Best Savings Accounts In Singapore To Park Your Money (2024)

Yen Joon

Yen Joon

Last updated 02 May, 2024

Banks in Singapore are now offering high interest rates in this high-interest climate. This begs the question: which savings account should you stash your cash in right now?


Every spending situation is unique. SingSaver assembles the 'Best For' list, so you can decide what’s best for you.


With inflation on the rise, the US Fed has been hiking interest rates to bring it down. As a result, banks have followed suit by offering attractive interest rates for their savings accounts

Indeed, savings accounts like the Standard Chartered Bonus$aver, UOB One, and OCBC 360 have since increased their rates, with some going up to 7.68% p.a. What a time to be alive!

To save you the trouble of looking through all these new interest rates, here’s an easy and up-to-date comparison of the best savings accounts in Singapore.

Note: All savings accounts on this list are insured up to S$100,000 per depositor per Scheme under the Singapore Deposit Insurance Corporation Limited (SDIC)

Table of contents


Best savings accounts in Singapore overview: which account has the highest interest rate in Singapore?

Below is the list of savings accounts in Singapore and their interest rates.

Note that achieving the maximum interest rate requires you to meet multiple conditions, such as crediting your salary, maintaining the minimum balance, investing with the bank, making a minimum spend, etc. 

Savings account 

Maximum interest rate (p.a.)

Realistic interest rate (p.a.)

Standard Chartered Bonus$aver Account

7.68% 

0.88%

OCBC 360 Account

7.65%

2.65%

BOC SmartSaver

7.00%

3.50%

UOB One Account

6.00% 

3.00%

UOB Stash

5.00%

0.50%

HSBC Everyday Global Account

4.45%

3.45%

DBS Multiplier

4.10%

1.80%

Citi Interest Booster

4.00%

1.90%

CIMB FastSaver

4.00%

1.50%

Maybank Save Up

4.00%

1.25%

SIF GoSavers Account

3.50%

2.50%

Trust Savings Account (until 31 May 2024)

3.00%

2.50% (NTUC union member); 2.00% (non-NTUC union member)

GXS Savings Account

2.68%

2.68%

Standard Chartered JumpStart

2.50%

2.00%

RHB High Yield Savings Plus

2.00%

1.50%

Since each of these savings accounts has different requirements, 'the best' savings account isn't necessarily the one that offers the highest interest rate; it depends on your ability to meet the criteria.

Hence, we've outlined a list of different 'best for' savings accounts for various groups. Check them out below.


Best savings account for salaried workers

Salaried employees in Singapore are spoiled for choice when it comes to high-interest savings accounts. Almost every bank has a savings account that pays bonus interest for crediting your salary and spending on their credit cards.

To find out which is the best savings account for salaried workers, let's say a typical salaried worker:

  • Has S$20,000 in savings;
  • Credits at least S$2,000 of his/her salary into the savings account each month;
  • Spends at least S$500 on a credit/debit card monthly, and;
  • Pays at least three bills monthly

Taking the above into account (pun unintended), here's the interest you'll earn from these high-interest savings accounts: 

Savings account

Interest earned (p.a.)

BOC SmartSaver

3.50%

Citi Plus

1.90%

DBS Multiplier

1.80%

HSBC Everyday Global Account

1.05%

Maybank Save Up

1.25%

OCBC 360

2.65%

Standard Chartered Bonus$aver

1.63%

UOB One

3.00%



BOC SmartSaver

Bank_of_China_logo

First up is the BOC SmartSaver Account, which offers one of the highest interest rates at 7.00% p.a.. 

However, like most savings accounts, you'll need to jump through several hoops to earn bonus interest.

For instance, you'll earn an interest of 2.40% p.a. if you purchase eligible insurance products for a year, 0.80% p.a. if spend at least S$1,500 on your credit/debit card per month, and 2.50% p.a. for monthly salary crediting of at least S$6,000. 

Bonus interest category

Criteria

Bonus interest (p.a.)

Wealth bonus interest

Purchase eligible insurance products to earn bonus interest for 12 consecutive months

2.40%

Card spend bonus interest

Spend at least S$500 on your debit or credit card in a calendar month

0.50%

Spend at least S$1,500 on your debit or credit card in a calendar month

0.80%

Salary crediting bonus

Credit at least S$2,000 to S$6,000 (exclusive) of your monthly salary

1.90%

Credit at least S$6,000 of your monthly salary

2.50%

Payment bonus interest

Complete at least three bill payments of at least S$30 each via GIRO/ internet banking/ mobile banking bill payment function

0.90%

Extra savings interest

Fulfil any one of the requirements for card spend, Salary Crediting or payment bonus interest.

0.60%

Total

 

7.00%

However, note that you need a minimum monthly average balance of S$1,500 to earn bonus interest. 

Based on the criteria we've set out above, this is the realistic interest rate you'll earn:

Category

Interest (p.a.)

Base interest (S$1,500 and above)

0.80%

Card spend bonus interest (at least S$500)

0.50%

Salary crediting bonus (at least S$2,000)

1.90%

Payment bonus interest (at least S$30 for three bills)

0.90%

Total

3.50%

BOC SmartSaver

Minimum initial deposit: S$200
Minimum monthly balance: S$0 (minimum S$1,000 to earn interest)
Monthly fall-below fee: S$0
Bonus interest cap: S$75,000

Citigold Tactical 50_BLOGARTICLE_800x250

SingSaver Exclusive Offer: Get an Apple iPhone 15 Plus 256GB (worth S$1623.85) or S$1,200 Cash when you successfully apply for a Citigold account and make a S$250,000 deposit within 3 months of account opening and maintain these funds until gift fulfilment. Also, apply through SingSaver and enjoy 3.0% p.a. on a 6-month SGD Time Deposit. Valid till 2 June 2024. T&Cs apply.

Plus, get additional welcome rewards on top of the above offer (T&Cs apply):

  • Get additional S$100 Cash Reward from Citibank when you complete an Investment Risk Profile and Fact Find
  • Get additional S$100 Cash Reward from Citibank when you hold a valid Primary Citibank Credit Card
  • Get additional S$500 Cash Reward from Citibank when you apply for a Citibank Mortgage loan with min. loan size of S$800,000 within 3 months of account opening
  • Get additional S$250 Cash Reward for every S$50K purchase of investment and/or insurance from Citibank

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Citi Interest Booster Account


Citi Plus goes beyond a regular savings account — it's a wealth management platform offering interest up to 4.00% p.a. on your savings with the Citi Interest Booster Account.

With a base interest of 1.50% on your first S$50,000, you can level up your interest rate when you increase your balance, invest with Citibank, purchase an insurance plan policy, take up a mortgage, and more.

Criteria

Interest Rate

Base interest

1.50% p.a. on your first S$50,000 savings (0.01% p.a. for amounts above S$50,000)

Save

Increase your balance by S$1,500 or more

0.20% p.a.
on incremental savings

Spend

Spend a minimum of S$500 on eligible retail transactions on your Citibank Debit Mastercard or Citi Cash Back+ Mastercard

0.20% p.a.

Invest

Make three investments of S$1,000 or more

0.60% p.a.

Insure

Policy of minimum S$5,000 regular premium

0.60% p.a.

Mortgage

Home loan of at least S$500,000

0.80% p.a.

Birthday


Extra interest in the month of your birthday!

0.10% p.a.

Total Possible

4.00% p.a. 

Besides that, Citi Interest Booster Account also provides a host of educational materials at your fingertips to learn about anything finance-related and improve your financial literacy. They also offer timely wealth insights and market research to help you make sounder financial decisions.

If you can spend at least S$500 and increase your savings by at least S$1,500 each month (including via salary crediting), you'll earn an additional interest of 0.40% p.a., bumping up your total interest to 1.90% p.a. 

Moreover, you can earn up to 2.00% p.a. on your Birthday month, thanks to the Birthday criteria, which rewards you with an extra 0.10% p.a..

Another benefit of the Citi Interest Booster Account is that you can enjoy up to 2% cashback with your Citi Cash Back+ Mastercard (up from the usual 1.6% cashback) or Citibank Debit Mastercard if you spend a minimum of S$500 monthly for a year.

However, the Citi Interest Booster Account requires you to maintain a Total Relationship Balance (TRB) of at least S$15,000 to avoid a S$15 fall-below fee. The good news is that this fee is waived until 31 December 2024. 

Citi Interest Booster Account

Minimum initial deposit: S$0
Minimum monthly balance: S$15,000 
Monthly fall-below fee: S$15
Bonus interest cap: S$500,000

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DBS Multiplier

DBS_Bank_logo_logotype-1024x360

The DBS Multiplier Account is one of the most popular savings accounts, if not the most. It offers a maximum interest rate of 4.10% p.a.. 

Previously, you had to jump through several hoops to get the most out of this savings account:

dbs multiplier account bonus interest

However, DBS made some key changes to the DBS Multiplier Account, including combining credit card/PayLah! retail spend into one and lowering the qualifying DBS/POSB transactions from S$2,000 to S$500, thus making it easier for you to earn higher interest.

Starting from 1 August 2023, here's how you can earn bonus interest:

  1. Credit your income; 
  2. Transact in one or more categories (credit card/ Paylah! retail spend, home loan instalment, insurance, investments); and
  3. Spend at least S$500 per month
 

Income + one category

Income + two categories

Income + three or more categories

Total eligible transactions per month

First S$50,000 balance

First S$100,000 balance

First S$100,000 balance

S$500 or more to below S$15,000

1.80% p.a.

2.10% p.a.

2.40% p.a.

S$15,000 or more to below S$30,000

1.90% p.a.

2.20% p.a.

2.50% p.a.

S$30,000 or more

2.20% p.a.

3.00% p.a.

4.10% p.a.

As you can see, aside from crediting your salary, the premise of the DBS Multiplier Account is based on your transaction amount and the number of categories you transact. The higher the amount and number of transactions, the higher the interest rate. 

Note that 'income' includes three categories:

  1. Salary credit to any DBS/POSB deposit account 
     - (credit your salary into your DBS/POSB SGD-denominated account via GIRO/FAST/PayNow with transaction code “SAL”/“PAY” or transaction description “SALARY”/“PAYROLL”/“COMMISSION”/“BONUS”)
  2. Dividends credit
    - Credit your dividends via GIRO/FAST/PayNow with transaction code “CDP”/“NDIV” or transaction description “DIVIDEND” into your DBS/POSB account, DBS Wealth Management Account, Supplementary Retirement Scheme (SRS) Account or CPF Investment Account (CPFIA)

    - Eligible dividends include Central Depository Pte Ltd (CDP), DBS Vickers Securities, DBS Online Equity Trading (OET), DBS Unit Trusts, DBS Online Funds Investing, DBS Invest-Saver.
  3. Annuities
    - Credit your CPF payouts or SRS withdrawals via GIRO/FAST/PayNow with transaction code “CPF”/“SRS” or transaction description “CPF”/“SRS” into your DBS/POSB account

In case you're wondering, credit card/ PayLah! retail spend includes any of the following (note that eligible credit card and PayLah! retail spend counts as one category):

Spend with any DBS/POSB personal credit card(s)

  • Eligible retail and cash advance transactions made within the calendar month. Note that reversals/credits/refunds posted will offset eligible credit card spend
  • Eligible credit card spend across main cards and supplementary cards that are accorded to the main cardholder
Make eligible transactions with PayLah! 

To earn the maximum interest of 4.10% p.a. on your first S$100,000, you would need to:

  • Credit your income;
  • Transact in three categories or more; and
  • Spend at least S$30,000

But suppose you fulfil our criteria (S$10,000 savings, credit your monthly salary, spend at least S$500), you'll earn 1.80% p.a. on your first S$50,000. 

DBS Multiplier

Minimum initial deposit: S$0
Minimum monthly balance: S$3,000
Monthly fall-below fee: S$5 (waived if you're below 29 years old or if you're a new DBS/POSB customer) 
Bonus interest cap: S$100,000

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HSBC Everyday Global Account (EGA)

hsbc-logo-png-transparent

The HSBC EGA is a multi-currency account that lets you hold, withdraw, exchange, and transact foreign currencies. At the time of writing, you can transact in 11 different currencies and withdraw cash in 10 different currencies at S$0 fees. 

There's currently a promotion from 1 May until 31 May 2024 where new and existing HSBC customers can earn up to 3.45% p.a. bonus interest on their HSBC EGA when they register via SMS:

  • Up to 3.40% p.a. HSBC EGA bonus interest
  • 0.05% p.a. HSBC EGA's prevailing interest rate

Customer segment

Prevailing interest rate (p.a.)

Bonus interest rate (p.a.)

Total interest rate (p.a.) on incremental average daily balance (ADB)

Incremental average daily balance (ADB) < S$500,000

0.05% 

3.30% 

3.35% 

Incremental ADB  ≥ S$500,000

0.05% 

3.40%

3.45%

Note that the bonus interest rate of up to 3.40% p.a. will only be paid out in the months of May and June 2024. Additionally, the additional bonus interest is applicable up to a maximum top-up of S$2 million. The top-up amount in deposits is compared against the reference month of April 2024.

For example, if you have an average daily balance (ADB) of S$200,000 in May 2024 and S$10,000 in April 2024, the incremental ADB that will earn bonus interest is S$190,000.

Month

Deposits ADB

April 2024 (reference month)

S$10,000

May 2024

S$200,000

Incremental ADB that will earn bonus interest

S$190,000

Eligible customers who satisfy all the conditions of the promotion will receive the bonus interest by 31 August 2024.

Bonus interest earning period

Fulfillment date

Existing customers who already hold an eligible account from 1 May 2024 to 30 June 2024

By 31 August 2024

On top of the HSBC EGA bonus interest, you can also earn 1% additional bonus interest and 1% cashback when you qualify for the HSBC Everyday+ Rewards programme:

  • 1% cashback on all eligible spends with your HSBC Everyday Global Debit Card or eligible GIRO bill payments from your EGA (capped at S$300 each month)
  • 1% additional bonus interest on your incremental SGD average daily balances (capped at S$300 each month)

hsbc ega


To qualify for the HSBC Everyday+ Rewards programme, you must:

HSBC Premier customers

  • Deposit at least S$5,000 into your account via salary crediting every month and/or inward transfers from a non-HSBC bank account and make at least five eligible transactions via the HSBC Everyday Global Debit Card or HSBC credit card (no minimum spend) monthly

HSBC Personal Banking customers

  • Deposit at least S$2,000 into your account via salary crediting every month and/or inward transfers from a non-HSBC bank account and make at least five eligible transactions via the HSBC Everyday Global Debit Card or HSBC credit card (no minimum spend) monthly 

So, if you meet our criteria above, you'll earn a total of 3.35% p.a. interest.

However, you can bump up the interest earned to 4.35% p.a. via the additional bonus interest (deposit at least S$2,000 each month, increase your average deposit balance via fresh funds, and make at least five eligible GIRO bill payments and/or transactions with your HSBC EGA debit card)

In addition, you'll also get an additional 1% cashback of the payment amount for any GIRO bill payments (capped at S$300 per month)

There is also a one-time cash bonus reward of S$300 for new HSBC Premier Customers and S$150 for new HSBC Personal Banking customers.

But the catch is that you must maintain at least S$200,000 if you're an HSBC Premier customer or S$100,000 if you're an HSBC Personal Banking customer. The deposits must be maintained for at least six months.

HSBC EGA

Minimum initial deposit: S$2,000
Minimum daily balance: S$2,000
Monthly fall-below fee: S$5 
Bonus interest cap: S$5,000

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Maybank Save Up Account

Starting from 1 June 2023, existing Maybank Save Up Account members can earn up to 4.00% p.a. on their first S$75,000:

Base interest of up to 0.25% p.a.

Bonus interest when you

Take up one product

Take up two products

Take up three or more products

First S$50,000

0.30% p.a.

1.00% p.a.

2.75% p.a.

Next S$25,000

1.00% p.a.

1.50% p.a.

3.75% p.a.

Maximum effective interest rate (EIR)

0.53% p.a.

1.17% p.a.

3.08% p.a.

The Maybank Save Up Programme offers a base interest of up to 0.25% p.a., and you can earn bonus interest based on the products that you take up (up to nine):

 

Qualifying products

Minimum transaction amount

Bonus interest period

Save

GIRO payment*

(to other billing organisations)


and/or


Salary crediting*

(via GIRO or Maybank payroll)

S$300 monthly (GIRO)

and/or

S$2,000 monthly (salary)

One month

Spend

Card (transact with Maybank Platinum Visa Card and/or Horizon Visa Signature Card)

S$500

One month

Invest

Structured deposits

S$30,000

Three months

Unit trusts

S$25,000 cash investments

12 months

Insure

Regular premium insurance

S$5,000 in annual premium

12 months

Borrow

Home loan (excludes equity loan)

S$200,000

12 months

Car loan 

S$35,000

12 months

Renovation loan

S$10,000

12 months

Education loan

S$10,000

12 months

To earn the maximum interest rate, you would need to take up at least three products. For instance, spending, saving, and investing with the bank would earn you 2.75% p.a. on your first S$50,000. 

But suppose that you meet the criteria that we've set out (credit at least S$2,000 of your salary and spend a minimum of S$500 monthly), you’ll earn an interest of 1.25% p.a. on the first S$50,000 in your account: 

Base interest

0.25% p.a.

Take up two products (spend S$500 and credit at least S$2,000 of your salary monthly)

1.00% p.a.

Total interest

1.25% p.a.

*If you meet the minimum salary credit amount and/or the minimum aggregate GIRO debit amount stated in the table above, it will be considered one Qualifying Product.

Maybank Save Up

Minimum initial deposit: S$500 (Singaporeans/Singapore PRs), S$1,000 (foreigners)
Minimum monthly balance: S$1,000
Monthly fall-below fee: S$2 (waived if you're below 25 years old) 
Bonus interest cap: S$50,000

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OCBC 360 
LOGO_OCBC-e1581408406966

Have an OCBC credit card and use your OCBC 360 Account for salary crediting?

You'll earn an effective interest rate (EIR) of up to 4.65% p.a. interest on the OCBC 360 savings account for the first S$100,000 if you fulfil the salary, saving, and spending requirements.

You can also earn an additional 3.00% p.a. when you buy insurance or investment products with the bank, to a maximum interest rate of up to 7.65% p.a.!

Here’s a breakdown of the OCBC 360 Account bonus interest rates:

Account balance
Salary (monthly salary credit of at least S$1,800 through GIRO/PayNow)
Save (increase your average daily balance by at least S$500 monthly)
Spend at least S$500 of selected OCBC credit cards each month
Purchase an eligible insurance product from OCBC
Purchase an eligible investment product from OCBC
Maintain an average daily balance of at least S$200,000
First S$75,000
2.00%
1.20%
0.60%
1.20%
1.20%
2.40%
Next S$25,000
4.00%
2.40%
2.40%
2.40%
Effective interest rate (EIR)*
2.50%
1.50%
0.60%
1.50%
1.50%
2.40%

*You will earn a base interest of 0.05% a year on your entire account balance regardless of whether you fulfil the above categories.

For maximum EIR illustration purposes for your first S$100,000:

Salary + Save: You will earn a maximum EIR of 4.05% a year.
Salary + Save + Spend: You will earn a maximum EIR of 4.65% a year.
Salary + Save + Spend + Insure / Invest: You will earn a maximum EIR of 6.15% a year.
Salary + Save + Spend + Insure + Invest: You will earn a maximum EIR of 7.65% a year.

Based on the criteria that we've set out, this is how much you can earn through the OCBC 360 Account:

Criteria

Interest rate (p.a.)

Credit at least S$1,800 of your monthly salary through GIRO/PayNow 

2.00%

Spend at least S$500 a month on selected OCBC credit cards

0.60%

Base interest

0.05%

Total

2.65%

You can, however, bump up the bonus interest rate earned by 1.20% p.a. to a total of 3.85% p.a. if you increase your monthly average balance by at least S$500 monthly

Note that eligible OCBC Cards include the OCBC 365, OCBC NXT, OCBC 90°N or OCBC Titanium Rewards Credit Card

OCBC 360

Minimum initial deposit: S$1,000
Minimum monthly balance: S$3,000
Monthly fall-below fee: S$2 (waived for the first year) 
Bonus interest cap: S$100,000

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Standard Chartered Bonus$aver

Standard-Chartered-logo-1024x401
There used to be a longstanding three-way fight between the DBS Multiplier, UOB One and OCBC 360 accounts in this category.

But Standard Chartered Bonus$aver Account has finally caught up and taken the cake for this category with interest rates up to a whopping 7.68% p.a. 

And while the rates have tapered off slightly from the 7.88% p.a. it used to offer, the maximum 7.68% p.a. interest is still the highest among all the savings accounts. 

Here's how you can earn the maximum 7.68% p.a. interest rate on your first S$100,000:

Criteria

Bonus interest (p.a.)

Base interest

0.05%

Spend

S$500 to S$1,999 on your Bonus$aver credit/debit card (0.60%)

At least S$2,000 on your Bonus$aver credit/debit card (1.40%)

Monthly salary credit

At least S$3,000 (2.00%)

Bill payment

Make a minimum of three bill payments online of at least S$50 each (0.23%)

Invest

Invest in eligible unit trust products with a minimum subscription sum of S$30,000 for 12 months (2.00%)

Insure

Purchase an eligible insurance policy with an annual premium of S$12,000 for 12 months (2.00%) 

To maximise the interest earned, you'll need to spend at least S$2,000 on an eligible credit/debit card.  

Crediting your salary of S$3,000 and above will also give you an extra 2.00% p.a. interest and you'll earn an extra interest of 0.23% p.a. if you make three bill payments online each month.

To cap it off, investing and insuring with Standard Chartered will give you a bonus interest of 2.00% p.a. each.

Take note that you do need to maintain a minimum daily balance of S$3,000 to avoid a S$5 fall-below fee. 

So, while the 7.68% interest p.a. is eye-catching, what's the realistic interest rate you can earn?

Well, based on the criteria that we've laid out above, you'll receive an interest of 0.88% p.a. if you spend at least S$500 on your card and pay at least three bills:

Criteria

Bonus interest (p.a.)

Base interest

0.05%

Spend

S$500 to S$1,999 on your Bonus$aver credit/debit card (0.60%) 

Bill payment

Make a minimum of three bill payments online of at least S$50 each (0.23%) 

Total

0.88%

That said, if you can credit at least S$3,000 of your monthly salary, you're looking at an additional 2.00% p.a. interest, bumping up your interest to 2.18% p.a.

Standard Chartered Bonus$aver

Minimum initial deposit: S$0
Minimum monthly balance: S$3,000
Monthly fall-below fee: S$5  
Bonus interest cap: S$100,000

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SingSaver's Exclusive Offer: Enjoy the following rewards when you sign up for a Standard Chartered credit card. Eligible for new Standard Chartered cardholders only.

SCB SIMPLY CASH_KV1_BLOGARTICLE_800x250

Standard Chartered Simply Cash Credit Card : Receive a Sony HT-AX7 (worth S$769) or Dyson SSHD (worth S$699) or Apple iPad 9th Gen 10.2 Wifi 64GB (worth S$508.30) or S$330 cash upon activating and spending min. $500 spend within 30 days of card approval. Also, get an additional S$30 e-Capitaland voucher when you make a min. spending of $1,000 in your 2nd month. Valid till 2 June 2024. T&Cs apply.
 

Plus, get an additional S$20 e-Capitaland Voucher when you split the payment for your purchases with SCB Easy Pay, pay your bills with SCB Easybill or put any of your purchases on instalment in SCB Savings Account or Current Account within 60 days of approval. Valid till 2 June 2024. T&C applies.

SCB CC_BLOGARTICLE_800x250

Standard Chartered Smart Card and Rewards+ Card: Receive  a Dyson AM07 (worth S$459) or Hinomi H1 Classic V3 Ergonomic Office Chair (worth S$419) or Apple Airpods (3rd Gen) With Magsafe Charging Case (worth S$274) or up to S$250 cash upon activating and spending min. S$250 spend within 30 days of card approval. Also, get an additional S$20 e-Capitaland voucher when you make a min. spending of S$1,000 in your 2nd month. Valid till 2 June 2024.  T&Cs apply.

Plus, get an additional S$20 e-Capitaland Voucher when you split the payment for your purchases with SCB Easy Pay, pay your bills with SCB Easybill or put any of your purchases on instalment in SCB Savings Account or Current Account within 60 days of approval. Valid till 2 June 2024. T&C applies.

SCB Journey Sony_BLOGARTICLE_800x250

Standard Chartered Journey Credit Card Only: Receive a SONY SRS-XB100 (worth S$90) or Apple AirTag (worth S$45.40) or up to S$50 cash upon activating your card within 30 days and no minimum spend required. Also, get an additional S$20 e-Capitaland voucher when you make a min. spending of $1,000 in your 2nd month. Valid till 2 June 2024. T&Cs apply.

Get an additional S$20 e-Capitaland Voucher when you split the payment for your purchases with SCB Easy Pay, pay your bills with SCB Easybill or put any of your purchases on instalment in SCB Savings Account or Current Account within 60 days of approval. Valid till 2 June 2024. T&C applies.

Plus, receive up to 45,000 miles when you apply with annual fee payment (S$196.20 incl. GST) and make a min. spend of S$3,000 within 2 months of card approval. Valid till 30 June 2024. T&Cs apply.


UOB One Account
LOGO_UOB

The UOB One Account offers up to 6.00% p.a. interest rate. 

Unlike most savings accounts which require you to fulfil three to four conditions to earn a higher interest rate, you can achieve this with the UOB One Account in just two conditions: 

  • Spend a minimum of S$500 on an eligible UOB Card
  • Credit your monthly salary of at least S$1,600 via GIRO/PayNow in each calendar month/make at least three GIRO transactions per calendar month

Account monthly average balance

Spend min. S$500 in a calendar month with an eligible UOB credit/debit card

Total interest (p.a.)

Spend min. S$500 in a calendar month on an eligible UOB Card and make three GIRO debit transactions


Total interest (p.a.) 

Spend min. S$500 on an eligible UOB Card and credit your salary via GIRO in a calendar month (min. S$1,600)


Total interest (p.a.)

First S$30,000

0.65%

2.00%

3.00%

Next S$30,000

0.65%

2.00%

3.00%

Next S$15,000

0.65%

2.00%

3.00%

Next S$25,000

0.05%

3.00%

4.50%

Next S$25,000 [new]

0.05%

3.00%

4.50%

Next S$25,000 [new]

0.05%

0.05%

6.00%

Above S$150,000

0.05%

0.05%

0.05%

Based on the criteria we've outlined, just by spending a minimum of S$500 on your eligible UOB card and crediting at least S$1,600 of your salary via GIRO each month, you'll earn a total of 3.00% p.a. on your first S$30,000, which includes a base interest rate of 0.05% p.a.. 

Note that eligible UOB cards include the following: UOB One Card, UOB Lady’s Cards (all card types), UOB EVOL Card, UOB One Debit Visa Card, UOB One Debit Mastercard, UOB Lady’s Debit Card and UOB Mighty FX Debit Card.

UOB One

Minimum initial deposit: S$1,000
Minimum daily balance: S$1,000
Monthly fall-below fee: S$5 (waived for the first six months for accounts opened online) 
Bonus interest cap: S$150,000

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Best savings accounts without salary credit

Individuals without regular salaries — freelancers, gig workers, landlords, retirees, stay-at-home parents — need not be left out of the high-interest savings account game. However, you might need to be creative with how you earn bonus interest on your savings account.

For simplicity’s sake, let’s assume you are a freelance writer. You don’t have a regular paycheck, but you spend at least S$500 per month on your credit/debit card and bills. How much can you earn on your S$20,000 savings stash in that case? Check out the best options below.

Savings account

Interest/rewards earned

GXS Savings Account

2.68% p.a.

SIF GoSavers Account

2.50% p.a.

Trust Savings Account

2.50% p.a.

UOB One

2.00% p.a.

Standard Chartered JumpStart

2.00% p.a.

CIMB FastSaver Account

1.50% p.a.

DBS Multiplier Account

1.50% p.a.

RHB High Yield Savings Plus

1.50% p.a.

UOB Stash

0.50% p.a.

 


CIMB FastSaver

cimb_logo-1024x220

The CIMB FastSaver Account is for those who prefer a simple savings account that doesn't require you to meet different requirements to earn a higher interest. In fact, all you need to do is to park your money!

Because unlike most savings accounts, you don't have to fulfill different requirements to unlock higher interest, whether it’s signing up for a credit card, investing in an insurance product, or meeting a monthly minimum spend. All you need to do is increase your account balance. 

You'll earn 1.50% p.a. on your first S$25,000, 2.50% p.a. on your first S$50,000, and 3.50% p.a. on your first S$75,000. However, for amounts above S$75,000, the interest rate drops to a meagre 0.80% p.a.

On top of this, CIMB is running a promo from 1 March to 31 May 2024 where you can earn bonus and additional interests, or up to 4.00% p.a..

Account balance

Prevailing interest rates (p.a.)

Bonus interest/profit rate (p.a.) on incremental balance of min. S$10,000, in addition to prevailing interest/profit rate

Additional interest/profit rate (p.a.) when you credit your salary or schedule a recurring transfer of min. S$1,000

First S$25,000

1.50%

 

 

 

0.50% 

 

 

 

0.50%

Next S$25,000

2.50%

Next S$25,000

3.50%

Above S$75,000

0.80%

Here's how the promotion works:

  • Bonus interest of 0.50% p.a. in addition to the prevailing interest rate when you top up a minimum of S$10,000 in fresh funds
  • Additional interest of 0.50% p.a. on the first S$25,000 when you credit your monthly salary or schedule a GIRO transfer 

In other words, you'll need to top up a minimum of S$10,000 in fresh funds to earn a bonus interest of 0.50% p.a., in addition to the 3.50% p.a. interest on your first S$75,000. 

Aside from that, another benefit of the CIMB FastSaver Account is there's no lock-in period or monthly fall-below fees. Though, you do need a minimum of S$1,000 to start the account and maintain a monthly average balance of S$1,000 to earn interest.  

Still, based on our criteria above (S$10,000 in savings), you'll earn 1.50% p.a. interest, which is a good return considering that there are no hoops to jump through.    


CIMB FastSaver

Minimum initial deposit: S$1,000
Minimum monthly balance: S$0 (minimum S$1,000 to earn interest)
Monthly fall-below fee: S$0
Bonus interest cap: NIL

Welcome Offer: Receive S$88 Cashback when you make a minimum of S$108 eligible spends within 30 days of card approval date. Plus, receive S$100 Cashback (S$188 in total) when you increase your minimum eligible spends to S$988 within 60 days of card approval date. Valid till 31 July 2024. T&Cs apply.

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DBS Multiplier

DBS_Bank_logo_logotype-1024x360

The DBS Multiplier Account offers 1.50% p.a. interest on your first S$50,000 without crediting your monthly income.

All you need to do is spend with a DBS credit card or make a PayLah! retail spend. However, this is only for those 29 years old and below.

dbs multiplier no salary credit

DBS Multiplier

Minimum initial deposit: S$0
Minimum monthly balance: S$3,000
Monthly fall-below fee: S$5 (waived if you're below 29 years old or if you're a new DBS/POSB customer) 
Bonus interest cap: S$100,000

DBS/POSB Credit Card Welcome Gift: Receive up to S$388 cashback or 85,000 miles when you apply for select DBS credit cards and fulfil the relevant promotion criteria. T&Cs apply.

 

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GXS Savings Account

gxs savings account

GXS Savings Account is a savings account by GXS Bank (a joint consortium between Singtel and Grab).

The GXS Savings Account comprises a Main Account and eight Saving Pockets which can be allocated for different savings goals (education, loans, renovation, holiday, etc.). 

The interest rate for the main account is 2.38% p.a., while each Savings Pocket will earn you 2.68% p.a..

Account

Interest rate (p.a.)

Main account

2.38%

Savings Pocket(s)

2.68%

What sets the GXS Savings Account apart from other savings accounts is that the interest is credited daily. In other words, you can withdraw your money at any point in time without having to worry about losing out on the interest (which is unlike most savings accounts where the interest is based on your average daily balance). 

Also, while the maximum you can hold in your account is S$75,000, the funds in your account will continue to earn interest

Moreover, there are no hoops to jump through, meaning you can earn interest from your first dollar without needing to meet a monthly credit card spend, credit your salary, or buy an insurance or investment product. You also don't need to maintain a minimum balance or commit to a lock-in period. 

GXS savings account also comes with a complimentary debit card, where you'll earn rewards when you spend at least S$10 on eligible transactions. 

GXS Savings Account

Minimum initial deposit: S$0
Minimum daily balance: S$0
Monthly fall-below fee: S$0 
Bonus interest cap: S$75,000

Also read: 5 Reasons Why A GXS FlexiLoan Can Be Beneficial For You

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RHB High Yield Savings Plus

rhb-logo

If you want a no-frills account that doesn't require jumping through hoops to earn bonus interest, the RHB High Yield Savings Plus Account is for you.

The RHB High Yield Savings Plus Account works like a traditional savings account where the interest earned is based on the funds you have in the account. The highest interest you can earn is 2.00% p.a. for deposits above S$100,000. 

Deposit balance amount

Interest rates (p.a.)

First S$10,000

1.50%

Next S$25,000

1.60%

Next S$25,000

1.80%

Above S$100,000

2.00%

Since there's no bonus interest for credit/debit card transactions, you'll earn 1.50% p.a. interest on the first S$10,000 in your account based on our criteria.

RHB High Yield Savings Plus

Minimum initial deposit: S$1,000
Minimum daily balance: S$0
Monthly fall-below fee: S$0
Bonus interest cap: S$100,000

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Sing Investments & Finance Limited (SIF) GoSavers Account

The SIF GoSavers Account is another savings account that pays you a high interest without requiring salary crediting. Indeed, all you need is to park your savings to enjoy up to 3.50% p.a.

You’ll earn 2.50% p.a. on your first S$100,000, 3.00% p.a. on your next S$150,000, and 3.50% p.a. on amounts above S$250,000.

This makes the SIF GoSavers Account a good option for students, homemakers, retirees, freelancers, and National Servicemen (NSFs) who want a simple savings account without jumping through hoops. It's also great for those with large account balances, as you can earn 3.50% p.a. interest for balances S$250,000 and above. 

Account balance

Interest rate (p.a.)*

First S$100,000

2.50% 

Next S$150,000

3.00%

Above S$250,000

3.50% 

What's more, there's no early account closure fee, no minimum initial deposit requirement, and the interest is calculated based on your daily balances (and credited at the end of the month), so you can withdraw your money at any point in time without worrying about losing interest.

SIF GoSavers Account

Minimum initial deposit: S$0
Minimum daily balance: S$1,000
Monthly fall-below fee: S$2 
Bonus interest cap: S$250,000


Standard Chartered JumpStart

Standard-Chartered-logo-1024x401

If you're a student or a young working adult who wants a no-frills savings account to store your funds, the Standard Chartered JumpStart Account is worth considering; it offers an interest of 2.00% p.a. for your first S$50,000 without jumping through hoops.

However, you'll only earn 0.10% p.a. interest for account balances above S$50,000. 

Account balance

Prevailing interest rate

First S$50,000 

2.00% p.a.

Any incremental balances above S$50,000

0.10% p.a.

Besides that, you'll get an additional 1.00% cashback (capped at S$60 per calendar month) when you spend on your Standard Chartered Mastercard debit card. You'll also earn a step-up interest of 0.50% p.a., provided you invest in an investment product with the bank (unit trusts, Regular Savings Plan, or equities through SC Online Trading).

So, going with our criteria, you would earn 2.00% interest p.a. on your first S$50,000. 

The Standard Chartered JumpStart Account is open for those between the ages of 18 to 26 years old. There's no lock-in period, monthly minimum spend, service or annual fee for the cashback debit card, and requirement for monthly salary crediting. 

Standard Chartered JumpStart Account

Minimum initial deposit: S$0
Minimum daily balance: S$0
Monthly fall-below fee: S$0 
Bonus interest cap: S$50,000

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Trust Savings Account by Standard Chartered X FairPrice Group

 
In light of the rising interest rates, Standard Chartered and FairPrice Group have launched their very own Trust Savings Account. From now until 31 May 2024, The Trust Savings Account earns you an interest rate of up to 3.00% p.a. on your first S$500,000.

This comprises a base interest of 1.50% p.a. with no conditions and a spend bonus interest of 1.00% p.a. (union member) or 0.50% p.a. (non-union member) if you make at least five eligible transactions with your Trust card every month, and a balance bonus interest of 0.50% p.a. with S$100,000 average daily bonus (ADB) for the month.

However, note that the base interest drops to 0.05% p.a. for amounts above S$500,000.  

Criteria

Interest rate (p.a.)

Base interest (first S$500,000)

1.50%

Spend bonus interest (first S$500,000)

1.00% (NTUC union member)
0.50% (non-NTUC union member)

Balance bonus interest 

0.50% (S$100,000 ADB for the month)

Total

3.00% (NTUC union member)
2.50% (non-NTUC union member)

The Trust Savings Account also doesn't require a minimum balance, fall-below fee, lock-in period, account closure fee, foreign transaction fee, and card replacement fee — they pride themselves in being a fee-less savings account!

So, based on our criteria, the maximum interest you can earn as an NTUC union/non-union member is:

Criteria

Interest rate (p.a.)

Base interest (first S$500,000)

1.50%

Spend bonus interest (first S$500,000)

1.00% (NTUC union member)
0.50% (non-NTUC union member)

Total

2.50% (NTUC union member)
2.00% (non-NTUC union member)

Additionally, NTUC Union members can enjoy up to 21% savings (2.5% base rate + 6% monthly bonus + 10.5% quarterly bonus + 2% annual bonus) on FairPrice Group (FPG) groceries and food spend if you spend at least S$350 monthly with your NTUC Link Credit Card

Meanwhile, NTUC Union members who spend a minimum of S$200 with the NTUC Link Debit Card will get to enjoy up to 11% in savings (2.5% base rate + 2% monthly bonus + 4.5% quarterly bonus + 2% annual bonus). 

Non-NTUC Union members with the Trust Link Credit Card can enjoy up to 15% savings (0.5% base rate + 5% monthly bonus + 9.5% quarterly bonus) on FPG groceries and food when you meet a monthly minimum eligible spend of S$450.   

Lastly, you'll also get to enjoy up to 5% savings (0.5% base rate + 1% monthly bonus + 3.5% quarterly bonus) on FPG groceries and food if you spend at least S$200 per month outside of FPG with the Trust Link Debit Card.

Trust Savings Account

Minimum initial deposit: S$0
Minimum daily balance: S$0
Monthly fall-below fee: S$0 
Bonus interest cap: S$125,000

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UOB One




While you do earn bonus interest for crediting your monthly salary, the UOB One Account also emerges as one of the best savings accounts without salary crediting; you can earn up to 4.00% p.a. interest on your first S$70,000 simply by spending S$500 with an eligible UOB card and making three GIRO debit transactions.

Account monthly average balance

Spend min. S$500 in a calendar month on an eligible UOB card


Total interest (p.a.)

Spend min. S$500 in a calendar month on an eligible UOB Card and make three GIRO debit transactions


Total interest (p.a.) 

First S$30,000

0.65%

2.50%

Next S$30,000

0.65%

3.00%

Next S$15,000

0.65%

4.00%

Next S$25,000

0.05%

0.05%

Above S$100,000

0.05%

0.05%

So, based on our criteria (spend at least S$500 per month and make at least three GIRO debit transactions for bills), you'll earn an interest of 2.50% p.a. on your first S$30,000.  

However, from 1 May 2024, UOB will be reducing the interest rate for the UOB One Account. On the other hand, the maximum account balance to earn bonus interest will increase from S$100,000 to S$150,000. 

Account monthly average balance

Spend min. S$500 in a calendar month on an eligible UOB card


Total interest (p.a.)

Spend min. S$500 in a calendar month on an eligible UOB Card and make three GIRO debit transactions


Total interest (p.a.) 

First S$30,000

0.65%

2.00%

Next S$30,000

0.65%

2.00%

Next S$15,000

0.65%

2.00%

Next S$25,000

0.05%

3.00%

Next S$25,000 [new]

0.05%

3.00%

Next S$25,000 [new]

0.05%

0.05%

Above S$150,000

0.05%

0.05%

In short, the interest rate will drop to 2.00% p.a. on your first S$30,000 when you fulfil the two criteria (spend at least S$500 on eligible UOB cards and make three GIRO debit transactions). 

UOB One

Minimum initial deposit: S$1,000
Minimum daily balance: S$1,000
Monthly fall-below fee: S$5 (waived for the first six months for accounts opened online) 
Bonus interest cap: S$150,000

Switching to the UOB One Account for its simple bonus interest structure? You'll need to pick up a UOB credit card to pair it with.

UOB Credit Card Welcome Offer: Receive S$350 Cash Credit or up to 50,000 miles when you apply for select UOB credit cards and fulfil the minimum spending requirements. Valid till 30 June 2024. T&Cs apply.

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UOB Stash

Unlike the UOB One Account, the UOB Stash Account works more like a traditional savings account.

You'll earn a base interest of 0.05% p.a. and a bonus interest of up to 4.95% p.a., depending on the amount you have in your bank account. However, you'll only earn 0.50% p.a. interest on your first S$10,000. 

To earn the highest total interest of 5.00% p.a., you'll need to have S$100,000 in your bank account. However, do note that any amount above S$100,000 will not grant you bonus interest. 

Monthly average balance

Base interest (p.a.)

Bonus interest (p.a.)

Total interest (p.a.)

First S$10,000

0.50%

0%

0.50%

Next S$30,000

0.50%

1.95%

2.00%

Next S$30,000

0.50%

2.95%

3.00%

Next S$30,000

0.50%

4.95%

5.00%

Above S$100,000

0.50%

0%

0.05%

To earn the bonus interest, you have to fulfil these two conditions:

  • Maintain or increase your previous month's Monthly Average Balance (MAB)
  • Maintain a minimum MAB of S$10,000 (for bonus interest)

UOB Stash

Minimum initial deposit: S$1,000
Minimum daily balance: S$1,000
Monthly fall-below fee: S$2 (waived for the first six months for accounts opened online) 
Bonus interest cap: S$100,000

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Reviews of savings accounts in Singapore

Read reviews of the various savings accounts in Singapore and what each account has to offer to find the best product for your needs: 



If you've got a large stash of cash that you are unsure what to do with, you can consider being a priority banking customer where you'll gain access to a slew of exclusive privileges and services.



Read these next:
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UOB Stash Account Review (2023 )
Best Cash Management Accounts In Singapore To Soup Up Your Savings
How Much Savings Should I Have At 35 In Singapore?
New Studies Show Large Retirement Savings Gap In Singapore, And Why Most Regret Not Saving Earlier
A Full Guide to Priority Banking in Singapore (2023)

 

In my past life, I was always broke because of a lack of financial literacy. Now, I publish a few posts every week* on personal finance to help you manage your money better. *I mean, I’ll try

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