Best Savings Accounts in Singapore (2021)

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Standard Chartered Bonus$aver Account

Standard Chartered Bonus$aver Account

Welcome GiftFeatured
Standard Chartered Bonus$aver Account
S$0
Min. Initial Deposit
S$5
Fall Below Monthly Fees
0.01%
Min Annual Interest Rate
2.38%
Max Annual Interest Rate
Welcome Gift:
Receive up to S$218 cashback when you open a new Standard Chartered Bonus$aver account. Valid till 31 Mar 2021. T&Cs apply.
UOB One Account

UOB One Account

SingSaver's Exclusive OfferFeatured
UOB One Account
S$1,000
Min. Initial Deposit
S$5
Fall Below Monthly Fees
0.05%
Min Annual Interest Rate
2.5%
Max Annual Interest Rate
SingSaver's Exclusive Offer:
Receive S$10 cash when you open an account. Valid till 30 Apr 2021. T&Cs apply.

Enjoy up to S$76 in cash credit when you open an account and credit your monthly salary. Valid till 30 Jun 2021. T&Cs apply.
UOB Stash Account

UOB Stash Account

SingSaver's Exclusive OfferFeatured
UOB Stash Account
S$1,000
Min. Initial Deposit
S$2
Fall Below Monthly Fees
0.05%
Min Annual Interest Rate
1%
Max Annual Interest Rate
SingSaver's Exclusive Offer:
Receive S$10 cash when you open an account. Valid till 30 Apr 2021. T&Cs apply.

Enjoy up to S$76 in cash credit when you open an account and credit your monthly salary. Valid till 30 Jun 2021. T&Cs apply.
UOB Lady’s Savings Account

UOB Lady’s Savings Account

SingSaver's Exclusive OfferFeatured
UOB Lady’s Savings Account
S$1,000
Min. Initial Deposit
S$2
Fall Below Monthly Fees
0.05%
Min Annual Interest Rate
0.05%
Max Annual Interest Rate
SingSaver's Exclusive Offer:
Receive S$10 cash when you open an account. Valid till 30 Apr 2021. T&Cs apply.

Enjoy up to S$76 in cash credit when you open an account and credit your monthly salary. Valid till 30 Jun 2021. T&Cs apply.
BOC SmartSaver

BOC SmartSaver

BOC SmartSaver
S$1,500
Min. Initial Deposit
S$3
Fall Below Monthly Fees
Maybank Save Up Programme

Maybank Save Up Programme

Welcome Gift
Maybank Save Up Programme
S$500
Min. Initial Deposit
S$2
Fall Below Monthly Fees
0.19%
Min Annual Interest Rate
3%
Max Annual Interest Rate
Welcome Gift:
Receive S$120 cash when you open a new SaveUp account, link it with Maybank MView, and deposit at least S$10,000 in fresh funds. Valid till 31 Mar 2021. T&Cs apply.
DBS Multiplier Account

DBS Multiplier Account

Popular
DBS Multiplier Account
S$0
Min. Initial Deposit
S$5
Fall Below Monthly Fees
0.05%
Min Annual Interest Rate
3%
Max Annual Interest Rate
POSB Multiplier Account

POSB Multiplier Account

Popular
POSB Multiplier Account
S$0
Min. Initial Deposit
S$5
Fall Below Monthly Fees
0.05%
Min Annual Interest Rate
3%
Max Annual Interest Rate
OCBC 360 Account

OCBC 360 Account

OCBC 360 Account
S$1,000
Min. Initial Deposit
S$2
Fall Below Monthly Fees
0.05%
Min Annual Interest Rate
POSB SAYE Account

POSB SAYE Account

POSB SAYE Account
S$0
Min. Initial Deposit
No Fee
Fall Below Monthly Fees
0.05%
Min Annual Interest Rate
2%
Max Annual Interest Rate

Best Savings Accounts in Singapore

Product Name

Mininum 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
2.38%
Need some help?
No worries, we've got you covered!
What is a savings account?

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?

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?

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?

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?

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?

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?

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?

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?

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?

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

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