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Meet the best bank savings accounts in Singapore

Felicia Tan
Felicia Tan • 5 min read
Meet the best bank savings accounts in Singapore
Say goodbye to savings accounts that barely give you adequate returns on your money, and hello to the ones with the highest interest rates.
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SINGAPORE (Apr 14): If you’re considering investing in the stock market, you will need to have at least six months’ worth of expenses in savings, just in case.

A good savings account that works harder for you is one of the ways to help you amass savings quickly.

By good, we really mean an account that offers you a higher interest rate than the regular one you’ve probably held on to from childhood.

Having the right savings account also makes all the difference in terms of the amount of money you will receive annually due to compound interest.

See what we mean here.

Indeed, gone are the years where putting your money in the bank gives you an inconsiderable amount of interest every year. Back then, most financial advisors would recommend you put your money in fixed deposits or insurance savings policies to get better returns, if you weren’t already investing.

See also: Congratulations, your stock is now a privatisation target but here’s the twist

These days, banks are offering more competitive rates designed to cater to mostly working adults.

See also: Should you be topping up your CPF account?

The key difference between these accounts and your basic account? Most of these “upsized” accounts require you to credit your salary directly into them, or spend a minimum sum on the credit card issued by the same bank.

If you’re still not sure which account to bank with, these are some of the best bank savings interest rates in Singapore, arranged in alphabetical order.

Of course, these attractive rates come at a price. Unless you can afford the minimum spend, or maintain the minimum account balance, you will need to do your own homework in terms of how much you realistically earn and can save.

Sometimes, a simple savings account with a higher-than-usual rate like CIMB’s FastSaver account may make more sense than, say, DBS’s Multipler Account, or UOB’s One Account.

Here’s a further breakdown of interest rates.

Bank of China SmartSaver

For more stories about where money flows, click here for Capital Section

  • Salary credit from $2,000: 0.8% p.a.
  • Monthly credit card spend from $500: 0.8% p.a.
  • Three monthly payment transactions done via mobile banking, internet banking, or GIRO: 0.35% p.a.

  • Earn while you save, without worrying about having to spend a minimum sum each month.
  • The first $50,000 earns you 1% p.a., 1.5% p.a. for the next $25,000 (i.e. $75,000), and 1.8% for the subsequent $25,000 (i.e. $100,000).

  • Earn a base interest of 50% of the one-month Singapore Interbank Offered Rate (or Sibor) if you have at least $70,000 in your account.
  • Bonus interest: plus 0.05% per month for a year as long as you make sure your balance matches or increases every month.

  • Income credit (salary or dividends): From 0.05% p.a. for $2,000 a month and below, with transactions in one or more of the following categories
  • Monthly credit card spend, monthly home loan instalment with DBS, monthly DBS insurance premiums, or investing through DBS’s Invest-Saver programme: up to 3.80% p.a. for income, as well as transactions in 2 or more categories for first $25,000 worth of transactions and above.

  • Base interest: up to 0.3125% p.a.
  • Base interest plus one product: 0.6125% p.a.
  • Base interest plus two products: 1.1125% p.a.
  • Base interest plus three products: 3.0625% p.a.

OCBC 360 Account (for first $35,000)

  • Salary credit of at least $2,000: 1.2%
  • Spend at least $500 a month on your OCBC credit card: 1.5% p.a.
  • Increase your account balance by at least $500 from the previous month: 1.8% p.a.
  • Invest with, or purchase insurance from OCBC: 2.4% p.a.

  • Earn 1.45% p.a. when you deposit at least $500 a month.
  • Receive an additional 0.75% p.a. when you don’t make any withdrawals for one year

  • Earn 2% p.a. on top of 0.05% p.a. if no withdrawal is made for two years.
  • For deposits that range from $800 to $3,000, account holders get to enjoy 2% p.a. on top of 0.25% p.a.

  • Salary credit of at least $3,000: 1% p.a.
  • Spend a minimum of $500 monthly on your credit card: up to an additional 0.78% p.a.
  • Spend a minimum of $2,000 monthly on your credit card: up to an additional 1.78% p.a.
  • Insure with Standard Chartered (with a minimum annual premium of $12,000) or invest in an eligible unit trust of at least $30,000: up to an additional 0.75% p.a.
  • Pay three bills via online banking or GIRO: up to an additional 0.25% p.a.

  • Base interest rate: 0.05% p.a.
  • Spend at least $500 per month on selected UOB credit cards: up to an additional 1.5% p.a. on your first $75,000
  • Credit your salary, or pay three monthly bills via GIRO, and spend a minimum of $500 on selected UOB credit cards: up to an additional 1.85% p.a. with first $15,000

  • Base interest rate: 0.05% p.a.
  • Maintain or increase your previous month’s monthly balance: up to an additional 0.95% p.a. for your first $60,000

See also:

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