joint account singapore

Your Complete Guide to opening a Joint Savings Account in Singapore

Opening a joint account is often a huge step for most couples. Most open a joint account once they start living together, get married, or even engaged. While most couples decide to keep their money separate, opening a joint account is often seen as a sign of trust.

A joint account makes it easier to share expenses and makes it convenient to pay for the shared expenses such as food, housing, and other regular bills. In this post, we will dive deeper into joint accounts and help you choose one that suits you and your partner best.

What Are Joint Accounts and Why You Should Get One?

Joint savings accounts belong to multiple people, including parents and their teenagers, couples, and in other cases, between adults assisting their ageing parents. Both parties often contribute the money to the joint savings account, but in some cases, only one party contributes.

Joint accounts offer an easy way to contribute towards saving and spending between parties.

How They Work

There are two types of joint accounts in Singapore. The type of joint account you decide to go with solely depends on the transactions your account is meant for. The types of joint accounts include:

  • Joint-all accounts: Here, each joint account holder must agree before a transaction is executed.
  • Joint- alternate accounts: Here, either party can execute a transaction without the other party’s consent.

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

If you are a couple and pool your money into a joint account for bills, you can know the exact amount you spend on your monthly bills. This way, you can easily create your monthly budget, and you will easily know where your money went in case of an unexpected expense.

  • It Keeps the Lines of Communication Open

Money is among the significant causes of conflict among most couples. Having a joint account ensures that you can communicate with your partner about any financial issues that might come up.

You will also be able to curb the overall spending and be accountable for how you spend your money.

  • Manage Your Finances Better

With a joint account, you can easily arrange your bills around their payment dates. This way, you will always set money aside to cover your monthly bills, coming straight out of your account.

  • It Is the Ideal Mortgage Offset Account

A joint account makes the best offset account. It is the best account to apply for your mortgage from, and it can potentially save you thousands of dollars off your Loan. This is because the money in your joint account is used to offset your loan amount hence reducing the amount.

  • Instilling Good Financial Habits in Kids

Parents also use joint bank accounts to teach their kids good financial habits. Parents can monitor the spending habits and transactions their kids make. Joint bank accounts also help parents perform banking transactions for their kids when they go to college.


5 Best Joint Savings Account in Singapore

Joint Saving Account Product Annual Interest Rate Fees Minimum Initial Deposit in Singapore Dollars Best For

DBS eMySavings Account

0.05% – 3.5% S$5 S$0 (No initial deposit required)

Dual-income families with DBS credit card

Maybank Save Up Programme

0.15%-3% S$2 S$500

Consistent investors and savers

Standard Chartered Bonus$aver Account

0.01%-2.38% S$5 S$0 (No initial deposit required)

Foreign Citizens and account holders

UOB One Account

0.055 to 2.5% S$5 S$1,000

Those who want a low-requirement savings account

Bank of China (BOC) SmartSaver Account

0.2%-3% S$3 S$1,500

High earner and spenders


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 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.

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

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2. Maybank Save Up Programme

The Maybank Save Up Programme offers to invest, saving, and spending flexibility of up to 3% p.a. interest for the first S$50,000. With Maybank also allows you to earn bonus interest rates as you engage with one of its financial products. 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

Maybank’s low salary credit and spending requirements make it a good option for frugal savers.

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

3. Standard Chartered Bonus$aver Account

The Standard Chartered Bonus$aver Account is one of the best joint accounts in Singapore with International reach. If you leave abroad and need to retain access to your bank account from wherever you are, StanChat is your best bet.

The Bonus$aver joint bank account offers a 2.38% interest rate from your first S$80,000 as long as you fulfill all five requirements. These pillars include:

  • Card Spend of up to 0.40%: This account comes with the choice of a debit card or credit card, both of which come with their respective fees. Spending a minimum of S$500 gets you 0.20% p.a. bonus interest while spending over S$2,000 will earn you an interest of 0.40%.
  • Salary Credit of 0.1%: You must credit a take-home salary of a minimum of S$3,000 per month via GIRO to earn a bonus interest rate. Low salary or irregular income earners will not benefit much from the account.
  • Investments of up to 0.9%: The investment pillar is one of the most heavily weighted bonus interests with stringent requirements. You must have at least S$30,000 in investment in a StanChart Unit Trust.
  • Insurance of up to 0.9%: You must be eligible for an insurance policy with a minimum annual premium of at least S$12,000 to earn a 0.9% bonus interest for 12 months. StanChart offers a standard life premium insurance policy underwritten by Prudential.
  • Bill Payment: You are required to make three eligible bill payments of at least S$50 every month via GIRO.

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

4. UOB One Account

The UOB One Account offers an interest rate of 1% for balances of S$75,000. This is not the best savings account if you are looking for maximum interest from your savings. It is, however, a fuss-free and low-maintenance savings account, and you will not have to fulfill many requirements.

To start saving with UOB One Account, you need to either:

  • Spend a minimum of S$500 on your UOB card every month, or,
  • Credit your salary with a minimum of S$1,600 or
  • Make 3 GIRO debit transactions

UOB also offers other joint savings accounts such as the UOB Lady’s Savings Account.

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

5. Bank of China (BOC) SmartSaver Account

Bank of China (BOC) SmartSaver Account is a saving account for the account holders of multi-currency Savings (MCS) and earns a bonus interest. The account earns up to 3% on balances of up to S$80,000.

It also gives you a passable interest beyond the recommended minimum balance required is between S$80,000 and S$1,000,000, where you earn up to 0.60%. BOC SmartSaver is among the most generous joint accounts. You will need to meet requirements including spending more than S$1,500 on a linked card, S$6,000 in salaries, and buying an eligible insurance plan.

BOC Smart Saver also offers a bonus interest of 0.4% interest on the surplus balance by meeting requirements for salary crediting, card spending, and making 3 bill payments of at least S$30 every month.

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$1,5000 every month to earn up to 0.50% p.a. bonus interest

Best For

High earners and spenders

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Related Questions (FAQs)

1. What Are the Factors to Consider Before Opening A Joint Savings Account?

Opening a joint bank account, especially for couples, has very mixed reactions. Some couples say it is a great idea to pool resources together for a common goal. Others, on the other hand, believe that financial independence is the secret to a happy and lasting relationship.

There are both advantages and disadvantages that come with opening a joint savings account. Here are some factors to consider before joining your finances.

  • Your Assets

While no one gets into a relationship thinking about splitting up, it is essential to consider all the assets you and your partner have before opening the joint savings account. If you break up, the parties will split your assets unless you have a binding agreement to keep them separate.

Before combining finances, it is vital to have a clear view and understand the financial responsibility you might take with your partner. Do you have significant debt, or does your partner? Do they have other financial commitments, housing loans, or mortgage payments?

Remember, when you pool your finances together, their debt becomes yours and vice versa. Therefore, having an open conversation with your partner about your finances is essential. You will want to know if they have a large overdraft before you move your savings into one account.

  • Your Partner’s Relationship with Money

Lots of people have different approaches when it comes to money. Some people love to watch their bank accounts grow, while others love spending money any chance.

There are different money personalities that you need to pay attention to. You might conflict with your partner if you have a contrasting relationship with money. It is, therefore, essential to always consider your partner’s spending style before you put your finances together.

  • What Happens When You Break Up?

While you might not think that you will ever break up if you merge your finances with your partner, it is worth considering what would happen if that happens.

Any decision around money, such as financing a new together or guaranteeing your partner’s Loan, could have huge repercussions if to either of you if your relationship ends. If both of your names are on the credit card used to pay bills, you will be liable to pay them even after breaking up. Failure to do that might affect your credit score.

  • Get Professional Advice

Financial institutions have put some controls in place in case of a breakup. You can have a chat with your bank adviser and get more up-to-date information on the options that you have. Speaking to your relationship property lawyer for legal advice is also essential.

2. Who Can I Open A Joint Savings Account With?

You can open joint savings account with anyone. However, most people often open joint savings accounts with their family members, partners, or other people they trust.

3. What Will You Need to Open A Joint Savings Account?

You will need the same requirements necessary to open a regular savings account. You will need proof of identification for both individuals, proof of address, and sometimes a minimum initial deposit required to fund the account.

4. Do Both Parties Have to Be There to Open A Joint Savings Account?

The two parties need not be present when opening a joint savings account. Most joint savings accounts can now be open online. However, you will need to provide proof of identification for both parties.

To open an account online, you will need to fill out a form provided by the bank’s official website.

5. What Is the Eligibility of Opening A Joint Savings Account?


  • At least 18 years old.
  • Nationality: Foreigner with a valid visa, Singaporean, permanent resident.


Here are the documents you will need to open a joint savings account in Singapore:

  • Original Singapore ID for Permanent residents and Singaporeans

Foreigners, on the other hand, need:

  • Original passport/ Student pass/Employment pass/ Long-Term Visit Pass
  • Proof of residences such as utility bills, bank statements, or mobile bill


A joint savings account is one of the best ways to manage finances between you and your partner or family. You will find that different joint savings accounts have different requirements and perks. Before you settle for any joint savings account, ensure that it matches your needs and those of your partner. Both of you might want to accumulate savings or work towards a big purchase.

Key Takeaways

  • The are two types of joint accounts. They include a joint- account which needs all account holders to be executed, and a joint-alternate account, where each party can execute a banking transaction independently.
  • The DBS eMySavings Account is one of Singapore’s best joint savings accounts.
  • Bank of China SmartSaver Account is ideal for high earners and spenders.

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