Which Type Of Savings Account Is Best For Students In Singapore?
For students in Singapore, opening the right savings account is more than just a formality—it can be the first step towards building healthy financial habits. Whether you are in secondary school, polytechnic, or university, having a dedicated place to store your money helps you manage allowances, part-time job income, and even bursaries or scholarships.
The challenge is that Singapore’s banking scene offers dozens of choices, and not all savings accounts are equally suited to a student’s lifestyle or financial situation. Some accounts are geared for high earners with multiple product relationships, while others are tailored to those just starting their financial journey. Knowing which features matter most will help you pick the right one.
This guide breaks down why a savings account is essential for students, the types available, key features to look for, a comparison of student-friendly options, and tips to make the most of your account.
Why Students Need a Savings Account
1. Cultivating Savings Habits Early
Starting young means you have more time to benefit from compound interest—even if the interest rates are modest. By getting into the habit of setting aside a portion of your allowance or earnings, you create a financial cushion for emergencies and future goals.
2. Gaining Financial Independence
A bank account gives you the independence to manage your own money, without relying entirely on cash or parents’ transfers. You can monitor transactions, plan expenses, and track savings progress.
3. Learning Budgeting Skills
With online banking and app notifications, it is easier to track where your money goes. Many banks offer tools within their apps that categorise spending, making it simpler to plan and adjust your budget.
4. Security and Convenience
Keeping money in a bank account is safer than holding cash. You also gain access to convenient payment methods like PayNow, GIRO, and contactless debit cards, which are widely accepted in Singapore.
Types of Savings Accounts Available to Students
1. Basic Savings Accounts
These are standard accounts that offer low minimum deposit requirements, modest interest rates, and basic banking services. They are suitable for students who want no-frills banking with easy ATM access and reliable service.
2. Youth/Teen-Specific Accounts
Many banks offer accounts designed specifically for younger customers. These often come with perks such as waived monthly fees, special interest rates, and freebies like shopping vouchers or cinema discounts. For example, POSB’s Smart Buddy programme links an account to a smart watch for younger students to learn about money management.
3. Digital-Only Bank Accounts
Digital banks, such as Trust Bank and GXS Bank, operate entirely online, with no physical branches. They often offer attractive interest rates, no fall-below fees, and modern app-based features. However, cash deposits can be less convenient, and some students may prefer the familiarity of a traditional bank.
4. Joint Accounts with Parents or Guardians
For younger students, a joint account allows parents to oversee transactions and guide financial habits. This can be ideal for those under 16 or just starting to handle money independently, as it blends autonomy with parental support.
Features to Look For
When comparing accounts, students should prioritise the following:
- Low or No Minimum Deposit – Some accounts require as little as S$1 to open, making them accessible for those with limited funds.
- Waived Fall-Below Fees – Many banks impose a fee if your balance drops below a certain amount. Student-friendly accounts often waive these fees entirely.
- ATM and Mobile Banking Access – Ensure the bank has a wide ATM network and a user-friendly mobile app so you can manage money on the go.
- Promotional Perks – Look for extras such as sign-up cash bonuses, rewards points, or merchant discounts tailored to students.
- Competitive Interest Rates – While not as high as some salary-linked accounts, the best student accounts still offer a decent return without complicated requirements.
Comparison of Popular Student-Friendly Accounts in Singapore
Below is a simplified table comparing a few widely available options:
| Bank & Account | Eligibility | Minimum Deposit | Fall-Below Fee | Interest Rate (p.a.) | Notable Perks |
|---|---|---|---|---|---|
| POSB eEveryday / My Account | From birth (with guardian for minors) | S$1 | None | 0.05% | Linked to PayNow, Smart Buddy for budgeting |
| OCBC Frank Account | 16–26 years old | S$1,000 | None for students | 0.05% base + promos | Contactless debit card with custom designs, lifestyle discounts |
| UOB Uniplus Account | Students up to 29 years old | S$500 | None for students | 0.05% | ATM and mobile banking convenience |
| Trust Bank Savings Account | 16+ | None | None | Up to 1.5% (tiered) | Fully digital, app-based budgeting tools |
| GXS Savings Account | 18+ | None | None | Up to 2.68% on “savings pockets” | Customisable sub-accounts for goals |
Note: Interest rates are indicative as of mid-2025 and may change; always check the bank’s latest terms before applying.
Tips for Managing Your Student Savings Account
- Set Clear Savings Goals
Whether you are saving for a laptop, a holiday, or emergency expenses, having a clear goal helps you stay motivated. Break the total amount into smaller monthly targets. - Automate Your Savings
If you receive a regular allowance or part-time job pay, set up an automatic transfer to your savings account. This way, you “pay yourself first” before spending. - Avoid Frequent Withdrawals
Constantly dipping into your savings defeats the purpose. Keep your spending money separate from your savings to avoid temptation. - Track Your Spending with Apps
Most bank apps in Singapore have in-built expense trackers. Use them to review monthly spending and adjust habits where necessary. - Stay Alert for Promotions
Banks often roll out sign-up bonuses, cashback offers, or interest rate boosters. Keep an eye on these campaigns to maximise your account’s benefits.
Conclusion & Recommendations
For most students in Singapore, the ideal savings account will be:
- Fee-free regardless of balance.
- Easy to access through ATMs, PayNow, and mobile banking.
- Low minimum deposit or none at all.
- Simple to maintain without complex criteria for earning interest.
If you want a traditional bank with strong local presence, POSB’s My Account is an excellent starting point—it’s widely accepted, easy to open, and integrates well with other DBS/POSB services.
For students who value lifestyle perks and a stylish card, the OCBC Frank Account offers good customisation and merchant discounts, though you’ll need to meet a higher initial deposit.
If you are comfortable with a fully digital banking experience, Trust Bank and GXS Bank stand out for their higher interest rates and flexible money-management tools. They’re also completely fee-free, making them great for budget-conscious students.
Ultimately, the “best” account will depend on your priorities. If you want simplicity and stability, go traditional. If you want maximum interest and app-based features, go digital. The important part is to start now, even if you can only save a small amount each month—your future self will thank you.