3 Banking Accounts In Singapore With No Monthly Fall-Below Fees You Should Know About

In a country as financially savvy as Singapore, choosing the right banking account is more than just about convenience—it can be a strategic decision that enhances your savings, budgeting, and even lifestyle goals. One common concern for many account holders is the dreaded monthly fall-below fee. This penalty is charged when the account balance drops below a minimum threshold, which can quietly eat away at your savings.

Thankfully, several banks in Singapore offer current and savings accounts that come with no fall-below fees, enabling account holders to retain full control of their funds without worrying about penalty charges. Whether you’re a student starting out, a young professional managing multiple financial goals, or a retiree looking to streamline your accounts, these fee-free options offer flexibility without compromise.

In this article, we explore three banking accounts in Singapore with no monthly fall-below fees, each with unique features to cater to different financial needs.

Why Do Fall-Below Fees Exist in the First Place?

Before diving into the specific accounts, it’s worth understanding why fall-below fees are imposed. Banks typically require a minimum average daily or monthly balance in savings or current accounts to ensure profitability. These funds help the bank maintain its liquidity ratios and support lending activities. The fees serve both as an incentive to maintain a minimum deposit and as compensation for maintaining low-balance accounts that may otherwise be unprofitable.

However, with digital banking advancements and competitive market pressures, many banks—especially digital ones—have shifted away from this traditional model. This has led to an emergence of zero fall-below fee accounts that are not only more accessible but often come with other cost-saving features.

1. OCBC 360 Account (With a Caveat)

• Minimum Balance: S$3,000 (to earn bonus interest)
• Fall-Below Fee: S$0 (if used purely as a savings account below S$3,000)
• Base Interest: 0.05% p.a.
• Bonus Interest: Up to 4.65% p.a. (when certain conditions are met)

At first glance, the OCBC 360 Account may seem like it has a high fall-below threshold. However, it’s important to distinguish between falling below the interest-earning threshold and incurring a monthly fall-below fee. OCBC does not impose a penalty fee for balances under S$3,000, although the interest rates drop significantly.

This makes it a great option for savers who want the opportunity to earn high interest without being penalised if their account temporarily dips due to an unexpected expense.

Who Is It For?
The OCBC 360 Account is ideal for salary earners who can credit their salary, use OCBC credit cards, and purchase insurance or investment products from OCBC. If you don’t mind linking multiple products and can meet bonus criteria, the rewards can be considerable.

Pros:

• No fall-below fee
• Tiered interest for achieving banking milestones
• Integration with OCBC’s digital ecosystem

Cons:

• Minimum S$3,000 balance needed to maximise interest
• Bonus interest criteria may be complex for some

2. Standard Chartered Bonus$aver Account

• Minimum Balance: None (to avoid fees)
• Fall-Below Fee: S$0
• Base Interest: 0.01% p.a.
• Bonus Interest: Up to 7.88% p.a. (as of 2025)

The Standard Chartered Bonus$aver Account offers an exceptionally high bonus interest rate, with no monthly fall-below fees imposed at any balance level. Instead, it incentivises users to earn bonus interest by performing financial activities such as crediting their salary, spending with a Bonus$aver credit or debit card, paying bills via GIRO, and investing or purchasing insurance through the bank.

Who Is It For?
This account is best suited for individuals with regular income who are already engaging in diversified financial activities. If you’re a working adult using credit cards, saving regularly, and interested in insurance or investment products, you’ll likely qualify for the bonus tiers.

Pros:

• One of the highest interest rates in the market
• No fall-below fee
• Comprehensive suite of banking and investment services

Cons:

• High transaction thresholds for maximum bonus
• S$3,000 monthly spend on Bonus$aver Card required for full bonus interest
• Base interest is very low without fulfilling criteria

3. Trust Bank Everyday Account

• Minimum Balance: None
• Fall-Below Fee: Absolutely none
• Base Interest: Up to 1.5% p.a. (as of 2025)
• Account Type: Fully digital, co-owned by Standard Chartered and NTUC

A standout option in recent years, Trust Bank is a digital bank formed as a joint venture between Standard Chartered Bank and the NTUC (National Trades Union Congress). Their Everyday Account is a zero-fuss, 100% digital savings account with no fall-below fees, no minimum balance, and no hidden charges.

The account offers competitive base interest rates, and NTUC Union members receive additional perks, including NTUC LinkPoints rewards and higher interest rates. Users also enjoy exclusive rebates when shopping at FairPrice and partner outlets.

Who Is It For?
This account is ideal for digitally-savvy users who want simplicity and flexibility. It’s particularly appealing for gig workers, students, or retirees looking for a secondary account to segregate spending or automate savings.

Pros:

• No fall-below fee or minimum balance requirement
• Attractive base interest
• Fast onboarding and user-friendly mobile app
• Exclusive partner benefits for NTUC members

Cons:

• Limited physical customer support (fully digital)
• Fewer advanced investment products compared to traditional banks

Why a No Fall-Below Fee Account Matters

Here are some reasons why opting for a bank account without a fall-below fee is a financially sound choice:

1. Better Cash Flow Management

Fee-free accounts provide the freedom to allocate your funds based on actual needs—emergencies, short-term savings, or spending—without fear of incurring a penalty.

2. Ideal for Multiple Account Strategy

Many Singaporeans today maintain more than one account to manage different aspects of their financial life—one for salary and bills, one for investments, and one for savings. Having fee-free accounts allows for this strategy to be executed without incurring extra costs.

3. Beginner Friendly

For students or fresh graduates, such accounts offer a low-barrier entry into the world of personal banking. It encourages saving without imposing the financial discipline that may be burdensome early in life.

4. Retirement Simplicity

For retirees living on a fixed income, having an account with no monthly penalties provides peace of mind and ensures that every dollar saved is preserved.

Final Thoughts: Choose the Account That Fits You

While traditional bank accounts still have their place—especially those that reward high balances with higher interest rates—the evolution of digital banking has introduced a wave of fee-free, no-frills, and user-friendly accounts. Whether you’re looking to maximise your interest, simplify your banking, or avoid unnecessary charges, the options above offer flexibility and security for modern banking needs.

When choosing a bank account in Singapore, always assess your banking habits, income level, and future goals. The best account for you is not necessarily the one with the highest interest rate or the most features, but the one that aligns most closely with how you manage your money daily.

And in a city where every cent counts, avoiding that S$2 to S$5 fall-below fee monthly can be one small but meaningful step towards smarter money management.

TL;DR – Top 3 No Fall-Below Fee Accounts in Singapore (2025)