Best Savings Accounts in Singapore

Google+ Pinterest LinkedIn Tumblr +
Which are the best savings accounts in Singapore?

Are you still using your savings account from decades ago?

All the money we make needs to go somewhere. Sometimes it’s put into savings accounts, and sometimes, it’s kept in a tin under the bed.  While some of us are still using our old POSB savings account from decades ago, many banks have been trying to lure us to deposit money with them using attractive interest rates.

With so many new high-interest savings accounts in the market, how do you know which is the right one? Simple, by doing your research, and reading this post.

Which are the best savings accounts in Singapore?

DBS Multiplier Account

Whether you like it or not, it seems like multiplier accounts and savings accounts that reward your banking relationship are here to stay.

The DBS Multiplier Account isn’t your traditional savings account because to be eligible for higher interest, you need to credit your salary with DBS as well as use one other product of theirs (such as a credit card, home loan, investment or insurance).

Along with your salary crediting, if you perform one other banking services, you can earn up to 2.08% p.a. interest. Your salary crediting along with 2 or more banking services will allow you to earn interest up to 3.5% p.a.

The best part about the DBS Multiplier account is that there is no minimum salary amount to be credited or spent on your credit card.

Here are the interest rates you can enjoy with the DBS Multiplier Account:

DBS Multiplier

Source: DBS

What’s the catch? If you already had an insurance policy from DBS/POSB prior to opening your multiplier account, premium payments for this policy will not be considered. Only policies purchased after you have opened your DBS Multiplier Account will be considered for bonus interest.

Best for: People who have just started their first job, since you can earn bonus interest rates as long as your combined transactions amount at least to S$2,000. Moreover, there is no minimum credit card spend or salary credit for the bonus interest to kick in.

OCBC 360 Account

OCBC 360 account is one of the most popular savings account in Singapore. The account requires a minimum balance of S$3,000/month and lets you get bonus interest of up to 3.0% a year on your first S$70,000 in the account. Together with the base interest, you can earn up to 3.05% a year in interest.

From time to time, there may be promotions which allow you to earn extra interest on your incremental balance.

You can get bonus interest in the following ways:

OCBC 365 Savings Account Bonus Interest Tiers

Source: OCBC

What’s the catch? Insurance and investment products may incur additional costs such as distribution costs and annual expense ratios. So, you need to calculate and see if the returns you get after taking into consideration the costs is worth this additional 1.2% interest.

Best for: If you regularly pay your bills via GIRO, use your OCBC credit card regularly, and have a bit more savings than the average working adult, then this account is made for you since you can earn bonus interest on the first S$70,000 you save.

Standard Chartered Bonus$aver account

Standard Chartered Bonus$aver account is another savings account in Singapore we like. The account comes with a base interest of 0.1% and bonus interest of up to 3.78% on your first S$100,000 deposit.

The 3.88% p.a. interest rate is higher than the interest that is offered on most time deposits!

Of course, to earn this interest you will have to maintain a banking relationship with Standard Chartered. 

SCB Bonus Interest Tiers

Source: Standard Chartered

  • Credit a monthly salary of at least S$3,000 – 1% per year
  • Spend  on your linked Bonus$aver Cards – Up to 1.78% per year
  • Invest in an Eligible Unit Trust with a minimum subscription of S$30,000 OR
  • Purchase an insurance policy with a minimum annual premium of S$12,000 – 0.75% per year
  • Make three eligible bill payments of at least S$50 each from the Bonus$aver account via GIRO or online banking – 0.25% per year

What’s the catch? Getting the most interest out of the Bonus$aver isn’t easy unless you’re able to spend more than S$2,000 on your linked Bonus$aver credit cards. The minimum monthly salary requirement is also higher than other banks at S$3,000. 

Best for: Higher-income earners and heavy spenders of Standard Chartered credit cards. 

UOB One account

The UOB One Account was voted as Asia’s best deposit product of the year for 2017 by The Asian Banker. You can earn interest up to 3.33% p.a. when you charge S$500 each month to selected UOB credit cards, and either have your salary credited to a UOB account via GIRO or pay at least 3 bills per month via GIRO.

Our favourite feature of this account is that you don’t have to credit your salary if you can pay at least 3 bills per month via GIRO. Many self-employed Singaporeans will find the UOB One Account useful.

The base rate of interest offered for the account is 0.05% and you can earn additional bonus interest on different tiers of deposits, up to 3.33% interest.

To get bonus interest rates:

UOB One Account Bonus Interest Tiers

Source: UOB


What’s the catch? You must use one of the selected UOB cards, and the UOB PRVI Miles is not one of them.

Best for: People who like cashback and people have who S$50,000 to put into a savings account as the interest rates are tiered according to your account balance.

Related: The KrisFlyer UOB Account: Here’s a Group of People Who Will Find It Useful

BOC SmartSaver

The BOC SmartSaver account is a savings plan that compliments the BOC Multi-Currency Savings (MCS) account. As an account holder, you can earn extra interest in addition to the prevailing rates offered by the MCS account.

Performing certain transactions like crediting your salary to the account or spending on your BOC card will fetch you interest rates of up to 3.55% p.a. on your first S$60,000 of your account balance.

You can get bonus interest in the following ways:

BOC Bonus Interest Rates

Source: BOC

  • Spend
    • Spending on your BOC debit/credit card totalling over S$1,500 per month – 1.60% per year
    • Spending between S$500 to S$1,499 on your BOC debit or credit card – 0.80% per year
  • Credit your salary
    • Crediting your salary of over S$6,000 through GIRO – 1.20% per year
    • Crediting your salary between S$2,000 to S$5,999 through GIRO – 0.80% per year
  • Bill payments
    • Carrying out over 3 bill payments through GIRO of at least S$30 each – 0.35% per year
  • Save
    • Extra savings interest is given to those account holders who satisfy any of the above transactions/criteria and have an account balance greater than S$60,000 but under S$1 million – 0.60% per year.

What’s that catch? If your monthly salary is between S$2,000 and S$5,999, then the bonus interest rate is only 0.80% p.a. You need to earn S$6,000 and more to be eligible to earn the 1.20% p.a.

Best for: People who earn more than S$6,000 net each month. The additional interest you get if your salary exceeds S$6,000 is much higher than other banks. Combine this with BOC credit cards and the potential to earn a lot of interest is very attractive!

You’ll need more than just savings to achieve financial freedom

These are some of the highest interest-earning accounts in Singapore, and all you need to do are a couple of things each month to qualify. That said, saving in a savings account should not be your only tactic to build wealth. Other ways to build wealth and save could be through the regular savings plans, buying ETFsCPF investment schemes, fixed deposits, and other investments.

Are you already using some of these saving accounts? 


Leave A Reply


Request received - loud & clear!
Returning you to where you were...