Studying in Singapore comes with a very handy bonus: the banking system is fast, mobile-first, and friendly to students. Below is a practical guide to the accounts and features that tend to work well for undergraduates and international students, plus simple tips to help you get set up.
What to look for in a student-friendly account
- No “fall-below” requirements: Avoid accounts that charge a fee if your balance dips.
- Easy onboarding: Banks let you open accounts in minutes using mobile apps. International students typically apply with a passport, Student’s Pass or In-Principle Approval (IPA), proof of address, and school admission letter.
- Multi-currency support: Handy for tuition payments, overseas trips, internships, or subscriptions billed in foreign currency.
- Transit-ready payments: Most contactless debit cards can be used directly on buses and MRT via SimplyGo—no separate transit card needed.
- Good mobile apps: Look for instant transfers (PayNow), e-statements, card controls, and budgeting tools.
Best options to consider
1) DBS/POSB My Account
Why it stands out: A flexible everyday account with no minimum balance, no initial deposit, and no service charge. It also includes a built-in multi-currency wallet—great for managing SGD alongside commonly used foreign currencies. Pair it with the DBS/POSB Visa Debit for contactless payments and transit.
- Good for: Local and international students who want a simple, fee-light account and multi-currency convenience.
- Nice extras: Full mobile onboarding via the digibank app; minimum age from 16 for account opening.
2) Standard Chartered JumpStart (ages 18–26)
Why it stands out: Designed for young adults and students, JumpStart is a straightforward savings account with no fees and no minimum deposit. You earn base interest on balances up to S$50,000, with the option to earn additional step-up interest when you invest through the bank (see product terms for the current rates and eligibility).
- Good for: Students who want a clean, low-maintenance savings account while building habits early.
- Nice extras: Simple structure and strong mobile banking experience.
3) OCBC for students: pair a Debit Card with a multi-currency account
Why it stands out: OCBC offers a versatile Global Savings Account that lets you hold and transact in multiple currencies. When you link an OCBC Debit Card to the relevant currency wallet, you can avoid foreign-currency transaction fees on eligible online spends in that currency. For disciplined saving, OCBC’s Monthly Savings Account rewards regular set-asides.
- Good for: Students who frequently pay in foreign currencies (e.g., travel, study materials, subscriptions) and want a savings-habit booster.
- Nice extras: Card controls in the OCBC app, e-statements, and broad ATM access in Singapore.
Perks students love (and how to use them)
- Tap in and go: Add nothing extra—just use your contactless bank card on public transport via SimplyGo and track fares in the app or bank portal.
- Instant payments with PayNow: Split bills, receive allowance, or pay school-related fees instantly using your mobile number or a QR code.
- Multi-currency made easy: Keep small balances in the currencies you actually spend to reduce foreign exchange costs.
- Card controls: Lock/unlock your card, set usage limits, and get instant spend notifications.
How to open an account (quick checklist)
Local students: Open in minutes with Singpass and your NRIC; your bank’s app walks you through the process.
International students: Prepare a passport, Student’s Pass (or IPA letter if you’re awaiting the pass), proof of address (tenancy agreement or letter from your institution), and your admission letter. Banks publish updated document checklists and may accept applications once your IPA is issued.
Smart setup tips
- Enable e-statements and alerts so you never miss a charge or fee change.
- Keep a small SGD emergency buffer for textbooks, deposits, or unexpected expenses.
- When travelling, use your account’s foreign-currency wallet or multi-currency features where available.
- Remember deposit protection: in Singapore, eligible SGD deposits are insured up to S$100,000 per depositor per member bank.
Useful official links
- DBS/POSB My Account – features & mobile opening: dbs.com.sg/personal/deposits/savings-accounts/my-account
- DBS account opening (documents & guide): dbs.com.sg/personal/support/bank-account-opening-documents-required.html
- DBS onboarding for newcomers to Singapore: dbs.com.sg/personal/deposits/for-foreigners/new-to-singapore
- Standard Chartered JumpStart (ages 18–26): sc.com/sg/save/savings-accounts/jumpstart/
- JumpStart Step-Up Interest – Terms & Conditions: av.sc.com/sg/content/docs/sg-jumpstart-step-up-interest-tncs.pdf
- OCBC Global Savings Account (multi-currency): ocbc.com/personal-banking/deposits/multi-currency-global-savings-account
- OCBC Debit Card (link to currency wallet for eligible online spends): ocbc.com/personal-banking/cards/ocbc-debit-card
- OCBC Monthly Savings Account: ocbc.com/personal-banking/deposits/monthly-savings-account
- SimplyGo – using bank cards for transit (FAQs): simplygo.transitlink.com.sg/mobile/
- ICA – Student’s Pass (apply): ica.gov.sg/reside/STP/apply | (collect/issuance): ica.gov.sg/reside/STP/collect
- Deposit Insurance – official overview (SDIC): sdic.org.sg (see scope & FAQs)
Heads-up: Account features and interest rates can change. Always review the product pages and terms before you apply.
Disclaimer for critical information: This guide is for general information only. Before making decisions, please verify the latest eligibility, fees, and interest details directly on the banks’ official pages and on relevant government sites (ICA, SDIC).
Quick start
- Pick an account that fits your age and needs (DBS/POSB My Account, Standard Chartered JumpStart, or an OCBC setup).
- Apply in the bank’s app. International students: have your passport, Student’s Pass/IPA, proof of address, and admission letter ready.
- Activate your debit card, enable PayNow, and add your card to transit (SimplyGo) for daily commuting.
