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Best Savings Account In Singapore With And Without Salary Credit (2021)

best savings account singapore without salary credit
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The past year has been tough on a lot of people’s finances. Singaporeans, and people around the globe, suffered from pay cuts and income losses. On top of that, the economic downturn has caused banks to lower their deposit interest rates.

Today, most savings accounts have an interest rate of around 1% to 1.6%. Even with salary crediting, where your salary is directly credited into your savings account, you won’t earn as high interest rates as before. That said, you need to be creative with how you earn bonus interests on your account.

So is it still a good idea to open a savings account? Of course! Aside from having an emergency fund, savings accounts are a secure way to stash money for your goals. To help you, here’s a list of the best savings account in Singapore with or without salary credit.

 

Comparison Of The Best Savings Accounts In Singapore

Interest rates differ from bank to bank. Typically, the amount of savings account interest rate you earn depends on your income and the number of monthly transactions you make. Some accounts may also offer additional interest on your first, say, S$15,000.

To help you choose the best savings account, here is an at-a-glance guide to compare different savings accounts.

In curating this guide, we assumed that the average person in Singapore:

  • Earns around S$4,500 a month before CPF
  • Saves around S$730 per month
  • Has a starting minimum savings amount of S$10,000
  • Have a minimum monthly card spend of S$500
  • Pays at least three bills
Bank Salary credit Interest Rates Savings Amount Minimum Deposit Min. Salary Credit
UOB One Account Yes 0.5% Up to S$75,000 S$1,000 S$1,600
Maybank Save Up None 0.48% to 2.93% Up to S$50,000 S$500
Standard Chartered e$aver Savings Account None 0.10% Up to S$200,000 None
UOB Stash Account None 0.05% Up to S$100,000 S$1,000
DBS Multiplier Account Yes 0.4% to 0.8% Up to S$100,000 None None
Standard Chartered Bonus$aver Account Yes 0.48% to 1.08% Up to S$80,000 None S$3,000
OCBC 360 Yes 0.35% to 0.45% (w.e.f. Feb 2021) Up to S$75,000 S$1,000 S$3,000
Bank of China SmartSaver Yes 0.7% to 1.4% Up to S$80,000 S$1,500 S$1,600

 

Best Savings Account Singapore Without Salary Credit

What If you don’t have a regular salary? Will you still benefit from opening a savings account?

Freelancers, gig workers, stay-at-home parents, or retirees can still enjoy high interest savings. Here are some of the best savings accounts without salary crediting.

 

1. UOB One Account: Best For Salaried Workers and Freelancers

Get decent interest rates even without salary crediting. You only need to spend S$500 on your UOB credit card and pay at least three bills through GIRO to enjoy the 0.50% interest p.a. In addition, you’ll also get a UOB credit card along with your 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 Ave. Daily Balance: S$1,000

Fall Below Fee: S$5

Max Effective Interest Rate: 2.50% p.a. at S$75,000

Promotions/Bonus/Other Benefits:

  • Base Reward: Receive up to S$125 bae cash credit when you participate in the UOB Great Singapore Savings Festival. You need to deposit fresh funds into your UOB One Account
  • Great Singapore Savings Festival Draw: 10 lucky savers get to multiply their base cash credit by 2x, 5x, or 100x to receive up to S$12,500 in their monthly draw.

The promotion period is till 30 September 2021.

* All participants of the UOB Great Singapore Savings Festival are automatically entered into the monthly lucky draw.

*Kindly note that this Promotion is applicable for Primary Accountholders only. Fresh Funds deposited will be measured against your Account’s Monthly Average Balance (MAB) as of 30 June 2021 and will be earmarked for approximately 4 months.

 

2. Maybank Save Up Programme: Best For Salaried Workers Looking Into Loans

Earn a 2.75% bonus interest on top of the base interest rate if you take on a loan for home purchases or renovations, education, or car purchases.

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 Ave. 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.

 

3. Standard Chartered e$aver Savings Account: Best For Salaried or Self-Employed Workers Seeking Accounts with Straightforward Rates

This is a simple, straightforward savings account that requires 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: $0

Minimum Ave. Daily Balance: S$1,000

Fall Below Fee: S$5

Max Effective Interest Rate: 0.5% p.a. at S$200,000+ account balance

Promotions/Bonus/Other Benefits: You can earn up to 0.50% p.a. interest on an eligible deposit balance of S$1 million. No lock-in period when you bring in incremental fresh funds. The promo period until 31 July 2021

 

4. UOB Stash Account: Fuss-Free, Zero Effort Savings Account

This is a fuss-free, zero effort savings account that offers a considerable interest rate.

Interest Rates

Account Balance Base Interest (p.a.) Bonus Interest (p.a.) Interest Rates (p.a.)
First S$10,000 0.05% 0.00% 0.05%
Next S$30,000 0.25% 0.30%
Next S$30,000 0.55% 0.60%
Next S$30,000 0.95% 1.00%
Above S$100,000 0.00% 0.05%

Minimum Initial Deposit: $1,000

Minimum Ave. Daily Balance: S$1,000

Fall Below Fee: S$2

Max Effective Interest Rate: 1.00% p.a. at S$100,000 account balance

Promotions/Bonus/Other Benefits: *Promotions and benefits similar to UOB One Account

 

best children's savings account singapore

 

Best Savings Accounts In Singapore With Salary Credit

Salaried employees in Singapore have a wide variety of choices when it comes to savings accounts. Most banks in Singapore offer bonus interest for crediting your salary. Additionally, you can also earn bonus interest if you spend on credit cards.

 

1. DBS Multiplier Account: Best For High-Earning Depositors

Earn bonus interest from salary crediting and credit card spending. 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 Salary Credit: None

Minimum Ave. 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

Bonus Interest Rate: 1.40% to 3.80% per annum

Promotions/Bonus/Other Benefits: Open a personal / joint-alternate account and receive $20 credits of Wogi. You can redeem a gift of your choice. The promotion ends on 30 September 2021.

 

2. Standard Chartered Bonus$aver Account: Best For Salaried Workers and Big Spenders

Consider this if you have a minimum monthly spend of S$2,000. Avail of the bonus interest rates up to 0.10% from salary crediting, card spend, and bills payment.

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 Salary Credit: S$3,000

Minimum Ave. Daily Balance: S$3,000

Fall Below Fee: S$5

Max Effective Interest Rate: 2.38% p.a. at S$80,000 account balance

Bonus Interest Rate: 0.07% to 0.40% per annum

Promotions/Bonus/Other Benefits:

  • Sign-up Promotion: Apply online today and get up to S$238 cashback. The promotion period is from 15 April to 31 July 2021
  • Bonus$saver Wealth Promotion: Maximize your bonus interest and receipt 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.

 

3. OCBC 360 Account: Best For Incremental Savers

This account offers competitive interest rates for those who can allocate a consistent budget for their savings. It’s also great for those who want to steadily grow their 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

Min. Salary Credit: S$3,000

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 account balance

Bonus Interest Rate: 0.10% to 0.40%

Promotions/Bonus/Other Benefits: Open an OCBC 360 Account today and get a 15% cashback on groceries, online food deliveries, and fast food with your OCBC YES! Debit Card. Minimum spend of S$400. The promo period is until 31 August 2021.

 

4. Bank of China SmartSaver: Best For High Earning and High Spenders

Avail of the bonus interest of up to 0.50% when you credit your salary of up to S$6,000. It’s also great for individuals with a monthly minimum card spend of S$500.

Interest Rate

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

Min. Salary Credit: S$2,000

Minimum Average Daily Balance: S$1,500

Fall Below Fee: S$3

Max Effective Interest Rate: 3% p.a. at S$80,000 account balance

Bonus Interest Rate: 0.30% to 0.50%

 

5. UOB One Account: Most Accessible Top Rates

This account offers high interest rates. You can also earn bonus interest when you have a minimum monthly card spend of S$500. Plus, when you credit your salary, you’ll be guaranteed a 0.50% bonus interest.

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

Min. Salary Credit: S$1,600

Minimum Average Daily Balance: S$1,000

Fall Below Fee: S$5

Max Effective Interest Rate: 2.50% p.a. at S$75,000 account balance

Bonus Interest Rate: 0.50% to 0.80%

 

Pros And Cons Of Savings Accounts

Advantages of a Savings Account

  • Some accounts don’t require a minimum balance
  • Earn interest on your savings account.
  • Automatically credit a portion of your salary into your savings account.
  • Earn bonus interest through crediting your salary, credit card spend, bills payment, and more.
  • Easy access to your money.
  • No lock-in period.

 

Disadvantages of a Savings Account

  • Interest rates can change anytime.
  • Bonus interest rates can only be earned if you meet the eligible transactions. For instance, you can only earn 0.6% bonus interest if you credit your salary of S$6,000.
  • Because it’s easy to access, you may be tempted to keep withdrawing money from it.
  • The no lock-in period also means you won’t get incentives even if you meet the minimum monthly deposit.

 

How To Choose The Best Savings Account

Aside from interest rates, bonus interest, fees, and other terms and conditions, choosing the best savings accounts depend on your personal needs.

So don’t only look for high interest savings accounts. Choose one that complements and suits your average monthly deposit, income, and other lifestyle factors. For instance, do you have a considerable credit card spend? Or do you avail of multiple financial products?

 

Are There Any Caveats To Look Out For?

In some savings accounts, the advertised interest rate may not apply to the entire cash balance. Additionally, watch out for their bonus interest cap at a certain amount. These rates may only be applied when you meet certain conditions. That said, it’s best to know these things before you open an account.

 

How To Apply

Eligibility:

  • At least 18 years old. Some banks may have a lower age requirement.
  • 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. Visit the nearest branch or sign-up online.

2. You can also apply with Myinfo via Singpass login.

3. Fill up the application form and submit scanned copies of the required documents.

 

Additional Things You Need To Know

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

Bank of China SmartSaver Account: Best Option For High Earners and Big Spenders

The SmartSaver account offers one of the highest interest rates in Singapore at 3%. However, to enjoy the 0.5% bonus interest, you’ll need to meet conditions, such as crediting your salary of S$6,000 and credit spend of S$1,500. Additionally, the bonus interest cap is at S$80,000.

 

UOB One Account: Most Accessible High Rates Even Without Crediting Your Salary

One of the best savings accounts in Singapore overall is the UOB One Account. It’s simple, straightforward, and you can earn 0.25% without crediting your salary. To get a higher bonus interest, you can also choose to credit your salary.

 

2. How much interest will I get on $1000 a year in a savings account?

Let’s use one of the savings accounts listed above. Say, the UOB One Account.

If you have S$1,000, multiply it by the base interest rate, 0.05% p.a., and you will get 50 cents interest per year.

Remember that most accounts have a minimum daily balance. For UOB One Account, it’s S$1,000. However, some banks have a minimum balance requirement of S$3,000 upwards.

 

Conclusion

Key Takeaways:

  • Different savings accounts offer different interest rates.
  • You can avail of bonus interest if you meet the eligible transactions.
  • Typically, you can get bonus interest through crediting your salary, credit card spending, and bills payment.
  • Savings accounts come with specific conditions and limitations so make sure to read the terms and conditions.

There you have it – the list of the best savings accounts in Singapore. Some offer higher interest rates but are more complex than others. But there are also a few fuss-free options that are worth considering.

It’s best to consider opening an account to earn interest as well as keep your emergency funds safe.

However, if you ever find yourself in a financial strain, you can take out a loan from licensed moneylenders. Request up to three loan quotes from Loan Advisor to find the best deals. Loan Advisor is a distinguished and trusted loan comparison site with up-to-date comparison of the top licensed moneylenders in Singapore.

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