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

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

Savings accounts like UOB One, DBS Multiplier and OCBC 360 have since increased their rates, with some going up to 7.88% 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$75,000 per account under the Singapore Deposit Insurance Corporation Limited (SDIC). 

Table of contents

• Best savings accounts Singapore overview
• Best savings accounts for salaried workers
• Best savings account without salary credit
• Reviews of savings accounts in Singapore

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. 

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 at least S$10,000 in savings;
• Credits 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: 

BOC SmartSaver

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. 

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:

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

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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 and more.

Besides that, Citi Plus 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 monthly balance of at least S$15,000 to avoid a S$15 fall-below fee. 

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

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:

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

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):

• 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

• Payments to merchants through PayLah! in-app checkout, web checkout, express checkout
• Scan & Pay transactions
• Payments to billing organisations
• Donations to charitable organisations

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)

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 where new and existing HSBC customers can earn up to 4.50% p.a. interest on their HSBC EGA when they register via SMS:

• 3.45% p.a. HSBC EGA bonus interest when you top 
• 0.05% p.a. HSBC EGA's prevailing interest rate
• Additional 1.00% p.a. when you qualify for the HSBC Rewards Programme.

Note that the bonus interest rate of 3.45% p.a. is subject to a minimum top-up of S$100,000 and a maximum of S$2 million.

With the HSBC Everyday+ Rewards programme, you can earn up to S$600 cashback each month:

• 1% cashback on all eligible spends with your HSBC credit cards, 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)

To qualify for the HSBC Everyday+ Rewards programme, you must deposit at least S$2,000 into your account via salary crediting every month 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 of spending at least S$500 on your credit/debit card and crediting S$2,000 of your salary each month, you will earn 1% cashback from your credit/debit card spend, and 1.00% p.a. bonus interest. That translates to about S$15.14 monthly, according to HSBC's calculator. 

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:

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):

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: 

*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 

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:

*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:

You can 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

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. 

Here's how you can earn the maximum 7.88% p.a. interest rate:

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 2.50% p.a. and you'll earn an extra interest of 0.33% 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 1.50% 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 7.88% 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 1.63% p.a. if you spend at least S$500 on your card and pay at least three bills:

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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UOB One Account

The UOB One Account offers an interest of up to a whopping 7.80% p.a. from December 2022.

Moreover, you can achieve this with just two conditions: 

• Spend a minimum of S$500 on an eligible UOB Card
• Credit your salary via GIRO/PayNow in each calendar month

But to earn the maximum interest rate, you need a bank balance of more than S$75,000 and less than S$100,000. You must also spend at least S$500 monthly on your UOB card, and credit at least S$1,600 of your salary monthly via GIRO.

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 3.85% p.a. on your first S$30,000.

That said, you can also earn 2.85% p.a. without any salary credit, provided that you spend at least S$500 per month on your UOB card and make three GIRO debit transactions.   

Note that eligible UOB cards include the following: UOB One Card, UOB Lady’s Card (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$100,000

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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$10,000 savings stash in that case? Check out the best options below.

CIMB FastSaver

If you want a no-frills account that doesn't require jumping through hoops to earn bonus interest, the CIMB FastSaver Account is for you.

CIMB is currently offering a limited-time promotion: new CIMB FastSaver customers who open an account by 30 November 2023 will enjoy 3.50% p.a. interest on their first dollar for the next six months.  

This means unlike most savings accounts, you don't have to meet multiple conditions to earn additional interest, whether it’s signing up for a credit card, investing in an insurance product, or meeting a monthly minimum spend.

Aside from that, 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.  

Based on our criteria above (S$10,000 in savings), you'll earn 3.50% 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

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DBS Multiplier

From 1 August 2023, 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

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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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.). Previously the rates for the main account and savings pockets were 0.08% and 3.48% p.a., respectively.

However, from 17 August 2023, the interest rate for the main account will be revised to 2.38% p.a. while each Savings Pocket will earn you 2.68% p.a. instead.

Unlike traditional banks, which pay you interest based on your average daily balance, the GXS Savings Account credits interest to your account daily, so you don't have to worry about losing interest when you withdraw your savings. 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

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. 

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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Standard Chartered JumpStart

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. 

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. Starting from 1 August 2023, the Trust Savings Account earns you an interest rate of up to 2.50% p.a. on your first S$125,000, up from S$75,000.

This comprises a base interest of 1.50% p.a. with no conditions and a 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. However, note that the base interest drops to 0.05% p.a. for amounts above S$125,000.  

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!

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.

However, based on our criteria (spend at least S$500 per month), you'll earn an interest of 2.50% p.a. on your first S$30,000.  

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$100,000

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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 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. 

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: 

• Read the OCBC 360 Savings Account Review
• Read the UOB One Account Review
• Read the DBS Multiplier Account Review
• Read the Maybank Save Up Programme Review
• Read the CIMB FastSaver Savings Account Review
• Read the CIMB StarSaver Savings Account Review
• Read the Standard Chartered Bonus$aver Review
• Read the POSB Save As You Earn (SAYE) Account Review
• Read the OCBC FRANK Savings Account Review
• Read the UOB Lady’s Savings Account Review
• Read the KrisFlyer UOB Savings Account Review
• Read the HSBC Everyday Global Account Review