6 Best Savings Accounts in Singapore: Which One Is the Right Fit for You? (2021)

Are you looking for the best savings account Singapore where you can keep your money safe? Here are the best savings account you can open in Singapore!
📅 Post Updated: October 18, 2021  |  
🏷️   |  
🕒 9 minutes read

Introduction

There are many best savings account Singapore to choose from, and it can be difficult to find the right one for you. In this article, we will show you the best savings account Singapore that are worth your consideration.

Whether you're looking for a high interest rate or low fees, there is something here for everyone!

You put in the work, so you deserve to reap the benefits by putting your money in high interest savings accounts.

With these savings accounts Singapore is known for being excellent at providing customers with a decent interest rate and easy application process all while having other useful perks that may make managing your expenses easier!

Saving money isn’t an option anymore because of how expensive things have become but when we’re protected by some of the best savings account Singapore options available with highest interest rate saving account, so there won't be anything stopping us from achieving our goals.

Saving money isn’t easy, but when you’re protected by the best savings accounts in Singapore, you will be more motivated to manage your expenses wisely. With the best accounts, you get a decent interest rate, easy application, and other perks.

If you're looking for the best savings accounts in Singapore, then this article will help.

From competitive high interest rates to a variety of account options and flexible terms, we've compiled this list of top-rated local banks with high deposit rates as well as international institutions that have branches here so you can compare offerings before opening an account.

Best savings accounts in Singapore (Updated 2021) - Interest rates and links included.

Savings AccountInterest RatesBest for
1. DBS Multiplier Savings Account

https://www.dbs.com.sg/personal/deposits/bank-earn/multiplier
Up to 3.00% p.aSaver and spender using Paylah!
2. UOB One Savings

https://www.uob.com.sg/personal/save/chequeing/one-account.page
From 0.25% - 2.5% p.aCrediting Salary on GIRO
3. OCBC 360 Account

https://www.ocbc.com/personal-banking/deposits/360-savings-account
Up to 2.38% p.aAll in one bank account.
4. MayBank Save Up Account

https://www.maybank2u.com.sg/en/personal/saveup/save-up-programme.page
Up to 3.0% p.aAll in one bank account
5. Standard Chartered Bank Bonus $aver

https://www.sc.com/sg/save/current-accounts/bonussaver/
Up to 2.38% p.aMaking bills payment
6. Bank of China Smart Saver

https://www.bankofchina.com/sg/pbservice/pb1/202007/t20200731_18212078.html
Up to 3.0% p.aSalary crediting and card spender

1. DBS Multiplier Savings Account

dbs-multiplier-account-best-savings-account-Singapore
DBS Multiplier Savings Account
Best Known For:Saver and spender using Paylah!
Interest RatesUp to 3.00% p.a
Websitehttps://www.dbs.com.sg/personal/deposits/bank-earn/multiplier
Initial DepositNo initial deposit required. No monthly account fees.
Minimum BalanceService charge of S$5 if average daily balance falls below S$3,000 (based on total SGD equivalent of SGD & foreign currency balances). This service charge is waived for you up until 29 years old.
Offers
table main
DBS Multipler Savings Account table and their interest rates.

There are a few simple steps to getting the most of your DBS savings account.

First, you need at least one monthly income which qualifies for interest rates on Savings Plus accounts (salary credit or investment dividends).

Then pick from any number of categories that might suit your needs:

  • Credit card spending with no minimum;
  • Home loan cash plus CPF components counted as qualifying contributions;
  • Selected insurance policies like life insurance and critical illness coverage in addition to endowment plans;
  • Selected investments such as regular savings plan, unit trust funds, or DBS Vickers respectively.

With the right combinations it's possible to unlock higher tiers of interest and bonus when saving up for whatever comes next!

If you want a savings account that can be customised according to your preference, then the DBS My Account would be an ideal match for you. It’s pretty easy to apply for this savings account as there’s no age requirement or minimum deposit.

Ideal for parents, it enables you to connect your account to your child’s savings account, allowing them to save their unused allowance. In addition, having access to your account has never been easier with their over 150 digital banking services.

If there’s one thing we love about this saving account, it is the daily interest feature. As long as you regularly insert money into your account, your savings can increase almost every day!

2. UOB One Savings

uob one account refresh pweb desktop 1180x332 1
UOB One Savings
Best Known For:Crediting Salary on GIRO
Interest RatesFrom 0.25% - 2.5% p.a
Websitehttps://www.uob.com.sg/personal/save/chequeing/one-account.page
Initial Deposit$1,000
Minimum BalanceS$5
Min Monthly Average Balance of S$1,000
rates table
UOB One Account Interest Rates

The UOB One account is one of the few higher interest savings accounts with no salary credit requirement.

Pick this account if you’re allergic to maths, because the only requirement is spending at least $500 a month on any UOB card (either the UOB One Card, or either of our Lady Cards).

To boost your interest rate and get more out from it without having to do much work for it – just spend an extra 15K USD in your monthly transactions through that same borderless card!

Of course there are other ways as well - like crediting your monthly salary every year which will go up based on how many years you have been working already before cashing in so we can talk about retirement plans soon enough too.

3. OCBC 360 Account

account360 v2
OCBC 360 Account
Best Known For:All in one bank account.
Interest RatesUp to 2.38% p.a
Websitehttps://www.ocbc.com/personal-banking/deposits/360-savings-account
Initial DepositS$1,000
Minimum BalanceS$3,000
Fall below fee: S$2 (Waived for the first year)
360 Account OCBC Singapore
OCBC 360 Account Interest rates table

You can start by opening up an OCBC 360 account.

It’s more complicated than the UOB One, but also has a lot of flexibility in that there's no one mandatory requirement to keep it running smoothly and efficiently for you- just meeting $1,800 worth every month is all you need!

You get 0.1% bonus each month your balance increases above 500 dollars which might encourage people to save even more over time without really noticing how much they're making back on their efforts down the line with this account.

4. MayBank Save Up Account

MayBank Save Up Account
MayBank Save Up Account
Best Known For:All in one bank account
Interest RatesUp to 3.00% p.a
Websitehttps://www.maybank2u.com.sg/en/personal/saveup/save-up-programme.page
Initial DepositS$500 for Singapore Citizens and Singapore Permanent Residents.
Minimum BalanceS$2 monthly balance fee (if average daily balance falls below S$1,000). Waived for customers below 25 years old.
Maybank Save Up Programme Maybank Singapore
Maybank Save Up programme interest table

There are a few simple steps to getting the most of your Maybank Save Up account.

The Maybank Save Up Programme lets you choose from 9 different Maybank products/services to get bonus interest:

  1. GIRO payment (min. $300) OR salary credit (min. $2,000),
  2. Credit card spending (min. $500)  
  3. Invest in structured deposit’s Interest Rate Tracker (minimum of 10k - with a minimum investment amount that does not exceed 100% or the value of your account).
  4. Unit trusts of at least $25k investments
  5. Buy insurance for yourself and family members if they are below 18 years old ($5,000 annually- this is equivalent to one year's worth coverage.)
  6. Home loan ($200K+)
  7. Renovation Loan($10K+)- both require proof of property ownership certificate
  8. Car Loans up to 35K
  9. Education loan ($10k)

So if you know you are going to hit 3 products/services or more, you should seriously consider Maybank as you can get one of the highest returns in savings for your money.

5. Standard Chartered Bank Bonus $aver

Best Known For:Making bills payment
Interest RatesUp to 2.38% p.a
Websitehttps://www.sc.com/sg/save/current-accounts/bonussaver/
Initial DepositEnquire directly
Minimum Balance$5 Chargeable if the minimum average daily balance falls below S$3,000 in any particular month.
Bonus-saver-Standard-Chartered-Singapore
Potential interest to earn with Standard Chartered based on $20,000 savings

The Standard Chartered BonusSaver savings account has been a great choice for those who have to spend more than they save.

After it was revised, however, the interest rate isn't as appealing unless you're looking to earn some money on your spending habits with this particular card.

If that's what you need and are willing to commit $2K in transactions before getting any benefits from using it, then by all means go ahead!

The Standard Chartered BonusSaver can be an attractive option if one needed high levels of transaction coverage without paying much attention or care about their credit score (which is now taken into consideration).

6. Bank of China SmartSaver

Bank of China SmartSaver
Bank of China SmartSaver
Best Known For:Salary crediting and card spender
Interest RatesUp to 3.00% p.a
Websitehttps://www.bankofchina.com/sg/pbservice/pb1/202007/t20200731_18212078.html
Initial Deposit$1,500
Minimum BalanceNo minimum balance

There are a few simple steps to getting the most of your Bank of China Smart saver savings account.

If you want a higher interest rate than most, Bank of China is the way to go.

They offer an impressive 1.4% p.a. which has lesser requirements compared to the other banks.

Take advantage of their interest multiplier 'Bonus Interests'.

  1. Wealth Bonus Interest - Earn bonus interest by purchasing Insurance products here
  2. Card Spend Bonus Interest:
    S$500 to S$1,500(exclusive) 0.30%
    S$1,500 and above 0.50%
  3. Salary Crediting Bonus Interest:
    S$2,000 to S$6,000 (exclusive) 0.30%
    S$6,000 and above 0.50%
  4. Payment Bonus Interest:
    Enjoy 0.30% p.a. Payment bonus interest when you successfully complete 3 bill payments of at least S$30 each via GIRO or Internet Banking/ Mobile Banking Bill Payment function.
  5. Extra Savings Interest:
    Extra Savings bonus is applicable to your account balance above S$80,000 and subject to a maximum of S$1,000,000.

If you can do the above requirements, you will be definitely enjoying huge interests on your money sitting in the Bank of China.

Conclusion

We hope this list the best savings accounts in Singapore has been helpful for you.

If not, we’ve got more information on our site about how to find a good bank account that will suit your needs.

Please don't hesitate to reach out if you have any questions or want some help narrowing down the options!

Once you open the best savings account, why not treat yourself to the best crabs in Singapore?

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