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Saving with the DBS Account: Simplifying Your Banking Needs

A Reputable Option for Integrated Current, Cheque, and Savings Accounts

Saving with the DBS Account: Simplifying Your Banking Needs

A Reputable Option for Integrated Current, Cheque, and Savings Accounts

3.0/5.0

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Good for

  • Customers who value the bank's reputation and large network
  • Customers who prefer an integrated savings and current account
  • Customers who value convenience

Bad for

  • Customers who cannot afford the account's high minimum deposit threshold
  • Customers wary of possible service fees
  • Customers who value promotional offers and cash back opportunities

Although it requires a high minimum deposit of HK$200,000, the DBS Account is relatively robust in terms of the services and features it offers. The main attraction to the DBS Account account is its convenience: customers enjoy an integrated current, cheque, and savings account through just one application. Furthermore, through mobile/online banking access and DBS Bank's large ATM network, customers may instantly move money between accounts, convert foreign currencies, invest online, and easily withdraw cash at no fee. Additionally, DBS Account signees may receive regular market updates and investment information for free.

ProsCons
  • Instant online and mobile banking services and foreign currency exchanges
  • Integrated current, cheque, and savings accounts
  • Regular investment and market updates
  • High minimum deposit requirement
  • Fees for closing accounts and monthly fees if you fail to meet the minimum balance
  • Flat savings rate of 0.0010%
Pros & Cons
Pros
  • Instant online and mobile banking services and foreign currency exchanges
  • Integrated current, cheque, and savings accounts
  • Regular investment and market updates
Cons High minimum deposit requirement Fees for closing accounts and monthly fees if you fail to meet the minimum balance Flat savings rate of 0.0010%

What Makes the DBS Account Stand Out?

There are both positive and negative qualities of the DBS Savings Account that potential customers should be aware of before signing up. To begin, the DBS Savings Account is a viable savings account for customers who can afford its high minimum deposit threshold and uphold its monthly balance requirement. Because the DBS Account combines checking and savings account services, there is no separate application needed for customers to receive a comprehensive banking experience with minimal effort.

Likewise, the account is truly convenient. Online and mobile banking services allow customers both instant service and general updates about their finances and the financial markets around them. As a member of the JETCO ATM network, DBS allows its customers no-fee access to over 2,600 DBS, Standard Chartered, Citibank, Bank of China, and other JETCO banks' ATMs across Hong Kong. Customers can even receive a free DBS ATM card, with a $500/day spending limit, to facilitate cash spending and withdrawals.

However, the main caveats to this account are related to its financial requirements and imposition of fees. As stated earlier, DBS's HK$200,000 minimum deposit and balance requirement are already high compared to other savings accounts in Hong Kong. Similarly, it charges fall below fees of HK$100 for each month the requirement is not met, as well as HK$200 for closing an account within three months of opening. Customers should be fully aware and able to stomach such charges if they choose to bank through this account.

DBS Savings Account Interest Rates

Deposit AmountInterest Rate
Minimum/Base Rate0.0010%

DBS Savings Account Interest Rates

Deposit Amount

Interest Rate
Minimum/Base Rate0.0010%

DBS Savings Account Details & Requirements

Details and Requirements
Minimum Age RequirementN/A
Proof of Identification / AddressHK permanent identity card or HK/foreign country identity card and valid travel document and proof of residence
Minimum Initial DepositHK$200,000
Minimum Balance RequirementHK200,000
Fall-Below FeeHK$100 monthly fee if minimum balance is not met
Account Closing FeeHK$200 if account is closed within 3 months of the opening date

How does the DBS Account Compare to Other Options?

Read our comparisons of the DBS Account with other savings accounts in Hong Kong and learn what makes each account unique in its own way. We compare and contrast each account to help you to identify which best suits your needs.

DBS Account vs. Standard Chartered Premium Banking

Consider this if you are a high-income customer who would like to earn promotional rewards in addition to wealth management services and premium features.

Standard Chartered Premium Banking makes a natural comparison to the DBS Account in that they both carry a minimum deposit requirement of HK$200,000. Apart from this, both accounts share some key features. For instance, although both accounts have maximum interest rates of only 0.0010%, they offer specialized insights for their users to make wiser financial decisions. Likewise, both banks are JETCO members and offer customers the widest no-fee ATM network in Hong Kong along with mobile and online banking services.

There are, however, two major advantages to choosing Standard Chartered Premium compared to the DBS Account. Firstly, Standard Chartered does not charge customers additional fees for failing to meet deposit requirements or account closing. In fact, DBS is one of the few banks that imposes possible fees of any bank in Hong Kong. Furthermore, unlike those of the DBS Account, Standard Chartered Premium customers have several opportunities to earn additional cash back, including up to an instant HK$900 cash rebate for a successful application.

Details & Requirements
Minimum Age RequirementN/A
Proof of Identification / AddressHK identity card
Minimum Monthly SalaryHK$20,000+
Minimum Initial DepositHK$200,000
Minimum Balance RequirementHK$200,000
Mortgage RequirementMortgage outstanding amount = sum of HK$1,500,000+
Max EIR0.0010% p.a.
  • Minimum/Base Rate: 0.0010%

DBS Account vs. Citi Priority Banking

Consider this if you are an affluent consumer interested in financial tools and trading and investment products.

Citi Priority Banking compares to the DBS Account in that both accounts share high minimum deposit and balance requirements. However, Citi Priority is likely to appeal to a more affluent customer base through its higher requirements and emphasis on investing. Unlike the DBS Account, the Citi Priority account incentivises investment through a more tailored trading platform and related promotional offers. DBS, on the other hand, focuses on personal banking and financial management.

Despite the differences between account intention, there are several common features to both accounts. For instance, both accounts feature integrated cheque and savings services, mobile and online banking, and access to JETCO's 2,600+ ATMs in Hong Kong. In this sense, both accounts will grant customers convenience and assurance. However, avid investors and those looking for more rewards opportunities may find Citibank more attractive.

Details & Requirements
Proof of Identification / Address
  • Hong Kong Citizens: HK identity card and residential address proof
  • HK Non-Permanent Residents: HK identity card or valid travel document (e.g. passport), and current residential address proof
  • Non-HK Residents: valid travel document and current residential address proof
Minimum Initial DepositHK$500,000
Minimum Average Daily BalanceHK$500,000
Max EIR0.0010% p.a.
  • Minimum/Base Rate: 0.0010%

DBS Account vs. Bank of China Savings Accounts

Consider this if you deal with a wide array of foreign currencies or prefer a no minimum savings account.

Bank of China Savings Accounts are overall more accessible savings accounts in comparison to the DBS Account. While both banks' customers benefit from their access to no-fee transactions at each other's ATMs and other JETCO cash machines, as well as online and mobile banking capabilities, Bank of China's minimum balance requirement of HK$0 is enticing. Although signing up for a current account at Bank of China will require a separate application, it can be integrated into an existing Bank of China savings account to increase customer convenience.

Furthermore, Bank of China savings accounts are compatible with the highest amount of foreign currencies of any savings account in Hong Kong. If you frequently visit or conduct business internationally, Bank of China will likely be more appealing. Additionally, high income customers (HK$1,000,000+) may earn a marginally higher interest rate for storing savings in a Bank of China savings account.

Details and Requirements Minimum Age RequirementN/A
Proof of Identification / AddressHK identity card and proof of residence
Minimum Initial DepositHK$0
Minimum Average Daily BalanceN/A
Max EIR0.0020% p.a.
  • 0.000% (under HK$3,000)
  • 0.0010% (HK$3,000 - HK$999,999)
  • 0.0020% (HK$1,000,000+)

DBS Account vs. HSBC One Account

Consider this if you are considering an integrated account with no minimum requirements.

HSBC One Account and the DBS Account are similar in that they make customer interaction easy, integrating cheque and savings accounts through just one application. However,the DBS Account is comparatively less accessible and offers only marginally different services from the HSBC One Account. For instance, HSBC does not require a minimum deposit or monthly balance, and does not charge any additional fees. Although HSBC's total ATM network is smaller than that of DBS and other JETCO banks, HSBC still controls a large physical presence in Hong Kong. Customers are unlikely to find cash withdrawal capabilities limited when banking with HSBC. Unless DBS's market updates and larger ATM network are a necessity for you, the HSBC One Account is both easier to sign up for and maintain.

Details & Requirements
Minimum Age Requirement
  • 18 to sign up for your own account
  • Customers aged 11-17 can apply with parental/guardian sponsorship
Proof of Identification / Address
  • Hong Kong citizens: HK identity card and residential address proof
  • HK non-permanent residents: HK identity card or valid travel document (e.g. passport), and current residential address proof
  • Non-HK residents: valid travel document and current residential address proof
Minimum Initial DepositHK$0
Minimum Balance RequirementN/A
Max EIR0.0010%
  • 0.000% (under HK$5,000)
  • 0.0010% (HK$5,000+)
黄奭彤

黄奭彤 (Seaton Huang) is a Junior Research Analyst covering consumer finance products in Hong Kong. As an alumnus of Columbia University (M.A., 2020), Northeastern University (B.A., 2019), and a former Fulbright Fellow at Shaanxi Normal University (2018), he has significant academic and analytical expertise in the economic and political terrains of China, Hong Kong, and Asia Pacific. His past research has concerned the socioeconomic effects of mobile payment systems in China and the efficacy of China's Belt and Road Initiative in Central Asia, among other poignant topics in contemporary Asia.