No Initial Deposit Checking Account – My Account is a multi-currency digital bank account that makes banking simple. You can save, spend, invest and customize over 150 banking services available to meet your financial needs and bank the way you want.
Pay bills, exchange currencies, send money internationally, invest globally and plan for your retirement – all in one place.
No Initial Deposit Checking Account
Shop, invest and save for future trips online in 13 currencies and with no exchange rate fees.
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Name your account according to your purpose. Change it through Digibank and see your chosen nickname everywhere, including your statement.
Planning your next trip abroad? Link “My Account” to your DBS Visa Debit Card and get 5% cashback on your first foreign currency top-up! Also, 3% cashback is available on all foreign currency spends. Valid until 31 December 2022, general terms and conditions apply. Learn more.
All Singapore Citizens, Permanent Residents and Foreigners (EP/SP/DP/Long-Term Visit Pass/Student Pass) can instantly open a personal My Account on the Digibank app using Singpass.
Important: Your SingPass must be available and ready to apply for a new account in your DigiBank app the next day.
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I moved to Singapore and I need to open my account urgently. How can I do that?
By downloading the Digibank app, you can instantly open a personal My Account with Singpass. Also, you can set up your DigiBank login ID and PIN, your digital token and apply for a payment card at the same time.
Yes, if you already have a savings/checking account with us, you can apply online for a Joint My Account alternative with your child. Click here to request an account.
My Account gives you access to 12 foreign currencies and the Singapore dollar. The 12 foreign currencies are:
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A monthly account fee of S$2 applies to customers who do not register for electronic statements and receive paper statements. Account fees are not applicable to customers under 16 years of age and those registered with electronic account statement.
Can I link my account to a DBS Visa Debit Card to spend in multiple currencies? Which eligible DBS Visa debit cards can be linked to my account?
Yes, My Account can be linked to an eligible DBS Visa Debit Card to allow you to transact directly in foreign currencies without conversion fees.
Will my foreign currency withdrawals be deducted automatically when I withdraw using my linked DBS debit card?
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Yes. When My Account is linked to your DBS Visa Debit Card as the primary account, foreign currency purchases made online and abroad are automatically deducted from the relevant foreign currency balance in your account without conversion fees. This also applies to withdrawing money from ATMs abroad.
Note: Sufficient funds must be available in the relevant Multi-Currency Account (MCA) foreign currency wallet before conducting transactions. Your transaction will then be automatically debited from the relevant foreign currency wallet without conversion fees. Make sure your DBS Visa Payment Card is primarily linked to your MCA and the correct currency is selected during the transaction. Also note that in some cases, depending on how the merchant processes your transaction, you may be charged for your transaction in a foreign currency other than the local currency.
What should I choose at overseas ATMs for foreign currency withdrawals using my Basic Linked DBS Visa Card?
Generally, overseas ATM withdrawals are automatically deducted from your main account. However, if prompted, select ‘Checking/Checking Account’ to withdraw foreign funds from a foreign ‘My Account’ using your linked DBS Visa Debit Card.
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Before making payment, please ensure that you have sufficient foreign currency balance in your account. Otherwise, foreign currency withdrawals will be deducted from your SGD wallet.
I opened my account but still don’t have visa debit card. How do I get my Visa Debit Card?
Click here to apply online for an Instant Visa Debit Card, which will be mailed to you within 5 business days.
My account does not have checkbook functionality. We recommend using PayNow or FAST to make local transfers using the DBS Digibank App or Digibank Online.
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Take the next step and become part of a hugely supportive community of like-minded parents. Join a discussion focused on managing money as a family in this digital age and learn a tip or two.
Singapore dollar deposits of non-bank depositors and funds and Singapore dollar deposits under the Supplemental Retirement Scheme are legally insured by the Deposit Insurance Corporation of Singapore up to S$75,000 per depositor per member of the plan. Combined funds and deposits made in Singapore dollars under the CPF Investment Scheme and the CPF Total Retirement Scheme are insured up to S$75,000 per scheme member and per investor. Foreign currency deposits, dual currency deposits, fixed deposits and other investment products are not insured.
Exchanges between currencies involve fluctuations in value and are subject to exchange controls. If you convert an investment from another currency and intend to convert it to the original currency, exchange rate fluctuations may cause the converted amount to be less than your original amount.
Foreign currency transactions are subject to exchange rate fluctuations, which may result in capital gains or losses; Such accounts may also be subject to exchange restrictions applicable to the currency held.
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– In some cases, depending on how the merchant processes your transaction, you may be charged in a foreign currency other than the local currency. A savings account may be the best fit for your needs. According to Economic Research, 5.4% of American households are unbanked, meaning no one in the household has a bank account. That is 7.1 million households across the country. Both types of bank accounts can help meet different needs for keeping track of your finances, although they don’t work the same way.
A checking account is an account at a financial institution that allows credit and debit transactions. These accounts may offer debit card and check writing facilities. Withdrawals can be cash withdrawals from a branch or ATM, debit card purchases, checks, money orders, ACH transfers, and wire transfers. Similarly, deposits can be made by cash, check or money order at a branch or ATM, as well as by mobile check deposit, ACH (Automated Clearing House) transfer, or electronic transfer.
“If you want to use money for everyday activities, a checking account is the best way to do it,” said John Bergquist, president of Lyft Financial in South Jordan, Utah.
Current accounts may be interest bearing or non-interest bearing. In this case, the money you deposit will earn interest as long as it remains in your account. These accounts can be offered at brick and mortar banks, online banks, credit unions, and other financial institutions.
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B. A savings account is an investment account designed to store money not intended for everyday use, such as paying bills or expenses. For example, you can open a savings account to add to your emergency fund, set aside money for a vacation, build your down payment if you plan to buy a home, or save money for repairs. As with checking accounts, you can find savings accounts at various financial institutions such as traditional banks, online banks, and credit unions.
Between savings and checking accounts, you earn lower interest and the latter. Banks pay annual percentage rate (APY) to savers as an incentive to deposit and keep money in their savings account. However, APY savers may not be the same. It may vary from bank to bank. On average, the national savings rate in May 2022 was 0.07%.
“An online savings account is a better option than a regular checking account, and the interest rate is about 20 times higher,” says Bergquist. “In fact, it’s about the same as what you’d get if you bought a 10-year government bond.”
Online banks can often pass on higher interest rates to savers due to lower operating costs. Rates can vary widely, but it’s not uncommon to find high-yield online savings accounts from banks and credit unions earning APYs in the 1.90% to 2.25% range.
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In addition to higher interest rates on savings, online banks may also charge fewer fees. For example, a traditional bank may charge a monthly maintenance fee or minimum balance for a savings account, while an online bank may not charge any of these fees.
An important feature of checking account is that withdrawals are unlimited. You can buy with the card 10 times a day, withdraw money every day and pay bills without incurring a penalty from the bank. However, this may not be the case with your savings account. It began with Regulation D imposed on the Federal Reserve Banks.
Although restrictions are removed d
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