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 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 (0.25% p.a.)
- Credit card spend + salary credit (0.5% p.a. and up)
- Credit card spend + 3 GIRO payments (0.5% 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 0.25 p.a.
Employers or workers don’t have to worry a lot because they have easily had a salary credit of min $2000 and credit card spending of $500. If they meet the criteria, they will get an interest of 0.25% 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 0.05% 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 0.8% p.a. Want an interest of 0.2% p.a then you must increase your account balance by S$500 every month. A great option to reach 0.8% 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
Every bank provides a low-interest rate on annual account money. The same goes for the DBS Multiplier account; they give an interest rate of 0.05%. 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 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 Bonus Saver is a saving account that provides interest rates of 0.03% 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, 0.75% p.a. for traditional Chartered debit or Mastercard spend, to 0.90% 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.