best savings account singapore

10 Best Savings Accounts in Singapore with High Rates 2024

Choosing the right savings account is crucial in today’s economic climate, especially as interest rates fluctuate and banks adjust their offerings. Last week, Channel News Asia reported that UOB and Standard Chartered Bank cut the bonus interest rates on their flagship savings accounts, highlighting the need for savers to stay informed and proactive. With the right savings account, you can maximize your earnings and make your money work harder for you.

To help you make an informed decision, we’ve compiled a list of savings accounts by comparing their effective interest rates, minimum balance requirements, fees, and unique benefits. When comparing savings accounts, we should also consider how different monthly activities, like salary crediting and card spending, impact your interest earnings. 

In this article, you’ll discover detailed comparisons, personalized recommendations, and realistic scenarios to understand potential interest earnings.

Best Savings Account Options – At a Glance

Bank Account Name Base Interest Rate Max Interest Rate (p.a.) Minimum Balance
OCBC 360 Savings Account 0.05% 4.65% S$3,000
Standard Chartered Bonus$aver Account 0.05% 4.00% S$1,000
HSBC Everyday Global Account 0.05% 4.45% S$2,000
DBS Multiplier Account 0.05% 4.10% S$3,000
Citi Wealth First Account 0.01% 7.51% S$250,000 for Citigold;

S$1,500,000 for Citigold Private Client.

CIMB FastSaver 1.50% 3.50% S$1,000
UOB One Savings Account 0.05% 6.00% S$1,000
Maybank Save Up Programme 0.25% 4% S$1,000
Bank of China Smart Saver 0.80% 7% S$1,000 (to earn interest)
Hong Leong iSavings 3.28% S$500

 

For the best savings account in Singapore, the OCBC 360 Savings Account offers up to 4.65% interest. Standard Chartered’s Bonus$aver is at 4.00%, DBS Multiplier at 4.10%, HSBC Everyday Global at 4.45%, and CIMB FastSaver at 3.50%. Citibank’s Citi Wealth First tops at 7.51%, ideal for high net worth individuals.

 

Accounts for High Spenders

1. Citibank Citi Wealth First Account

The Citi Wealth First Account helps you grow your wealth by rewarding you for your banking and wealth relationship. Boost your savings with bonus interest on your usual banking activities, as well as when you insure and invest towards your wealth goals. Savings are made even more rewarding with up to 7.51% p.a. Interest.

  • Base Interest Rate: 0.01%
  • Max Interest Rate: 7.51%
  • Minimum Balance: S$250,000 for Citigold; S$1,500,000 for Citigold Private Client

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.

Bonus interest

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.

2. Bank of China Smart Saver

BOC SmartSaver is a savings plan for BOC Singapore Multi-Currency Savings (MCS) account holders to earn bonus interest. If you are 18 years old and above, you can open an MCS account with a deposit of at least S$200 to participate in this savings plan. Effective from 1 January 2023, you can earn bonus interest on top of prevailing rates by fulfilling specific criteria.

  • Base Interest Rate: 0.80%
  • Max Interest Rate: 7%
  • Minimum Balance: S$1,000 (to earn interest)
  • Bonus Interest Criteria:
    • Up to 7.00% p.a. on the first S$100,000 of account balance
    • Up to 1.00% p.a. for account balances above S$100,000 to S$1,000,000

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.
Category Criteria Bonus interest (p.a.)
Wealth bonus interest Purchase eligible insurance products to earn bonus interest for 12 consecutive months 2.40%
Card spend bonus interest Spend at least S$500 to S$1,500 on your debit or credit card in a calendar month 0.50%
Spend at least S$1,500 on your debit or credit card in a calendar month 0.80%
Salary crediting bonus Credit at least S$2,000 to S$6,000 (exclusive) of your monthly salary 1.90%
Credit at least S$6,000 of your monthly salary 2.50%
Payment bonus interest Complete at least three bill payments of at least S$30 each via GIRO/ internet banking/ mobile banking bill payment function 0.90%
Extra savings interest Fulfill any one of the requirements for card spend, Salary Crediting or payment bonus interest. 0.60%
Total   7.00%

 

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.

3. Standard Chartered Bonus$aver Account

Setting up a Standard Chartered Bonus Saver account enables you to tap into a competitive bonus interest rate of up to 4.00%. 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.

    • Base Interest Rate: 0.05%
    • Max Interest Rate: 4.00%
    • Minimum Balance: S$1,000
    • Bonus Interest Criteria:
        • Up to 3.68% p.a. bonus interest when you credit your salary, spend, and pay bills.
        • Up to 4.00% p.a. bonus interest when you insure and invest.
    • Promo: Receive S$68 cashback when you:
        • Open a Bonus$aver Account and a Bonus$aver World Mastercard Credit Card.
        • Deposit and maintain S$50,000 in new funds.
        • Additionally, earn an extra S$100 cashback by crediting your salary within the first two months of opening the account.

Key Features

  • 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.

Bonus saver

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.

Accounts for Low-Income Earners

1. HSBC Everyday Global Account

The HSBC Everyday Global Account (EGA) is a versatile multi-currency account that allows you to hold, withdraw, exchange, and transact in 11 different currencies. With zero fees for cash withdrawals in 10 different currencies, it’s a convenient choice for those who frequently deal with multiple currencies.

  • Base Interest Rate: 0.05%
  • Max Interest Rate: 4.45%
  • Minimum Balance: S$2,000
  • Bonus Interest Criteria (Promo): From 1 June to 30 June 2024, earn up to 4.45% p.a. bonus interest when you register via SMS.
    • Up to 3.40% p.a. HSBC EGA bonus interest
    • 0.05% p.a. HSBC EGA’s prevailing interest rate
    • Additional bonus interest applicable up to a maximum top-up of S$2 million, compared against the reference month of May 2024.
  • Promos: Up to SGD800 cash rewards with the HSBC Everyday+ Rewards Programme

Key Features

  • Earn up to 4.45% p.a. on SGD savings.
  • Hold, withdraw, exchange, and transact in 11 different currencies with no fees for cash withdrawals in 10 currencies.
  • 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.

2. Hong Leong iSavings

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.

  • Base Interest Rate: 3.28%
  • Max Interest Rate: 3.28%
  • Minimum Balance: S$500

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.

Hong leong iSavings

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.

3. CIMB FastSaver

The CIMB FastSaver Account offers high interest rates, making it an attractive option for savers looking to maximize their earnings. With daily interest accrual and monthly crediting, this account ensures your savings grow consistently. That said, at 3.5% p.a., the top rate here isn’t quite as competitive as what you might find with other providers.

  • Base Interest Rate: 1.50%
  • Max Interest Rate: 3.50%
  • Minimum Balance: S$1,000
  • Bonus Interest Criteria: Enjoy an additional 0.5% interest/profit rate per annum when you credit your salary or set up a recurring transfer (Standing Instruction via GIRO) of at least S$1,000.
  • Promo: Sign up for any eligible savings account below and enjoy 3.50% p.a. interest/profit rate from your 1st dollar with NO cap on interest earned and NO lock-in period!

Key Features

  • 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.

CIMB FastSaver

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.

Accounts for Freelancers and Other Specific Needs

1. UOB One Savings Account

The UOB One Savings Account offers competitive interest rates by rewarding consistent banking activities. Simply spend a minimum of S$500 on an eligible UOB Card and credit your salary or make three GIRO transactions monthly to maximize your bonus interest. Track your progress on the UOB TMRW app to never miss out on earning potential.

    • Base Interest Rate: 0.05%
    • Max Interest Rate: 6.00%
    • Minimum Balance: S$1,000
    • Bonus Interest Criteria:
      • Credit a minimum salary of S$1,600 monthly into your UOB One Account, or
      • Make three GIRO debit transactions per month
    • Promos:
      • Get up to S$230 cash when you apply for two eligible UOB savings accounts online, deposit new funds, pay your bills and credit your salary and dividends with UOB.
      • On your next S$100,000 savings with UOB Stash Account: Get up to S$3,000 in interest a year when you maintain or increase your balances

Key Features

  • Access the best savings account interest rates on offer in two easy steps.
  • Earn up to 6.0% 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.

AUB One savings

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.

2. OCBC 360 Savings Account

The OCBC 360 Savings Account offers a comprehensive approach to maximizing your savings with bonus interest rates up to 4.65%. By crediting your salary, saving, spending, insuring, and investing, you can significantly boost your interest earnings on your account balance.

  • Base Interest Rate: 0.05%
  • Max Interest Rate: 4.65%
  • Minimum Balance: S$3,000
  • Bonus Interest Criteria: 
    • 4.65% p.a. on your first S$100,000 when you meet the criteria.
    • Earn an additional 3.00% p.a. when you insure and invest.

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 4.65% p.a.
  • Earn bonus interest on your salary, savings, and monthly average balance.

Bonus interest rate breakdown

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.

3. DBS Multiplier Account

The DBS Multiplier Account offers a flexible and rewarding way to grow your savings by recognizing various income sources and combining different banking activities. Whether you’re a student, gig worker, salaried employee, or retiree, the DBS Multiplier makes it easier to earn higher interest rates. Plus, 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.

  • Base Interest Rate: 0.05%
  • Max Interest Rate: 4.10%
  • Minimum Balance: S$3,000
  • Bonus Interest Criteria:
    • Income + 1 Category: Earn up to 2.20% p.a. on the first S$50,000 balance.
    • Income + 2 Categories: Earn up to 3.00% p.a. on the first S$100,000 balance.
    • Income + ≥3 Categories: Earn up to 4.10% p.a. on the first S$100,000 balance.

A few things to note: Income includes salary credit, dividends, and annuities. 

  • Salary must be credited via GIRO/FAST/PayNow with specific transaction codes.
  • Dividends, including eligible sources, should be credited to your DBS/POSB account, DBS Wealth Management Account, Supplementary Retirement Scheme (SRS) Account, or CPF Investment Account.
  • Annuities include CPF payouts and SRS withdrawals. 

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.
  • Earn 1.50% p.a. on the first S$50,000 balance with any credit card or PayLah! retail spend, applicable if you’re 29 years old and below. No minimum spend required.

DBS multiplier

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.

4. Maybank SaveUp Programme

The Maybank SaveUp Programme offers an opportunity to earn bonus interest on your savings by engaging in various banking activities. It 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. 

  • Base Interest Rate: 0.25%
  • Max Interest Rate: 4%
  • Minimum Balance: S$1,000
  • Bonus Interest Criteria: 
    • Earn up to 2.75% p.a. on the first S$50,000 by taking up at least three products.
    • To earn the maximum interest rate, you need to credit at least S$2,000 of your salary and spend a minimum of S$500 monthly.

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.

Maybank Saveup

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.

Realistic Scenarios

Scenario 1: Salary Crediting and Moderate Spending

Using the UOB One Account as an example, we consider an individual who credits their salary of S$2,000 monthly, spends S$700 on an eligible UOB credit card, and completes 3 GIRO transactions each month. With an account balance of S$75,000, the user can enjoy a competitive interest rate.

  • Total Card Spend: S$700
  • Salary Credit Amount: S$2,000 (or 3 GIRO transactions)
  • Account Balance: S$75,000

With these figures, the individual will earn an annual interest of S$2,250.00 and an annual cash rebate of S$200, totaling S$2,450. This scenario demonstrates how regular salary crediting and moderate spending can maximize the benefits of the UOB One Account, providing significant interest earnings and rebates.

Scenario 2: High Spending and Saving Habits

Using the Standard Chartered Bonus$aver as an example, let’s analyze the interest earnings for a user with high spending and saving habits. In this scenario, we consider an individual who credits a monthly salary of S$3,000, spends S$2,000 or more on their card, and makes at least 3 bill payments online. With an estimated average daily balance of S$100,000, the user can maximize their bonus interest.

  • Salary Credit: Yes, monthly salary credit of S$3,000 or more.
  • Card Spend: S$2,000 or greater.
  • Bill Payment: At least 3 bill payments online.
  • Account Balance: S$100,000

This individual will earn an estimated annual interest of S$3,680 at a rate of 3.68% p.a. This scenario illustrates how high spending and comprehensive financial management using the Standard Chartered Bonus$aver account can significantly enhance interest earnings.

Requirements Summary

Bank Bonus Criteria
OCBC 360 Savings Account
  • Minimum salary credit of S$1,800 through GIRO/FAST/PayNow
  • Increase daily balance by S$500, spend at least S$500 on selected OCBC credit cards
  • Purchase eligible insurance/investment products.
Standard Chartered Bonus$aver Account
  • Salary credit of S$3,000 or more
  • Spend S$2,000 on card
  • 3 bill payments online
  • Invest in eligible products.
HSBC Everyday Global Account Salary credit, card spend, bill payment, invest in eligible products, maintain balance up to S$2 million.
DBS Multiplier Account
  • Income + 1 category: up to 2.20% p.a. on S$50,000 balance
  • Income + 2 categories: up to 3.00% p.a. on S$100,000 balance
  • ncome + ≥3 categories: up to 4.10% p.a. on S$100,000 balance.
Citi Wealth First Account Spend, invest, insure, borrow, and save to earn bonus interest rates.
CIMB FastSaver Credit salary or set up recurring transfer of S$1,000.
UOB One Savings Account
  • Salary credit of S$1,600 or 
  • 3 GIRO transactions, spend S$500 on UOB card.
Maybank Save Up Programme Earn bonus interest on first S$75,000 when you take up to 3 or more qualifying products.
Bank of China Smart Saver
  • Credit monthly salary, spend S$500 to S$1,500 on debit/credit card
  • Purchase eligible insurance
  • Complete 3 bill payments, fulfill extra savings criteria.
Hong Leong iSavings No specific bonus criteria, manage account on HL Bank Connect.

 

Read Also: OCBC 360 vs DBS Multiplier Account & UOB One vs OCBC 360 Saving Account

Tips on Maximizing Interest Rates

  1. Compare High-Yielding Savings Accounts: Hanna Horvath, a CERTIFIED FINANCIAL PLANNER™, advised in a Business Insider article to research high-yield savings accounts and compare interest rates. She emphasized the importance of finding an account that not only offers competitive rates but also aligns with your specific financial needs.
  2. Regular Salary Crediting: Ensure you credit your salary into your savings account monthly. Horvath also recommended setting up automatic transfers from your checking account to ensure consistent savings.
  3. Meet Spending Requirements: Use eligible credit or debit cards associated with your savings account to meet the required spending thresholds. For example, spending at least S$500 monthly on a UOB card can unlock higher interest rates on the UOB One Account.
  4. Diversify Your Transactions: Engage in multiple banking activities such as bill payments, investments, and insurance purchases. Accounts like the DBS Multiplier and Standard Chartered Bonus$aver reward diverse transactions with higher interest rates.
  5. Maintain Minimum Balances: Keep your account balance above the minimum required to avoid penalties and ensure you qualify for the highest interest rates. 
  6. Utilize Promotional Offers: Take advantage of promotional interest rates and cashback offers. 

However, Mr. Lee from Phillip Securities cautioned in an interview with Channel News Asia, “To be honest, 4 percent is not bad, but always think about the hoops that you have to jump through for that.” He added, “If you are going to force yourself into something like taking up a new card and spending more, please take a step back and ask yourself if the increased interest is worth the additional steps you need to take.”

Choosing the Best Account Based on Personal Financial Habits

For High Earners and Spenders: Citibank Citi Wealth First Account

This account offers up to 7.51% p.a. interest for those who can maintain high balances and engage in multiple financial activities like spending, insuring, and investing.

For Moderate Spenders with Regular Income: UOB One Savings Account

It rewards consistent spending and regular salary credits with up to 6.00% p.a. interest. It’s ideal for those who can meet the spending threshold of S$500 and have regular income credits.

For Freelancers and Gig Workers: DBS Multiplier Account

This account recognizes various income sources, making it suitable for freelancers and gig workers. It offers up to 4.10% p.a. interest based on combined banking activities.

For Low-Income Earners: HSBC Everyday Global Account

With a minimum balance requirement of S$2,000 and the ability to hold and transact in multiple currencies, it provides flexibility and decent interest rates up to 4.45% p.a.

For Savers Focused on Simplicity: CIMB FastSaver

This account offers up to 3.50% p.a. with no complex requirements or minimum spend conditions, making it straightforward for those who prefer simplicity.

FAQs

1. Which bank is best for savings accounts in Singapore?

The best bank for savings accounts in Singapore depends on your financial habits and needs. For high spenders and those with substantial balances, Citibank’s Citi Wealth First Account offers up to 7.51% p.a. interest. 

For those seeking flexibility and recognizing various income sources, the DBS Multiplier Account is a great option. If you prefer simplicity with decent rates, CIMB FastSaver offers straightforward high-interest earnings.

2. Which bank gives 7% interest on savings accounts?

The Bank of China offers up to 7% p.a. interest on their Smart Saver account. To earn this rate, you need to meet various criteria, such as salary crediting, card spending, and making bill payments. This makes it suitable for individuals who can consistently fulfill these requirements.

3. How do you get 8% interest on CIMB?

Currently, CIMB does not offer an 8% interest rate on their savings accounts. However, the CIMB FastSaver account provides competitive rates up to 3.50% p.a. To maximize your interest, ensure you meet the criteria such as crediting your salary or setting up a recurring transfer of at least S$1,000.

4. Which bank in Singapore has the best fixed deposit rate?

Fixed deposit rates can vary, but banks like Hong Leong Finance, RHB, and ICBC often offer competitive rates. To find the best rate, compare the latest offerings from various banks. Typically, promotional rates are available for specific tenures and deposit amounts, so it’s essential to review the terms and conditions carefully.

Conclusion

Selecting the right savings account can significantly impact your financial growth. By understanding the various criteria and maximizing your bonus interest opportunities, you can make your savings work harder for you. Whether you’re a high spender, a freelancer, or someone seeking simplicity, there is an ideal savings account to suit your needs.

Key Takeaways:

  • Choose accounts that offer high bonus interest through regular salary crediting and meeting spending thresholds.
  • Match your account choice to your spending behavior. High spenders can benefit from Citibank Citi Wealth First’s 7.51% p.a., while moderate spenders may prefer UOB One’s 6.00% p.a.
  • Take advantage of promotional rates and offers. HSBC Everyday Global offers up to 4.45% p.a. during promotions.
  • Ensure you meet the minimum balance and transaction criteria to maximize interest rates.

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