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Best Savings Accounts in Singapore (2022)

Citi Plus
SingSaver's Exclusive Offer
S$
0
Min. Initial Deposit
S$0
0.3
%
Min Annual Interest Rate
0.3% p.a.
2.8
%
Max Annual Interest Rate
2.8% p.a.
Standard Chartered Wealth$aver Account
SingSaver's Exclusive Offer
S$
0
Min. Initial Deposit
S$0
0.05
%
Min Annual Interest Rate
0.05% p.a.
3.5
%
Max Annual Interest Rate
3.5% p.a. with Wealth $saver Priority Banking
Citigold
SingSaver's Exclusive Offer
S$
250,000
Min. Initial Deposit
0.01
%
Min Annual Interest Rate
2.8
%
Max Annual Interest Rate
Standard Chartered Bonus$aver Account
Welcome Gift
S$
0
Min. Initial Deposit
0.01
%
Min Annual Interest Rate
4.88
%
Max Annual Interest Rate
HSBC Everyday Global Account
S$
100
Min. Initial Deposit
0.05
%
Min Annual Interest Rate
4.3
%
Max Annual Interest Rate
UOB Stash Account
Welcome Gift
S$
1,000
Min. Initial Deposit
0.05
%
Min Annual Interest Rate
1
%
Max Annual Interest Rate
UOB One Account
Welcome Gift
S$
1,000
Min. Initial Deposit
0.05
%
Min Annual Interest Rate
2.5
%
Max Annual Interest Rate
UOB Lady’s Savings Account
Welcome Gift
S$
1,000
Min. Initial Deposit
0.05
%
Min Annual Interest Rate
0.05
%
Max Annual Interest Rate
HSBC Everyday Global Account (Premier Savings Account)
S$
200,000
Min. Initial Deposit
0.05
%
Min Annual Interest Rate
1.05
%
Max Annual Interest Rate
KrisFlyer UOB Account
Welcome Gift
S$
1,000
Min. Initial Deposit
0.05
%
Min Annual Interest Rate
0.05
%
Max Annual Interest Rate
Citi Wealth First Account
S$
0
Min. Initial Deposit
0.01
%
Min Annual Interest Rate
2.8
%
Max Annual Interest Rate
BOC SmartSaver
S$
1,500
Min. Initial Deposit
0.2
%
Min Annual Interest Rate
Base interest rate depends on account balance and ranges from 0.25% p.a. to 0.475% p.a.
3
%
Max Annual Interest Rate
On first S$80,000 of account balance
TODO
Maybank Save Up Programme
S$
500
Min. Initial Deposit
0.19
%
Min Annual Interest Rate
3
%
Max Annual Interest Rate
TODO
DBS Multiplier Account
S$
0
Min. Initial Deposit
0.05
%
Min Annual Interest Rate
3
%
Max Annual Interest Rate
POSB Multiplier Account
S$
0
Min. Initial Deposit
0.05
%
Min Annual Interest Rate
3
%
Max Annual Interest Rate
TODO
OCBC 360 Account
S$
1,000
Min. Initial Deposit
0.05
%
Min Annual Interest Rate
2.68
%
Max Annual Interest Rate
Excludes interest from Grow and Boost
CIMB FastSaver Account
S$
1,000
Min. Initial Deposit
0.8
%
Min Annual Interest Rate
2
%
Max Annual Interest Rate
POSB SAYE Account
S$
0
Min. Initial Deposit
0.05
%
Min Annual Interest Rate
2
%
Max Annual Interest Rate
POSB eMySavings Account
S$
0
Min. Initial Deposit
0.05
%
Min Annual Interest Rate
0.25
%
Max Annual Interest Rate
TODO
OCBC Frank Account
S$
0
Min. Initial Deposit
0.05
%
Min Annual Interest Rate
0.2
%
Max Annual Interest Rate

Best Savings Accounts in Singapore

Product Name

Mininum deposit

S$
0

Max Annual Interest Rate

3
%

Product Name

Mininum deposit

S$
1,500

Max Annual Interest Rate

3
%

Product Name

Mininum deposit

S$
500

Max Annual Interest Rate

3
%

Product Name

Mininum deposit

S$
1,000

Max Annual Interest Rate

2.68
%

Product Name

Mininum deposit

S$
0

Max Annual Interest Rate

4.88
%
img_ba_savings_accounts_faq_desktop.png
Need some help?
No worries, we've got you covered!

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.

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.

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.

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.

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.

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.

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.

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.

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.

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