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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! Since you put in the work to earn, 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 Singapore account options with a higher interest rate, we'll be able to achieve our goals.
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.
There are many banks to choose from in Singapore, as well as the different account types. Here is a list of the Best Savings Accounts in Singapore!
Savings Account | Interest Rates | Best for |
1. DBS Multiplier Savings Account https://www.dbs.com.sg/personal/deposits/bank-earn/multiplier |
Up to 3.00% p.a | Saver 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.a | Crediting Salary on GIRO |
3. OCBC 360 Account https://www.ocbc.com/personal-banking/deposits/360-savings-account |
Up to 2.38% p.a | All 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.a | All in one bank account |
5. Standard Chartered Bank Bonus $aver https://www.sc.com/sg/save/current-accounts/bonussaver/ |
Up to 2.38% p.a | Making bills payment |
6. Bank of China Smart Saver https://www.bankofchina.com/sg/pbservice/pb1/202007/t20200731_18212078.html |
Up to 3.0% p.a | Salary crediting and card spender |
Best Known For: | Saver and spender using Paylah! |
Interest Rates | Up to 3.00% p.a |
Website | https://www.dbs.com.sg/personal/deposits/bank-earn/multiplier |
Initial Deposit | No initial deposit required. No monthly account fees. |
Minimum Balance | Service 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 |
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:
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!
Best Known For: | Crediting Salary on GIRO |
Interest Rates | From 0.25% - 2.5% p.a |
Website | https://www.uob.com.sg/personal/save/chequeing/one-account.page |
Initial Deposit | $1,000 |
Minimum Balance |
S$5 Min Monthly Average Balance of S$1,000 |
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.
Best Known For: | All in one bank account. |
Interest Rates | Up to 2.38% p.a |
Website | https://www.ocbc.com/personal-banking/deposits/360-savings-account |
Initial Deposit | S$1,000 |
Minimum Balance | S$3,000 Fall below fee: S$2 (Waived for the first year) |
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.
Best Known For: | All in one bank account |
Interest Rates | Up to 3.00% p.a |
Website | https://www.maybank2u.com.sg/en/personal/saveup/save-up-programme.page |
Initial Deposit | S$500 for Singapore Citizens and Singapore Permanent Residents. |
Minimum Balance | S$2 monthly balance fee (if average daily balance falls below S$1,000). Waived for customers below 25 years old. |
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:
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.
Best Known For: | Making bills payment |
Interest Rates | Up to 2.38% p.a |
Website | https://www.sc.com/sg/save/current-accounts/bonussaver/ |
Initial Deposit | Enquire directly |
Minimum Balance | $5 Chargeable if the minimum average daily balance falls below S$3,000 in any particular month. |
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).
Best Known For: | Salary crediting and card spender |
Interest Rates | Up to 3.00% p.a |
Website | https://www.bankofchina.com/sg/pbservice/pb1/202007/t20200731_18212078.html |
Initial Deposit | $1,500 |
Minimum Balance | No 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'.
If you can do the above requirements, you will be definitely enjoying huge interests on your money sitting in the Bank of China.
We hope this list the best savings accounts in Singapore has been helpful for you. We’ve got more information on our site about how to find a good bank account that will suit your needs.
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