Best Savings Accounts in Singapore to Park Your Money (2023)

Deborah Gan

Deborah Gan

Last updated 03 January, 2023
 

Major banks in Singapore have increased their savings account interest rates in light of the rising rate environment. 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.


Before 2019, the average salaried worker could easily earn about 1.85% to 2% a year on high-interest savings accounts such as the DBS Multiplier and UOB One.

However, when COVID-19 struck, economic pressures forced banks to lower their deposit interest rates significantly. The ‘new normal’ savings accounts interest rate fell to about 1% to 1.6% instead — and that’s for the high-interest savings accounts.

But in recent months, savings accounts like UOB One, DBS Multiplier and OCBC 360 announced their revised rates, with some going up to 7.8% 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. Interest rates are up-to-date as of January 2023.

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Looking to start your finances on a clean slate?

With MoneyOwl's Comprehensive Financial Planning service, the 1-1 consultation is non-obligatory and chargeable at S$49 for a limited time with the promo code SAV422 The 1st 100 readers to sign up will also receive a S$10 Grab voucherValid till 31 Jan 2023.

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However, if you are completely new to savings accounts, or are thinking of opening or changing your account, read on to have your burning questions answered. Find information about the differences between different bank accounts, joint accounts, tips on savings, what to look out for when choosing a savings account, and more here: 

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SingSaver's Exclusive Promotion: Receive a S$50 cash reward when you open a Citi Plus account. Plus, receive an additional S$100 in cash when you make a min. deposit of S$15,000 within 2 months of account opening and maintain it for 4 months. Valid till 31 January 2023. T&Cs apply.

Receive your S$100 cash reward for opening a Citi Plus account in just three weeks!

In addition, enjoy up to 2% cashback on all qualifying spend when you join Citi Plus and apply for a Citi Cashback+ Mastercard. T&Cs apply.

Apply Now <https://singsaver.link/citi-plus>



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. However, do take note that some of them have a minimum salary requirement.

Let’s find out how much interest an average Joe can get on his S$10,000 savings, assuming a take-home pay of S$3,500 and monthly credit card spending of S$500.
Savings account Base Interest rate How to maximise Minimum balance
BOC SmartSaver 2.4%

- Spend at least S$500 to get  0.50%
- Credit salary of at least S$2,000 to get an extra 1.90%
S$1,500
DBS Multiplier Account 1.8% - Max interest rate: 4.1% p.a.     
- No min. salary or credit card spending, as long as they add up to S$2,000
– Bump up your interest rate to the next tier with a DBS home loan
No min. balance until age 29 (subsequently S$3,000)
OCBC 360 Account 2.60%  - Max interest rate: 7.65% (1st S$100,000)
- Increase monthly balance by S$500 to bump up your interest by 0.6%   
- Credit your salary (min. S$1,800) through GIRO to earn 2%
- Charge at least S$500 to selected OCBC Credit Cards each month to earn 1.2%
S$3,000
Standard Chartered Bonus$aver 3.80%

- Max interest rate: 7.88% p.a. 
-
Spend min. S$2,000 monthly to earn 2.05% interest 
- Credit min. S$3,000 salary to earn 2.50% interest                      
- Make 3 GIRO bill payments online to earn 0.33% interest 

S$3,000
UOB One Account 3.85% - Max interest rate: 7.8% p.a.   
- Credit your salary (min. S$1,600 monthly) through GIRO
- Spend min. S$500 on an eligible UOB card or 3 GIRO transactions per month
S$1,000


Winner: UOB One Account
LOGO_UOBAlas, UOB One Account takes the cake in this category with interest up to a whopping 7.8% p.a. from December 2022.

Just by spending a minimum S$500 on your eligible UOB card and crediting your salary via GIRO, you'll be able to earn a grand total of 3.85% p.a. on your first S$30,000. If you choose to make 3 GIRO debit transactions instead of crediting your salary, you will earn 2.50% p.a.

The only way to increase the interest earned is to increase your account monthly average balance (MAB) by S$30,000 to qualify for the next tier, which will give you an extra 0.05%.

To get the maximum interest rate, you need a bank balance of more than S$75,000 and less than S$100,000. 

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SingSaver Exclusive Promotion: Apply for select HSBC credit cards, savings accounts and investment deals to stand a chance to win over S$18,000 worth of prizes in our Fortune Lucky Draw!

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Valid till 31 January 2023. T&Cs apply.

Runner-up: 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 to take the second win for this category with interest rates up to a whopping 7.88% p.a. 

It grants an interest of 2.05% if you spend at least S$2,000. Crediting your salary of S$3,000 and above will also give you an extra 2.50% p.a. Earn an extra interest of 0.33% p.a. if you make 3 bill payments online each month. 

To earn the maximum 7.65% p.a., you will have to invest and insure with Standard Chartered, which will give you a bonus interest of 1.50% p.a. each.

 

Worth considering: OCBC 360 Account 
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At up to 4.65% p.a. interest on OCBC 360 savings account for the 1st S$100,000, this account is pretty easy to maintain as long as you fulfil the salary, saving,  spending, investing, insuring and growing requirements. 

Here’s how you can earn the maximum 4.865% p.a. through the account:
Spend at least S$500 (0.60%) with selected OCBC credit cards, credit a salary of at least S$1,800 (4.0%) through GIRO, and increase your daily balance by at least S$500 monthly (2.40%). You’ll earn an additional 2.40% p.a. each when you insure and invest, and a bonus interest of 2.40% if you maintain an average daily balance of at least S$200,000.


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 do spend on your credit card and you have bills to pay like anyone else. How much can you earn on your S$10,000 savings stash in that case? Check out the best options below.

Savings account Interest rate How it works Minimum balance
[NEW] Citi Plus
(Citi Interest Booster Account)
Up to 2.80% – Increase your balance by at least S$1,500
– Make three investments of S$1,000 or more
– Purchase a policy of min S$5,000 regular premium
– Spend at least S$500 month
– Take up a home loan of S$500,000 or more
– Keep your account open during your birthday month
S$15,000 (account service fee of S$15 waived till 31 Dec 2023)
Maybank Fresh Funds Top Up Promotion Up to 2.5% p.a.  - Eligible for new signups for iSAVvy Savings Account / iSAVvy Savings Account-i / Prestige Savings Account.                               -                                         Prestige account: S$20,000 iSAVvy Savings Account / iSAVvy Savings Account-i: S$10,000
Maybank Save Up Programme Up to 3% p.a.
3 products or services earn you additional interest of 2.75% p.a.
No min. balance until age 25 (subsequently S$1,000)
OCBC 360 Account Up to 4.65% – Save and spend to earn up to 3%
– Save, spend AND insureand/or invest to earn up to 4.65%
– Annual insurance premiums start from S$2,000
S$3,000
RHB High Yield Savings Plus Account [NEW] Up to 4.5% - Earn 1.20% p.a. on your first S$50,000
- Additional 3% p.a. on your monthly incremental average daily balance if you top up your account from 1 Sep to 30 Nov 2022
S$1,000
Standard Chartered Bonus$aver Up to 7.88% - Max interest rate: 4.88% p.a. 
-
Spend min. S$2,000 monthly to earn 1.61% interest 
- Credit min. S$3,000 salary to earn 1.2% interest                         
- Make 3 GIRO bill payments online to earn 0.07% interest 
S$3,000
UOB One Account Up to 7.8% – Spend S$500 + make 3 GIRO debit transactions to earn up to 4%
– Highest interest rate can be earned without insuring or investing
S$1,000

If you've maxed out your salary: Citi Booster Account


Citi Plus goes beyond a regular savings account — it's actually a wealth management platform that offers interest up to 2.8% p.a. on your savings with the Citi Interest Booster Account. With a base interest of 0.3%, you’ll be able to level up your interest rate when you increase your balance, investment with Citibank, purchase an insurance plan policy and more.

Besides that, Citi Plus also provides a host of educational materials at your fingertips where you can 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.

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SingSaver's Exclusive Promotion: Receive a S$50 cash reward when you open a Citi Plus account. Plus, receive an additional S$100 in cash when you make a min. deposit of S$15,000 within 2 months of account opening and maintain it for 4 months. Valid till 31 January 2023. T&Cs apply.

Receive your S$100 cash reward for opening a Citi Plus account in just three weeks!

In addition, enjoy up to 2% cashback on all qualifying spend when you join Citi Plus and apply for a Citi Cashback+ Mastercard. T&Cs apply.

Apply Now <https://singsaver.link/citi-plus>




Winner: UOB One Account


The UOB One Account emerges as the best savings account without salary crediting, even though its 0.65% interest rate p.a. for the first S$30,000 puts it at the bottom of the list. Puzzled? Here's why.

It is the only one among all the high-interest savings accounts listed with simple and attainable requirements to receive that 0.65% interest p.a. That's why it's also one to consider even if you draw a monthly salary. Just spend S$500 on your UOB credit card and pay three bills by GIRO (no minimum amount) OR credit your salary to attain higher interest.

There is no need to insure or invest with the same bank, and the low minimum balance makes it appropriate for these lean times. If you feel that these categories are relevant when considering similar bank accounts, keep in mind that the monetary commitment is fairly high.

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.

Worth considering: Maybank Save Up Programme

If you don’t mind putting some cash in insurance and/or investments, the Maybank Save Up Programme is worth looking into. Alternatively, you can take on a loan for home purchases or renovations, education, or car purchases. Pick any three transaction types to get a 2.75% bonus interest on top of the base interest rate, adding up to 3% p.a.

Premier customers may receive up to 3.75% p.a. for balances up to S$150,000 and with selected Maybank qualifying products.

Spend S$500 on a Maybank credit card, pay bill(s) by GIRO (minimum S$300 in total), and you’re two-thirds of the way there. Even if you don't wish to purchase an insurance policy or investment product, there's still a respectable 0.95% interest rate to be had.

For the last one, you can insure with Maybank (min. S$5,000 annually) or buy a unit trust (min. S$25,000). If you happen to need a home, car, renovation or education loan, those count as eligible transactions too, as mentioned earlier. This makes the Maybank Save Up Programme a bank account worth considering if you feel that the UOB One Account's interest rates are too low.

From October to January 2023, Maybank also rolled out the Fresh Funds Top Up promotion, whereby new signups for iSAVvy Savings Account / iSAVvy Savings Account-i / Prestige Savings Account will enjoy up to 2.5% p.a. interest. 

Welcome Gift: Receive a Samsonite Harts 68/25 Spinner (worth S$500) when you apply for both a credit card & a CreditAble account and make a min. spend of S$300 per month for 2 consecutive months. Valid for the first 4,500 applicants. The remaining applicants will score S$100 cashback instead. T&Cs apply.



Bonus: Best zero-effort savings accounts

We get it. Not everyone is keen to hit minimum spending requirements or monitor their account balance every month. And with the influx of investment options recently, you might be channelling the bulk of your long-term funds there instead.

If you’re a lazy saver or simply want a second account to complement your primary high-interest savings account, here are the best bank accounts that reward you for simply putting your money away for a rainy day.
Savings account Interest rate How it works Minimum balance
CIMB FastSaver Up to 4.20% – Min. spend of S$300 on Visa Signature
– Up to 4.20% p.a. on your first S$10,000 when you send AND invest or insure
S$1,000
CIMB Starsaver Up to 3.50% – No action required
– 1.50% on funds for the first S$100,000
– 3.50% on funds above S$250,000
S$1,000
OCBC Bonus+ Savings Account Up to 0.40% – Increase balance by S$500 every month
– To earn interest, do not withdraw
S$3,000
POSB SAYE Account Up to 2% – Commit to regular monthly savings (you specify the amount)
– Must not withdraw for 2 years
– AT least 16 years old
No minimum
Standard Chartered JumpStart 2.5% – 2% p.a. for balances capped at S$20,000
– 0.50% p.a. step up interest hwen you invest 
– Open to 18 to 26 years old only
No minimum
UOB Stash Account Up to 1% – Stash S$100,000 to earn bonus interest of 0.95%
– Any amount above S$100,000 does not earn interest
– To earn interest, maintain or increase your account balance
S$1,000
You’ll notice that some of these savings accounts require you to not touch the funds in order to earn the advertised interest rate. If that’s the case, you might want to consider a fixed deposit account instead.

GXS Savings Account by GXS Bank (Grab X Singtel)

On 31 August 2022, Singtel and Grab announced the launch of GXS Bank, Singapore's first-ever digital bank.

What became the talk of the town was the GXS Savings Account, which stands out for two reasons:

A daily interest of up to 1.58% will be created on your balance each day
No minimum sum is required

Say what now?

Unlike other banks which gives you interest based on your average daily balance, the GXS Savings Account offers a daily interest of 0.08% per annum, which will be accrued daily.

GXS customers can create up to eight Pockets (goals for education, loans, etc) from their savings account. Each Pocket earns 1.58% interest per annum accrued daily.

However, GXS Bank customers can deposit up to only S$5,000 into the savings account.

But there is no hurry to sign up for an account just yet — the GXS Savings Account will be available in Apple's app store and Google Play Store only from 5 September 2022 onwards.

It will also be rolled out progressively, beginning with selected employees and under-banked customers under GXS, Grab and Singtel.

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 that earns you up to 2.5% p.a. interest rate on your first S$75,000, with an attractive base interest of 1.5% p.a. If you spend on their Trust debit card, you'll also be able to enjoy up to 11% savings.

You'll also enjoy significant savings of up to 11% and 17% respectively when you shop for your groceries and pump petrol at FairPrice Group grocery stores and Caltex Fuel. Else, anywhere outside FairPrice Group will grant you up to 0.22% savings.

Don't you hate it when savings accounts require a minimum balance and charge you a fee when it falls below the amount? Well, you won't have to worry about that with the Trust Savings Account as they don't have a minimum balance.

On top of that, say goodbye to a lock-in period, monthly fee, account closure fee, foreign transaction fee and card replacement fee — they pride themselves in being a fee-less savings account!

Should you switch savings accounts?

If you're thinking of growing your savings, you're probably itching to take action and switch banks. This would be the best time to make a decision as the dust has settled and Singapore's economy is picking up steam in the second half of 2022.

The best savings accounts still grant you a respectable interest rate p.a., so if what you're putting your money in isn't cutting the mustard right now, then it's time for a swap.

However, banks do change their interest rates every now and then, so do keep your eye on the news. Furthermore, this is the first time that high-interest savings accounts have gone through a recession. It remains to be seen whether their former interest rates will be reinstated. Stay up to date and compare savings accounts easily with SingSaver.


Ready to level up? Find out how you can make your money work harder and smarter for you. Enjoy your own dedicated relationship manager and privileged access to a whole suite of preferential rates with Priority Banking. Compare your options.



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: 

Low risk low returns investment vehicles



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Read these next:
Standard Chartered Bonus$aver Review (2021)
UOB Stash Account Review (2021)
Best Cash Management Accounts In Singapore To Soup Up Your Savings
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A mahjong addict with an undying love for dogs, Deborah is always on the hunt for cheap deals because she is always broke. That is why she is attempting to be more financially savvy to be.. less broke