Make your money work for your savings goals with a high-yield savings account. Used right, this is a valuable tool for Singaporeans looking to grow their savings, provided you understand how to utilise it effectively.

With rising costs of living and growing financial stress among Singaporeans, saving habits have shifted. More people are prioritising long-term goals like retirement and emergency buffers over discretionary spending. According to a recent report by Fund Selector Asia, nearly 6 in 10 Singaporeans are now more focused on saving for retirement than maintaining their current lifestyle. In this new environment, finding a savings account that offers both security and meaningful returns is more important than ever.

That’s where high-yield savings accounts come in. These accounts offer higher-than-average interest rates, to help your money grow while remaining accessible. In this guide, we break down how they work, which banks are offering the best rates in 2025, and how to maximise your returns.

*Rates accurate as of July 2025. Actual rates may vary depending on fulfilment of bonus conditions.

The Standard Chartered Bonus$aver account is one of the most rewarding high-yield savings accounts available in Singapore for 2025, boasting a headline rate of up to 8.05% p.a. on your first S$100,000 when you fulfil multiple criteria. It's designed to reward a holistic banking relationship — salary crediting, card spending, insurance, investing, and bill payments all contribute to unlocking better interest rates. For committed users who channel most of their financial activity through Standard Chartered, this really delivers on value.

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The HSBC Everyday Global Account is a polished, multi-currency savings solution tailored for globally mobile individuals, offering both convenience and solid rewards. That blend of interest and cashback, plus support for 11 currencies and fee-free overseas cash withdrawals, makes it especially appealing to frequent travellers, expatriates, or anyone needing easy currency access while still earning a competitive return. However, the HSBC EGA is optimised for those who can consistently meet its reward conditions. Without fulfilling these criteria, the interest rate drops to a simple 0.05% base rate, which is low for a high-yield account.

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CIMB StarSaver is a standout if you're after a simple, high-yield savings account that rewards your balance, not your activity. With tiered interest rates reaching up to 2.70% p.a. on the first S$5 million, it's one of the rare accounts offering competitive returns without needing salary crediting, card spend, or bill pay. 

The account works best for those with larger deposits as you’ll only reach the top tiers if you consistently hold S$150,000 or more. It's also worth noting there’s a S$1,000 minimum to earn interest and an early-closure fee, which makes it less fluid than accounts with no deposit minimum.

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UOB One Account makes high-yield savings straightforward by only requiring two monthly actions, card spend and salary credit. It’s ideal for busy individuals seeking high returns with minimal effort, and avoids complicated bonus categories. However, balances above S$150,000 earn only the base rate of 0.05%, and the recent rate cut suggests that returns may soften over time.

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OCBC 360 has traditionally rewarded customers who take a more active approach — salary crediting, spending, saving, investing, or buying insurance — to earn bonus interest. Up to 3.3% p.a. is achievable across the first S$100,000 before August 2025. It’s still a decent option, especially if you’re already engaging with OCBC products, but the declining rates make it less compelling compared to simpler alternatives.

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DBS Multiplier rewards you for consolidating your banking with DBS. By crediting salary, making card or PayLah! spending, paying home loans, or investing, you can earn up to 4.1% p.a. on the first S$100,000, a strong offer that stands out for frequent DBS users. It’s excellent for savers with diverse DBS activities, though those with minimal engagement may only earn 1.8%.

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With numerous savings accounts offering varying interest rates, bonus conditions, and promotional rates, finding the best one can be overwhelming. But it doesn’t have to be. The key is to match the account’s structure to your financial habits.

These are the essential factors to consider before opening a high-yield savings account in Singapore. 

• Compare rates offered by various banks – Interest rates can vary significantly from bank to bank, and even across different tiers within the same account. Always compare base rates, bonus rates, and caps on eligible balances to ensure you're getting the best deal for your money.

• Pay attention to terms and conditions – High returns often come with strings attached — such as crediting your salary, maintaining a minimum spend on a linked credit card, or performing specific transactions each month. Ensure you understand the necessary actions to unlock the highest interest tier.

• Look for hidden fees – Some accounts come with fall-below fees, ATM fees, or account closure charges. These can erode your returns over time, so read the fine print carefully before making a commitment.

• Check out the conditions for earning the highest rate – It’s not enough to look at the headline rate, as you’ll need to fulfil all the right conditions to get it. These can include salary crediting, bill payments via GIRO, or investing through the bank. If you can’t meet all the requirements, you may earn far less than advertised.

• Look out for temporary promotions – Some high rates may only apply for a limited time as part of a promotional campaign. While these can be attractive in the short term, make sure you’re also happy with the long-term rate once the promo ends.

To maximise your returns, start by automating any required actions — such as salary crediting or monthly card spend — to ensure you consistently qualify for bonus interest. Spread your funds strategically across different accounts if you're hitting interest caps (e.g. only the first S$50,000 may earn high rates).

Also, review your account regularly to ensure it still meets your needs. Banks may change their terms, and better options may appear over time.

Opening a high-yield savings account in Singapore is typically a smooth and straightforward process, especially with digital banking making most applications fully online. Whether you're opening your first account or switching to one with better returns, here’s how to get started:

Step 1: Compare your options

Start by reviewing the available high-yield savings accounts on the market. Consider your monthly income, spending habits, and how much effort you're willing to put in to meet bonus interest requirements. Use comparison tools (like the one on SingSaver) to shortlist accounts that match your lifestyle.

Step 2: Check eligibility

Make sure you meet the account’s eligibility criteria. In most cases, you’ll need to:

• Be at least 18 years old

• Be a Singapore citizen, permanent resident, or foreigner with a valid pass

• Have a valid NRIC or FIN

• Have a local mobile number and address

Some banks may also require income proof, especially if salary crediting is part of the bonus interest conditions.

Step 3: Prepare your documents

If you're applying online via Singpass MyInfo, most of your documents will be pulled automatically. If not, you may need:

• A copy of your NRIC or passport

• Proof of address (e.g. utility bill or bank statement)

• Proof of employment or income (e.g. payslips or CPF contribution history)

Step 4: Apply online or at a branch

For most banks, the fastest way to apply is via their website or mobile app using Singpass MyInfo. This pre-fills your personal information, speeding up the verification process. Alternatively, you can apply in person at a branch if you prefer face-to-face service or need help with complex requirements.

Step 5: Fund your account

Once your account is approved and activated, transfer your initial deposit (if required). Some banks have no minimum deposit, while others may require S$1,000 to S$3,000 to start earning interest.

Step 6: Set up bonus fulfilment (if applicable)

To unlock the highest interest rates, complete any required actions such as:

• Crediting your salary to the account

• Spending a set amount on a linked credit card

• Paying bills via GIRO

• Investing or purchasing insurance through the bank

Automate these tasks where possible to avoid missing out on bonus interest.

Step 7: Monitor your progress

Log in to your banking app regularly to check if you've met the bonus criteria. Some banks provide interest calculators or progress bars to help you visualise how much interest you're earning each month.

By following these steps, you can quickly get your high-yield savings account up and running — and start earning more from your everyday cash.