If you’re looking for the best savings account in Singapore to grow your money, there’s a wide range of options available. However, finding the best deal requires careful comparison. The primary consideration is securing attractive interest rates, as they directly impact your earnings.
Currently, OCBC and Standard Chartered Bank offer the most favorable savings accounts, but the competitive market means that this can change at any time. To make the most of your savings, it is advisable to aim for the highest available interest rate. Additionally, be vigilant for low fall below fees, bonus interest rate offers linked to specific spending and saving habits, as well as other special promotions.
Whether you’re saving for a home, building an emergency fund, or working towards your financial goals, this guide will help you find the perfect savings account to suit your needs.
Best Savings Account Options – At a Glance
All savers have different needs. The best savings account in Singapore for you won’t necessarily be a good fit for the next person, and vice-versa – which is what makes understanding your needs, prioritizing your wants, and comparing the market so essential to securing the right savings account for you.
Savings accounts that have caught our eye here at Instant Loan lately include the OCBC 360 Savings Account, Standard Chartered Bonus Saver, HSBC Everyday Global Account, DBS Multiplier Savings Account, Citi Wealth First Account, CIMB FastSaver, UOB One Savings Account, Maybank Save Up Programme, Bank of China Smart Saver and Hong Leong iSavings accounts. Here’s how they compare.
|
|
Best Bank For | Interest Rate | Unique Features / Bonuses |
|
OCBC 360 Savings Account |
Overall savings growth | Up to 7.65% p.a. | Get exclusive bonus interest rates across different spending and investment categories |
|
Standard Chartered Bonus Saver |
Big spenders and frequent travelers | Up to 7.88% p.a. |
|
|
HSBC Everyday Global Account |
Savers seeking cashback rewards | Up to 5.05% p.a. | Earn up to $800 in cash rewards with the HSBC Everyday+ Rewards Program |
|
DBS Multiplier Account |
Savers who want a no minimum balance requirement | Up to 4.1% p.a. | Accumulate bonus interest when you apply for additional DBS/POSB products |
|
Citi Wealth First Account |
Existing or future Citibank customers | Up to 7.51% p.a. |
Superior savings account interest rates for Citi credit card users – and a free Citibank Debit Card |
| CIMB FastSaver | Teens and young adults | Up to 4.2% p.a. with no multiple conditions |
The CIMB FastSaver Savings Account is easy to use and set up and comes with fairly flexible T&Cs |
| UOB One Savings Account | Self-employed people and freelance workers | Up to 7.8% p.a. with two easy steps |
Save more on your next $100,000 by opening a UOB Stash Account alongside your UOB One Account |
| Maybank Save Up Programme | People with pre-existing loans | Up to 4% p.a. (or up to 8% p.a. with the Premier Save Up Programme) |
Special fall below fee waiver for customers aged 25 and younger |
| Bank of China Smart Saver | High earners | Up to 7% p.a. on your first $100,000 |
Enjoy boosted interest rates when you purchase eligible BOC wealth products |
| Hong Leong iSavings | Easy access savings | Up to 3.28% |
Take advantage of a flexible account with no tricky T&Cs to abide by |
From the table you can clearly see that there is a lot of variation between different savings account interest rates. The interesting part is that the accounts with the highest maximum interest rates might not always be the best fit for some savers, depending on your unique needs and circumstances, of course.
For example, while accounts like the OCBC 360 Savings Account and the Bank of China Smart Saver offer huge potential to accumulate bonus interest, you may find that bonus interest rates only apply to certain credit card spending or account saving categories.
What’s more, some other savings accounts, such as the Standard Chartered Bonus Saver, set different eligibility requirements for foreigners, which could make them off-limits to you if you’re not a Singapore citizen or Permanent Resident.
Others, meanwhile, like the Citi Wealth First Account or DBS Multiplier Savings Account, might limit their best savings account interest rates to those already using/applying for a branded credit card or other bank-affiliated products. Keep reading to find out more about each of the savings account and bank accounts options listed in our table.
Which Bank Has the Best Savings Account Interest Rates?
The Maybank Save Up Programme technically offers the highest interest rates of all the savings accounts in our comparison, as customers who qualify for the bank’s “Premier” Maybank Save Up Programme can enjoy bonus interest of up to 8% p.a.
This is closely followed by the Standard Chartered Bonus Saver Account, which offers impressive bonus interest rates of 7.88% p.a. with no monthly service charge alongside an account that’s perfect for frequent foreign currency spenders. That said, those who sign up for this account will need to pass more stringent eligibility checks and will also have to contend with a $55 fall below fee.
Which Bank is Best for Savings Accounts in Singapore?
There is no “one-size-fits-all” savings account, as each of the accounts listed in our comparison come with their inevitable pros and cons. Ultimately, which account is best for you will depend on your unique needs – and the same goes for which bank is best for you. For example, some savings accounts require you to maintain a minimum balance, which might be difficult for some lower-earners to achieve.
For all intents and purposes, we think the OCBC 360 Savings Account is a great all-rounder, as this account offers competitive bonus interest rates of up to 7.65% p.a. to investment-minded individuals, alongside the potential to earn bonus interest across multiple categories and with no account lock-in period. That said, some might find its T&Cs a little tough to follow, as you’ll learn later in this article.
As an alternative contender, the CIMB FastSaver Savings Account is a very viable option, as although its bonus interest rates are a little lower, it charges no fall below fee or monthly account fee and is without doubt one of the easiest-to-use accounts on this list, making it a good no-nonsense savings option. Whatever your needs, comparing the market is always vital, as different accounts will always suit different people.
Read Also: Cash Back vs Cash Rebate vs Air Miles and How to Choose Credit Card Singapore
Best Savings Account Options – in Detail
Comparing savings accounts takes time. While the accounts with the best bonus interest rates will inevitably offer the greatest savings potential, these products often come with challenging T&Cs and strict conditions to abide by if you want to take full advantage of everything they have to offer.
In this section, we’ll take a deep-dive look at each of the savings accounts listed in our comparison table, revealing what you can expect from each product in terms of key features, pros and cons and any current sign-up bonuses that might be worthy of your attention. Here we go!
1. OCBC 360 Savings Account – Best Account for Overall Savings Growth
If all-out savings growth is your top priority, then the OCBC 360 Savings Account is a fantastic fit. With this account, you can earn bonus interest whenever you save or increase your account balance, credit your salary via GIRO or exceed $500 or more with any affiliated OCBC credit card spending. Bonus rates currently sit at 7.65% p.a. up to a bonus interest cap on your balance of $100,000 – though you’ll need to invest and spend wisely to benefit from the best rates.
Key Features
- Account interest rates vary depending on where you spend and invest.
- Earn huge interest via monthly transactions income.
- Save, spend, insure, and invest to get up to 7.65% p.a.
- Earn bonus interest on your salary, savings, and monthly average balance.
Pros
- Enjoy interest of up to 7.65% p.a.
- No account lock-in period applies.
- One of the best high interest savings accounts if you save and spend wisely.
Cons
- Bonus interest is calculated in a complicated manner across different categories.
- Bonus interest cap limits balances eligible for the best interest rates to $100,000.
Promos
- N/A.
2. Standard Chartered Bonus Saver – Best for Big Spenders and Frequent Travelers
Setting up a Standard Chartered Bonus Saver account enables you to tap into a competitive bonus interest rate of up to 7.88%. Rather generous interest rates such as these are a good fit for high spenders, who will inevitably be able to save more. In addition, this savings account offers some excellent perks for frequent travelers, including the ability to save and spend in up to 14 different currencies.
Key Features
- Earn bonus interest of up to 7.88% p.a. – one of the best rates available.
- Access 14 currencies from a single account.
- Enjoy lifestyle privileges and luxury perks.
- Take advantage of $0 overseas transaction fees.
- Get $188 cashback when you sign up.
Pros
- No monthly service charge.
- Easy application process via SingPass.
- Perfect fit for big-spenders and travelers.
Cons
- $55 fall below fee
- Stricter eligibility criteria for foreigners.
Promos
- Enjoy multi-currency benefits at competitive FX rates.
3. HSBC Everyday Global Account – Best for Savers Seeking Cashback Rewards
On the surface, the HSBC Everyday Global Account might not appear to offer as much potential for savers as its competitors, with a maximum effective interest rate of 5.05% p.a. on SGD savings. That said, this account also serves up 1% cashback on eligible credit card spend and comes with multi-currency account capabilities.
Key Features
- Earn up to 5.05% p.a. on SGD savings.
- Get bonus interest and cash rewards in select categories.
- Enjoy additional rewards with HSBC’s sign-up promotion.
- Existing customers can apply online in minutes.
- Great for frequent travelers – spend and save in multiple currencies.
Pros
- No set-up fees.
- Multi-currency capability and easy international transfers.
- Very easy to accumulate cashback and bonus interest.
Cons
- Minimum initial deposit of $2,000 to $5,000 applies.
- Spending in at least five minimum spend transaction categories is required.
Promos
- Earn up to $800 in cash rewards with the HSBC Everyday+ Rewards Program.
4. DBS Multiplier Account – Best for Savers Who Want a No Minimum Balance Requirement
Like many competitors’ products, DBS Multiplier interest rates vary depending on how you save and spend. The good news is this provider offers a super-friendly calculator on its website that you can use to figure out your personal savings potential. You can also take advantage of a DBS Multiplier minimum balance requirement waiver and accumulate as much bonus interest as you like without having to maintain a minimum amount across your accounts.
Key Features
- With your money earn interest of up to 4.1% p.a.
- No minimum average daily balance required.
- Useful online calculator for bonus rates.
- No minimum spend required for customers 29 and younger with PayLah! Option.
- Get rewarded for financial planning with SGFinDex Nav Planner.
Pros
- Eligible DBS/POSB transactions can add up to $2,000 monthly.
- Salary, dividends, and other categories can add up to $500 monthly.
- Tons of flexibility across categories listed.
Cons
- DBS Multiplier interest rates aren’t as high as those offered by competitors.
- Bonus interest cap restrictions won’t suit everyone.
Promos
- N/A
5. Citi Wealth First Account – Best for Existing Citibank Customers
Offering an incredibly competitive maximum interest rate of up to 7.51%, the Citi Wealth First Account is all about combining your Citi products and accounts in a strategic way that’s best attuned to your wealth and savings goals. This savings account’s base interest rate comes in at just 0.01% p.a., but you can earn a lot more when you spend, invest, insure, and borrow, and save with Citi elsewhere.
Key Features
- Enjoy bonus interest rates of up to 7.51% p.a.
- Save, borrow, insure, and invest all at once with ease.
- Available to individuals aged 18 and over.
- Free Citibank Debit Mastercard when you apply.
- Excellent online banking features.
Pros
- Tons of different ways of earning bonus interest available.
- Access a useful online bonus interest calculator tool.
- You can still earn interest if you only spend and invest – just at lower interest rates.
Cons
- Very low base interest rate of just 0.01% p.a.
- You’ll need a Citi Credit Card, or eligible insurance or investment products to best benefit.
Promos
- Get a free Citibank Debt Card with zero conversion charges and transaction processing fees.
6. CIMB FastSaver – Best for Teens and Young Adults
Flexibility sits at the core of the CIMB FastSaver account – a savings account product that imposes no multiple conditions on those who want to access the maximum interest rate that’s up for grabs here. That said, at 4.2% p.a., the top rate here isn’t quite as competitive as what you might find with other providers.
Key Features
- Earn up to 4.2% p.a.
- No fall below fee or monthly account fee.
- Existing CIMB customers can apply online in 10 minutes.
- Secure the best bonus interest rate on your first $10,000 by applying for other CIMB products.
- No multiple conditions, credit card spend or extra requirements.
Pros
- Maximum interest rate is attainable with no complex multiple conditions.
- T&Cs are relatively straightforward.
- You can apply from just 16 years old.
Cons
- You’ll also need to apply for a CIMB investment or insurance product to get the best interest rate.
- Registration process is much easier for existing CIMB customers.
Promos
- Win trips around the world with CIMB FastSaver, including business class tickets and 5-star accommodations.
7. UOB One Savings Account – Best for Self-Employed People
The UOB One Account keeps things super-simple for savers. In a nutshell, you can access the best bonus interest rates in two easy steps – by spending a minimum of $500 on an eligible UOB card and making at least three GIRO payments or crediting your salary each month. The flexibility afforded here makes the UOB One Account a good fit for self-employed people, freelancers, and remote workers.
Key Features
- Access the best savings account interest rates on offer in two easy steps.
- Earn up to 7.8% p.a. on a relatively flexible basis.
- Get additional interest by opening up a UOB Stash Account in tandem.
- Minimum initial deposit of just $1,000 required.
- Easy online application process.
Pros
- Maximum interest rates can be attained relatively easily via UOB’s two-step process.
- Cashback with Lazada is available when you apply online.
- Fall below fee sits at just $5 on a monthly average balance of below $1,000.
Cons
- Maintaining an average daily balance is essential with the UOB One Account.
- You’ll need to hit a minimum credit card spend with your eligible UOB card to take best advantage of the greatest interest rates.
Promos
- Get up to $8,000 interest annually on your next $100,000 by having a UOB Stash Account alongside your UOB One Account.
8. Maybank Save Up Programme – Best for People with Pre-Existing Loans
The Maybank Save Up Programme offers a higher base interest rate and no fall below fee costs, making it a good option for savers who have loan or debt obligations elsewhere, and don’t want to fork out for fees or jump through significant hoops to secure a decent interest rate – for example, if you have a hefty home loan to worry about. Maybank’s basic-level Save Up Programme is good for up to 4% p.a., but their Privilege or Premier products can boost this to 7 or even 8%, respectively.
Key Features
- Initial deposit requirement of just $500.
- Earn solid base interest with little obligations.
- Syncs nicely with the Maybank Platinum Visa Card, if you have one.
- Gain instant access to digital banking services.
- No-nonsense terms and conditions.
Pros
- Available to over-16s with relatively simple eligibility checks.
- Apply online via MyInfo if you’re a Singapore Citizen or Permanent Resident (PR).
- Fall below fee waiver for under-25s.
Cons
- The best interest rates are reserved exclusively for Premier Save Up customers.
- More competitive interest rates can be easily found elsewhere quite easily.
Promos
- N/A
9. Bank of China Smart Saver – Best for High-Earners
Bank of China rewards high-earners and big money investors by reserving its best interest rates for those who purchase eligible BOC wealth products alongside their Smart Saver accounts. Bonus interest rates apply of up to 7% p.a. for customers who can hit certain minimum spend transaction categories, but this wealth-oriented card certainly won’t suit everyone.
Key Features
- Earn high interest rates when you credit your salary to your account.
- Get even more when you purchase eligible BOC wealth products.
- Earn bonus interest rates of up to 7% p.a. maximum.
- Get an additional up to 0.8% with eligible credit card spend.
- Pay your bills from your BOC MCS account to unlock even more extra perks.
Pros
- Lots of extra savings available to those who can hit credit card spending limits.
- An excellent option for high-earning, wealth-oriented savers.
- Accumulate up to 7% p.a. on your first $100,000 worth of BOC Multi-Currency Savings.
Cons
- Not a good fit if you can’t hit the minimum spend limits.
- A bonus interest cap applies to most categories.
Promos
- N/A
10. Hong Leong iSavings – Best for Easy Access Savings
With a maximum interest rate of just 3.28%, the Hong Leong iSavings product might not appear to be a good savings account at first glance, but this account offers a lot more than many of its competitors in terms of easy access, flexibility, and no-frills savings potential. If you want a savings account that you can effectively use as a regular checking account while earning some bonus interest along the way, this might just be the ideal account for you.
Key Features
- Earn up to 3.28% on your personal savings.
- Manage your account on the move with HL Bank Connect.
- Enjoy the best promotional interest rates on balances above $150,000.
- SGD deposits are protected by the Deposit Insurance “DI” Scheme.
- Competitive fees and charges.
Pros
- It’s easy to get accounts opened online with MyInfo.
- Terms and conditions are uncomplicated and easy to follow.
- A great choice for flexibility and easy savings potential.
Cons
- Lower interest rate than other savings account options.
- No special sign-up promotions currently available.
Promos
N/A.
Frequently Asked Questions (FAQs) About Savings Accounts in Singapore and Bonus Interest Rates
Still unsure about some of the ins and outs of savings accounts in the city-state? Below, we’ve compiled a list of common FAQs about savings accounts, interest rates, and more.
1. How Do Bonus Interest Rates Work?
This all depends on the bank or provider you choose to take out a savings account with, as well as the individual T&Cs of your selected savings product. In most cases, you’ll be offered a “base interest rate” on your savings, but entitled to boosted bonus interest rates when you use your account in a certain way.
Depending on the bank, unlocking the best interest rates may involve making purchases on your debit card that exceed a credit card spending threshold, or pursuing certain investments or transactions via other branded accounts from the same bank. Generally, you’ll be rewarded for good savings habits and being able to meet certain monthly conditions.
2. What is a Bonus Interest Cap?
Some savings accounts come with a “bonus interest cap” that restricts the amount of bonus interest you can accumulate. For example, you might be able to earn at a bonus interest rate of up to 7% on the first $100,000 dollars you invest or save into your account before your interest then reverts back to a standard base rate.
3. Is it a Good Idea to Switch Savings Accounts?
Every now and again, a bank might offer you a promotional interest rate or other perks if you are willing to switch your account to them. It’s worth keeping in mind that the savings market is super-competitive, and that interest rates can and do change frequently. That said, when considering switching, don’t forget that your existing bank may charge fees or penalties for early account closure.
4. What Savings Account Alternatives Should I Consider?
We’re living in one of the world’s leading financial hubs, which means there’s no end of investment opportunities available to you right here in Singapore. Stocks, shares, peer-to-peer (P2P) lending, crowdfunding, gold, and more are all viable alternatives you might want to consider if you think opening a new savings account simply isn’t the right choice for you right now.
5. Do I Need a Good Credit Score to Apply for a Savings Account Successfully?
Banks and financial institutions in Singapore have a habit for performing credit checks on any would-be customer considering their financial products – especially their most competitive or desirable ones. That said, you don’t usually need to have a water-tight credit score to qualify for a regular bank account or savings account here.
6. Can Foreigners Open a Savings Account in Singapore?
If you’re living in the city-state as a foreigner, you can ordinarily still open a savings account with most local and mainstream banks – you just might need to jump through a few more hoops than a Singapore Citizen or PR to do so. Generally, you’ll need to gather together more supporting documents alongside your application to be accepted. In many cases, an Employment Pass or Residency will be required.
7. How Do I Open a Savings Account in Singapore?
The process for opening a fresh savings account in Singapore is usually very straightforward – particularly if you intend to open an account with a financial institution that you already have another account or credit card with. You can usually apply initially online via a simple, step-by-step process, though you will also have to attend the bank in question in person to sign any relevant documents and undergo ID checks before your account will be 100% approved.
Conclusion – Compare Savings Accounts in Singapore to Get the Best Account Interest Rates
All the savings accounts listed throughout this comparison have a different focus to the next. While some might make a good savings account for big-spenders or those prepared to purchase an investment or insurance product from the same bank, others are a better fit for those of you looking for no-nonsense savings with limited restrictions.
When comparing the market, always keep in mind, that:
- The best savings accounts should offer a solid base interest rate, but also plenty of potential to supercharge your savings with bonus interest rates, too.
- A bank’s top or bonus interest rates might only be available subject to you meeting certain conditions – such as maintaining a minimum balance or exceeding a pre-set credit card spending limit.
- Any good savings account needs to be a sensible fit for your personal savings and investment needs. For example, high-earners won’t do to well with a savings or checking account geared more toward low spenders that has limited bonus interest potential.
When it comes to savings accounts, comparing options is crucial to find the best fit for your financial situation. With Instant Loan, you can get up to three free loan quotes from Singapore’s top banks, free of charge. Click ‘apply now’ to get started. No obligation to apply.
