5 Best Savings Accounts In Singapore With Highest Interest Rate (2023)

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.

• What Is a Savings Account?
• Characteristics of Savings Account
• Why Should You Have a Savings Account?
• What You Should Look Out For When Opening  A Savings Account?
• Who Should Open A Savings Account?
• High-Interest Rate Saving Account: Top Choices In Singapore

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.

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

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

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.

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.

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.

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

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.

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

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

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.

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.

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.

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.

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

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.

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.

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.

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.

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.

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.

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

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.

• Original Singapore ID

• 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)

• S$3 fall below monthly fees

Visit a BOC Branch to open an account.

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.

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

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

• 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)

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:

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

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)

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.

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

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)

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.

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.

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

S$10 cheque book fee (optional)

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.

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