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Researching for the best savings account interest rate in Singapore?
In 2023, economic challenges such as inflation and an impending recession have strained our finances. Despite government payouts to ease the burden, our wallets are feeling the impact.
During tough times like these, prioritising savings becomes crucial. A simple and effective method is to utilise a savings account. Depositing money into this account allows it to accrue interest at higher rates than a standard checking account.
However, not all savings accounts are created equal. Various banks offer different interest rates and minimum deposit requirements. To assist you in navigating these options, we have compiled a list of the best savings accounts in Singapore for diverse personal and financial needs, featuring the highest interest rates in 2023.
Note: This article is regularly updated with the latest rates; the figures below are accurate as of December, 2023.
Table of Contents
Criteria for Choosing a Savings Account
1. Interest Rates
Evaluate the interest rates provided by different savings accounts. Opt for the best savings account in Singapore and offer higher rates to ensure optimal savings growth over time.
2. Fees and Charges
Scrutinise the various fees associated with the savings account, including monthly maintenance fees, ATM charges, and transaction costs.
Choose the best savings account in Singapore account with minimal fees to safeguard your savings from unnecessary deductions.
3. Accessibility and Convenience
Assess the accessibility and convenience features of the savings account. Look for accounts that offer online banking, mobile applications, and an extensive ATM network.
A convenient account allows for seamless financial management and easy access to funds.
4. Minimum Balance Requirements
Examine the minimum balance requirements of the savings account. Be aware of potential penalties for falling below a specified balance.
Select an account with minimum balance criteria that align with your financial preferences and circumstances.
5. Conditions for Crediting Salary
Certain banks provide better interest rates when you deposit your salary into your savings account. This can be appealing because it helps you increase your savings by earning extra on the money you put in.
6. Requirements for Transactions
Some savings accounts in Singapore might have specific requirements, like a minimum number of monthly transactions or a set amount to spend on your credit card.
Knowing and understanding these conditions is essential to fully enjoy the benefits of your savings account.
7. Additional Benefits and Features
Consider any supplementary perks or features the savings account offers, such as overdraft protection, linked accounts, or rewards programs. Opt for an account that provides additional benefits that complement your financial objectives and lifestyle.
By thoughtfully assessing these criteria, you can make a well-informed decision when selecting a savings account that aligns with your financial goals and preferences.
TL;DR: Best High Yield Savings Account in Singapore
| Savings Account | Interest Rates | Best for |
| OCBC 360 Account | Realistic Interest Rate: 0.05% – 2.50%
Maximum Interest Rate: 7.65% (At least a S$100,000 balance) |
Those who want to maintain regular savings habits. |
| Maybank Save Up Account | Realistic Interest Rate: 0.25% – 0.35%
Maximum Interest Rate: 3.00% (At least a S$50,000 balance) |
Those who are contemplating to take out a loan. |
| CIMB FastSaver Account | Realistic Interest Rate: 1.50% – 2.20%
Maximum Interest Rate: 4.20% (At least a S$10,000 balance) |
Suitable for students or young adults who may be in the early stages of building their savings. |
| UOB One Account | Realistic Interest Rate: 0.25% – 0.75%
Maximum Interest Rate: 7.80% |
Great, particularly advantageous for those with irregular or fluctuating income streams. |
| DBS Multiplier Account | Realistic Interest Rate: 0.05% – 0.90%
Maximum Interest Rate: 4.10% (At least a S$100,000 balance) |
Caters to students or individuals below 29 years old facing challenges in meeting transaction requirement |
Best Saving Account with a High-Interest Rate
1. OCBC 360 Account
The OCBC 360 Savings Account, another one of the best savings account interest rates in Singapore, is an excellent option for those who maintain regular savings habits.
While achieving the bonus interest rate linked to a S$100,000 account balance may be challenging for many, the account provides a solid base rate, augmented by a bonus for crediting your monthly salary, resulting in a competitive 2.00% rate.
Diverging from the approach of some other banks that emphasise spending, OCBC incentivises saving by offering bonus interest rates of up to 2.40% p.a. when you boost your average daily balance by a minimum of S$500 each month.
This unique feature underscores OCBC’s commitment to encouraging a proactive savings mindset.
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Features
| Minimum balance | $1,000 |
| Fall below fee | $2 waived for first year |
| Bonus interest cap | $100,000 |
| Interest Rates (p.a.) | Realistic Interest Rate: 0.05% – 2.50%
Maximum Interest Rate: 7.65% (At least a S$100,000 balance) |
| Rates Breakdown (p.a.) | Base Rate: 0.05% p.a. (No requirements)
Salary Bonus: 2.00% (Credit your salary of at least S$1,800 through GIRO) – 2.00% (First S$75,000) – 4.00% (Next S$25,000) Save Bonus: 1.20% p.a. (Increase your average daily balance by at least S$500 monthly) – 1.20% (First S$75,000) – 2.40% (Next S$25,000) Spend Bonus: 0.60% p.a. Charge at least S$500 to your OCBC 365 Credit Card each month.) Insure Bonus: 1.20% p.a. (Purchase an eligible insurance product from OCBC) – 1.20% (First S$75,000) – 2.40% (Next S$25,000) Invest Bonus: 1.2% p.a. (Purchase an eligible investment product from OCBC) – 1.2% (First S$75,000) – 2.4% (Next S$25,000) Grow Bonus: 2.4% p.a. (Maintain an average daily balance of at least S$200,000) |
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Benefits of the OCBC 360 Account
1. Maximise Earning Potential
Achieve an effective interest rate (EIR) of up to 4.65% p.a. on the first S$100,000 by fulfilling salary, saving, and spending requirements.
2. Additional Rewards for Financial Actions
Earn an extra 3.00% p.a. by purchasing insurance or investment products with the bank.
3. Potential Maximum Interest Rate
Enjoy a maximum interest rate of up to 7.65% p.a. with a combination of salary, saving, spending, and financial product engagement.
2. Maybank Save Up Account
Explore the Maybank Save Up Programme if you are contemplating taking out loans.
Individuals utilising at least three Maybank products or services can benefit from a maximum effective interest rate of 3.0%. Achieving this requirement is straightforward, given that nine of the bank’s products qualify under the program.
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Features
| Minimum initial deposit | Singaporeans & PRs: S$500
Foreigners: $1,000 |
| Minimum balance | S$1,000 |
| Fall below fee | S$2 (Waived if less than 25 years old) |
| Bonus interest cap | Realistic Interest Rate: 0.25% – 0.35%
Maximum Interest Rate: 3.00% (At least a S$50,000 balance) |
| Key features | Base Rate: – 0.15% (First S$3,000) – 0.25% (Next $47,000) – 0.25% (Remaining balance is above S$50,000) Bonus: |
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Benefits of Maybank Save Up Account
1. Maybank Privilege Save Up Programme
Enjoy enhanced base interest rates and earn up to 4% p.a. in returns. By becoming a Maybank Privilege customer, you can elevate your savings further, earning up to 7% p.a. through the Privilege
Save Up Programme. Additionally, receive a S$400 cash gift when you open an account online!
2. Cash Withdrawals at No Service Fee
Access cash without incurring any service fees at all Maybank ATMs and the ATM5 network across Singapore.
3. 24/7 Accessibility
Experience round-the-clock service through Maybank2u Online and Mobile Banking for convenient account management.
4. Bi-Monthly Paper Statements:
Receive paper statements bi-monthly for a comprehensive overview of your account activity.
5. Premier Save Up Programme:
Embark on your Premier journey and earn up to 8% p.a. with the Premier Save Up Programme.
3. CIMB FastSaver Account
The CIMB FastSaver Account stands out as one of the best savings accounts in Singapore, primarily owing to its elevated base rate. By simply depositing your funds into a FastSaver account, you secure a favourable 0.5% interest rate.
Moreover, with a modest minimum deposit requirement of just S$1,000 and the absence of a fall-below fee, this account emerges as an ideal option, especially for students or young adults who may be in the early stages of building their savings.
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Features
| Minimum initial deposit | S$1,000 |
| Minimum balance | None |
| Fall below fee | None (no fall below fee) |
| Interest rate (p.a) | Realistic Interest Rate: 1.50% – 2.20%
Maximum Interest Rate: 4.20% (At least a S$10,000 balance) |
| Rates Breakdown (p.a.) | FastSaver Balance:
First S$10,000: Next $15,000: Next $25,000: Next $25,000: Above $75,000: |
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Benefits of CIMB FastSaver Account
1. No multiple conditions
Gain a competitive base interest without any additional prerequisites. No obligatory credit card spending, salary crediting, monthly fees, investment purchases, or bill payments are required.
2. Instant transfer of funds
No additional service fees apply. Enjoy immediate fund transfers to and from participating banks in Singapore through FAST.
3. Competitive rates
Benefit from a high-interest rate of up to 3.50%* p.a. Experience competitive interest rates, with daily accrual and crediting at the end of each month.
4. Additional features
Gain access to CIMB Clicks and receive complimentary E-Statements without incurring any fall-below fees. We believe a savings account should be a source of earnings, not expenses, hence our commitment to avoiding fall-below fees.
4. UOB One Account
The UOB One Account, one of the best savings accounts with interest rates in Singapore, distinguishes itself as a premier savings option, notable for its absence of a mandatory salary prerequisite.
UOB sweetens the deal by providing account holders with an elevated interest rate, contingent on the condition of making three GIRO payments, extending its appeal beyond individuals relying on a consistent monthly income.
This feature proves particularly advantageous for those with irregular or fluctuating income streams.
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Features
| Minimum initial deposit | S$1,000 |
| Minimum balance | S$1,000 |
| Fall below fee | Fall Below Fee: S$5 (Waived for first 6 months for accounts opened online)
Early Account Closure Fee: S$30 (Within 6 months from opening) |
| Interest rate (p.a) | Realistic Interest Rate: 0.25% – 0.75%
Maximum Interest Rate: 7.80% |
| Rates Breakdown (p.a.) | Account Balance:
First $S15,000: Next $S15,000: Next $S15,000: Next $S15,000: Next $S15,000: Next $S25,000: Above S$100,000: Category 1: Minimum spending with eligible UOB card |
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Benefits of UOB One Account
1. Foreign exchange perks
Combine your One Account with the Mighty FX multi-currency account. Easily convert currencies, gearing up for seamless travel, shopping, and investments.
2. Simplified Approach
Whether you opt for making 3 GIRO payments or crediting your salary, bonus interest is yours! We keep it flexible, ensuring you can effortlessly achieve your financial goals.
3. Optimise Savings in Two Steps
Attain up to 7.8% p.a. interest by spending a minimum of S$500 on a qualifying UOB card and crediting a salary of at least S$1,600 or making 3 GIRO payments monthly.
4. Greater perks
Your UOB One Account includes the UOB One Debit Card, offering you up to 10% cashback on dining, online shopping, groceries, transportation, and more. Enjoy greater perks with every transaction.
5. DBS Multiplier Account
Tailored for those with substantial expenditures utilising various financial products and services from DBS, the DBS Multiplier Account stands out as one of the best saving account interest rates in Singapore. The effective interest rates, reflecting the actual returns factoring in compound interest, are key indicators of a savings account’s true value.
DBS offers an impressive, effective interest rate of 4.10% p.a., ranking among the highest in Singapore.
Additionally, this account caters to students or individuals below 29 years old facing challenges in meeting transaction requirements. Customers can benefit from an extra interest rate of 0.40% without any expenditure, enhancing its appeal for a broader demographic.
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Features
| Minimum initial deposit | Nil |
| Minimum balance | S$3,000 |
| Fall below fee | S$5 (Waived if less than 30 years old, or if it’s applicant’s first account with DBS) |
| Interest rate (p.a) | Realistic Interest Rate: 0.05% – 0.90%
Maximum Interest Rate: 4.10% (At least a S$100,000 balance) |
| Rates Breakdown (p.a.) | Total eligible transactions per month and its rates:
Below $2,000: S$2,000 to S$2,500: S$2,500 to S$5,000: S$5,000 to S$15,000: S$15,000 to S$30,000: Above S$30,000: *Category 1: Income + 1 transaction. First S$50,000 |
| Rates Breakdown
(Income and PayLah! / p.a.) |
Total eligible transactions per month and its rates:
Below S$500: 0.05% (First S$10,000) |
| Rates Breakdown
(PayLah! Only / p.a.) |
Total eligible transactions per month and its rates:
No Minimum Spend: 0.50% *Only applicable to individuals under 29 years old |
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Benefits of DBS Multiplier Account
1. Salary requirement
No stipulated minimum; eligible for crediting either your monthly salary or dividends through GIRO.
2. Numerous investment options to choose from
- Qualifying DBS investments
- DBS InvestSaver
- DBS/POSB Unit Trust
- DBS Vickers or Online Equity Trading
3. Unlocking Extra Perks with PayLah! Linkage
When you link your DBS Multiplier Account with PayLah!, additional benefits await. This includes earning up to 1% cashback on PayLah! retail spending, capped at $10 per month.
Moreover, exclusive deals and promotions become accessible when utilising PayLah! for payments at participating merchants.
4. Enhanced Benefits with DBS Live Fresh Card
Linking it to your DBS Multiplier Account for DBS Live Fresh Cardholders brings added advantages. Enjoy up to 5% cashback on online and Visa contactless spending, with a maximum of $60 per month.
Exclusive deals and promotions also await when using your DBS Live Fresh Card at participating merchants.
5. Added Perks with POSB Credit Card
Linking your POSB Credit Card to your DBS Multiplier Account brings further benefits.
Earn up to 1.5% cashback on all expenditures, capped at $100 per month, along with exclusive deals and promotions when using your POSB Credit Card at participating merchants.
Check out our top picks of best credit cards in Singapore at BizTech Community. Click here to read!
Maximising Your Returns
1. Understanding Interest Rates for Better Savings
When it comes to making the most of your savings, it’s important to know about interest rates. The basic interest rate is what a bank normally gives you on your savings.
But to grow your savings, you also need to consider the effective interest rate. This takes into account how the interest adds up over time. Knowing how these rates work lets you decide where to keep your money and figure out how much you might earn.
2. Getting More with Bonus Interest
Find accounts that give bonus interest to make your savings grow even faster.
Bonus interest is an extra reward banks offer when you do certain things, like keeping a minimum amount in your account, putting money in regularly, or spending a certain amount.
Using bonus interest can boost how much you earn and speed up your savings growth.
3. Using Many Accounts
Using different accounts is a good way to make the most of your savings.
If you spread your savings across different accounts, you can benefit from the high interest rates and bonus interest different banks offer.
This helps you make more money from your savings and reach your financial goals faster.
Conclusion
In conclusion, the careful selection of the best savings account in Singapore featuring a high interest rate for the year 2024 is a pivotal move in securing a financially stable future.
As the financial landscape continues to evolve, it becomes increasingly apparent that proactive financial management is indispensable for those aiming to optimise their savings.
By thoughtfully evaluating available options and aligning their choice of a savings account with individual financial goals, Singaporeans can set themselves on a path characterised by astute and strategic money management.
In today’s dynamic economic milieu, cultivating a proactive stance toward financial planning is not merely advisable but imperative for achieving sustained long-term financial success. Therefore, make well-informed decisions today to initiate a journey of financial stability and robust growth.
Read also: Best Debit Cards in Singapore
Frequently Asked Questions
Disclaimer: The information provided in this article is for educational and informational purposes only. It is not intended as financial advice. While we strive to present the most accurate and up-to-date information, interest rates and terms for savings accounts can vary and are subject to change without notice. We recommend readers to verify the current rates and terms with the respective financial institutions before making any financial decisions.
The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of any financial institution or regulatory body. The listing of savings accounts and their features is based on research and comparison and is not an endorsement of any specific bank or financial product.
Readers are advised to consider their individual financial circumstances and consult with a qualified financial advisor to determine the best savings account for their needs. The author and publisher of this article assume no responsibility or liability for any errors or omissions in the content or for any decisions made based on this information.