joint account singapore

5 Best Joint Accounts Singapore for Partners and Families 2024

Financial planning is crucial for Singaporeans amid rising costs of transportation, utilities, and other essentials. The Assurance Package in Budget 2024 aims to ease cost-of-living concerns for low- and middle-income households. However, middle-income families still face financial pressure from caregiving and loan repayments, making effective management vital for couples and business partners.

Joint accounts streamline shared finances, enhance transparency, and simplify expenses, especially when one partner earns more. According to Forbes, they facilitate better money management, build trust, and foster collaboration.

This article explores the top joint accounts in Singapore, their benefits, and key considerations to support your financial planning needs.

What Is a Joint Account?

A joint account is shared by multiple people, such as parents and teenagers, couples, or adults assisting aging parents. Both parties often contribute to the account, allowing them to grow their savings faster together. It provides an easy way to manage shared saving and spending.

There are two types of joint accounts in Singapore:

  1. Joint-All Accounts: Every transaction requires agreement from all account holders. This setup is ideal for significant financial decisions and savings goals, ensuring security and mutual consent.
  2. Joint-Alternate Accounts: Either party can execute transactions independently. This flexibility suits everyday expenses but requires good communication to maintain trust and transparency.

Types of Joint Accounts and Their Uses

Joint accounts offer versatile solutions for managing shared finances. Whether you’re handling daily expenses, saving for future goals, investing, or running a business, there’s a joint account to fit your needs. Here’s a quick guide to the different types of joint accounts and their uses.

  • Joint Checking Account: A joint checking account is ideal for managing day-to-day expenses and bill payments. Whether it’s for household expenses, groceries, or utility bills, this account type ensures that both account holders can easily access and manage funds. It’s a practical solution for couples or roommates who share financial responsibilities.
  • Joint Savings Account: Designed for saving money, a joint savings account allows both account holders to contribute towards shared financial goals. This type of account typically offers interest on the deposited funds, making it a great option for building an emergency fund, saving for a vacation, or accumulating money for a significant purchase.
  • Joint Investment Account: For those interested in growing their wealth through investments, a joint investment account is the way to go. This account type enables both holders to buy and sell investments such as stocks, bonds, and mutual funds. It’s a suitable choice for partners who want to strategize and manage their investment portfolio collectively.
  • Business Joint Account: A business joint account is tailored for business partners looking to manage their company’s finances together. This account facilitates the handling of income, expenses, and other financial transactions, ensuring transparency and ease of access for all partners involved. It’s an essential tool for businesses to maintain clear financial oversight and accountability.

Benefits of Having A Joint Account Singapore

Opening a joint savings account benefits both parties. It simplifies the saving process and strengthens the trust in your relationship. Here are other advantages of opening a joint savings account.

  • It Makes Budgeting Easier: With a joint account, couples can easily track and budget monthly expenses, knowing exactly where their money goes, even for unexpected costs.
  • Keeps the Lines of Communication Open: Joint accounts help couples discuss and manage financial issues together, reducing conflicts over money.
  • Enhances Spending Accountability: A joint account helps curb overall spending and ensures both partners are accountable for their expenditures.
  • Manage Your Finances Better: Joint accounts allow you to arrange bills around payment dates, ensuring money is always set aside for monthly expenses.
  • Ideal Mortgage Offset Account: Joint accounts can offset your mortgage, potentially saving thousands by reducing the loan amount with the account balance.
  • Streamlined Management of Shared Expenses: Joint accounts simplify managing shared expenses, giving both parties a clear overview of financial commitments.
  • Enhances Transparency and Trust: Joint accounts encourage open communication and transparency about finances, reducing misunderstandings and aligning financial goals.
  • Possible Financial Benefits: Joint accounts can offer better interest rates, rewards, and perks like cashback, banking fee discounts, and exclusive offers, helping grow savings effectively.

Best Joint Saving Accounts in Singapore

At a Glance

Best Joint Bank Account Initial Deposit Minimum Deposit Interest Rate p.a. Fee Best For Key Features
DBS eMySavings Account None S$50 to S$3,000 0.25% – 3.5% None Dual-income households with DBS financial services High interest rates; No fees for balances above S$3,000; Flexible debiting dates
Maybank Save Up Programme S$500 S$500 0.25% – 3.08%  S$2  Consistent savers and investors Flexibility in investing, spending, and saving; Low salary credit requirements
Standard Chartered Bonus$aver Account S$0 S$3,000 Up to 7.68% S$5  Foreign citizens and international account holders High bonus interest rates; Rewards worth up to S$389; Multiple ways to earn bonus interest
UOB One Account S$1,000 S$1,000 Up to 7.8% S$5 Savers wanting low spending requirements Few requirements to earn bonus interest; High cashback on UOB One Debit Card
Bank of China SmartSaver Account S$200 S$1,500 Up to 7.00% S$3 High earners and spenders High bonus interest rates; Flexible saving plan; Minimal fees

DBS logo

1. DBS eMySavings Account

The DBS eMySavings Account is a joint alternate account used with the DBS multiplier account, where you can earn up to a 3.5% interest p.a. on a balance of up to S$100,000. This is one of the best joint accounts for holding your idle cash.

However, to open a DBS eMySavings account, you will first have to be banking, insuring, investing, and spending with DBS. You must have accumulated at least S$30,000 in eligible transactions to qualify for a high-interest rate. A joint bank account makes it easier to hit the requirements to earn the highest interest rates.

List of Features

  • Account Type: Joint-Alternate
  • Interest Rates: Earn up to 0.25% per annum on savings in the account. 
  • Fees: No service charge and no initial deposit required.
  • Minimum Deposit Requirements: No initial deposit; Flexible monthly savings amount between S$50 to S$3,000.

List of Benefits

  • Rewards: Earn higher interest rates the more you save.
  • Digital Banking Tools: Manage your account easily via DBS digibank, allowing you to choose and change your debiting date anytime.
  • No Fees: Enjoy no service charges and no initial deposit requirements, making it accessible and cost-effective.
  • Flexibility: Choose your preferred debiting date between the 1st and 25th of each month, providing flexibility in managing your savings.

What We Like About It

  • High-interest rates
  • DBS Multiplier
  • No fees is the average daily balance goes below S$3,000

What We Don’t Like About It

  • You will need to subscribe to other DBS financial services to earn the best interest

Best For

  • Dual-income households with DBS home loans, credit cards, and investment plans. A home loan and crediting both salaries through DBS will help you reach the required.


Maybank logo

2. Maybank Save Up Programme

The Maybank Save Up Programme is a comprehensive savings account designed to help you maximize your interest earnings. This programme encourages regular savings by offering attractive interest rates when linked with a Maybank Debit Card.

This account is suitable for individuals aged 18 and above, making it accessible for young adults and working professionals who are looking to grow their savings efficiently.

maybank programme

To earn bonus interest, you will need to meet at least 3 of the following requirements.

  • Spend a minimum of S$500 per month with the Maybank Platinum Visa and Horizon Visa Signature Card
  • Have a minimum of S$2,000 in salary credit or a GIRO payment of S$300 per month
  • Invest at least S$25,000 in unit trusts
  • Invest S$30,000 in structured deposits
  • Insurance with an annual premium of S$5,000
  • A car loan of a minimum of S$35,000
  • An Education loan of at least S$10,000
  • A renovation loan of at least S$ 10,000

List of Features

  • Interest Rates: Base interest up to 0.25% p.a.; Maximum effective interest rate is 3.08% p.a.
  • Fees: Monthly balance fee: S$2 (if average daily balance falls below S$1,000), waived for customers below 25 years old
  • Early account closure charge: S$30 (if the account is closed within 6 months)
  • Minimum Deposit Requirements: Initial deposit: S$500 for Singapore Citizens and Permanent Residents, S$1,000 for other nationalities

List of Benefits

  • Rewards: Earn higher interest rates by integrating multiple Maybank products.
  • Digital Banking Tools: Manage your account conveniently with Maybank’s digital banking services, allowing easy access and control over your finances.
  • No Fees for Young Adults: Customers below 25 years old enjoy waived monthly balance fees, making it an attractive option for young savers.
  • Flexibility: Choose the best savings plan to suit your financial goals, with options to increase your interest rates by taking up additional Maybank products.

What We Like About It

  • Offers flexibility in investing, spending, and saving
  • Low salary credit and spending requirements

What We Don’t Like About It

  • You have to meet at least three requirements to earn maximum bonus interest rates.

Best For

  • Consistent savers and investors, especially those looking to get a Horizon Visa Signature Card or the Maybank Platinum Visa


  • From June 1, 2023, the Maybank Save Up Programme allows you to earn up to 4% p.a. on the first S$75,000 when you open a savings account and link it to a debit card. 
  • Be one of the first 100 customers to receive a fantastic cash gift of S$400 when you open a new Maybank SaveUp Account Online using the promo code “SAVE23”. Make sure to successfully activate the account, apply for a Maybank Platinum Debit Card, and deposit fresh funds of at least S$50,000.

Standard Chartered logo

3. Standard Chartered Bonus$aver Account

The Standard Chartered Bonus$aver Account is designed for individuals looking to maximize their interest earnings through various financial activities. This account offers a comprehensive suite of benefits, making it an attractive option for those who actively manage their finances and seek additional perks.

With up to 7.68% p.a. bonus interest, the Bonus$aver Account incentivizes a range of banking activities, from salary credit to investment, offering multiple ways to grow your savings effectively.

standard chartered

List of Features

  • Account Type: Joint
  • Interest Rates: Up to 7.68% p.a. bonus interest
  • Fees: S$5 per month fall below fee (if the minimum average daily balance falls below S$3,000)
  • Minimum Deposit Requirements: Fresh funds of S$50,000 are required for promotional benefits

List of Benefits

  • High Bonus Interest: Earn up to 7.68% p.a. bonus interest by engaging in various banking activities, such as salary credit, card spending, bill payments, and investments.
  • Rewards and Promotions: Enjoy gifts worth up to S$389 when you sign up, including a Nespresso Essenza Mini Bundle and additional cashback when certain conditions are met.
  • Digital Banking Tools: Access and manage your account easily through Standard Chartered’s robust digital banking platform, allowing for seamless financial management.
  • Flexibility: Various ways to earn bonus interest provide flexibility in how you choose to manage and grow your savings.

What We Like About It

  • High effective interest rates
  • No minimum deposit

What We Don’t Like About It

  • High minimum salary credit of S$3,000
  • Bonus interest is heavily weighted towards investments and insurance

Best For

  • Foreign citizens and international account holders


  • New account holders can receive gifts worth up to S$389, including a Nespresso Essenza Mini Bundle when they apply for a Bonus$aver Account and a Bonus$aver World Mastercard Credit Card, and deposit and maintain S$50,000 in fresh funds. Valid from 1 May to 31 May 2024
  • Earn an extra S$100 cashback when you credit your salary within the first two months of account opening.

UOB Logo

4. UOB One Account

The UOB One Account is a flexible and rewarding savings account designed for individuals and joint account holders. It offers a high-interest rate of up to 7.8% per annum on balances up to S$100,000, making it a popular choice for savers looking to maximize their earnings with minimal hassle.

This account is ideal for those who prefer straightforward criteria to earn bonus interest. Simply spend a minimum of S$500 on an eligible UOB Card and credit your salary or make three GIRO transactions monthly.


(source: UOB One Account)

List of Features:

  • Account Type: Joint-alternate
  • Interest Rates: Earn up to 7.8% p.a. on balances up to S$100,000. 
  • Fees: S$5 per month fall below fee (if the minimum average daily balance falls below S$1,000)
  • Minimum Deposit Requirements: S$1,000

List of Benefits

  • High Bonus Interest: Earn up to 7.8% p.a. on your savings, making it one of the highest interest rates available for joint accounts.
  • Digital Banking Tools: Use the UOB TMRW app to track your progress towards earning bonus interest monthly, ensuring you never miss out.
  • Greater Perks: The UOB One Account comes with a UOB One Debit Card, which offers up to 3% cashback on dining, online shopping, groceries, transport, and more.
  • Flexible Requirements: Meet the simple requirements of spending S$500 on a UOB Card and crediting your salary or making three GIRO transactions to earn bonus interest.

What We Like About It

  • Few hoops to jump into with the requirements
  • Enjoy competitive exchange rates
  • Easily take advantage of the UOB One Card

What We Don’t Like About It

  • Low-interest rate

Best For

  • Savers who want joint accounts with low spending requirements


  • From May 1 to June 30, 2024, new account holders can earn up to S$210 cash by applying online, depositing new funds, paying bills, and crediting their salary and dividends with UOB. 
  • The first 500 customers to sign up for Mighty FX per calendar month will receive a USD20 Airalo eSIM voucher, providing up to 10GB of data.

bank of china logo

5. Bank of China (BOC) SmartSaver Account

The Bank of China SmartSaver Account is a versatile savings plan tailored for Multi-Currency Savings (MCS) account holders. Designed to maximize your savings, this account offers substantial bonus interest rates for meeting specific criteria, making it an attractive option for both individuals and joint account holders.

To participate in the SmartSaver plan, you need to be at least 18 years old and have a minimum deposit of S$200. This plan helps you earn up to 7.00% p.a. on the first S$100,000 of your account balance.

List of Features

  • Account Type: Joint
  • Interest Rates: Up to 0.40% p.a. prevailing interest rate
    • Bonus interest: Up to 7.00% p.a. on the first S$100,000
    • Additional interest: Up to 1.00% p.a. for account balance above S$100,000 to S$1,000,000
  • Fees: S$3 (if monthly average balance falls below S$200)
  • Minimum Deposit Requirements: S$200 initial deposit; S$1,500 minimum monthly average effective balance to enjoy bonus interest

List of Benefits

  • High Bonus Interest: Earn up to 7.00% p.a. on the first S$100,000, significantly boosting your savings.
  • Digital Banking Tools: Manage your account and track your interest earnings through Bank of China’s online banking platform, ensuring ease and convenience.
  • Monthly Interest Calculation: Both prevailing and bonus interests are calculated monthly, with bonus interests credited within 15 working days of the following month.
  • Flexible Saving Plan: Suitable for various saving needs, offering competitive interest rates for balances up to S$1,000,000.

What We Like About It

  • The base interest rate is higher than the other accounts
  • It is easy to unlock bonus interests and multiple categories earning bonus interest
  • Minimal fees

What We Don’t Like About It

  • High salary credit of S$6,000, which is high for an average earner
  • Total credit card spend over S$1,500 every month to earn up to 0.80% p.a. bonus interest

Best For

  • High earners and spenders

closeup shot entrepreneur phone calculator


Choosing the right joint account is crucial for effective financial planning. By considering eligibility, fees, interest rates, and perks, couples and business partners can find an account that fits their needs. Joint accounts streamline shared finances, enhance transparency, and simplify expense management, supporting financial goals and strengthening financial relationships.

Key Takeaways

  • Both account holders must be at least 18 years old and provide ID, proof of address, employment details, and income statements to open a joint account.
  • Clear agreements and regular monitoring can prevent disputes and unauthorized withdrawals.
  • Maintaining separate personal accounts helps manage individual finances.
  • Joint accounts often offer better interest rates and rewards, making them effective for growing savings and managing shared expenses.

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