5 Best Joint Bank Accounts In Singapore (2022)

What Are The Best Joint Bank Accounts In Singapore

Many Singaporeans think that all they need is a personal savings bank. However, there are certain situations, such as getting married, that prove a personal bank account is not enough. This is what a joint bank account in Singapore is for.

Unfortunately, not many people know about this option and how this type of bank account works. If you want to learn more about joint bank accounts in Singapore, this guide is for you. We’ve also included links where you can open a joint account online.

Here at OMY, you will discover the following:

What Is a Joint Bank Account?

A joint bank account works like a personal checking or savings account. The only distinction is that two or more people can manage or own it.

A joint bank account in Singapore can be used to pool your money together with someone, whether they are your family, partner, children, roommate, or friends. When you open this account, all your bank transactions can be seen by your partner and vice versa.

All people listed as account holders of the best joint account in Singapore can also withdraw and access funds anytime, even without the permission of the other holder.

When Should You Open a Joint Bank Account in Singapore?

It’s the perfect time to open a joint bank account if you’re constantly dealing with shared expenses. This is exactly why a lot of couples or domestic partners open this account. So instead of splitting the bill every time between different accounts, you can just pay your bills from one account.

The best joint account in Singapore also promotes improved accountability and transparency and gives you an opportunity to keep an eye on your partner’s expenses. This type of account is also an incredible solution for parents who want to keep an eye on their young children’s finances.

The Best Joint Bank Account in Singapore in 2022

Best Joint Bank Account Singapore

Wondering what joint bank account in Singapore you can open? Here are our top choices. If you don’t have time to look at each joint bank account, examine this table below to compare our top choices side by side.

Bank and Joint Account Name Initial Deposit (For Singaporeans and Permanent Residents Minimum Deposit Interest Rate per annum
UOB Stash Account $1,000 $1,000 0.05% to 1%
UOB Uniplus Account $500 $500 0.05% to 0.8%
UOB KrisFlyer UOB Account $1,000 $1,000 0.05%
UOB One Account S$1,000 S$1,000 0.05 to 3.60%
OCBC 360 Account S$1,000 S$3,000 0.05% to 4.05%
OCBC FRANK Account S$0 S$1,000 0.1% for first S$25,000, 0.2% for next S$25,000, and 0.05% for funds above S$50,000
Standard Chartered/POSB Bonus$aver Account S$0 S$3,000 0.05% to up to 4.88%
Standard Chartered/POSB e$aver Account S$0 S$1,000 0.05% to 1.50%
DBS MyAccount S$0 S$0 0.05%
DBS eMySavings Account S$0 S$0 0.05% to 0.25%
Maybank iSAVvy Savings Plus Account S$500 S$500 0.15% to 1.56%

UOB Joint Account

Account Type Initial Deposit (For Singaporeans and Permanent Residents Minimum Deposit Interest Rate per annum
UOB Stash Account $1,000 $1,000 0.05% to 1%
UOB Uniplus Account $500 $500 0.05% to 0.8%
KrisFlyer UOB Account $1,000 $1,000 0.05%
UOB One Account S$1,000 S$1,000 0.05 to 3.60%

UOB Stash Account

This joint bank account in Singapore features great reward savings. It allows account holders to earn as much as 1% interest if they maintain or increase their monthly balance. When you open this account, you will be issued a UOB One debit joint account card that you can use to earn up to 10% cash back on groceries, online shopping, and more.

More From OMY: Best Cashback Credit Cards in Singapore

For this best joint account in Singapore, only one person is allowed to be the primary account holder. It operates as a joint-alternate account so secondary holders of this UOB joint account can also immediately access the funds.

Keep in mind that the promotions are only limited to the primary account holder unless otherwise stated. This can be a great joint account for couples.

Know more about it here.

UOB Uniplus Account

This is a simple and fuss-free UOB joint account that has a low initial deposit of only S$500 for Singaporeans and permanent residents, and S$20 for Singaporeans and permanent residents with a monthly income of less than S$2,000. For foreigners, the minimum initial deposit is S$1,000. This low barrier will help you fulfil your savings needs.

With this joint bank account in Singapore, you can earn a base interest of 0.05% per annum on your savings. You’ll also have access to a debit Mastercard that will allow you to earn up to a 10% rebate on selected purchases.

See more details about this account here.

KrisFlyer UOB Account

If you’re a frequent traveller, this UOB joint account in Singapore will be your new favourite. For this account, you can earn bonus KrisFlyer miles with a deposit balance of S$1,000 and above. You can also earn 5 bonus miles per S$1 spent on your eligible joint account card (credit), or earn 6 bonus miles per S$1 on eligible credit cards and with salary crediting (minimum of S$2,000 monthly).

More From OMY: Best Credit Card Promotions in Singapore

When you open this UOB joint savings account, you will be given a debit card. Existing UOB users can use their UOB Visa Infinite Metal card, KrisFlyer credit card, and more. You may also enjoy competitive exchange rates when you link this best joint account in Singapore with Mighty FX. With this UOB joint account, you can also enjoy exclusive privileges on Scoot. This is a good joint account for couples who love to travel.

Check out this account here.

UOB One Account

This is an amazing option for those looking for an account that covers all their banking needs. With a minimum card spend of only S$500 by the primary holder, you can earn as much as 0.25% interest. Meanwhile, additional interest up to 3.60% can be earned if you credit your salary and meet the minimum requirements for perks.

This best joint bank account in Singapore operates as a joint-alternate account so all parties can act as its approving signatory. If you want to open a UOB joint account online, this is a good choice.

If you’re curious about this joint bank account in Singapore, click here.

OCBC Joint Account

Account Type Initial Deposit (For Singaporeans and Permanent Residents Minimum Deposit Interest Rate per annum
OCBC 360 Account S$1,000 S$3,000 0.05% to 4.05%
FRANK Account S$0 S$1,000 0.1% for first S$25,000, 0.2% for next S$25,000, and 0.05% for funds above S$50,000

OCBC 360 Account

For this OCBC joint account, you can earn an EIR of up to 4.05% annually on your first S$100,000. You can get maximum perks if you credit your salary of at least S$1,800 (GIRO), if you charge at least S$500 to your credit card, you increase your average daily balance by at least S$500, purchase an insurance product, and maintain an average daily balance of at least S$200,000. If you fall below the average daily balance, you will need to settle the OCBC 360 service charge.

Keep in mind that this can only be opened as a single or joint-alternate account. Only one person can be the primary holder.

Want to learn how to open a joint account in OCBC? Check out this joint account page here.

FRANK Account

One perk of this OCBC joint account is it has no initial deposit. This bank account can be joint as long as the primary account holder is over 26 years old. You will be fined S$2 monthly if the monthly average balance falls below S$1,000. Account holders may also apply for the FRANK credit card to enjoy up to 6% cashback on purchases with a minimum spend of S$600.

Click here to find out more about this joint account.

Standard Chartered Joint Account

Account Type Initial Deposit (For Singaporeans and Permanent Residents Minimum Deposit Interest Rate per annum
Bonus$aver Account S$0 S$3,000 0.05% to up to 4.88%
e$aver Account S$0 S$1,000 0.05% to 1.50%

Bonus$aver Account

With this Standard Chartered bank joint account, you can earn up to S$4,880 interest per year since it provides 4.88% interest on your first S$100,000. When you open this joint bank account in Singapore, you can choose credit, debit, or both.

Existing users can open up to three Bonus$aver Accounts and serve as the primary holder. You may also choose between a joint-alternate or singular signatory. The bonus interest for banking activities of this joint account also depends on the total activity of crediting salary, bill transactions, and others.

Head to this page to check out more about this account.

e$aver Account

With this account, you can earn up to 2% interest per annum if you have a balance of S$1 million. This account also has no lock-in period so you can enjoy high liquidity on your money.

The base interest rate for this joint account in Standard Chartered is 0.05%, which is like most savings accounts. However, you can enjoy no minimum initial deposit. This joint bank account is only limited to two people namely, one main account holder and one joint account holder.

Curious about this joint account? Read more about it here.

DBS Joint Account

Account Type Initial Deposit (For Singaporeans and Permanent Residents Minimum Deposit Interest Rate per annum
MyAccount S$0 S$0 0.05%
eMySavings Account S$0 S$0 0.05% to 0.25%

DBS MyAccount

This DBS joint account is a very flexible option that allows you to access 12 foreign currencies, as well as the Singaporean dollar wherever you are. This is an incredible choice for those looking for a joint account for couples.

With this best joint bank account in Singapore, you can also easily transfer, remit, and receive any currency from and into one account, so you can save on exchange fees. For this best joint account in Singapore, there is no minimum initial deposit, as well as a service fee.

Want to open this account? Click here.

eMySavings Account

When you open this joint account in Singapore, you can enjoy special savings rates and flexibility. You can allocate a fixed sum to be deposited into this joint account. For those who want to save, interest can be S$50 to S$3,000. The basic interest received in this DBS joint account is 0.05%.

Visit this page to open an account.

Maybank

Account Type Initial Deposit (For Singaporeans and Permanent Residents Minimum Deposit Interest Rate per annum
iSAVvy Savings Plus Account S$500 S$500 0.15% to 1.56%

iSAVvy Savings Plus Account

With its low initial deposit of only S$500 and a bonus interest rate of 1.56%, this Maybank joint account in Singapore is one of the best in Singapore. It’s a great option for those who want to increase their savings. If you want to open an iSAVvy Savings Plus Account with someone, it will be a joint-alternate account. Considering this, either party can be the approving signatory of this joint account in Singapore.

Know more about this account here.

A Word From OMY

Managing your money together as a couple, family, or friends is a major step in any relationship. When it comes to opening a joint bank account in Singapore, keep in mind that trust, communication, and cooperation are key.

More From OMY: How Much Money You Should Save According To Age

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