Savings: Best High-Interest Savings Accounts in Singapore 2023
The importance of saving applies not only to the wealthy but also to those with limited funds.
The Covid 19 outbreak has emphasised the need to have adequate funds ready for emergencies and unplanned expenses. Savings accounts offer a great low-risk way to make more money. Banks in Singapore offer a plethora of options when it comes to savings accounts. This article discusses some of the most popular high-yield savings accounts.
OCBC 360
This account is ideal for salaried workers, who are always planning monthly budgets to consistently save money after completing insurance, investment, and credit card spending. You can earn a maximum of 7.65% on your first S$100,000. The initial deposit amount is S$1,000 and the minimum average daily balance is S$3,000. Otherwise, a monthly fall-below fee of S$2 will apply. There is a base interest of 0.05% p.a. and below are the bonus rates -
|
Category |
Interest (p.a) on |
|
|
First S$75,000 |
Next S$75,000 |
|
|
Monthly Salary credit of minimum S$1,800 |
2.00% |
4.00% |
|
Increase monthly balance by saving minimum S$500 |
1.20% |
2.40% |
|
Minimum monthly spend of S$500 on selected OCBC credit card |
0.60% |
0.60% |
|
Purchase OCBC insurance |
1.20% |
2.40% |
|
Investment in OCBC product |
1.20% |
2.40% |
|
Maintain minimum S$200,000 average daily balance |
2.40% |
2.40% |
CIMB FastSaver
If you are a young professional who is just starting his career and don't want the headache of complex conditions, this account is for you. You can expect a high-interest rate of up to 4.20% per annum on your first S$10,000. The minimum balance to earn a profit is just S$1,000 and there is no fall-below fee. Additionally, the interest rates can be enhanced by applying for a CIMB Visa Signature Credit Card and/or applying for CIMB Insurance/Investment products
as mentioned in the below calculation -
|
Deposit Amount Slabs |
Only FastSaver |
FastSaver + CIMB Visa Signature |
FastSaver + CIMB Investment/Insurance |
FastSaver + CIMB Visa Signature + CIMB Investment/Insurance |
|
First S$10,000 |
1.50% |
2.20% |
3.50% |
4.20% |
|
Next S$15,000 |
1.50% |
1.50% |
1.50% |
1.50% |
|
Next S$25,000 |
2.50% |
2.50% |
2.50% |
2.50% |
|
Next S$25,000 |
3.50% |
3.50% |
3.50% |
3.50% |
|
Above S$75,000 |
0.80% |
0.80% |
0.80% |
0.80% |
DBS Multiplier
If you have a good average income and high spending, this account is for you. To qualify, credit your dividends or salary into this account each month and transact in at least one of the various specified categories like home loan repayments, credit card bills, selected insurance premiums, or selected investments through DBS. Depending on the number of categories and the corresponding monthly transaction amounts, you can earn up to 4.10% annually. However, meeting the requirements can be pretty tough if you are not financially savvy. The average daily balance requirement is S$3,000. Otherwise, a monthly fall-below fee of S$5 will apply.
|
Total monthly transactions |
Salary/Dividends Credit + Transactions in |
||
|
1 category |
2 categories |
3 categories |
|
|
First S$50,000 account balance |
First S$100,000 account balance |
First S$100,000 account balance |
|
|
Up to S$2,000 |
0.05% |
0.05% |
0.05% |
|
S$2,000 to S$2,500 |
0.90% |
1.70% |
2.00% |
|
S$2,500 to S$5,000 |
1.50% |
1.80% |
2.20% |
|
S$5,000 to S$15,000 |
1.80% |
2.10% |
2.40% |
|
$15,000 to $30,000 |
1.90% |
2.20% |
2.50% |
|
More than S$30,000 |
2.20% |
3.00% |
4.10% |
UOB One
If you are a regular credit card user along with a savings account, then this account is for you. To start earning, you must have a minimum monthly spend of S$500 on an eligible UOB credit/debit card. Additionally, to earn high interest now up to 7.8% p.a. you should –
a) Credit minimum monthly salary of S$1,600 into UOB one account through GIRO/PAYNOW
OR
b) Make at least 3 GIRO debit transactions per month
Monthly average balance requirement is S$1,000 failing which there is a fall-below fee of S$5. The minimum initial deposit is S$1,000.
|
Monthly Average Balance |
Spend Minimum S$500 on eligible UOB card |
Spend Minimum S$500 on eligible UOB card + 3 GIRO debit transactions |
Spend Minimum S$500 on eligible UOB card + Salary credit via GIRO |
|
First S$30,000 |
0.65% |
2.50% |
3.85% |
|
Next S$30,000 |
0.65% |
3.00% |
3.90% |
|
Next S$15,000 |
0.65% |
4.00% |
4.85% |
|
Next S$25,000 |
0.05% |
0.05% |
7.80% |
|
Above S$100,000 |
0.05% |
0.05% |
0.05% |
Maybank Save Up Programme
This account is suitable for salaried individuals who have modest savings and are seeking loans. Initial deposit is S$500 and there is a fall-below fee of S$2 monthly if the average daily balance falls below S$1,000. This criterion is waived off for account holders below 25 years of age. The base interest rate is up to 0.25% p.a. Additionally, you can earn more interest depending on the number of products or services.
|
Base Interest Rate |
Up to 0.25% |
|
1 product/service |
+0.10% |
|
2 products/services |
+0.70% |
|
3 products/services |
+2.75% |
Qualified products are –
Minimum S$300 monthly GIRO transaction OR S$2,000 salary credit
Minimum S$500 monthly spend on credit cards
Minimum S$30,000 investment in structured deposits
Minimum S$25,000 investment in Unit trusts
Minimum S$5,000 annual insurance premium
Home loan of Minimum S$200,000
Car Loan of Minimum S$35,000
Education loan of Minimum $10,000
Standard Chartered Bonus$aver
If you have a decent salary and enjoy spending, this account is perfect for you. You can earn interest up to 4.88% p.a. on the first S$100,000 balance. If your average daily minimum balance falls below S$3,000, you will be charged a monthly fall-below fee of S$5.
Base Interest Rate is 0.01% p.a and below are bonus interest rates -
|
Transactions |
Interest (p.a) earned |
|
Minimum $3,000 Salary credit |
+ 1.20% |
|
Minimum credit card spending |
+ 0.61% for S$500 OR 1.61% for S$2,000 |
|
S$30,000 minimum investment in Unit Trust |
+ 1% |
|
Minimum annual premium of S$12,000 on Insurance |
+ 1% |
|
3 bill payments of at least S$50 |
+ 0.07% |
POSB Save As You Earn (SAYE)
If you have a stable budget and want to stash money every month, but don't expect to withdraw in the next two years or so, this account is an ideal option. You need to credit your monthly salary into a POSB/DBS account and set a standing instruction for a fixed monthly contribution varying from S$50 to S$3,000 into the POSB SAYE Account. Apart from a maximum base interest of 0.10%, you can earn an additional 3.50% p.a. if you continue for 2 years and make no withdrawal.
Conclusion:
It is essential to get into the habit of saving a little every month to inch closer towards your goal of financial independence. There are numerous options when it comes to high-value savings accounts. Whatever your earning potential, there is a suitable account where you can choose to park your funds. You should ideally analyze your earnings and monthly spending patterns to ascertain which savings scheme is most suited to your needs.
For further guidance in this matter, you can book a free consultation with us.