chevron_left

chevron_right

Best Savings Accounts in Singapore (2024)

Find the best savings account in Singapore that offers the best interest rates with Singsaver.

Whether you are fresh graduate starting out or just looking for a high-yield account to park your extra funds, find your ideal savings account for your specific needs here. Compare between banks to find an account with low fees, high interest rate, and hassle-free eligibility. Apply now to open the best savings account for your needs on Singsaver to growing your savings.

See Moreexpand_more

FEATURED

Citigold

Min. Deposit

S$ 250,000

Min. Annual Interest Rate

0.01 %

Max. Annual Interest Rate

7.51 %

2 Offers Available

SingSaver Flash Deal

Apple iPhone 15 Pro Max 256GB (worth S$2,017.50) + S$200 Cash

Valid until

02 May 2024

SingSaver Flash Deal

Apple iPad Air 5th Gen 256GB + Apple Magic Keyboard + Apple Pencil 2nd Gen (worth S$1,779.50) + S$200 Cash

Valid until

02 May 2024

SingSaver Flash Deal

S$1500 + S$200 Cash

Valid until

02 May 2024

Welcome Offer

Up to S$2,460 cash rewards

Valid until

02 May 2024

Complete Investment Risk Profile and Fact Find Report and get S$100 cash (T&Cs apply)
Hold a valid primary/main Citi Credit Card and get a S$300 bonus cash reward. T&Cs apply.
Take up a Citi Home Loan and get a S$500 bonus cash reward. T&Cs apply.
Make S$100,000 worth of investments and/or insurance purchases with Citi to enjoy S$600 bonus cash reward or more. T&Cs apply.
Maintain a Citigold relationship for 12 months from date of approval and get a S$960 cash reward. T&Cs apply.
Enjoy up to 7.51% p.a. interest when you join Citigold and open a Wealth First account. T&Cs apply.
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 400 research analysts
Enjoy fully personalised wealth management solutions with Citigold's Total Wealth Advisor
Citigold status is maintained at Citibank branches overseas
Enjoy complimentary withdrawals at Citibank ATMs worldwide
S$15 Monthly Account Fee if min. balance falls below S$15,000
Lifestyle privileges largely comprised of dining discounts and preferential hotel room rates

Gift Options

Apple iPhone 15 Pro Max 256GB (worth S$2,017.50) + S$200 Cash; or
Apple iPad Air 5th Gen 256GB + Apple Magic Keyboard + Apple Pencil 2nd Gen (worth S$1,779.50) + S$200 Cash; or
S$1500 + S$200 Cash

Gift Options

Up to S$2,460 cash rewards

FEATURED

Standard Chartered Priority Banking

Min. Initial Deposit

S$ 200,000

Min. Annual Interest Rate

0.05 %

Max. Annual Interest Rate

7.88 %

2 Offers Available

Exclusive Offer

Apple iPad Pro 11" WiFi 128GB (worth S$1,272.30)

Valid until

30 April 2024

Welcome Offer

Up to S$6,000 account credit

Valid until

30 June 2024

Gift Options

Apple iPad Pro 11" WiFi 128GB (worth S$1,272.30)

Gift Options

Up to S$6,000 account credit

What is a savings account?

expand_more

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.

Who can open a savings account online?

expand_more

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.

What’s the difference between a savings account and a current account?

expand_more

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.

Is an ATM card available with my savings account?

expand_more

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.

What documents do I need when applying for an account?

expand_more

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.

How much interest can I earn with a savings account?

expand_more

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.

How do I apply for a savings account?

expand_more

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.

How do I choose the best savings account for me?

expand_more

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.

Can I convert my account into a joint account?

expand_more

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.

How do I close my savings account?

expand_more

You’ll need to visit a branch and bring proof of your identity such as your NRIC.

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%

Best Savings Accounts in Singapore (2024)

Citigold

2 Offers Available

Quick Facts

Standard Chartered Priority Banking

2 Offers Available

Quick Facts

Citigold

2 Offers Available

Quick Facts

Standard Chartered Priority Banking

2 Offers Available

Quick Facts

CIMB StarSaver Account

Quick Facts

HSBC Everyday Global Account (Premier)

Quick Facts

HSBC Everyday Global Account

Quick Facts

Standard Chartered Bonus$aver Account

Quick Facts

Citi Wealth First Account

Quick Facts

Citi Plus

Quick Facts

UOB Stash Account

Quick Facts

UOB One Account

Quick Facts

UOB Lady's Savings Account

Offer Available

Quick Facts

KrisFlyer UOB Account

Quick Facts

HSBC Time Deposit

Quick Facts

CIMB FastSaver Account

Quick Facts

BOC SmartSaver

Quick Facts

Maybank Save Up Programme

Quick Facts

DBS Multiplier Account

Things to consider for this product:

Quick Facts

POSB Multiplier Account

Things to consider for this product:

Quick Facts

OCBC 360 Account

Quick Facts

Savings Account By Trust

Quick Facts

POSB SAYE Account

Quick Facts

POSB eMySavings Account

Quick Facts

OCBC Frank Account

Quick Facts

Quick Facts