and early closure and how savings accounts work; MoneySmart on minimum balances. The Ledger explains; it does not advise.
Read next: Dormant Bank Accounts and Unclaimed Money · Deposit Insurance in Singapore · Back to The Ledger
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