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Best Savings Accounts in Singapore (2025)

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.

FEATURED

Citigold (Time Limited Offer of Up to S$2,400 Cash)

Min. Deposit

S$ 300,000

Min. Annual Interest Rate

0.01 %

Max. Annual Interest Rate

7.51 %

2 Offers Available

SingSaver Exclusive Offer

Up to S$2,400 Cash

Valid until

30 April 2025

SingSaver Exclusive Offer

Apple iPhone 16 128GB (worth S$1,299)

Valid until

30 April 2025

SingSaver Exclusive Offer

Apple iPad Air M3 11" WiFi 128GB (worth S$899)

Valid until

30 April 2025

SingSaver Exclusive Offer

S$1,000 Cash via PayNow

Valid until

30 April 2025

SingSaver Exclusive Offer

S$500 Cash via PayNow

Valid until

30 April 2025

SingSaver Exclusive Rewards
- Get an upsized reward of S$1,000 or an Apple iPhone 16 128GB (worth S$1,299) or an Apple iPad Air 11" WiFi 128GB (worth S$899) when you make a deposit of S$300,000 and opt in as an Accredited Investor.
- Alternatively, get S$500 when you deposit S$300,000.
- Enjoy additional S$200 cash when you make a deposit of S$300,000 within the first 30 days from the date of account opening and maintain the funds until gift fulfilment.
- Enjoy additional S$200 cash when you invest S$30,000 within 3 months from the date of account opening.
Stackable Citi Rewards
- Enjoy $300 rewards when you become an accredited investor. T&Cs apply.
- Complete Investment Risk Profile and Fact Find Report and get S$100 cash. T&Cs apply.
- Multiply your rewards and enjoy S$250 cash for every S$50,000 investment and/or insurance purchase. 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 Citigold Preferential Time Deposit Rates of up to 2.70%* p.a. on a 3-month SGD Time Deposit. T&Cs apply.
Citigold Exclusive Benefits and Privileges
- Enjoy up to 7.51% p.a. interest when you join Citigold and open a Wealth First account. T&Cs apply.
- Enjoy zero foreign transaction or currency conversion fees in over 15 currencies with Citibank Global wallet when you pay with your Citigold Debit Mastercard.
- Enjoy 0%* commission buy trades online for U.S. & Hong Kong markets for 6 months when you open a new Citibank Brokerage account.
- 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 350+ research analysts.
- Enjoy fully personalised wealth management solutions with Citigold's Total Wealth Advisor.
- Citigold status is maintained at Citibank branches overseas.
- Read our full review of Citigold
What is an Accredited Investor?
- An Accredited Investor is someone who meets the requirements set out by the Monetary Authority of Singapore (MAS) and has opted in to be treated as an Accredited Investor by the bank. Accredited Investors generally have access to a wider range of investment products than non-Accredited Investors, and at the same time require less regulatory protection.
How to be an Accredited Investor
- Start your wealth journey with Citigold and speak to your relationship manager.
Advantages of an Accredited Investor
- Expand investment opportunities
  - Enjoy access to a wider range of financial products and services, including more sophisticated products to meet your bespoke wealth needs.
- Access to a team of dedicated wealth experts
  - You can count on a dedicated Senior Relationship Manager and a team of experts to help you grow your portfolio and partner you to achieve your wealth goals.
Eligibility for Accredited Investor
- Net personal assets exceeding S$2 million in value (or its equivalent in a foreign currency); or
- Financial assets (net of any related liabilities) exceeding S$1 million in value (or its equivalent in a foreign currency); or
- An income in the preceding 12 months of not less than S$300,000 (or its equivalent in a foreign currency)

Gift Options

Up to S$2,400 Cash

Gift Options

Apple iPhone 16 128GB (worth S$1,299); or
Apple iPad Air M3 11" WiFi 128GB (worth S$899); or
S$1,000 Cash via PayNow; or
S$500 Cash via PayNow

Citigold (Time Limited Offer of Up to S$2,400 Cash)

Min. Deposit

S$ 300,000

Min. Annual Interest Rate

0.01 %

Max. Annual Interest Rate

7.51 %

2 Offers Available

SingSaver Exclusive Offer

Up to S$2,400 Cash

Valid until

30 April 2025

SingSaver Exclusive Offer

Apple iPhone 16 128GB (worth S$1,299)

Valid until

30 April 2025

SingSaver Exclusive Offer

Apple iPad Air M3 11" WiFi 128GB (worth S$899)

Valid until

30 April 2025

SingSaver Exclusive Offer

S$1,000 Cash via PayNow

Valid until

30 April 2025

SingSaver Exclusive Offer

S$500 Cash via PayNow

Valid until

30 April 2025

SingSaver Exclusive Rewards
- Get an upsized reward of S$1,000 or an Apple iPhone 16 128GB (worth S$1,299) or an Apple iPad Air 11" WiFi 128GB (worth S$899) when you make a deposit of S$300,000 and opt in as an Accredited Investor.
- Alternatively, get S$500 when you deposit S$300,000.
- Enjoy additional S$200 cash when you make a deposit of S$300,000 within the first 30 days from the date of account opening and maintain the funds until gift fulfilment.
- Enjoy additional S$200 cash when you invest S$30,000 within 3 months from the date of account opening.
Stackable Citi Rewards
- Enjoy $300 rewards when you become an accredited investor. T&Cs apply.
- Complete Investment Risk Profile and Fact Find Report and get S$100 cash. T&Cs apply.
- Multiply your rewards and enjoy S$250 cash for every S$50,000 investment and/or insurance purchase. 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 Citigold Preferential Time Deposit Rates of up to 2.70%* p.a. on a 3-month SGD Time Deposit. T&Cs apply.
Citigold Exclusive Benefits and Privileges
- Enjoy up to 7.51% p.a. interest when you join Citigold and open a Wealth First account. T&Cs apply.
- Enjoy zero foreign transaction or currency conversion fees in over 15 currencies with Citibank Global wallet when you pay with your Citigold Debit Mastercard.
- Enjoy 0%* commission buy trades online for U.S. & Hong Kong markets for 6 months when you open a new Citibank Brokerage account.
- 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 350+ research analysts.
- Enjoy fully personalised wealth management solutions with Citigold's Total Wealth Advisor.
- Citigold status is maintained at Citibank branches overseas.
- Read our full review of Citigold
What is an Accredited Investor?
- An Accredited Investor is someone who meets the requirements set out by the Monetary Authority of Singapore (MAS) and has opted in to be treated as an Accredited Investor by the bank. Accredited Investors generally have access to a wider range of investment products than non-Accredited Investors, and at the same time require less regulatory protection.
How to be an Accredited Investor
- Start your wealth journey with Citigold and speak to your relationship manager.
Advantages of an Accredited Investor
- Expand investment opportunities
  - Enjoy access to a wider range of financial products and services, including more sophisticated products to meet your bespoke wealth needs.
- Access to a team of dedicated wealth experts
  - You can count on a dedicated Senior Relationship Manager and a team of experts to help you grow your portfolio and partner you to achieve your wealth goals.
Eligibility for Accredited Investor
- Net personal assets exceeding S$2 million in value (or its equivalent in a foreign currency); or
- Financial assets (net of any related liabilities) exceeding S$1 million in value (or its equivalent in a foreign currency); or
- An income in the preceding 12 months of not less than S$300,000 (or its equivalent in a foreign currency)

Gift Options

Up to S$2,400 Cash

Gift Options

Apple iPhone 16 128GB (worth S$1,299); or
Apple iPad Air M3 11" WiFi 128GB (worth S$899); or
S$1,000 Cash via PayNow; or
S$500 Cash via PayNow

HSBC Everyday Global Account

Min. Deposit

S$ 70,000

Min. Annual Interest Rate

0.05 %

Max. Annual Interest Rate

Up to 3.7 %

Offer Available

SingSaver Exclusive Offer

Dyson V8 Fluffy+ (worth S$599)

Valid until

30 April 2025

SingSaver Exclusive Offer

S$350 Cash via PayNow

Valid until

30 April 2025

SingSaver Exclusive Offer

S$400 Shopee voucher

Valid until

30 April 2025

SingSaver Exclusive Offer

Apple AirPods Pro 2nd Gen with MagSafe charging case (worth S$349)

Valid until

30 April 2025

Plus, invest your fresh funds to receive $750 cash for every $50,000 in Unit Trust (capped at $15,000 cash) whilst qualifying for 5.75% 2-month Time Deposits rate (capped at your investment amount). SMS INVEST50 SS Full Name to 74722. A HSBC Personal Wealth Manager will be in touch to assist you. T&Cs apply. Find out how.
Bonus cashback and interest granted by spending on HSBC debit/credit cards, making GIRO bill payments, and increasing account balance
Sign up using SingPass MyInfo to enjoy a quicker application process
Global Transfers lets you transfer funds to your other HSBC accounts instantly
Get real-time exchange rates with HSBC's Online GetRate feature
S$0 withdrawal fees at HSBC ATMs worldwide except for Argentina, Brazil, France, Greece, and several other nations
Insured up to S$75,000 by SDIC. Additional T&Cs apply.
Standing instruction fee of S$10 per item
Fall-below fee of S$5 if average daily balance falls below S$2,000

HSBC Everyday Global Account (Premier)

Min. Initial Deposit

S$ 200,000

Min. Annual Interest Rate

0.05 %

Max. Annual Interest Rate

Up to 4 %

info

0.05% p.a. base interest rate + 1% p.a. when you qualify for HSBC Everyday+ Rewards Program + up to 2.95% bonus interest rate

Offer Available

Welcome Offer

Up to S$27,800 cash rewards plus up to 4.25% p.a. interest

Valid until

30 April 2025

Gift Options

Up to S$27,800 cash rewards plus up to 4.25% p.a. interest

Standard Chartered Priority Banking

Min. Initial Deposit

S$ 200,000

Min. Annual Interest Rate

0.05 %

Max. Annual Interest Rate

7.68 %

CIMB StarSaver Account

Min. Deposit

S$ 1,000

Min. Annual Interest Rate

1.19 %

Max. Annual Interest Rate

3.3 %

Standard Chartered Bonus$aver Account

Min. Initial Deposit

S$ 0

Min. Annual Interest Rate

0.01 %

Max. Annual Interest Rate

7.88 %

Earn up to 4.88% p.a. interest on your first S$100,000 deposit
Apply now with MyInfo and have your application pre-filled in under a minute
Score higher interest rates when you: Credit salary, spend on credit card, invest, insure, and make at least 3 eligible bill payments
No initial deposit required and no online fee', 'Access up to 14 currencies with your Bonus$aver account
Access up to 14 currencies with your Bonus$aver account
SGD deposits insured up to S$75,000 by SDIC. Additional T&Cs apply.
Read our full review of the Standard Chartered Bonus$aver
Fall-below fee of S$5 if average daily balance falls below S$3,000
Early closure fee of S$30 if account is closed within 6 months
The average daily balance eligible for bonus interest is subject to a cap of S$80,000 per Bonus$aver account. Any average daily balance amount in excess of the cap is not eligible for bonus interest (but the prevailing interest rates will apply)

Citi Wealth First Account

Min. Initial Deposit

S$ 250,000

Min. Annual Interest Rate

0.01 %

Max. Annual Interest Rate

7.51 %

Citi Plus

Min. Initial Deposit

S$ 0

Min. Annual Interest Rate

1.5 %

Max. Annual Interest Rate

4 %

UOB Stash Account

Min. Initial Deposit

S$ 1,000

Min. Annual Interest Rate

0.05 %

Max. Annual Interest Rate

5 %

UOB One Account

Min. Initial Deposit

S$ 1,000

Min. Annual Interest Rate

0.05 %

Max. Annual Interest Rate

7.8 %

Earn up to 7.8% interest p.a. on your first S$75,000 when you credit a min. salary of S$1,600 or make 3 GIRO transactions monthly and make a min. credit card spend of S$500
Choose between salary crediting or GIRO transactions to score higher interest rates, lowered salary requirement of $1,600
Earn up to 10% cash rebate when you spend on your UOB One Credit Card or Debit Card
Link Mighty FX to your One Account for competitive exchange rates
UOB Mighty mobile app allows for tracking of transactions that earn bonus interest
Insured up to S$75,000 by SDIC. Additional T&Cs apply.
6-month fall-below fee waiver for accounts opened online
Read our full review of the UOB One Account
Fall-below fee of S$5 if average monthly balance falls below S$1,000
Early closure fees of S$30 if account is closed within 6 months

UOB Lady's Savings Account

Min. Initial Deposit

S$ 1,000

Min. Annual Interest Rate

0.05 %

Max. Annual Interest Rate

0.05 %

SuperSalary Bonus!: Earn 1% cash reward on your monthly salary credited when you save min. 20% of your salary. No min. salary credit amount required.
SuperMom Bonus!: Earn 1% cash reward on funds deposited into your joint Junior Savers Account with your child every month. No min. deposit required.
Enjoy female cancer coverage of up to S$200,000 and a suite of medical, dental, and wellness benefits
No medical assessment required to receive female cancer coverage
Complimentary yearly health check
Enjoy dental services at S$95 nett at 14 clinics islandwide
Enjoy a S$13 medical consultation rate across 500 clinics islandwide for you and up to 4 dependents
Participate in complimentary Pilates group classes or discounted in-studio Pilates Mobility Fitness Sessions at S$107
Read our full review of the UOB Lady's Savings Account
Min. initial deposit of S$1,000 required
S$2 charge applies if daily average balance for the month falls below $1,000

KrisFlyer UOB Account

Min. Initial Deposit

S$ 1,000

Min. Annual Interest Rate

0.05 %

Max. Annual Interest Rate

0.05 %

HSBC Time Deposit

Min. Initial Deposit

S$ 5,000

Min. Annual Interest Rate

0.05 %

Max. Annual Interest Rate

3.65 %

CIMB FastSaver Account

Min. Initial Deposit

S$ 1,000

Min. Annual Interest Rate

1.19 %

Max. Annual Interest Rate

3.3 %

BOC SmartSaver

Min. Initial Deposit

S$ 1,500

Min. Annual Interest Rate

0.2 %

Max. Annual Interest Rate

3 %

Maybank Save Up Programme

Min. Initial Deposit

S$ 500

Min. Annual Interest Rate

0.19 %

Max. Annual Interest Rate

3 %

DBS Multiplier Account

Min. Initial Deposit

S$ 0

Min. Annual Interest Rate

0.05 %

Max. Annual Interest Rate

3 %

Things to consider for this product:

check

Popular

Earn up to max. 3% p.a on your first S$100,000
Enjoy at least 0.30% p.a. interest rate by making a PayLah! retail spend, no min. transaction amount required
Boost interest rate by increasing your total eligible transactions per month (i.e. salary crediting, credit card spend, investments, insurance)
Transfer foreign currency funds overseas directly with your account at zero or lower fees. Learn more.
No initial deposit required
No monthly account fees
No minimum average daily balance required if this is your first DBS/POSB account
Insured up to S$75,000 by SDIC. Additional T&Cs apply.
Read our full review of the DBS/POSB Multiplier Account
Fall-below fee of S$5 if average daily balance falls below S$3,000
Early closure fees of S$30 if account is closed within 6 months

POSB Multiplier Account

Min. Initial Deposit

S$ 0

Min. Annual Interest Rate

0.05 %

Max. Annual Interest Rate

3 %

Things to consider for this product:

check

Popular

Earn up to max. 3% p.a on your first S$100,000
Enjoy at least 0.30% p.a. interest rate by making a PayLah! retail spend, no min. transaction amount required
Boost interest rate by increasing your total eligible transactions per month (i.e. salary crediting, credit card spend, investments, insurance)
Transfer foreign currency funds overseas directly with your account at zero or lower fees. Learn more.
No initial deposit required
No monthly account fees
No minimum average daily balance required if this is your first DBS/POSB account
Insured up to S$75,000 by SDIC. Additional T&Cs apply.
Read our full review of the DBS/POSB Multiplier Account
Fall-below fee of S$5 if average daily balance falls below S$3,000
Early closure fees of S$30 if account is closed within 6 months

OCBC 360 Account

Min. Initial Deposit

S$ 1,000

Min. Annual Interest Rate

0.05 %

Max. Annual Interest Rate

2.68 %

Savings Account By Trust

Min. Initial Deposit

S$ 0

Min. Annual Interest Rate

0.75 %

Max. Annual Interest Rate

3 %

Earn up to 3% p.a. on your first S$800,000 deposit. Insured up to S$100k by SDIC.
Earn up to 11% savings in Linkpoints on FairPrice Group groceries and food spend
Fast and easy sign-up.
24/7 in-app customer support
No minimum balance and no lock-in period
No monthly fee or fall below fee
No account closure fee
No foreign transaction fee
No card replacement fee
One savings account with up to 5 savings pots
Easy cash withdrawal from Trust / Standard Chartered Bank (SCB)’s ATM located across the island as well as overseas ATM with Visa enabled.
Min. age requirement: 16 years old
Min. monthly income: S$0

POSB SAYE Account

Min. Initial Deposit

S$ 0

Min. Annual Interest Rate

0.05 %

Max. Annual Interest Rate

2 %

POSB eMySavings Account

Min. Initial Deposit

S$ 0

Min. Annual Interest Rate

0.05 %

Max. Annual Interest Rate

0.25 %

OCBC Frank Account

Min. Initial Deposit

S$ 0

Min. Annual Interest Rate

0.05 %

Max. Annual Interest Rate

0.2 %

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?

expand_more

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 (2025)

Citigold (Time Limited Offer of Up to S$2,400 Cash)

2 Offers Available

Quick Facts

Citigold (Time Limited Offer of Up to S$2,400 Cash)

2 Offers Available

Quick Facts

HSBC Everyday Global Account

Offer Available

Quick Facts

HSBC Everyday Global Account (Premier)

Offer Available

Quick Facts

Standard Chartered Priority Banking

Quick Facts

CIMB StarSaver Account

Quick Facts

Standard Chartered Bonus$aver Account

Quick Facts

Citi Wealth First Account

Quick Facts

Citi Plus

Quick Facts

UOB Stash Account

Quick Facts

UOB One Account

Quick Facts

UOB Lady's Savings Account

Quick Facts

KrisFlyer UOB Account

Quick Facts

HSBC Time Deposit

Quick Facts

CIMB FastSaver Account

Quick Facts

BOC SmartSaver

Quick Facts

Maybank Save Up Programme

Quick Facts

DBS Multiplier Account

Things to consider for this product:

Quick Facts

POSB Multiplier Account

Things to consider for this product:

Quick Facts

OCBC 360 Account

Quick Facts

Savings Account By Trust

Quick Facts

POSB SAYE Account

Quick Facts

POSB eMySavings Account

Quick Facts

OCBC Frank Account

Quick Facts

Quick Facts