The past year has been financially challenging for everyone. Many Singaporeans experienced pay cuts and income losses. That said, many Singaporeans have realized the importance of saving up. A savings account allows you to earn interest on your funds without taking huge risks.
With a savings account, you’ll have funds reserved for emergencies. Additionally, if you maintain a balance for a period of time, you’ll be earning interest. However, don’t expect value-added services, such as free cheque book issuance, exclusive discounts, offers, and cashback with a savings account.
So what makes a good savings account? There’s no inherently best saving account Singapore. However, you need to take a few factors into consideration, such as interest rates, fees, ease of online transaction, and more.
10 Best Savings Accounts In Singapore
There are different types of savings accounts in Singapore. Each is tailored to a different type of consumer. For instance, other accounts offer high potential interest rates but are quite complex. There are also other options with minimal requirements and lesser risk.
In curating this list of the best savings accounts in Singapore, we looked at a typical working adult. We assumed that this individual:
- Has a starting savings account of S$10,000
- Has a minimum salary credit of S$2,000 after their CPF contribution
- Minimum credit card spend of S$500 per month for daily expenses
- Pays at least three bills
| Bank | Interest Rates | Savings Amount | Minimum Deposit |
| DBS Multiplier Account | 0.4% to 0.8% | Up to S$100,000 | None |
| UOB One Account | 0.5% | Up to S$75,000 | S$1,000 |
| OCBC 360 | 0.35% to 0.45% (w.e.f. Feb 2021) | Up to S$75,000 | S$1,000 |
| Maybank Save Up | 0.48% to 2.93% | Up to S$50,000 | S$500 |
| SCB Bonus Saver | 0.48% to 1.08% | Up to S$80,000 | None |
| BOC Smart Saver | 0.7% to 1.4% | Up to S$80,000 | S$1,500 |
| SCB e$aver | 0.10% | Up to S$200,000 | None |
| CIMB StarSaver | 0.20% to 0.40% | Up to S$1,000,000 | S$1,000 |
| RHB High Yield | 0.05% | Up to S$100,000 | S$1,000 |
| OCBC Frank | 0.05% | Up to S$50,000 | None |
1. DBS Multiplier Account
Best For: Individuals with moderate to high monthly spending. It is also good for those who can make a substantial deposit into their savings account. Lastly, it’s also great for DBS loyalists with multiple DBS accounts.
Interest rates
| Total monthly transactions | Income + 1 category | Income + 2 categories |
| <$2,000 | 0.05% | 0.05% |
| $2,000 to $2,500 | 0.4% | 0.6% |
| $2,500 to $5,000 | 0.4% | 0.7% |
| $5,000 to $15,000 | 0.5% | 0.8% |
| $15,000 to $30,000 | 0.5% | 1% |
| >$30,000 | 0.6% | 2% |
Minimum Initial Deposit: None
Minimum Average Daily Balance: S$3,000
Fall Below Fee: S$5 – this fee is waived if the depositor is less than 30 years old, or if it’s the applicant’s 1st account with DBS
Max Effective Interest Rate: 3% p.a. at S$100,000
Promotions/Bonus/Other Benefits: Open a personal / joint-alternate account and receive S$20 credits of Wogi. You can redeem a gift of your choice. The promotion ends on 30 September 2021.
2. UOB One Account
Best For: Individuals with average monthly spending of at least S$2,000. It’s also good for those with a minimum salary of S$2,000 since it’s a straightforward way of earning interest. Best of all, you’ll also get a UOB credit card in addition to your UOB One savings account.
Interest Rates
| Account balance | Credit card only | Credit card + GIRO / salary credit |
| First $15,000 | 0.25% | 0.5% |
| Next $15,000 | 0.25% | 0.55% |
| Next $15,000 | 0.25% | 0.65% |
| Next $15,000 | 0.25% | 0.8% |
| Next $15,000 | 0.25% | 2.5% |
| Above $75,000 | 0.05% | 0.05% |
Minimum Initial Deposit: S$1,000
Minimum Average Daily Balance: S$1,000
Fall Below Fee: S$5
Max Effective Interest Rate: 2.50% p.a. at S$75,000
3. OCBC 360
Best For: Salaried workers with a stable budget. It’s also great for individuals ready to deposit at least S$75,000 and steadily grow monthly savings.
Interest Rates
| Action | 1st S$25,000 | S$25,001 to S$50,000 | S$50,001 to S$75,000 |
| None (base interest) | 0.05% p.a. | 0.05% p.a. | 0.05% p.a. |
| Salary credit by GIRO (min. first deposit $1,800) | 0.3% p.a. | 0.4% p.a. | 1.2% p.a. |
| Increase monthly account balance (min. $500) | 0.1% p.a. | 0.2% p.a. | 0.4% p.a. |
| Insure and/or invest with OCBC (min. amount varies depending on product) | 0.3% p.a. | 0.6% p.a. | 1.2% p.a. |
| Insure and/or invest with OCBC (min. amount varies depending on product) | 0.3% p.a. | 0.6% p.a. | 1.2% p.a. |
Minimum Initial Deposit: S$1,000
Minimum Average Daily Balance: S$3,000
Fall Below Fee: S$2 – waived the first year
Max Effective Interest Rate: 2.38% p.a. at S$75,000
4. Maybank Save Up
Best For: Moderate savers with a S$2,000 monthly salary and a minimum credit card spend of S$500. It’s also a good option for those who are planning to take out an education/car/renovation or home loan.
Interest Rate
| Transactions | Interest rate |
| None (base interest) | From 0.1875% |
| 1 product or service | + 0.1% |
| 2 products or services | +0.7% |
| 3 products or services | + 2.75% |
Minimum Initial Deposit: S$500 for Singaporeans and PR, S$1,000 for foreigners
Minimum Average Daily Balance: S$1,000
Fall Below Fee: S$2 – waived if less than 25 years old
Max Effective Interest Rate: 3.00% p.a. at S$50,000
Promotions/Bonus/Other Benefits: Receive S$150 cash credit when you open a Maybank SaveUp Account. You must link at least one other SGFinDex participating bank with Maybank MView. The promotion is valid till 30 September 2021.
5. SCB Bonus Saver
Best For: High-earner individuals with at least a S$3,000 salary and minimum monthly spending of S$2,000.
Interest Rate
| Transactions | Interest rate |
| None (base interest) | 0.03% |
| Salary credit (min. $3,000) | + 0.10% |
| Credit card spend | + 0.21% ($500) OR 0.41% ($2,000) |
| 3 x bill payments (min. $50) | + 0.07% |
| Invest in eligible products | + 0.9% |
| Buy eligible insurance | + 0.9% |
Minimum Initial Deposit: None
Minimum Average Daily Balance: S$3,000
Fall Below Fee: S$5
Max Effective Interest Rate: 2.38% p.a. at S$80,000
Promotions/Bonus/Other Benefits:
- Sign-up Promotion: Get up to S$238 cashback when you apply online now. Promotion period from 15 April to 31 July 2021
- Bonus$saver Wealth Promotion: Maximize your bonus interest and receive up to S$3,600 p.a. in Promotional Bonus Interest* when you purchase Eligible Unit Trust(s) and Eligible Insurance Policy(ies) through SCB. Promotion period from 1 July 2021 to 30 September 2021.
6. Bank of China Smart Saver
Best For: Individuals who have a minimum monthly salary of S$6,000. It’s also great for those who can make a substantial deposit into a savings account.
Interest Rates
| Transactions | Interest rate |
| None (base interest) | 0.1% |
| Salary credit | + 0.3% ($2,000) OR 0.5% ($6,000) |
| Credit card spend | + 0.3% ($500) OR 0.5% ($1,500) |
| 3 x bill payments (min. $30) | + 0.3% |
Minimum Initial Deposit: S$1,500
Minimum Average Daily Balance: S$1,500
Fall Below Fee: S$3
Max Effective Interest Rate: 3% p.a. at S$80,000
7. Standard Chartered e$aver Savings Account
Best For: Individuals who want a simple savings account with no initial deposit.
Interest Rate
| DEPOSIT BALANCE | PREVAILING INTEREST RATE ON DEPOSIT BALANCE | BONUS INTEREST RATE ON ELIGIBLE INCREMENTAL BALANCE | TOTAL INTEREST RATE ON ELIGIBLE INCREMENTAL BALANCE |
| All balances | 0.05% p.a. | 0.45% p.a. | 0.50% p.a. |
Minimum Initial Deposit: None
Minimum Average Daily Balance: S$1,000
Fall Below Fee: S$5
Max Effective Interest Rate: 0.5% p.a. at S$200,000+
Promotions/Bonus/Other Benefits: Earn up to 0.50% p.a. interest on eligible deposit balance of S$1 million. No lock-in period when you bring in incremental fresh funds. Promo till 31 July 2021
8. CIMB StarSaver Account
Best For: Young professionals seeking a starter account
Interest Rates
| Account Balance | Interest Rates |
| First S$200,000 | 0.20% p.a. |
| Next S$800,000 | 0.40% p.a. |
| Above S$1,000,000 | 0.20% p.a. |
Minimum Initial Deposit: S$1,000
Minimum Ave. Daily Balance: N/A
Fall Below Fee: N/A
Max Effective Interest Rate: 0.4% p.a. at S$1,000,000
9. RHB High Yield Savings Account
Best For: Individuals who can maintain a moderate balance between S$10,000 and S$100,000
Interest Rates
| Deposit Balance Amount | Interest Rates p.a. |
| First $50,000 | 0.30% |
| Next $25,000 | 0.40% |
| Next $25,000 | 0.50% |
| Above $100,000 | 0.20% |
Minimum Initial Deposit: S$1,000
Minimum Ave. Daily Balance: S$1,000
Fall Below Fee: S$2
Max Effective Interest Rate: 0.50% p.a. at S$100,000
Promotions/Bonus/Other Benefits: Grow your savings with an additional 1% p.a. bonus interest rate when you open a High Yield Savings Plus Account or top up your account. The promotion period is from 1 July to 30 September 2021.
10. OCBC Frank
Best For: Young professional individuals looking for a starter account without fees or requirements.
Interest Rates
| Deposit Balance Amount | Interest Rates p.a. |
| Base Interest p.a. | 0.05% |
| Below $25,000 | 0.05% |
| First $25,000 | 0.2% |
| Next $25,000 | 0.3% |
| Above S$50,000 | 0.05% |
Minimum Initial Deposit: None
Minimum Ave. Daily Balance: None if younger than 26 years old, S$1,000 for 26+ years old
Fall Below Fee: S$2 – waived if less than 26 years old
Max Effective Interest Rate: 0.15% p.a. at S$50,000
Promotions/Bonus/Other Benefits: 1% cashback when you shop at ASOS, Lazada, and more
Pros and Cons of Savings Accounts
Stashing away your money somewhere in your home is not the safest and smartest way to reach your goals. Thankfully, banks offer different types of savings accounts that will help keep your money safe. Best of all, you’ll be earning interest which will help you reach your goals sooner.
Pros of a Savings Account
- You can start saving small. Some banks have no minimum balance requirements.
- You can also deposit any amount. But first, check with the bank how much their minimum daily balance requirement is.
- Earn interest on your savings. Banks also offer bonus interest rates when you reach their account balance eligibility.
- Easy access to your money. Depending on the bank, you can access your account through ATM cards or online banking.
- Savings accounts are free to open. Additionally, most banks don’t have monthly fees.
- No lock-in period. You can switch savings accounts anytime.
- Automatically transfer a small portion of your paycheck into your savings.
- Open a savings account with your partner so you can save together.
Cons of a Savings Account
- Interest rates are variable. This means banks can set and change interest rates anytime. However, high-interest savings account rates will depend on the movements of the federal rate.
- Can be affected by inflation. If your savings account doesn’t have a competitive interest rate, inflation can eat up the value of your earned interest.
- Since you have easy access to your account, you might be tempted to spend. If you’re easily tempted, you may want to consider a time deposit account instead.
- Since there’s no lock-in period, you won’t get any incentive even if you commit to a minimum monthly deposit.
How To Choose The Best Savings Account
- Interest Rate: Don’t immediately go for a savings account with high interest rates. Choose accounts with a high interest rate with conditions that you can meet. That said, you must first check if you can meet the terms and conditions.
- Fees: The most common fee is the administrative charge when your balance falls below its minimum requirement. For example, you may be charged S$5. Some of the best banks don’t charge a fall below fee or they waive it for the first year.
However, some banks may charge other fees, such as a transfer fee when you transfer to overseas bank accounts.
- Terms and Conditions: Read the fine print. Ask about the requirements for minimum balances and deposits, limitations on withdrawals, and the fees associated with the account.
- Eligibility: Check your eligibility. For instance, some savings accounts may be available for Singaporeans and Permanent Residents only. Additionally, most banks require you to provide identification documents, such as a passport, utility bill, or credit card bill.
- Consider their promos and freebies: Some banks offer free cheque books or supplementary cards. Some may offer discounts or benefits when you have a bank-issued credit card. However, make sure that their promos and freebies are relevant to you.
- Convenience: It’s also practical to open a savings account from banks with branches that are close to you. Although you can always use the ATMs or do online banking, you may still need to visit the branch for administrative reasons. Additionally, take into account their customer service when you call asking questions or requests.
Are There Any Caveats To Look Out For?
Just like any financial product, a savings account comes with specific conditions and limitations. That said, you need to read the fine print and understand the caveats before opening an account.
For example, in some banks, the advertised rate on a savings account doesn’t always apply to your entire cash balance. Instead, this interest rate applies to a part of your cash in a tiered interest structure. Aside from this, bonus interest rates may be capped at a certain savings amount balance.
Here are other caveats to look out for when choosing the best savings account:
- How often is the interest compounded
- If certain bonus interest rates are applied only when certain conditions are met
- Promotional rates that are only available for a short period.
- Minimum balance and deposit requirements over a certain timeframe.
- Additional fees that may cut into the interest you earn every month.
How To Apply
Eligibility:
- Most banks require applicants to be at least 18 years old.
- Singaporean, Permanent Resident, or foreigner
Required Documents:
- NRIC for Singaporeans and Permanent Residents
- Passport and a valid Employment Pass or S-Pass for foreigners
- Proof of residences such as phone bills or utility bills
- Half-yearly CPF statement or any bank statement
Steps to Apply
1. You can visit the nearest branch in person to open a savings account in Singapore.
2. Another option is to complete the sign-up process online. Simply visit the bank’s website to apply.
3. You have the option to open an account instantly when you apply with Myinfo via Singpass login.
4. If you don’t have Singpass, you can apply by providing the required documents.
5. Complete the online application form and provide scanned copies of the required documents.
Once you have successfully applied, you will be directed to create an internet banking account. From there, you can do the following:
- Check transaction history
- Check current balance
- Interest accrual
In case you need to withdraw, transfer funds, or close your account, you may need to visit the branch. Additionally, you’ll be asked to fill in a form and submit it to the branch near you.
FAQs About The Best Savings Accounts
1. What Is a Savings Account?
A savings account is a deposit account that bears interest. It’s a great way to earn interest on your funds without taking big risks, such as with investing. Aside from the interest rate, their safety and reliability make a savings account attractive for those who want to keep their cash available for short-term needs.
However, some savings accounts have limitations on how often you can withdraw funds. But generally, they are great for:
- Building your emergency fund
- Saving up for short-term goals, such as going on vacation or buying a car
- Keeping money that you use infrequently but you may need on short notice
- Keeping your money safe
2. What’s The Difference Between Savings And Checking Account?
Checking Accounts earn minimal to no interest at all. However, with a checking account, you can write checks or get a debit card. That said, it’s great for keeping spending money accessible. You can use checking accounts for everyday transactions, such as purchases, bill payment, ATM withdrawals, and more.
Savings Accounts, on the other hand, are interest-bearing accounts. It’s great for keeping your money safe while earning interest. However, some banks have a monthly limit on how much you can withdraw without paying a fee.
3. Which Bank Is Best For Savings Singapore?
No one savings account fits everyone. So what’s best may depend on your personal needs. However, here are some of the best savings account options you can consider:
- OCBC 360 Account: Offers competitive interest, perfect for incremental savers.
- Standard Chartered Bonus$aver Account: They have the highest effective rate among the top banks.
- Maybank Save Up Account: Best for young professionals who are seeking loans.
- OCBC Frank Savings Account: Great for young adults looking for a low-risk starter account.
4. When Should I Open A Savings Account?
Financial experts advise opening a savings account as soon as you can if you don’t have one. There are plenty of options in the market, so you’ll surely find one that suits your needs.
However, it’s best to shop around first. Compare interests, bonus interest rates, fees, and other terms and conditions involved before making a decision.
5. How Much To Keep In Your Savings Account?
Some banks have a minimum monthly average balance requirement, but the amount you keep in your savings account will depend on you. What are your goals for the funds? Is it for a short-term goal? Are you going to use it as an emergency fund?
If you want to qualify for the higher interest rate or for the bonus interest rate, you may want to maintain your cash balance at a certain level. Additionally, you’ll need to make eligible transactions on your savings account.
Conclusion
Whether you’re thinking of opening a savings account or switching banks, now is the best time. Singapore’s economy is picking up steam as we approach the second half of 2021.
Key Takeaways:
- The best savings account will offer you a decent interest rate per year.
- Banks can change their interest rates at any given time. So stay updated on the latest news.
- When opening a savings account, consider a few factors, such as interest rates, fees, ease of online transaction, and more.
- Read the fine print. Even the best savings account comes with specific conditions and limitations.
What if you don’t have emergency funds for urgent needs? You can always turn to licensed moneylenders for quick, emergency cash. Loan Advisor is a reliable loan comparison website that offers the most up-to-date information on reliable money lenders in Singapore. Request up to three loan quotes today.
