Forecast: Number of Transferable Deposits Accounts Held by Banks in Singapore

Over the past decade, the number of transferable deposit accounts held by banks in Singapore has showcased notable fluctuations. The highest value was recorded in 2013 at 25.38 billion USD, followed by a significant decline in 2014 to 15.37 billion USD. The subsequent years saw more modest growth, averaging around 1.9% annually from 2017 to 2023. By 2023, the value stood at 18.08 billion USD. Forecasts indicate continued growth, albeit at a slower pace, with a CAGR of 1.22% projected from 2024 to 2028, reaching 19.54 billion USD by 2028.

Future trends to watch for include:

• Continued economic stability and regulatory developments impacting the banking sector.
• Technological advancements such as fintech integration potentially boosting transferable deposit volumes.
• Shifts in consumer behavior towards digital banking and its influence on deposit account preferences.