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Best savings accounts in Singapore (2020 updated rates)

What a year 2020 has been. As if the global pandemic, economic recession and widespread job loss weren’t enough, we also have to contend with the best savings accounts in Singapore getting “nerfed”.

Now that most banks have reduced their interest rates, is your trusty old deposit account still the best savings account? Or should you switch to a higher interest savings account?

Here is an update of the best savings accounts in Singapore, with interest rates updated for August 2020.

Best savings accounts in Singapore (2020) 

  1. DBS Multiplier savings account interest rates
  2. OCBC 360 savings account interest rates
  3. UOB One account interest rates
  4. BOC Smart Saver savings account interest rates
  5. SCB Bonus Saver interest rates
  6. CIMB FastSaver interest rates
     

For an apple-to-apple comparison, we’ll use the example of someone who:

  • Earns $4,000 take-home pay a month
  • Spends $500 a month on credit cards
  • Pays 3 bills by GIRO every month
  • Has $10,000 in savings
Savings accountInterest rateBest for
DBS Multiplier0.90%DBS home loan customers
OCBC 3600.85%Frugal types looking to steadily increase savings
UOB One0.75%Those with no regular salary
BOC Smart Saver1.00%High earners and spenders
SCB Bonus Saver0.85%Those looking to insure / invest
CIMB FastSaver0.50%As a backup savings account

 

Each account has unique features that make them suitable for certain customers. Let’s take a closer look at them.

 

DBS Multiplier savings account interest rates

 

Monthly transaction amountSalary credit + 1 categorySalary credit + 2 categories
<$2,000 0.05%0.05%
≥$2,000 to <$2,5000.70% 1.30%
≥$2,500 to <$5,0000.90%1.50%
≥$5,000 to <$15,0001.10%1.80%
≥$15,000 to <$30,0001.20%1.90%
≥$30,0001.30%2.80%

 

The DBS Multiplier account reduced its interest rates not once but twice in 2020. Still, it manages to be the market leader among the local banks, at least for salaried employees.

This ever-popular DBS savings account calculates interest rates by looking at your total monthly transactions, which includes your salary credit + at least one other banking category (usually credit card spending). There is no minimum as long as they add up to at least $2,000.

Thus, it’s feasible for a regular salaried employee to earn 0.9% to 1.10% p.a.

If you are servicing a DBS home loan, you can increase your interest rate because your monthly repayments will add to the total transaction amount. With a DBS home loan, you can expect to earn a very respectable 1.50% to 1.80% p.a.

Initial deposit: No initial deposit required

Minimum balance and fall below fee: $3,000, otherwise $5 fall-below fee applies. The fee is waived for first-time DBS banking customers and those up to 29 years old.

Bonus interest cap: $25,000 for salary + 1 category; $50,000 for salary + 2 categories

OCBC 360 savings account interest rates

 

ActionFirst $35,000Next $35,000
None (base interest)0.05%0.05%
Salary credit (min. $1,800)+ 0.6%+ 1.2%
Increase balance (min. $500)+ 0.2%+ 0.4%
Insure or invest+ 0.6%+ 1.2%

 

The OCBC 360 savings account was once a popular choice for young working adults, but its lowered interest rates and tiered system make it less user-friendly now.

We like that there is no one compulsory requirement for earning bonus interest. You simply start with the base of 0.05% and add whatever bonus interest you qualify for.

The OCBC Credit card spending is also not a bonus category so it’s good for those who prefer not to use credit cards. Another nice frugal feature is the additional 0.2% p.a. for every month you increase your savings by $500.

Initial deposit: $1,000

Minimum balance and fall below fee: $3,000, otherwise fall-below fee of $2. Waived for the first year.

Bonus interest cap: $70,000

 

UOB One savings account interest rates

 

Account balance$500 credit card spend $500 credit card spend + salary credit
OR pay 3 bills
First $15,0000.25%0.75%
$15,001 to $30,0000.25%0.85%
$30,001 to $45,0000.25%0.90%
$45,001 to $60,0000.25%1.00%
$60,001 to $75,0000.25%2.50%

 

Despite a rate cut in August 2020, the UOB One account’s interest rates are still competitive for non-salaried savers, such as self-employed workers or retirees.

That’s because you can earn 0.75% p.a. upwards by spending $500 a UOB credit card and paying 3 bills by GIRO (no minimum). The more you save in your account, the more interest you earn.

Initial deposit: Not stated

Minimum balance and fall below fee: $1,000. Failing which, the fall-below fee of $5 applies.

Bonus interest cap: $75,000

 

BOC Smart Saver savings account interest rates

 

ActionInterest rate
None (base interest)0.1%
Salary credit+ 0.3% (min. $2,000) OR 0.5% (min. $6,000)
Credit card spend+ 0.3% ($500) OR 0.5% ($1,500)
3 bill payments (min. $30)+ 0.3%
Buy BOC wealth products+ 1.5% 

 

Once a hot favourite among high-earning executives, Bank of China recently reduced the interest rates for the BOC Smart Saver programme. It’s similar to the OCBC 360 where you start with the base (0.1%) and add on whatever bonus interest you qualify for.

High earners (take-home pay of at least $6,000) and spenders (at least $1,500 a month on credit cards) should consider this bank account as it gives you a market-leading 1.40% p.a. if you also make 3 bill payments.

For regular employees earning and spending less, you can still earn a decent 1% p.a. without having to buy a BOC wealth product.

Initial deposit: $1,500

Minimum balance and fall below fee: $1,500. If your balance is less, there is an account maintenance fee of $3

Bonus interest cap: $80,000

 

SCB Bonus Saver interest rates

 

ActionInterest rate
None (base interest)0.05%
Salary credit (min. $3,000)+ 0.4%
Credit card spend+ 0.3% ($500) OR 0.8% ($2,000)
Insure (min. S$12,000)+ 0.85%
Invest (min. S$30,000 unit trust)+ 0.85%
3 bill payments (min. $50)+ 0.1%

 

With the Standard Chartered’s Bonus Saver account, the average employee earns 0.85% p.a. with salary credit, spending $500 on a StanChart credit card, and paying 3 bills by GIRO. That’s not really impressive, if you ask us.

However, if you are in the market for insurance and/or investment, and are keen on Standard Chartered’s offerings, then it might be worth your while.

If you add on insurance/investment, you can earn 1.7% p.a., while if you insure AND invest on top of the usual day-to-day transactions, you can earn a whopping 2.55%.

Initial deposit: Not stated

Minimum balance and fall below fee: $3,000. Failing that, a $5 fall below fee will be charged

Bonus interest cap: $80,000

 

CIMB FastSaver interest rates

 

Account balanceInterest rate
First $50,0000.50%
$50,001 to $75,0000.80%
$75,001 to $100,0001.50%
Above $100,0000.40% p.a.

 

Once regarded as the best savings account in Singapore without no requirements whatsoever, the CIMB FastSaver account slashed its rates recently, to the chagrin of lazy savers everywhere.

Now, you can only get 0.50% p.a. for the first $50,000 of savings, half that of the original 1%. Not great, but if you are looking for a secondary bank account to park some cash away from your primary high-interest account, then it’s better than nothing.

Initial deposit: $1,000

Minimum balance and fall below fee: No fall below fee, but must maintain $1,000 to get interest

Bonus interest cap: $100,000

Is your deposit account still the best one for you? With all these changes happening this year, it’s high time to reevaluate which savings account to save your money in. Find savings account with the highest interest on our site!

 

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