5 Best Savings Accounts In Singapore With Highest Interest Rate (2022)

These High-Interest Savings Accounts in Singapore Will Help You Grow Your Money

Did you know that most savings accounts in Singapore grow funds at a very low rate? While these accounts from major banks are great if you simply want to keep your funds for your daily expenses, it’s not recommended for your other financial goals. After all, your choice of savings account should be treated as an opportunity to widen your sources of passive income.

Thankfully, Singapore banks offer various high-interest savings accounts that give you a quicker return on your deposit.

Here at OMY, you will discover the following:

What Is a Savings Account in Singapore?

Best Savings Accounts In Singapore With Highest Interest Rate

A savings account is a product offered by banks that allow customers to deposit their funds for safekeeping.

Normal savings accounts in Singapore traditionally attract a much lower interest rate because they are risk-free, but now, savings accounts offer competitive interest rates so account holders can grow money better.

Characteristics Of A Saving Account

Interest

You earn interest when you keep your money in a savings account. This interest rate is usually on a per annum basis.

Initial Deposit

This is the amount of money that you need to open up the savings account.

Maintaining Balance

This is the amount of money that you have to maintain in your savings account. If you go below this threshold, you could be penalised by a lower interest rate as well as additional charges.

Required Balance To Earn Interest

This is the minimum amount of money that you need to maintain in the savings account before the bank starts to pay you any interest.

Fees

This is the amount of money that you need to pay when you close your account early or take out cheque books. It also includes withholding tax, and bank charges.

Why Should You Have A Savings Account?

Here are some reasons why you should open a savings account.

Save For A Wide Variety Of Things

When you have different savings goals, a savings account can help you organise your finances better. While most people have a savings account for their emergency funds, savings accounts can also be great for other things such as major purchases or vacations.

Get More Interest

Savings accounts offer great returns if you’re willing to do some research and find the right ones that best fit your needs. By putting your money in savings accounts with high-interest rates, you can earn a lot more in interest without even doing anything aside from depositing your money.

Read: Singapore Savings Bonds: Complete Guide to Buying SSB

Have Access To An ATM

Savings accounts can give you access to an ATM that can help you withdraw funds when you’re in a tight spot.

Have A Safe Investment Option

Savings accounts are very low-risk, so you can put your money into it and know that it won’t get wiped out by some unfortunate event. You also don’t have to worry about a drastic market fluctuation affecting your money because the bank promises to reimburse you for any losses.

Enjoy From A Minimum Investment Amount

Savings account providers are getting more lenient with their minimum investment amounts. Even if you have a small amount of savings, you can open an account with a minimum deposit just so you can have an account that makes your money work for you at a higher interest rate.

What You Should Look Out For When Opening A Savings Account in Singapore?

Financial institutions in Singapore offer a wide range of savings accounts. However, there are some you should consider so that you can get the best savings accounts in Singapore.

Changing Interest Rates

Some savings accounts will change their interest rates randomly, so you want an account where your interest rate is consistent. This can help you plan your finances better.

Easy Withdrawal Which May Tempt You To Spend Money

Some savings accounts in Singapore can make your money accessible, which can be a bad thing if you’re not disciplined enough to save. If you can’t resist the temptation to withdraw your money, choose a savings account that restricts withdrawals, so you’ll be forced to put your money to work for you.

Read: Best Singapore Dollar Fixed Deposit Rates

Minimum Balance Requirement

Some savings accounts require you to keep a minimum amount of money in your account. Keep in mind that you might have to pay a penalty if your account dips below the minimum. This can be a deal-breaker if you’re not planning to keep big sums of money in your savings account.

Presence Of Bank

It’s good to have a large bank as your savings account partner. This ensures that you get flexible services and more options. Moreover, it also ensures that you can immediately find a physical bank branch if you need to make a deposit or withdraw funds.

Services Charges

Savings accounts come with certain fees, and therefore, it’s a good idea to check whether there are charges for certain services that you might be using. Additionally, it’s also good to inquire whether any hidden services charges might be added to your bill.

Debit Deals

Enjoy higher interest rates by using your debit card for day-to-day transactions. This can help you save when you’re paying your bills and make your life a lot easier.

Doorstep Banking Perks

Savings accounts in Singapore come with certain perks that can be delivered to your doorstep. For example, you can choose a savings account that allows you to open an account in the comfort of your home. You can also get your monthly statements and notifications without having to visit your nearest bank branch.

Who Should Open A Savings Account?

Savings accounts can be beneficial to anyone who has financial goals that they’re trying to achieve. For example, it can be beneficial to college students who need to save for their future. Savings accounts are also a great starting point for new investors who want to make the transition from regular banks to investment banking.

Top 5 High-Interest Best Savings Account In Singapore

Here are our top savings account Singapore choices. Take a look at this table to compare these accounts side by side.

Savings account Minimum deposit Maximum interest rate (per annum) Fees
BOC SmartSaver Account S$1,500 3% S$3 falls below monthly fees
UOB One Account S$1,000 2.5 S$5 if the monthly average balance is less than S$1,000 (Waived for the first 6 months for accounts opened online)
S$30 early account closure fee (within 6 months from opening)
S$10 per cheque book (50 leaves, only issued upon request)
Maybank Save Up Account S$500 for Singapore Citizens and Singapore Permanent Residents

S$1,000 for other nationalities.

2.75% S$2 fall belong monthly fees
S$30 early account closed if the account is closed within 6 months
DBS Bank & Earn Multiplier Account None 3% S$5 falls below monthly fees (waived for holders below 29 years old)
OCBC 360 Account S$1,000 initial deposit 2.38% S$2 falls below the fee (waived for the first year)
S$10 chequebook fee (optional)

1. BOC SmartSaver Account

Features What You Can Get?
Wealth 3% per annum interest on the first S$80,000 of the account
Up to 0.60% per annum for a balance above S$80,000 to S$1 million
Card spend 0.30% per annum on minimum card spend of S$500 to S$1,500 per calendar month
0.50% per annum interest on monthly spending above S$1,500
Salary crediting 0.30% salary crediting bonus interest for salaries between S$2,000 to S$6,000
0.50% interest for salaries S$6,000 and above
Payment 0.30% per annum interest when you complete 3 bill payments of at least S$30 each through GIRO, internet banking, or mobile banking payment function
Extra savings 0.40% extra bonus when you check all the requirements for card spend, payment bonus interest, and salary crediting
Minimum deposit S$1,500
Fees S$3 falls below monthly fees

Without question, this is one of the best highest interest savings account choices in Singapore. This is a savings plan for Bank of China Singapore Multi-Currency Savings account holders who want to earn bonus interest. Those 18 years old and above can easily open an MCS account to participate with at least a S$1,500 deposit.

Starting in August 2022, account holders can earn bonus interest if they fulfil the required criteria. On top of its prevailing interest rates, they can also take advantage of up to 3% per annum interest on the first S$80,000 of their account, and up to 0.60% per annum for balances above S$80,000 to S$1 million.

This account also offers tons of perks. For example, account holders are granted a 0.30% per annum bonus interest when they make a minimum card spend of S$500 to S$1,500per calendar month, or 0.50% per annum interest on monthly spend above S$1,500. This can be combined with the 0.30% salary crediting bonus interest for salaries between S$2,000 to S$6,000, or 0.50% interest for salaries S$6,000 and above.

Its perks don’t end there. You can also enjoy 0.30% per annum interest when you complete 3 bill payments of at least S$30 each through GIRO, internet banking, or mobile banking payment function. Moreover, you can enjoy a 0.40% bonus when you check all the requirements for card spend, payment bonus interest, and salary crediting.

To open an MCS account, click here. Valid for Singaporeans and PR only.

Requirements For Singaporean/PR:

  • Original Singapore ID

For Foreigners:

  • Original Passport
  • Employment Pass/ S Pass/ Student Pass/ Long-term Social Visit Pass
  • Proof of address (bank statement/ utility bills/ mobile bill/ tenancy agreement within 3 months)

Fees:

  • S$3 fall below monthly fees

Visit a BOC Branch to open an account.

2. UOB One Account

 

Features What You Can Get?
Wealth 2.5% interest per annum on the first S$75,000
Card spend S$0.25% interest per annum for a minimum spend of S$500 on your UOB card per calendar month

0.50% per annum interest on monthly spend above S$1,500

Payment and salary crediting 2.5% per annum interest rate can be enjoyed by people who make 3 GIRO payments per month or credit their salary of S$1,600 monthly into their UOB One account.
Minimum deposit S$1,000
Fees S$5 if monthly average balance is less than S$1,000 (Waived for first 6 months for accounts opened online)

S$30 early account closure fee (within 6 months from opening)

S$10 per cheque book (50 leaves, only issued upon request)

UOB One Account also stands out in our list of best savings accounts in Singapore. With this account, you have the potential to earn up to 2.5% interest per annum on the first S$75,000 of your account. Because its requirements are easy to fulfil, you’ll love this savings account.

This best savings account is the perfect savings account for people who are only starting to work on their financial goals thanks to its low minimum deposit of S$1,000. To maximise interest, you can earn S$0.25% interest per annum for a minimum spend of S$500 on your UOB card. Another 2.5% per annum interest rate can be enjoyed by people who make 3 GIRO payments per month or credit their salary of S$1,600 monthly into their UOB One account.

UOB currently has a promo where account holdings can get up to S$300 if they deposit incremental fresh funds into their eligible account. You could also be one of the 10 lucky winners who will share the S$10,000 grand prize.

To qualify, deposit a minimum of S$50,000 in Incremental Fresh Funds and register your participation here. Promo is only valid until 30 July 2022.

Applicants must be at least 18 years old to apply. Get started here.

Requirements For Foreigners And U.S Persons:

Please proceed to any UOB Branch for application. Documents needed:

  • Passport
  • Proof of Residential Address
  • Employment Pass/S Pass/Dependent Pass

Fees:

  • S$5 if the monthly average balance is less than S$1,000 (Waived for the first 6 months for accounts opened online)
  • S$30 early account closure fee (within 6 months from opening)
  • S$10 per cheque book (50 leaves, only issued upon request)

3. Maybank Save Up Account

 

Features What You Can Get?
Minimum initial deposit S$500 for Singapore Citizens and Singapore Permanent Residents
S$1,000 for other nationalities
Minimum annual interest rate 0.25% per annum
Maximum annual interest rate 2.75% per annum
Fees S$2 fall belong monthly fees
S$30 early account closed if the account is closed within 6 months

With Maybank Save Up Account, you can accelerate your savings with up to 3% interest per annum. This account offers 2.75% interest per annum in bonus interest on the first S$50,000 of your balance, on top of its high base interest of 0.25% per annum.

Unlike other savings accounts that have a minimum age requirement of 18 years old, you can open this account if you’re at least 16 years old.

Account-holders can also earn bonus interest of up to 3% per annum when they credit a minimum of S$2,000 monthly salary and/or make at least S$300 GIRO Payments to billing organisations, charge S$500 for eligible expenses on your Maybank credit card, purchase any eligible Maybank financial product, or take up a new loan. These bonus interest categories can be consolidated to earn a higher interest rate. To know more about this, take a look at the following tables:

Bonus Qualifying products Bonus interest period
Save GIRO payment minimum S$300/month

Salary crediting minimum S$2,000/month

1 month
Spend At least S$500 monthly spend on eligible Maybank cards such as Maybank Platinum Visa Card and Horizon Visa Signature Card 1 month
Invest Structured deposits minimum S$30,000

Unit trusts minimum S$25,000 cash investments

Structured deposits: 3 months

Unit trusts: 12 months

Insure Regular premium insurance minimum S$5,000 in annual premium 12 months
Borrow Home loan (minimum S$200,000, excludes equity loan)

Car loan (minimum S$35,000)

Renovation loan (minimum S$10,000)

Education loan (minimum S$10,000)

12 months
Bonus interest requirement Additional interest (per annum) Base interest rate (per annum) Total interest (per annum)
1 product or service 0.10% 0.25% 0.35%
2 products or services 0.70% 0.25% 0.95%
3 products or services 2.75% 0.25% 3.00%

Fees:

  • S$2 fall below monthly fees
  • S$30 early account closed if the account is closed within 6 months

Requirements:

Singaporeans and permanent residents:

  • Front and back photocopy of your NRIC/passport
  • Proof of mailing address (if it’s different from the one in your NRIC)
  • Photo of signature

Foreigners:

  • Valid passport (at least 6 months’ validity)
  • Proof of employment/study or visit pass
  • Proof of mailing address (utility bills, telco bills, bank statements or letters from government bodies dated within the last 3 months)

4. DBS Bank & Earn Multiplier Account

Features What You Can Get?
Maximum interest 3% per annum
Minimum deposit None
Fees S$5 fall below monthly fees (waived for holders below 29 years old)
Other perks Income and transactions in credit card/insurance/home loan/investments: up to S$2,000

Income and PayLah up to S$500 per month: 0.40% on first S$10,000 in your account

PayLah retail with no minimum spend: 0.30% interest on first S$10,000 in your account

If you’re a high spender, this savings account will help you grow your money up to 3% per annum. However, you need to check off multiple requirements, and engaged customers will also get maximum benefits especially if they have a balance since the interest peaks at S$100,000.

This account does not have a minimum amount required for deposits, and there are also no service fee charges. All you need to do if you want to start earning a substantial bonus is to credit your salary to your account, as well as transact in home loan financing, insurance, investment, and credit card spending. Eligible transactions can add up to S$2,000 per month. If you credit your income and spend up to S$500 on retail using PayLah, you can earn an additional 0.40% interest on your first S$10,000. Finally, customers below 29 years old can also earn up to 0.30% interest on their first S$10,000 balance with no minimum spend.

One of the best things about this account is it offers amazing cashback on credit cards. Therefore, you can enjoy an interest in your savings and earn cash back at the same time.

Take a look at this table to see how much you can earn based on your income tier.

Total eligible transactions per month Income + 1 category
(First $25,000)
Income + 2 categories
(Next $50,000)
Income + 3 or more categories
(Next $50,000)
< S$2,000 0.05% 0.05% 0.05%
≥ S$2,000 to < S$2,500 0.40% 0.60% 1.20%
≥ S$2,500 to < S$5,000 0.40% 0.70% 1.40%
≥ S$5,000 to < S$15,000 0.50% 0.80% 1.60%
≥ S$15,000 to < S$30,000 0.50% 1.00% 1.70%
≥ S$30,000 0.60% 2.00% 3.00%

Fees:

  • S$5 fall below monthly fees (waived for holders below 29 years old)

Requirements:

Singaporeans and permanent residents:

  • Front and back photocopy of your NRIC/passport
  • Proof of residential address (if it’s different from the one in your NRIC)

Foreigners:

  • Valid passport
  • Proof of employment/study or visit pass
  • Proof of residential address (utility bills, telco bills, bank statements or letters from government bodies dated within the last 3 months)

5. OCBC 360 Account

Features What You Can Get?
Maximum interest 2.38% per annum
Initial deposit S$1,000
Fees S$2 fall below fee (waived for first year)

S$10 cheque book fee (optional)

Other perks Open an account before 30 June 2022 to enjoy double bonus interest across all categories on your first 6 months

You can take advantage of this high-yield savings account can help you grow your money. This account offers an effective interest rate of up to 2.38% per annum on your first S$75,000.

This savings account also gives you more ways to earn interest when you credit your salary, increase your average daily balance by S$500 per month, purchase eligible insurance products from OCBC, purchase an eligible investment product from OCBC, or maintain your average daily balance. Take a look at this table to know more about these additional interests.

Salary Save Insure Invest Grow
First S$25,000 0.3% 0.1% 0.3% 0.3% 0.4%
Next S$25,000 0.6% 0.2% 0.6% 0.6% 0.4%
Next S$25,000 1.2% 0.4% 1.2% 1.2% 0.4%
EIR 0.7% 0.23% 0.7% 0.7%

Regardless of whether or not you fulfill the categories listed above, you will benefit from a 0.05% interest per annum. If you open an account before 30 June 2022, you can benefit from double bonus interest across all categories on your first 6 months.

Fees:

S$2 fall below fee (waived for first year)

S$10 cheque book fee (optional)

Requirements:

Singaporeans and PRs:

  • NRIC

Foreigners:

  • Passport
  • Valid pass (employment pass, S-pass, student pass)
  • Documents that show your residential address (phone bill, CPF statement, bank statement)

Apply here.

A Word From OMY

Best Savings Accounts In Singapore With Highest Interest Rate

If you’re looking to grow your savings, opening a savings account is a great way to build a better future. With these accounts, you can increase your savings and enjoy perks without even lifting a finger.

After all, it is better to diversify your investment portfolio with the best savings accounts in Singapore. It can help you be prepared in the future and have available funds in times of emergencies.

Finally, here’s a short quote to ponder especially when you are having a hard time how to build your savings plan.

“Do not save what is left after spending, but spend what is left after saving.” – Warren Buffett

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