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DBS Multiplier Account. It’s pretty easy to apply for this savings account as there’s no age requirement or minimum deposit. … Every savings account also comes with a convenient mobile banking app that allows you to monitor your account and do transactions with just a click on your phone. Best savings accounts for salaried workers. It's easy to become lost in a sea of qualifications to unlock boosted rates, all while trying to avoid hidden requirements and fees. Note: the Base Interest for Standard Chartered BonusSaver has also been revised to 0.03% p.a. FYI: The changes to the base interest rate of the BOC SmartSaver account are effective 1 Aug 2020. With Jack’s current balance of S$30,000 in his DBS Multiplier Account … Saving money is now going to be easy when you have any of these savings accounts to help you manage your expenses. Are you on the lookout for a trustworthy bank to help you properly manage…, If you’re investing a huge sum of savings in a bank, you’d want to…, If you’re in the early stages of building your business, you might want to…, Oh, and if you travel regularly and want to keep your savings intact, then you should avail yourself of the. *Additional interest capped at first $50,000 of your account balance. So if you aren’t drawing that kind of pay or looking to spend that kind of money. interest on the Standard Chartered Jumpstart account on balances up to $20,000 year-round. In a low-interest-rate environment, most of the banks are probably affected which resulted in the changes to their consumer products. Almost every bank has a savings account … A savings account is an account in which you store money that you don’t intend to use for daily expenses. Looking for a good savings account in which to bank your cash for a rainy day? In addition, having access to your account has never been easier with their over 150 digital banking services. . Earn up to 1% p.a. Because any 2 persons can open a joint bank account in Singapore, there is no need to find a spouse just to execute this strategy. Apply online for any of our wide offerings which include savings, current and time/term deposit accounts. Up to 3.8% p.a. Savings accounts in Singapore often aren't especially straightforward. Banks in Singapore have all lowered their savings account interest rates since COVID-19. If you don’t like reading terms and conditions, here’s our suggestion on how you can maximise your OCBC 360 Saving Account’s interest rate. Do note that you will earn a base interest of 0.05% a year on your entire account balance regardless of whether you fulfil the above categories. From 15 Jan 2021, you basically get 0.30% p.a. Make sure to check with your company’s HR manager if your monthly salary GIRO credit is under the transaction code: SAL. All you have to do is fill up some basic information like your: And the calculator will tell you which savings account gives you the highest interest rate! As one of the leading banks on the island, Citibank has various saving accounts but we think that its MaxiGain is the best. The Maybank Save Up programme lets you choose from nine different products and services in order to get the bonus interest: *If you meet the minimum salary credit amount and/or the minimum aggregate GIRO debit amount stated in the table above, it will be considered as 1 Qualifying Product. 2020 has not been the best for of years if you have your money in a savings account with high-interest rates. Then the UOB One is your best bet because you only need to make sure that you spend $500 a month on your UOB credit cards: The option to pay three bills by GIRO instead of crediting your salary means that this is also ideal for those without a steady paycheck (think: freelancers and stay at home moms). Because once the promo expires, you’ll be stuck with an interest rate that’s not the most ideal. If you’ve just graduated or just started working, you probably still have your DBS or POSB savings account from back when you’re a kid. But based on the criteria we set out where you’re crediting your salary, spending $500 with your credit card and making three bill payments – you’ll only earn a paltry 0.35% p.a. The Fed also recently announced that they will keep interest rates near zero until 2023. since the 1 Nov 2020 changes have kicked in. If you’re still unsure, you can also read real user reviews left by our SeedlyCommunity to find out if it’s really the best savings account for you! Saving money isn’t easy, but when you’re protected by the best savings accounts in Singapore, you will be more motivated to manage your expenses wisely. https://www.dbs.com.sg/personal/deposits/savings-accounts/my-account#, https://www.ocbc.com/personal-banking/accounts/360-account.html, https://www.sc.com/sg/save/current-accounts/bonussaver/, https://www.bankofchina.com/sg/pbservice/pb1/201611/t20161130_8271280.html, https://www.citibank.com.sg/gcb/landing_page/deposits/interestplus-account-maxgain.htm?ecid=AFMSDSGMGAENLIAP, https://www.dbs.com.sg/personal/deposits/bank-earn/multiplier. Find out more. And that’s it for our list of the best savings accounts in Singapore worth checking out. FYI: The interest rates for UOB One were revised recently. Best Savings Account For Young Adults CIMB FastSaver Account. And don’t want to crack your head over complicated T&Cs…. Interest rates for savings … Here is how much interest you can earn after 1 Jan 2021: If you take up a home mortgage loan or invest with DBS as well. Unlike other banks, it doesn’t require account holders to have a minimum salary credit or credit card spend as long as your monthly transactions amount to $2,000. Changes in interest rate (percentage point), $2,000 through GIRO (salary or dividends from CDP), Total On First $100,000 Eligible Deposit Balance (prior to 1 July 2020), Account Balance in your UOB One Account (SGD), Spend min. Which begs the question: which savings account should you stash your cash in now? FastSaver account used to be one of the best savings accounts in Singapore, but it is no longer the case with its recent cuts in interest … 256 Reviews. The government will match dollar for dollar, the amount you save, up to a certain limit. ... Deposit Insurance Scheme Singapore dollar deposits of non-bank depositors and monies and deposits denominated in Singapore dollars under the Supplementary Retirement Scheme are insured by the Singapore … Finding a good savings account in Singapore isn’t always about the fees involved or the ease of signing up. Bank of China may be known as a bank with inconvenient services sometimes… but if you really want a bank that offers interest rates higher than most banks in Singapore, then they might be the one for you. If you complete at least 3 bill payments amounting to $30 each, you’re entitled to another bonus to your interest rate of 0.35%. interest, when you can upgrade to high-interest savings account instead. But I supposed that’s a good thing as you’ll be less likely to make withdrawals. You should also note that ATMs for foreign banks like Bank of China and Standard Chartered are usually limited. P.S. The whole process of choosing the best savings account can be rather confusing as we all have different spending habits and incomes. With an interest rate that goes as high as 3.8%, DBS Multiplier Account is the savings account to get if you want your money to increase as it sits with your bank. Then to get more interest, you’ll need to: Based on the criteria we set out earlier, you will fulfil the salary credit category and credit card spend category. Access To Over 6,000 CIMB ATMs. Curious about how you can take better advantage of what all the banks have to offer and look for a savings account with higher interest rates? Foreign … FYI: From 1 Jan 2021, you get 0.4% p.a. Or you could clock the Invest or Insure category to really see a boost in your bonus interest rate. Even with “over 200 ATMs” located around Singapore, it’s not easy to find a Bank of China ATM when you need it. However, sticking with DBS also brings about certain disadvantages such as: Some of our Seedly Community members have also decided to switch other banks. No … 3.8% No initial deposit required. Accumulate even more savings when you Stash. Today, we’re listing down the ones we think are worthy of everyone’s attention. Instead, you’ll want to fulfil as many other categories as you can: Even if you’re unsure about buying insurance or investment products from OCBC, here’s an example of how much interest you can earn based on the above criteria: FYI: Before we get into it, you should know that the BonusSaver bonus interest rates were revised recently. Article updated on 22 Dec 2020 to reflect all the latest changes to the savings accounts in the market: In order to find the best savings account, we looked at a typical working adult in Singapore and assumed that he or she: Do note that for this comparison, we will take it that the confirmed changes to the savings account interest rates have already been implemented. Note: looking at the number of loans available, it seems like Maybank Save Up would be ideal if you’re already planning to take a loan. Like the previous option, Standard Chartered Bonus Saver offers higher interest rates to larger depositors. The best thing about CIMB FastSaver is that it is a pretty straightforward savings account WITH NO CONDITIONS. The interest rate shown in the table below will be the interest rate effective 1 Dec 2020. Customer … The interest rate shown in the table below will be the interest rate effective 1 Oct 2020. However, note that banks have progressively introduced bonus-tiered interest accounts which are current accounts … * interest with UOB Stash Account and get up to S$168 sure-win hongbao* when you deposit fresh funds and SMS to participate in the UOB Spring Savings Festival! If you’re earning a high income (at least $6,000), then BOC Smart Saver is a pretty good choice as you don’t need to jump through too many hoops to qualify for the additional interest. Add to Compare +. Every time you have a transaction using this card, you receive a bonus to your interest rate. A savings account for your newborn. Unlike other comparison sites, we’ve excluded short-term promos from this comparison as the perks don’t last long. If you don’t like having to use different cards in shopping and paying your dues, then the Standard Chartered Bonus Saver is the ideal account for you. For example, you can enjoy a 0.60% bonus interest rate when you’ve accomplished at least one of their requirements for card spending. Account holders can save, invest, remit, and transfer funds overseas at zero or lower fees — what’s not to love about this savings account? As long as you regularly insert money into your account, your savings can increase almost every day! And if you can transact more than $15,000 a month, then that pushes it up from 0.60% to 1.0% p.a…. As long as you’re protected by any of these insurance companies, you don’t have to worry about spending beyond your means when something unexpected happens while you’re travelling. This is also one of the main reason we are seeing various updates that will start from January 2020 onwards. If you have extra cash on hand, then you should definitely consider getting an OCBC 360 Account. You have to apply for a DBS credit card AND spend a minimum sum with it, You will usually have to wait a while when withdrawing money as the queue for DBS or POSB ATMs are usually the longest (since almost everyone’s using them). If you deposit an amount not less than $100,000, you can earn up to 3.88% interest while you consolidate your expenses, bills, and salary credit using this account. Considering that most savings account require you to credit your salary in order to get the bonus interest, this is extremely important! Other notes: Account will be converted to a regular statement-based savings account … Minimum Deposit: S$1,000. On the surface, savings accounts has the interest advantage as compared to traditional current accounts. And those are just a fraction of the rewards given to their account holders! What is a high interest savings account? As long you’re 18 and above and can prove that you’re a Singapore resident, then you’re pretty much good to go. Oh, before you switch your bank accounts. But the minimum spend of $800 to qualify for the cashback might discourage those who don’t spend that much. Read user reviews and compare interest rates before deciding on the best savings account. After that, you can only go as far as Income plus transactions in 2 categories: Credit Card Spend and Home Loan Instalments. Best Savings Accounts in Singapore With the Highest Interest Rates 2021. Like seriously, who has $200k lying around in the bank?! If you don’t know where to find such savings accounts, you’ve come to the right place. On a more serious note, the … Though the base interest offered on the account … DBS Multiplier Account: What Are the Changes For January 2021? However, some accounts … OCBC 360 account is one of the most popular savings account in Singapore. Then we suggest that you try the best savings accounts in Singapore. Fret not, ask our community here! SINGAPORE - Local banks have cut their interest rates on savings accounts amid the coronavirus outbreak this year, with OCBC Bank being the first to announce another reduction since May. The Stan Chart JumpStart account is pretty straightforward. interest on everything up to $50,000 and there’s no fall below fee either. Note: the Extra Savings interest is only applicable to account balances above $80,000 (previously $60,000). It’s also the most convenient savings account to have when making regular transactions overseas. To maximise the account, you will need to be drawing at least $3,000 for a small 0.10% bump in the bonus interest rates. interest. FYI: If you’re currently using DBS Multiplier, you probably would have heard of the latest changes to the interest rates that will take effect from 1 Jan 2021. The account requires a minimum balance of S$3,000/month. This means they get to transfer money anywhere in the world and use Citibank’s ATMs around the world. CDA benefits come in two … Singapore residents and even foreigners can easily apply for this savings account. Unless you choose to buy EVEN more insurance and make MORE investments…. From 1 May 2020, this interest rate reduces to … A savings account … Savings Accounts & Time Deposits with Standard Chartered Singapore. Note: you’ll have to maintain a minimum daily balance of $3,000 in your account to avoid getting charged a fall below fee of S$5 per calendar month. This increases, the more transactions you have. Stay updated with the latest finance tips! The Standard Chartered BonusSaver account is great because it gives you extra interest if you spend more via a Standard Chartered credit card. In line with prevailing industry practice, effective 1 … If you or your friends are currently using savings accounts such as the DBS Multiplier, OCBC 360, or UOB One, you already know what high interest savings accounts … To earn the extra interest, you’ll need to minimally credit your salary or dividends from CDP via GIRO to qualify for the Income category. Plus, get up to S$80 cash credit* when you open a UOB Stash Account … If we stick with the criteria we set out — meaning you only fulfil two product or services — you only get 1.03% p.a. More often than not, it comes down to finding a high interest rate for your savings … This account receives interest from your bank provider. As such, interest rates from these savings accounts have been slipping and falling like this penguin: With banks changing their interest rates multiple times this year, you might find it hard to keep track of the changes. The most basic type of bank account is a savings account which allows you to deposit money and let it sit in the bank for safekeeping. You can earn an interest rate of up to 3.55% when you use your account to pay your bills and credit your salary. Note: the base interest for UOB One is 0.05% p.a. BOC SmartSaver, Bank Of China. For a more universal comparison that’s applicable to most, you can refer to the table below to find out the potential interest rate you can get. CIMB StarSaver (Savings) Account. To save you time, we’ve done some of the research and here is our pick of the best savings accounts … You’re probably better off looking at other savings accounts that can give you better interest rates for less. Savings accounts pay interest on the money deposited with rates much lower than other high-risk investments. In terms of credit card spending, you might want to consider using the BOC Family Card as it gives you up to 10% cashback on groceries and dining. Oh, and if you travel regularly and want to keep your savings intact, then you should avail yourself of the best travel insurance in Singapore. You can use the FREE Seedly Savings Account Calculator to help you make your decision faster! Salaried employees in Singapore are basically spoilt for choice when it comes to high-interest savings accounts. Competitive Rates. Based on the criteria we set out, you’ll earn 0.4% p.a. First time account holders. If you want a savings account with a decent interest rate. To make it easier for you, we created the Seedly Savings Account Calculator which you can use for FREE! INTEREST RATE. But it would be a good idea to move anything above the $20,000 into another savings account which gives you more than 0.1% p.a. Meet Jack. Based on the criteria we set out, you’ll earn 0.50% p.a. interest. In addition, every account holder is also entitled to various perks and privileges such as discounts to chosen items and restaurants. Compare savings accounts across all banks in Singapore. You’ll notice that the bonus interest you earn on the Insurance and Investments categories is only recognised for the first 12 consecutive months. Fixed Deposit: Singapore Savings Bonds (SSB) Savings Account Interest rates (December 2020) 0.2 per cent – 1.3 per cent p.a: 0.27 per cent – 1.64 per cent p.a. Applying for this one is as easy as counting to three too. $500 in a calendar month AND Credit Salary or make 3 GIRO debit transactions, The extreme left column will tell you what kind of base interest or category you need to fulfil in order to qualify for the interest, If you meet any of the categories, make a mental note of the corresponding interest rate, Add everything up to get your estimated potential interest rate, Insurance (only for the first 12 consecutive months). Investments (only for the first 12 consecutive months). It may have a higher initial deposit compared to other banks, but you will get to enjoy a handful of bonus interests and privileges once your account has been completely settled. The bonus interest rate you earn is influenced by: In addition to how many and how much transactions you make in the following categories: The more categories you transact in, and the higher the amount you transact in, the more interest you’ll earn. The only catch? This means that cash withdrawals are a little more tricky — although it might help you save more since you can’t withdraw your money that easily. As long as you’re protected by any of these insurance companies, you don’t have to worry about spending beyond your means when something unexpected happens while you’re travelling. • Access to banking account via Internet Banking and 24-hour phone baking service • Complimentary limited insurance coverage with a minimum of $3,000 in the account. If you deposit more than $35,000 in cash, then you get to enjoy a higher interest rate. If you’re looking for a savings account where you’ll never touch the money, the OCBC Monthly Savings Account is a better idea because the additional 0.2% interest per annum is credited … As such, we have updated this guide for 2021 to help you find the best savings account for your needs in the year ahead. Do you think that there’s another savings account that deserves to be on our list? He’s a first jobber who credits his monthly salary of S$3,500 into his DBS/POSB savings account and transacts in one category. Like most savings accounts, the DBS Multiplier savings account base interest rate is a paltry 0.05% per annum. Don’t leave it in a kids savings account and earn the meagre 0.05% p.a. The criterion to hit the OCBC 360 Grow Bonus interest rate is probably out of reach for most of us. If you’re lazy to switch banks, you can at least switch to the DBS Multiplier. INTEREST RATES $0 $3,000. If there’s one thing we love about this saving account, it is the daily interest feature. This is because of its tiered interest system, which benefits people who deposit large amounts of cash. Ultimate guides to kickstart your finances, You can contribute your thoughts like Ming Feng. Spend using any DBS or POSB credit card to qualify for the, Get a home loan from DBS or POSB to qualify for the, Get insurance from DBS or POSB to qualify for the, Have investments with DBS or POSB to qualify for the, Increase your bank balance at least $500 a month to earn, Buy unit trusts or endowment insurance plans from OCBC to build your retirement portfolio and earn the, The total interest rate for option A is equivalent to current Base Interest plus revised Bonus Interest A, The total Interest rate for option B is equivalent to current Base Interest plus revised Bonus Interest B, Bonus Interest for UOB One is paid on first, Base Interest for UOB One is calculated at the end of each day based on each day-end balance. One of the things we love about this savings account is that every account holder has global banking benefits too. As the world reels from the impact of COVID-19, central banks around the world have been cutting their benchmark rates after the U.S. Federal Reserve cut interest rates to near-zero. PayLah Retail Spend (29 years old and below). And any incremental balances above $20,000 will receive 0.1% p.a. You need to be between 18 and 26 years old. Bonus Interest for UOB One is calculated at the end of each calendar month based on the monthly average balance. UOB One Account Now Yields 1.8% Interest Rate As shown in Diagram 1 below, prior to 1 May 2020, UOB One Savings Account provides 2.436% interest rate. If so, tell us its name and what makes it a great savings account by leaving a comment below. FYI: If you’re currently using the Maybank SaveUp account, here are the latest interest rates as of 21 Dec 2020. Based on the criteria that we set out, here’s how much interest you’ll be getting: Maybank Save Up will give you the highest interest of 1.03% p.a. Here’s how much interest you can get based on the criteria we set out: FYI: From 15 Jan 2020 onwards, CIMB will be revising its interest rates for the CIMB FastSaver account. FYI: OCBC 360 has revised their interest rates recently. Important notice: Update of Terms and Conditions Governing Accounts (applicable to individuals) WEF: 10 February 2021.Click here to find out more. The CDA is a special savings account where money in the account can be used to pay for educational and healthcare expenses at approved institutions. Best Fuss-Free Savings Accounts With No Conditions in Singapore 2021, UOB One Savings Account Review 2021 + UOB Stash Account Updates, OCBC 360 Account February 2021 Revision: Will This Round of Changes B…. To best optimise your interest rate, you’ll basically want to fulfil at least three products and services in order to clock the maximum interest of 3.00% p.a. Then you’ll probably be able to push that interest up from 0.40% to 0.60% p.a. If you want a savings account that can be customised according to your preference, then the DBS My Account would be an ideal match for you. With the best accounts, you get a decent interest rate, easy application, and other perks. Lastly, go through our Seedly Reviews for the various savings account and pay attention to the feedback our community have given with regard to customer service as well as how easy it is to use their iBanking and mobile banking apps. Note: even though there is no minimum transaction required for each category, you still need to have a total transaction of at least $2,000 under the Income category to qualify for ANY bonus interest tier. We once said the BOC SmartSaver had the best savings account in … These changes will take effect on 1 Nov 2020 and the revision will be applicable to all new and existing UOB One accounts. The application can be done online and it’ll only take you a couple of minutes. U.S. Federal Reserve cut interest rates to near-zero. As long as you’re 21 and above and can provide proof of stable income, then applying wouldn’t be a hassle. Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law. Still have more questions after reading the article? Ideal for parents, it enables you to connect your account to your child’s savings account, allowing them to save their unused allowance. Rate, easy application, and other perks … Generally, savings accounts has the interest rate 1! You save, up to $ 50,000 of your account balance, your savings can increase almost day. Great savings account and earn the meagre 0.05 % per annum banks in Singapore is probably out reach! Is extremely important holder has global banking benefits too and it ’ s one thing we love about saving. Boost in your bonus interest, when you can upgrade to high-interest savings account Calculator which you can transact than. 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