Best Savings Accounts in Singapore 2023 – All You Need to Know
If you are one of those who prefer traditional saving up in a bank, you are in the right article! This article will guide you through the list of the Best Savings Account in Singapore.
These savings account in Singapore banks can help you get 1.5% to 2.75% p.a. in interest by just saving up your hard-earned money! Let’s take a look at these impressive banks for your finances.
Top 10 Savings Accounts in Singapore
1.OCBC 360 Savings Account
OCBC 360 Account Interest Rate – Savings Accounts in Singapore
OCBC is one of the primary banks in Singapore. This bank is quite a practical choice because of its widespread ATMs around the country, and there are pretty much fewer queues than other banks. The OCBC 360 Savings account starts with a low base of 0.05% p.a. of interest.
Do not worry, and you can increase this interest by completing specific actions, which we will discuss later. These actions can help you move upward into getting up to 4.65% p.a. of interest or more!
Going back to the actions mentioned earlier to boost up the interest in your OCBC 360 Account, here is a table to help you comprehend it better:
If you are very keen on processing these actions with OCBC, you will surely get the most out of your hard-earned savings!
OCBC is also the best bank for foreigners in Singapore as it is trusted among many foreigners and expatriates.
Why you will love this
- Earn up to 4.65% a year on your first S$100,000 when you credit your salary, save and spend
- Earn an additional 3.00% a year when you insure and invest
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2. DBS Multiplier Account – Best savings account for foreigners in Singapore
DBS Multiplier Account Interest Rate – Savings Accounts in Singapore
You have probably seen the bunny commercial of the DBS bank, and they are quite popular about this multiplier account. Let’s go straight into it and give you some concrete ideas of how the multiplying bunnies work,
If you open a DBS multiplier account, you will start on a low base rate of 0.05% p.a. of interest but, you can make this multiply by doing any combination of the following actions:
- Income credit via GIRO (compulsory)
- Spending on DBS/POSB credit cards
- Getting a home loan from DBS/POSB
- Investing with DBS/POSB
- Buying Insurance from DBS/POSB (1 year only)
There is no minimum amount for each action, but take note that your total transaction should be at $2,000 to qualify for the interest bonus. Your bonus, 0.05% p.a. will jump up to 0.3% p.a. once the $2,000 monthly rate was achieved. Quite a good deal, isn’t it?
3. UOB One Savings Account
Saving up is made more comfortable with the UOB One Account. Surprisingly, it comes with a fantastic bonus interest rate that is easier to attain than other banks. Just like the two banks, OCBC and DBS, you are required to perform some actions to achieve the bonus interests. These actions required are:
- Spend at least $500/month on UOB cards (UOB One Card, UOB Lady’s Card or UOB YOLO Card)
- Credit salary of at least $2,000 OR pay three bills by GIRO
You are asking how much would be the interest? It is a whopping 7.8% p.a.! To break it down further, here is a table of the account interest rates to spice up your savings:
|Account Monthly Average Balance (MAB)||Spend min. S$500 (calendar month) on eligible UOB Card|
|Spend min. S$500 (calendar month) on eligible UOB Card AND make 3 GIRO debit transactions||Spend min. S$500 on eligible UOB Card AND credit your salary via GIRO|
4. Bank of China savings account – BOC SuperSaver
Bank of China savings account Interest Rate – Savings Accounts in Singapore
If you are considered as a high earner, who has at least $6,000 monthly salary, and you wanted to save up those finances in a reputable bank, The BOC Supersaver is for you. Not only will this bank secure your funds, but you also get to top it up with high-interest rates to increase your hard-earned money.
Your base interest would start ay 0.10% with an initial deposit of $3,000. You can enjoy having higher interest on your first $60,000 when you completed the following transactions:
- Credit Card Spending
- Salary Crediting
- Bills Payment
In addition to that, you can also have 2.20% p.a. on your account balance having above $60,000 once you have fulfilled at least one of the transactions above.
|Account Balance||Interest Rate (p.a.)|
5. Standard Chartered Bonus$aver Account
Standard Chartered Bonus$aver Account – Savings Accounts in Singapore
If you want to save your salary of at least $3,000 and get an interesting base rate of 2.5% p.a., which is technically higher than other banks, it is time to create an account with the Standard Chartered Bank. Here are the interest rates for this bank to heighten up your savings:
- $3,000 salary credit via GIRO =2.5% p.a.
- Spend a minimum of S$500 on your Bonus$aver card = 1.30%
- Spend a min of S$2,000 on your Bonus$aver card = 2.05%
- Invest a minimum ticket size of S$30,000 = 1.5%
- Insure a minimum annual premium of S$12,000 = 1.5%
- Make three eligible bill payments of at least S$50 each via GIRO or Online Banking platform = 0.33%
6. POSB Save As You Earn (SAYE) Saving account
As POSB stated, “Let your salary bring you more from the moment it gets credited.” They live up to this saying by giving you 2% p.a. of interest on the amount that you want to save monthly from your salary.
This bank will help you through achieving your financial goals without a hassle. You get more from your savings and focus on what matters most!
First, you should determine your fixed monthly savings amount from $50 to $30,000. After this, you have to choose your preferred monthly savings date, which is between the 1st and the 25th of the month. Remember that no withdrawal can be made during the 24 months period. By the end of 2 years, the 2% p.a. of interest will be added to your savings account!
7. Maybank Save Up Programme Saving Account Singapore
Aside from saving up your money, Maybank Save Up Programme allows you to choose from 9 different actions to get bonus interest. This includes:
- Home loans
- Renovation loans
- Car loans
- Educational loans
- Credit card spending
If you decide to engage in three of these categories, you can earn a fantastic 3% p.a. on top of your savings. With just a minimum monthly balance of $1,000, you can enjoy saving up with Maybank! On the other hand, if you only choose one product or service, you will have 0.3% p.a. Otherwise its 0.8% p.a. for two products or services.
8. Citi MaxiGain Saving Account Singapore
Let your saved money multiply with the Citi MaxiGain Savings Account. Get up to 0.61% p.a. on your savings with this bank in the most comfortable way possible! It works like this:
The base interest rate is 50% of the 1-month SIBOR (Singapore Interbank Offer Rate). So, the SIBOR at the end of the month is about 1.8%, and you would get a 0.9% interest as the base rate. This base rate would climb up monthly as you let time grow your money. The growth would start with an additional 0.05% p.a. on top of your SIBOR base rate up to a maximum of 0.6%. This would be a total of 1.5% p.a. of interest without spending anything!
9. CIMB FastSaver Account – Best savings account Singapore for Students
Save up money as fast as 10 minutes without even leaving your bed with the CIMB FastSaver Account! Unlike other banks, it is much easier to understand. You just have to deposit your first $50,000 and earn an instant 1% p.a. of interest. Here’s a table for a better look:
The initial deposit is only $1,000, and your minimum monthly balance should be $1,000 in order to earn interest. It is easy to understand, and there is no need to spend on anything or get a loan just to make your savings grow. It seems too good to be accurate, but it is indeed true!
10. RHB High-Yield Savings Account
If you want a good basic savings account, the RHB Savings account is for you. There is no monthly fee, and the no minimum monthly balance. You can get up to 0.375% p.a. at your first $100,000 deposit and you can earn interest from the start! A table here will give you a better idea:
|RHB Interest Rate||RHB High Yield Savings Plus Account|
|Interest Calculation||First $50,000 @ 0.30% p.a.|
Next $25,000 @ 0.40% p.a.
Next $25,000 @ 0.50% p.a.
|Prevailing interest earned at the end of 1 year||$375|
How to choose the Best Savings Account in Singapore
|Best Savings account in Singapore||Interest Rate|
|OCBC 360 Savings Account||2.65% to 7.65%|
|DBS Multiplier Account||0.9% to 4.1%|
|UOB One Savings Account||3.85% to 7.8%|
|Bank of China savings account – BOC SuperSaver||3.5% to 7%|
|Standard Chartered Bonus$aver Account||1.63% to 7.88%|
|POSB Save As You Earn (SAYE) Saving account||Up to 2%|
|Maybank Save Up Programme||0.95% to 3%|
|Citi MaxiGain Saving Account Singapore||0.01% to 0.31%|
|CIMB FastSaver Account||2.2% to 4.2%|
|RHB High-Yield Savings Account||0.3%|
|HL Bank isavings||0.28% to 3.28%|
If you are saving up, it is best to have your money secured in a bank. Not only can these banks offer fantastic interest rates that your piggybank cannot provide, you can also be assured that your money is in good hands by having them stocked up behind the highly secured banks. Grow your money now, and achieve your financial goals with these top 10 banks!
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