Best Savings Accounts in Singapore : 2023 Smart Guide

Compare and Find the Savings Accounts
(Updated: 11 March 2023)

Top Savings Accounts in Singapore for Working Adults

Saving your money is one of the smartest ways you can do to prepare for rainy days. But it is not only enough to open a savings account from the bank that you are only familiar with, you may end up just having an interest rate of 0.05%. There are many banks that offer competitive and known as the best savings account in Singapore.

If you are afraid of taking bigger risks, a savings account is a great option for you. Also, if you are afraid to stay your money for a certain period of time, a savings account is also ideal for you.

Below is our summary of the best savings accounts with the highest interest rates in Singapore. Please take note that rates may change at any time.

UOB One account

Interest Rates (p.a.)
  • up to 7.8%
Minimum Balance
  • S$1,600
How to Increase Interest Rates
  • Meet credit card spending of S$500 and credit your salary or by making 3 GIRO debit transactions (p.a.)

0CBC 360 Account

Interest Rates (p.a.)
  • up to 4.05% p.a.
Minimum Balance
  • S$3,000
How to Increase Interest Rates
  • Earn more interest when you credit your salary, save, insure or invest.

DBS Multiplier Account

Interest Rates (p.a.)
  • up to 4.1% p.a.
Minimum Balance
  • S$3,000
How to Increase Interest Rates
  • Income and Transactions in Credit Card / Home Loan / Insurance / Investment
    Income and PayLah! Retail Spend
    PayLah! Retail Spend (29 years old and below with no eligible income)

POSB SAYE account

Interest Rates (p.a.)
  • 3.5%
Minimum Balance
  • S$3,000
How to Increase Interest Rates
  • Salary credit + don’t touch for 2 years

Standard Chartered Bonus Saver account

Interest Rates (p.a.)
  • up to 2.50% p.a.
Minimum Balance
  • S$3,000
How to Increase Interest Rates
  • Invest + insure + salary credit + bill payment + card spend of $2,000

Top 5 Savings Accounts for Working Adults in Singapore

Finding a high-interest rate bank with easy approval needs some research. Don’t give your money to any bank blindly, if you want to do significant savings then a little knowledge and study is required. We have collected the five best and suitable saving accounts in Singapore for working individuals in Singapore with high-interest rates compared to others. The five saving accounts are as follows:

UOB One Account

UOB Savings Account
UOB one account is the best saving account on our list because you perform specific actions or tasks and get high rate bonuses on them. People who don’t have enough time for research must try this savings account. Find in which category you lie:

  • Credit card spends only (0.65% p.a.)
  • Credit card spend + salary credit (3.85% p.a. and up)
  • Credit card spend + 3 GIRO payments (2.5% p.a. and up)

If it’s your first time opening an account, then you should go with UOB One account, spend at least $500 and earn an interest of 0.65 p.a.

Employers or workers don’t have to worry a lot because they have easily had a salary credit of min $1,600 and credit card spending of $500. If they meet the criteria, they will get an interest of 3.85% p.a.

Freelancers and part-time workers have to worry a little, but it’s not a big issue. You spend credit card money and GIRO payments, even if you are holding less than $15,000. You will get an interest of 0.75% p.a.

0CBC 360 Account

For every starter, we recommend joining DBS, UOB, and OCBC, but if you want to open a primary account and have quality savings and now want interest in it. You will receive an interest of 4.65% every year. You must go for OCBC 360 account. Fulfill any of their requirements to earn high interest:

  • Credit your salary through GIRO
  • Ensure to save a minimum of S$500 from the past month
  • Hit $200,000 or more in total savings
  • Insure with OCBC
  • Invest with OCBC

To increase the interest rate and your savings, you should credit your salary of at least $1,800 to get 2.00% p.a. Want an interest of 1.2% p.a then you must increase your account balance by S$500 every month. A great option to reach 0.60% p.a for twelve months, then you must invest in OCBC products. The good thing about this account is that there are no fixed bonus rates.

DBS Multiplier Account

DBS Savings AccountEvery bank provides a low-interest rate on annual account money. The same goes for the DBS Multiplier account; they give an interest rate of 4.1%. But you can extend your interest rate by applying for bonuses. Follow the below criteria/requirements to increase your savings.

  • Credit your income by credit card spend, home loan installment, insurance, investments, adding up to S$2,000 or more.
  • Credit your income and transact with PayLah! for retail spending, you can add up to $500 or more.
  • Transact with PayLah! for retail spending. It is applicable for 29 years old and below with no eligible income.
  • Spending on DBS/POSB credit cards
  • Getting a home equity credit from DBS/POSB
  • Investing with DBS/POSB (1 year only)
  • Buying insurance from DBS/POSB (1 year only)

POSB SAYE account

POSB Savings AccountPOSB SAYE is a unique and special kind of account that provides you with extra interest in monthly savings. You can use it as debiting for saving accounts. To get the benefits, you have to follow the below steps.

  • Credit all your monthly salary in POSB debiting account for your contribution in savings.
  • Try to choose your savings between the 1st-25th of every month.
  • Don’t touch the saving money till two years.
  • Check a fixed monthly savings amount from approximately $50 to $3,000 in multiples of $10.
  • Make no withdrawal from the following account.

To apply, you must be above 16 years with a POSB account containing a credit salary.

Standard Chartered Bonus Saver Account

Standard Chartered Account
Standard Chartered Bonus Saver is a saving account that provides interest rates of 3.90% per annum on balance in the account. They offer a quick application process, online mobile banking, 0% transfer charges, and withdraw your cash quickly. Features are as follows:

  • Base interest will be calculated on daily basis and credited on monthly basis.
  • Bonus interest rates range from 0.10% p.a. for bills, 0.70% p.a. for traditional Chartered debit or Mastercard spend, to 1.00% every year for investments and insurance with Standard Chartered.
  • To fulfill the standards, your Standard Chartered Bonus Saver debit or Mastercard must be linked to your Standard Chartered Bonus Saver account.
  • Bonus interest is calculated at the tip of every month, supported by the typical daily balance in your following account.

FAQs on Savings Accounts in Singapore

Working on savings accounts in every country is the same, there are some minute changes in the overall perspective. In Singapore, you have some extra cash/money, and you want to save it and gain some kind of interest in it. You go to the bank, and they will open a savings account for you. The owner of the account will earn interest rates per annum. The interest rates are not fixed; it differs from banks. Generally, most banks provide a 0.05% interest rate per annum. You can add money through ATM, deposit slip, wire transfer, mobile transfer, and direct deposit.
Saving account is far better than current accounts in which no facilities or interest rates are provided. Our team has collected the top 10 features of saving accounts in Singapore:
1. Interest Rates
2. Bonus Incentives
3. Minimum average balance
4. Minimum Opening Deposit
5. Monthly Deposit Requirements
6. Frequency of Withdrawals
7. Linked Accounts
8. ATM Facility
9. Account Keeping Fees
10. Accessible for all age groups
The fee is charged by all banks, but compared to the current account; it is low. You only have to pay the maintenance fees every month. If you are late in providing or your bank balance finishes, you may be given a heavy fine or your account may be suspended. Fees vary from bank to bank, but most banks demand 4-5 dollars per month.
You need a saving account, but you don’t know which one to choose which will give me the best output. First set your money goals, how much you are going to deposit into account—second research on the bank interest rate in your area or city. Always use regular savings accounts to be free from extra taxes or fees. After completing the above tasks, check the monthly bank fees (to ensure it is flexible). At last, don’t regret your final decision. If your decision gets wrong no problem after some time, you can change the savings account.
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