Best Savings Accounts in Singapore (2025)
Updated: 18 Aug 2025
Product Name | Hot Reward Pick | SingSaver Reward | Min. Deposit | Min. Annual Interest Rate | Max. Annual Interest Rate | |||
|---|---|---|---|---|---|---|---|---|
 | Citigold (Time Limited Offer of Up to S$2,400 Cash) | S$1,349 | S$300,000 | 0.01 % | 7.51 % | |||
 | HSBC Everyday Global Account | - | - | S$70,000 | 0.05 % | Up to3.70 % | ||
 | HSBC Everyday Global Account (Premier) | - | - | S$200,000 | 0.05 % | 1.05 % | ||
 | Citi Plus | - | - | S$0 | 1.5 % | 4 % | ||
 | Savings Account By Trust | - | - | S$0 | 0.5 % | 2.0 % | ||
 | UOB Lady's Savings Account | - | - | S$1,000 | 0.05 % | 0.05 % | ||
 | POSB eMySavings Account | - | - | S$0 | 0.05 % | 0.25 % | ||
 | GXS Savings Account | - | - | S$0 | 1.68 % | 2.58 % | ||
 | Mari Savings Account | - | - | - | - | 2.7 % |
- SingSaver Exclusive Rewards
- Get S$1,000 or an Apple iPad Air M3 13" WiFi 256GB (worth S$1,349) 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 Grab Voucher 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 Grab Voucher 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.
- Expand investment opportunities
- 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)
- 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
- Enjoy a quicker application process when you sign up via Singpass Myinfo
- Get access to a Family Relationship Manager for holistic advice and recommendations
- Choose from a wide range of options from securities trading, to Unit Trust to Structured Products
- HSBC Premier status is retained at HSBC branches overseas
- Receive complimentary consultations and assisted enrolment services regarding your child's overseas education needs (Related services are provided by 3rd parties)
- HSBC Premier privileges can be extended to your spouse and up to three children
- S$50 monthly service fee if Total Relationship Balance falls below S$200,000
- Earn up to 4.0% p.a. with the Citi Interest Booster Account
- Boost your returns with up to 2% cash back* (capped at S$2,000) on your Citi Cash Back+ Mastercard® Credit Card when you spend min. S$500 for a period of 12 months. In addition, enjoy up to S$699 worth of exciting gifts. T&Cs apply.
- Level up your financial literacy with wealth insights and bite-sized personal finance education content
- Access to stocks, investment funds, FX and a wide range of other financial solutions, so you can invest easily, anytime and anywhere, with the Citi Mobile App
- Achieve your goals and protect yourself from life's uncertainties with insurance solutions built around you and your changing needs
- 0.2% p.a. bonus interest earned on savings is only applicable on the incremental account balance
Savings Account By Trust
- Earn up to 2.0% p.a. on your first S$1.2M 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
UOB Lady's Savings Account
- 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
POSB eMySavings Account
- Earn 0.25% p.a. when you deposit at least S$1,500 per month
- You can already start earning interest on your savings with a min. deposit of S$50
- Monthly savings amount and date can be changed via iBanking
- No initial deposit required
- No fees
- Insured up to S$75,000 by SDIC. Additional T&Cs apply.
- You will need to have an existing DBS/POSB savings or current account
GXS Savings Account
- Interest is calculated and credited daily, allowing for faster compounding.
- No account maintenance fees or minimum balance requirements.
- Create up to 8 Savings Pockets and 2 Boost Pockets to organize and optimize your savings goals.
- Offers higher interest rates compared to many traditional savings accounts, especially with Boost Pockets.
- Fully digital account management through the GXS app, facilitating easy transfers and monitoring.
- Upcoming decrease in interest rates for Main Account and Savings Pockets starting 30 May 2025.
- Boost Pockets have a combined maximum deposit limit of S$60,000, which may not suffice for those with larger savings.
- Currently, the account lacks features like GIRO arrangements and cash deposit/withdrawal capabilities through ATMs.
Mari Savings Account
- You can start with S$0 and no minimum spend or salary crediting needed
- Up to 2.70% p.a. with promo, or 2.50% p.a. base—one of the best no-strings-attached rates
- Earn interest daily and watch your balance grow each day
- FAST/PayNow and selected overseas transfers are fee-free
- Link to ShopeePay for exclusive rewards; digital-only bank with app-based features and 24/7 in-app chat
- Maximum S$100,000 per account—higher savings need splitting across accounts
- 2.70% p.a. ends Dec 2024, then reverts to 2.50%—promotions may vary
- Fully digital; withdrawals require transfers to other banks, not ATMs"
Best Savings Accounts in Singapore
|
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% |
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Frequently Asked Questions
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.