Disclaimer: At MoneySmart.sg, we strive to keep our information accurate and up to date. UOB One. Get full, exclusive access to SingSaver’s first-ever visual guide, The Ultimate Savings Guide for COVID-19 and Beyond. All financial products and services are presented without warranty. Plus The Ultimate Savings Guide for COVID-19 and Beyond, for free! 256 Reviews. Best Savings Account Singapore. Salaried employees in Singapore are basically spoilt for choice when it comes to high-interest savings accounts. Read these next:The Differences Between Bank Account Types You Need to KnowWhen Should You Open A Second Bank Account?How Much Savings Should I Have At 35 In Singapore?Fixed Deposits in Singapore: Complete 2020 Guide7 Good Reasons to Change Your Savings Account, “ “I’ve always thought about getting a travel credit card, but I didn’t know which one to get. Additionally, this site may be compensated through third party advertisers. While this definitely sounds like an attractive offer, do note that high yield savings accounts may come with different terms and conditions that restrict the number of withdrawals you can make, require initial deposits, and maintain specified minimum average daily balances. DBS Multiplier Account. Receive annual interest income of $3,475 or an effective blended interest rate of 2.04% on … You’ll need to pick up a UOB credit card to pair it with. If you are a foreigner working or studying in Singapore, you will often need to provide your passport, employment pass, and proof of residence in Singapore (such as a bill, employment letter, school’s letter etc.). Instead, you will be able to store those Australian dollars directly in your account and spend it on your next cup of coffee in Melbourne. To save you the trouble of looking through all these new interest rates, here’s an easy and up-to-date comparison of the best savings accounts in Singapore. Planning and setting aside money for your child’s future? Love it.” ”, Discover for yourself the most suitable option. #3 Singtel Dash EasyEarn Singtel’s Dash EasyEarn is an insurance savings plan by Etiqa Insurance that is open to eligible Dash users to earn higher returns while enjoying the flexibility of anytime top-ups, withdrawals with no lock-in period of penalty. How Much Savings Should I Have At 35 In Singapore? Now that you are familiar with a savings account, you will soon find yourself wondering: Which is better? Best savings accounts for salaried workers. Almost every bank has a savings account that pays bonus interest for crediting your salary and spending on their credit cards. balance until age 29 (subsequently $3,000), – Pay 3 bills (min. Learn how to save effectively and maximise interest rates as you compare the different types of savings account. But you might need to be creative with how you earn bonus interest with your account. You can bump up your transaction total easily by opting for a DBS home loan (your cash + CPF monthly payments will count towards it). If you are a Singapore citizen applying for a savings account, you can do it online via Singpass MyInfo. If you don’t mind putting some cash in insurance and/or investments, the Maybank Save Up Programme is worth looking into. Not everyone is keen to hit minimum spending requirements or monitor their account balance every month. SingSaver.com.sg’s comparison tool helped me decide on an air miles card in 10 minutes.” ”, “ “I used to be scared of credit cards, but SingSaver.com.sg made me realise that I don’t have to worry about debt if I pay my bill on time each month. 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%. You don’t have a regular paycheck, but you do spend on your credit card, and you have bills to pay like anyone else. salary or credit card spending, as long as they add up to $2,000, No min. For added convenience, you can set up a monthly fund transfer to your child’s Junior Savers Account if you are an existing UOB account holder. Engineer by day, your financial guru by night. All rights reserved. Min. Compare different banks. Best Simple & Easy Savings Accounts in Singapore Top Base Interest Rates: CIMB FastSaver Savings Account. To apply for a savings account in Singapore, you generally need to be at least 18 years old, a Singapore citizen, permanent resident, or a foreigner with necessary documents to prove your residence in Singapore. Which begs the question: which savings account should you stash your cash in now? It’s still possible to get 1.8% p.a. Instead of giving people bonus interest based on what they do and how much they have, the POSB Cashbank Bonus only cares about the first part, what people do. Unfortunately, this brings the DBS Multiplier account below the other accounts on the list, with the exception of Standard Chartered’s Bonus$aver account. for the first $50,000 of savings, half that of the original 1%. We like that there is no minimum credit card spend or salary credit (as long as both add up to at least $2,000). But do consider a wait-and-see approach for the next few months as we expect more interest rate cuts to occur. Up to 3.8% p.a. Popular. There are many banks that offer competitive and known as the best savings account in Singapore. 1.03% p.a. If you happen to need a home, car, renovation or education loan, those count as eligible transactions too. OCBC 360 account is one of the most popular savings account in Singapore. 4.4. Singapore best savings account. Almost every bank has a savings account that pays bonus interest for crediting your salary and spending on their credit cards. Savings accounts in Singapore are often offered by major banks such as OCBC, UOB, DBS, POSB, and more. Best savings accounts for salaried workers. 0.90% p.a. Savings accounts also do offer bonus interest rates if you fulfil extra criteria, for instance. If your balance dips below the minimum balance stated by your bank, you will be charged either a S$2 or S$5 fall below fee. Already signed up? But BOC has not updated its interest rates since August 2020, so who knows how long the high interest rates would last? Disclaimer: At MoneySmart, we aim to provide accurate, objective and up-to-date information. Your personal and financial data stays safe through 2-factor authentication. Make hay while you still can and start considering other options out there. $5,000 for better interest rates, – Spend > $2000 + pay 3 bills to earn 0.7%, – Step up monthly balance by $500 to earn 0.1%, – Commit to regular monthly savings (you specify the amount). BOC SmartSaver, Bank Of China. DBS Multiplier Account. Most of the daily banking needs you will have can be found on your bank’s internet banking portal – checking transaction history, current balance, interest accrual, etc. That’s double the DBS Multiplier account’s rates from January 2021 onwards. Most savings accounts do not require an initial deposit nor charge monthly account fees. Best Personal Accident Insurance Policies, See All Personal Accident Insurance Articles, S$15 (if total relationship balance with Citibank falls below S$15,000). You will frequently transact between Singapore and foreign currencies. If you’re a lazy saver, or simply want a second account to complement your primary high-interest savings account, here are some great bank accounts that reward you for doing nothing. 0.40% p.a. Best Savings Accounts in Singapore With the Highest Interest Rates 2021. When Should You Open A Second Bank Account? DBS My Account. From 1 May 2020, this interest rate reduces to 1.796%. But what if you’re just looking for a zero-effort, fuss-free savings account without having to consider the 1,001 conditions to fulfil? POSB Save As You Serve. The highest possible interest rate at 1.25% p.a. Minimum Initial Deposit: S$1,000 No product on the market... High Base Rates for Modest Balances: RHB High Yield Savings Account. Pick any three transaction types to get 2.75% bonus interest on top of the base interest rate, adding up to close to 3%. Due to COVID-19, most banks have updated their savings account base interest rates several times in 2020. $30) to get an extra 0.30%, – No min. The DBS Multiplier Account awards bonus interest rates totaling up to 3.80% if you also fulfil your DBS or POSB credit card spend, home loan, investments, and insurance expenditure. We get it. Almost every bank has a savings account that pays bonus interest for crediting your salary and spending on their credit cards. Best Savings Accounts for Students in Singapore 2020 updated November 10, 2020 - Carrie Arndt, Senior Research Analyst If you're a student between 15 to 26 years old, it may be difficult to find a savings account that's accessible and low-risk, but also rewarding. Use of this site constitutes acceptance of our. 1. After spending time to research and compare the savings accounts in Singapore, Heartland Boy will spill the beans on how to get the highest interest rate on your bank savings accounts. 0.50% p.a. You can get 0.8% just for salary credit and spending $500 on your credit card. Find the best online brokerage firm that suits your needs and start investing today. To save you the trouble of looking through all these new interest rates, here’s an easy and up-to-date comparison of the best savings accounts in Singapore. First $15,000 … S$0. Banks do offer a base interest rate that generates interest on your account balance, such as 0.05% per annum for the OCBC 360 Account (as of 1 October 2020), or 0.03% per annum for the Standard Chartered Bonus Saver Account (as of 1 October 2020). Here are some common, specialised savings accounts you may wish to consider. 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. In a low-interest-rate environment, most of the banks are probably affected which resulted in the changes to their consumer products. For a student with no or minimal income, this may prove to be a problem. Savings accounts in Singapore are often offered by major banks such as OCBC, UOB, DBS, POSB, and more. If you fall below the daily minimum balance, a fall below fee of S$2 or S$5 will be automatically deducted from your account. Yes, the UOB One account’s 0.5% interest rate for the first $15,000 puts it at the bottom of the list. 0.55% p.a. The DBS Multiplier account ‘s interest rates will... UOB One savings account interest rates. Banks do change their interest rates every now and then, so it’s best to keep an eye on such things. The details you see on our site may be different from others. You’ll notice that some of these savings accounts require you to not touch the funds in order to earn the advertised interest rate. $50) to increase by 0.07%, – Increase monthly balance by $500 to bump up your interest by 0.2%, No min. Compare and find the best Savings Account in Singapore. Once you have successfully applied for a savings account, you should be automatically directed to create an internet banking (or iBanking) account through your bank’s website. Spend $500 on a Maybank credit card, pay bill(s) by GIRO (minimum $300 in total), and you’re two-thirds of the way there. Those without regular salaries — freelancers, gig workers, landlords, retirees, stay-at-home parents — need not be left out of the savings account game. Bank of China SmartSaver. If that’s the case, you might also want to consider a fixed deposit account. So it’s best to keep a sensible amount of cash in your savings account still. There used to be a three-way fight between DBS Multiplier, UOB One and OCBC 360 accounts. What if you are a student who is studying the US, you are based in Singapore but have family in Melbourne, or a frequent flyer who shuttles between Singapore, Shanghai, and London? You don't need to clock any credit card spend, credit your salary, purchase investment or insurance products, and there are no monthly fees! Best Fuss-Free Savings Accounts in Singapore With the Highest Interest Rates 2021. Take note that you have to consider the fall below fee, for some accounts with no minimum balance such as the Citi MaxiGain may require you to have a total banking relationship of S$15,000 with them before the fall below fee is waived. If you have a take-home salary of more than $6,000, you might want to consider Bank of China’s SmartSaver account. Happy new year, guys. The account requires a minimum balance of S$3,000/month. Once regarded as the best savings account in Singapore without no requirements whatsoever, the CIMB FastSaver account slashed its rates recently, to the chagrin of lazy savers everywhere. We’ve previously seen the best saving accounts for working adults. 7 Best Savings Accounts in Singapore with the Highest Interest Rates DBS Multiplier savings account interest rates. For students, you may want to look at accounts with no or low minimum balance or fall below fees, such as the Maybank iSavvy Savings Account with a S$500 minimum balance and S$2 fall below fee, or the CIMB FastSaver or StarSaver with a S$1,000 minimum balance and no fall below fees. Switching to the UOB One account? The cut in interest rate by UOB on its One Account is the steepest compared to the other banks. interest on the first S$50,000 without any conditions as long as you maintain a minimum deposit of S$1,000. Initial Deposit. If you’re a member of the Singapore Armed Forces, this programme is just for you. balance until age 25 (subsequently $1,000), Citi InterestPlus Account (applications ceased from 1 Aug 2020 onwards), – Spend $25 on credit card + insure OR invest to earn 1.35%, None, but maintain min. Best Bank to open a Savings account in Singapore by Editor July 8, 2017 Rather than allowing money to remain stagnant, one can consider getting high returns on the money by depositing the amount in a savings account. If you use a debit card, your card will most likely be tagged to a current account. First time account holders. Use MoneySmart comparison tool to open savings account that gives you best proven results for unlocking bonus interest, managing multi currency or simply maximising your savings! Considering the same situation listed above, you will only be generating an interest rate of 0.4% p.a. Banks in Singapore have all lowered their savings account interest rates since COVID-19. All financial products and services are presented without warranty. Sign in now to claim your free savings guide. Anyway, here are a few tips to keep in mind as you’re searching for the right savings account in Singapore. Bonds - Top Posts Best Savings and Fixed Deposit Alternatives in SG (Jan 2021) December 22, 2020. Most savings accounts will offer you a base interest rate that changes with current Singapore Inter-Bank Offer Rate (SIBOR) and Singapore Dollar Swap Offered Rate (SOR) rates. However the different types of savings account available can be complex to understand. Before COVID-19 struck, the average salaried worker could easily earn about 1.85% to 2% a year on high-interest savings accounts such as DBS Multiplier and UOB One. $25,000). The best savings account in Singapore may just be one that best suits your income profile. Multi-currency accounts allows you to hold both Singapore dollars and one (or more) designated currencies in your account. However, DBS announced on 1 December 2020 that it too would have to further slash the Multiplier account’s interest rates due to the economic climate. They still give a good 0.30% p.a. Now that bank interest rates are low, it’s not a bad idea to refinance and reduce your monthly expenses anyway. Therefore, I decided to rank Syfe Cash+ as the fourth best savings product to consider as an alternative to bank savings accounts. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. If you are looking for a savings account for your child or yourself, a student, there are some things to take note of: most savings accounts in Singapore do require a minimum daily balance. However, the results of our comparison tools which are not marked as sponsored are always based on objective analysis first. The ‘new normal’ savings accounts interest rate has fallen to about 1% to 1.6% instead — and that’s for the high-interest savings accounts. No … Just spend $500 on your UOB credit card and pay three bills by GIRO (no minimum amount), and you’re done. 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