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Best Savings Accounts in Singapore (2024)

Find the best savings account in Singapore that offers the best interest rates with Singsaver.

Whether you are fresh graduate starting out or just looking for a high-yield account to park your extra funds, find your ideal savings account for your specific needs here. Compare between banks to find an account with low fees, high interest rate, and hassle-free eligibility. Apply now to open the best savings account for your needs on Singsaver to growing your savings.

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FEATURED

Citigold

Min. Deposit

S$ 250,000

Min. Annual Interest Rate

0.01 %

Max. Annual Interest Rate

7.51 %

3 Offers Available

SingSaver Flash Deal

S$1,100 Cash via PayNow

Valid until

31 July 2024

SingSaver Flash Deal

40,000 Max Miles + S$300 Cash

Valid until

31 July 2024

Exclusive Time Deposit Promotion

PLUS up to 3.1% p.a. (over S$3,875 cash) on a 6-month SGD Time Deposit

Valid until

31 July 2024

Multiply your rewards and enjoy S$250 cash for every S$50,000 investment and/or insurance purchase. T&Cs apply
Enjoy Citigold Prefential Rate of up to 3.1%* p.a. on a 6-month SGD Time Deposit T&Cs apply
Complete Investment Risk Profile and Fact Find Report and get S$100 cash T&Cs apply
Hold a valid primary/main Citi Credit Card and get a S$100 bonus cash reward. T&Cs apply.
Take up a Citi Home Loan and get a S$500 bonus cash reward. T&Cs apply.
Enjoy up to 7.51% p.a. interest when you join Citigold and open a Wealth First account. T&Cs apply.
Enjoy 0%* commission when you trade for U.S. & H.K. markets.Enjoy up to 7.51% p.a. interest when you join Citigold and open a Wealth First account. T&Cs apply.
Get wealth management advice and solutions from a dedicated Relationship Manager and team of wealth specialists
Receive in-depth global market insights and research knowledge from a team of over 400 research analysts
Enjoy fully personalised wealth management solutions with Citigold's Total Wealth Advisor
Citigold status is maintained at Citibank branches overseas
Enjoy complimentary withdrawals at Citibank ATMs worldwide
S$15 Monthly Account Fee if min. balance falls below S$15,000

Gift Options

S$1,100 Cash via PayNow

Gift Options

40,000 Max Miles + S$300 Cash

Gift Options

PLUS up to 3.1% p.a. (over S$3,875 cash) on a 6-month SGD Time Deposit

FEATURED

Citi PremierMiles Card + Citi Wealth First Account Bundle

Min. Deposit

S$ 250,000

Min. Annual Interest Rate

0.01 %

Max. Annual Interest Rate

7.51 %

2 Offers Available

Upgrade Your Rewards with a Simple Top-Up

Save S$464.25 on an Apple iPhone 15 Pro 128GB (worth S$1,664.25) by upgrading your reward with a top up

+ 4 other gift options

Valid until

31 July 2024

Richest Offer in the Market

Apple iPad 10th Gen WiFi 64GB (worth S$529) + S$100 eCapitaVoucher

Valid until

31 July 2024

Richest Offer in the Market

Dyson Supersonic™ hair dryer (worth S$699) + S$100 eCapitaVoucher

Valid until

31 July 2024

Richest Offer in the Market

Samsonite Straren Spinner 67/24 + 2X AirTag worth S$690.80 + S$100 eCapitaVoucher

Valid until

31 July 2024

Richest Offer in the Market

21,000 Max Miles + S$100 eCapitaVoucher

Valid until

31 July 2024

Richest Offer in the Market

S$300 cash via PayNow + S$150 Shopee voucher + S$100 eCapitaVoucher

Valid until

31 July 2024

Things to consider for this product:

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Seamless application

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Increased rewards

One seamless journey for both products
More rewards when you apply for both products as a bundle
Citi Wealth First Account Benefits:
Enjoy up to 7.51% p.a.* on your savings with your Citi Wealth First Account. Earn higher interest and save more with every action.
Protect and build your wealth with our full suite of investment and insurance products.
Enjoy access to global banking & lifestyle privileges, travel benefits and get invited to exclusive events.
Get 6-month commission-free trades online* for U.S. and H.K. markets and have access to Global Market Insights with 350+ analysts worldwide.
Supporting team of experts and dedicated Relationship Manager to assist you to reach your goals
Citi Premier Miles Card Benefits:
1.2 miles per S$1 spent locally. 2 miles per S$1 spent in foreign currency.
Citi Miles never expire. Can be exchanged for a variety of frequent flyer miles, hotel stays, rewards and cash rebates.
2 free airport lounge visits per year to over 1300 Priority Pass lounges worldwide.
Earn miles on rent, condo management fees, school fees, taxes and bills via Citi PayAll.
Up to S$1 million travel insurance coverage when you charge your travel tickets to this card.
Customer must complete application for both products in the bundle; if customer chooses to apply for Citi PremierMiles Card only, they must re-apply through the PremierMiles Card listing on SingSaver.
Admin fee of S$25 (excluding GST) for each conversion of Citi Miles to frequent flyer miles.
Service fee applies to Citi PayAll facility.

Gift Options

Save S$464.25 on an Apple iPhone 15 Pro 128GB (worth S$1,664.25) by upgrading your reward with a top up; or
Save S$342 on a Samsung Galaxy S24 Ultra Titanium Gray 12+512GB (worth S$2,128) by upgrading your reward with a top up; or
Save S$619 on an Apple Macbook Air M3 13" 256GB (worth S$1,599) by upgrading your reward with a top up; or
Save S$410.10 on an Apple Watch Ultra 2 GPS + Cellular 49mm (worth S$1,210.10) by upgrading your reward with a top up; or
Save S$404.50 on an Apple Watch Series 9 GPS 41mm (worth S$604.50) by upgrading your reward with a top up

Gift Options

Apple iPad 10th Gen WiFi 64GB (worth S$529) + S$100 eCapitaVoucher; or
Dyson Supersonic™ hair dryer (worth S$699) + S$100 eCapitaVoucher; or
Samsonite Straren Spinner 67/24 + 2X AirTag worth S$690.80 + S$100 eCapitaVoucher; or
21,000 Max Miles + S$100 eCapitaVoucher; or
S$300 cash via PayNow + S$150 Shopee voucher + S$100 eCapitaVoucher

FEATURED

Standard Chartered Priority Banking

Min. Initial Deposit

S$ 200,000

Min. Annual Interest Rate

0.05 %

Max. Annual Interest Rate

7.68 %

Offer Available

Welcome Offer

Up to S$6,000 account credit

Valid until

30 September 2024

What is a savings account?

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It is a type of bank account you open to deposit funds. It generates interest at a more favourable rate than checking/current accounts while giving you the flexibility for you to withdraw funds. Savings accounts are different from other type of cash deposit instruments like investments and fixed deposits, as they allow you to withdraw cash without penalty.

Who can open a savings account online?

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Those aged 16 and below will need to open a kids account and those aged 55 and above will have to open a senior account. Everyone else can open a savings account.

What’s the difference between a savings account and a current account?

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The main difference is that a savings account earns interest while a current account doesn’t. However, banks have started offering interest on current accounts too. Current accounts also come with a cheque book to enable payments of large sums to another party. Both savings and current accounts have ATM card facilities, allow payments or transfers via Internet banking and GIRO facility.

Is an ATM card available with my savings account?

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All savings accounts come with ATM cards that can be used at designated ATMs, including affiliated ATMs from other banks. Both cash withdrawals and deposits are available at your bank ATMs. Local withdrawals are free of charge and overseas withdrawals are charged a fee.

What documents do I need when applying for an account?

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To open an account, you must complete the application forms. In addition, the bank requires NRIC Identity Card for Singaporeans and Permanent Residents. Foreigners need their passport, Employment Pass or S Pass, company letter and proof of residential address.

How much interest can I earn with a savings account?

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The base interest rate for savings accounts are pretty low, starting from 0.05% p.a. Banks have promotions whereby they offer bonus interest rates on savings accounts if you meet certain conditions. Depending on the savings account and the promotion, you can earn up to 4.25% p.a. in your savings account.

How do I apply for a savings account?

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Most banks allow new customers to open a savings account online. Complete the relevant forms and upload the necessary documents. The bank will contact you to verify your details and complete the account opening. You can also download the forms, complete them and mail it to the bank. You can also visit a branch and open an account in-person. If you’re an existing customer, it’s straightforward and hassle-free. Opening an account online is also a breeze through your bank’s iBanking system.

How do I choose the best savings account for me?

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Consider the reasons why you’re opening the savings bank account. If it’s for transactional purposes, you need one that allows you easy access to your funds such as the ease of cashless payment modes or a wide network of ATMs. But if your goal is to save and grow your money, you’re better off choosing an account that offers you a higher interest on savings.

Can I convert my account into a joint account?

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Mostly Yes. Visit a branch with the person you want to create a joint account with. They’ll need the same info and documents they’d need as though they were opening their own account. Also note, some accounts can’t be converted into a joint account (for example, DBS Multiplier account), for such cases check with your bank.

How do I close my savings account?

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You’ll need to visit a branch and bring proof of your identity such as your NRIC.

Product Name	Minimum deposit	Max Annual Interest Rate
DBS Multiplier Account	S$0	3%
BOC SmartSaver	S$1,500	3%
Maybank Save Up Programme	S$500	3%
OCBC 360 Account	S$1,000	2.68%
Standard Chartered Bonus$aver Account	S$0	7.88%

Best Savings Accounts in Singapore (2024)