Banking and Cash
What is a bank account?
A bank account is a convenient way to help you manage your money. A bank account can help you keep track of your savings and how you spend your money. Your salary or wages can be paid into your account. You can pay bills, make purchases and receive money, e.g. as cash deposits and cheques through your bank account.
You can make these transactions by visiting a bank branch or using the bank’s Automated Teller Machine (ATM). You can also make these transactions using the phone or online. At the same time, you can earn interest for your deposits with some types of accounts.
Your bank will send monthly or quarterly bank statements which lists all the transactions that took place in the past month or quarter, in your account. These may be available in physical hard copy format or in the form of e-statements. Customers can also opt for e-statements if these are provided by your bank. Only account holders who have applied for online banking can check their transactions online.
Some banks provide passbook accounts to selected customer groups. Other banks do not provide passbook accounts at all. If your account comes with a passbook, you will be able to see all the latest transactions in your account each time you update the passbook.
Read more about bank accounts.
The above information is prepared in collaboration with the Association of Banks in Singapore, Central Provident Fund Board, Ministry of Finance and Inland Revenue Authority of Singapore.