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Compare & apply for the best savings accounts

Compare and open the best joint and basic savings accounts in Singapore based on interest rates, monthly fees, welcome offers and minimum or zero balance deposits

Providers

  • HSBC
  • Standard Chartered
  • CIMB
  • OCBC
  • Maybank
  • DBS
  • UOB
  • Citibank
  • Providers
  • Base Annual Interest Rate
  • Max Annual Interest Rate
  • Min. Initial Deposit
  • Fall Below Monthly Fees

1.45 % Base Annual Interest Rate

5.95 % Max Annual Interest Rate

$ 1 Min. Initial Deposit

$ 10 Fall Below Monthly Fees

Apply Now More InfoLess Info

  • Receive bonus interest of 0.80% p.a. when you charge S$800 worth of Retail Transactions to your HSBC Visa Debit Card for 3 months
  • Receive bonus interest of 0.70% p.a. with S$500 online remittance with FX via Worldwide Transfer
  • Receive bonus interest of 3.00% p.a. when you fulfill a need with an eligible HSBC Insurance plan with minimum annual premium of S$15,000
  • Sign up for HSBC Advance credit card and get up to 3.5% cash back for all your spending with perpetual annual fee waiver
  • Get a HSBC Advance Debit Card which can also be used as a public transit card with multiple payment options (Visa, NETS and Apple Pay).
    Enjoy 5% rebate with ComfortDelGro, Grab, Parking.sg and RYDE.
    Get S$3 rebate with Deliveroo, foodpanda and GrabFood.

1.50 % Base Annual Interest Rate

3.00 % Max Annual Interest Rate

$ 1 Min. Initial Deposit

$ 5 Fall Below Monthly Fees

  • Additional interest rate of 0.8% p.a. with min. spend of S$500 on your HSBC Debit Card across 3 months for the first $100,000 in top-up amounts
  • Additional 0.7% p.a. for online remittance involving FX via Internet Banking
  • Enjoy seamless convenience with over 800 cash withdrawal locations, special deals and many more with your HSBC Debit Card
  • Fall-below fee of S$5 if average daily balance falls below S$3,000
  • Early closure fee for Premier customers is S$50 when account is closed within 6 months from the Account Opening Date

1.45 % Base Annual Interest Rate

5.95 % Max Annual Interest Rate

$ 1 Min. Initial Deposit

$ 10 Fall Below Monthly Fees

Apply Now More InfoLess Info

  • Receive bonus interest of 0.80% p.a. when you charge S$800 worth of Retail Transactions to your HSBC Visa Debit Card for 3 months
  • Receive bonus interest of 0.70% p.a. with S$500 online remittance with FX via Worldwide Transfer
  • Receive bonus interest of 3.00% p.a. when you fulfill a need with an eligible HSBC Insurance plan with minimum annual premium of S$15,000
  • Sign up for HSBC Advance credit card and get up to 3.5% cash back for all your spending with perpetual annual fee waiver
  • Get a HSBC Advance Debit Card which can also be used as a public transit card with multiple payment options (Visa, NETS and Apple Pay).
    Enjoy 5% rebate with ComfortDelGro, Grab, Parking.sg and RYDE.
    Get S$3 rebate with Deliveroo, foodpanda and GrabFood.

1.00 % Base Annual Interest Rate

3.88 % Max Annual Interest Rate

$ 0 Min. Initial Deposit

$ 5 Fall Below Monthly Fees

  • 3.88% p.a when you spend S$2,000+ or equivalent in foreign currency of eligible Card per month and credit your salary of S$3,000+ into Bonus$aver account and invest in an Eligible Unit Trust with S$30,000+ subscription or purchase an Eligible Insurance Policy with annual premium S$12,000+ and make 3 bill payments of S$50+ each from your Bonus$aver account via GIRO or Online Banking
  • No initial deposit required
  • 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.

1.00 % Base Annual Interest Rate

1.00 % Max Annual Interest Rate

$ 1,000 Min. Initial Deposit

$ 0 Fall Below Monthly Fees

  • 1% p.a when you maintain S$1,000+ of account balance
  • No Fall-Below Fee
  • Minimum initial deposit of S$1,000 required
  • Early closure fees of S$50 if account is closed within 6 months.

0.20 % Base Annual Interest Rate

0.40 % Max Annual Interest Rate

$ 1,000 Min. Initial Deposit

$ 2 Fall Below Monthly Fees

  • 0.4% p.a when you maintain savings account balance between S$100,001 and S$500,000
  • No initial deposit required (if below 26 years old)
  • Fall-below fee of S$2 if balance falls below S$1,000 (waived if below 26 years old)
  • Early closure fees of S$30 if account is closed within 6 months.

0.19 % Base Annual Interest Rate

1.56 % Max Annual Interest Rate

$ 500 Min. Initial Deposit

$ 2 Fall Below Monthly Fees

  • 1.56% p.a when you increase the average daily balance of the account
  • Fall-below fee of S$2 if average daily balance falls below S$500
  • Early closure fees of S$30 if account is closed within 6 months.

0.05 % Base Annual Interest Rate

4.05 % Max Annual Interest Rate

$ 1,000 Min. Initial Deposit

$ 2 Fall Below Monthly Fees

  • 4.05% p.a. when you credit your salary of $2,000+ and pay 3+ bills of $150+ and spend $500+ on OCBC credit cards and insure or invest with OCBC. Available on account balances of $200,000+.
  • Fall-below fee of S$2 if balance falls below S$3,000 (first-year waived)
  • Early closure fees of S$30 if account is closed within 6 months.

0.05 % Base Annual Interest Rate

3.50 % Max Annual Interest Rate

$ 1 Min. Initial Deposit

$ 5 Fall Below Monthly Fees

  • 3.5% p.a when you make S$30,000+ eligible transactions per month by crediting your salary and make transactions in 2+ categories (eg. Credit Card Spend, Home Loan Installments, Insurance, Investments)
  • No initial deposit required
  • No monthly account fees
  • 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

0.05 % Base Annual Interest Rate

3.30 % Max Annual Interest Rate

$ 500 Min. Initial Deposit

$ 2 Fall Below Monthly Fees

  • 3.3% p.a. when 1) spend $500+ on UOB credit cards and credit your salary of $2,000+ into your UOB One Account or 2) make 3 GIRO debit transactions monthly from your UOB One Account
  • Fall-below fee of S$2 if average monthly balance falls below S$500
  • Early closure fees of S$30 if account is closed within 6 months.

0.05 % Base Annual Interest Rate

1.00 % Max Annual Interest Rate

$ 1,000 Min. Initial Deposit

$ 2 Fall Below Monthly Fees

  • 1% p.a when you maintain or increase monthly average balance compared to previous month or maintain it S$10,000+ (MAB = The summation of each day-end balance in your UOB Stash Account for each calendar month, divided by the number of calendar days for that month.)
  • Fall-below fee of S$2 if balance falls below S$1,000
  • Early closure fees of S$30 if account is closed within 6 months.

0.01 % Base Annual Interest Rate

3.50 % Max Annual Interest Rate

$ 15,000 Min. Initial Deposit

$ 15 Fall Below Monthly Fees

  • 3.5% p.a. when you insure with monthly premium of S$250 for 1 year or single premium of $25,000 and spend $25 monthly on your Citibank credit card and invest $250 monthly for 1 year or lumpsum of $25,000 in Unit Trusts and take a Citibank Home Loan of $250,000+
  • Fall-below fee of S$15 if balance falls below S$15,000
  • Early closure fees of S$50 if account is closed within 6 months.

Bank Account FAQs

A bank account lets you deposit money and use the funds whenever you need to. Depending on the type of account you have, you earn interest on the deposit. Funds can be withdrawn using ATMs or by cheque. You can pay for things you purchase via a number of methods that deduct the funds directly from your account. Many bank accounts charge a monthly service fee.
Everyone can have a bank account. Those aged 16 and below will need to open a kids account and those aged 55 and above will open a senior account. The rest can open either a savings account or a current account.
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.
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.
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.
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.
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.

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