Bonus saver accounts in Singapore

Unlock higher interest rates when you fulfill various category requirements with bonus saver accounts.

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Bonus saver accounts are designed to help you earn higher interest than a regular savings account, offering different interest tiers that can be unlocked when their requirements are met on a month-to-month basis.

Start comparing Singapore bonus saver accounts in the table below and open one online in minutes.

Compare popular bonus saver accounts below

Think about your savings habits when comparing bonus saver accounts to help you find the best one for your needs. Compare across multiple banks and ensure you can meet the conditions to get that bonus rate.

What is a bonus saver account?

A bonus saver account is a savings account that rewards you with extra interest when you meet the account conditions. These are also known as incentive saver accounts, as they incentivise you to save, or bonus interest accounts.

The account conditions that need to be met in order to earn the bonus interest could include depositing a minimum amount of money per month, maintaining a minimum balance, crediting your salary, charge a certain amount to your linked credit card, make a required number of bill payments etc.

Banks are constantly thinking of new ways to offer bonus interest rate to differentiate themselves to the market. So it’s important to regularly compare savings accounts to ensure you’re always getting the best deal.

Compare a range of savings accounts in Singapore

Data indicated here is updated regularly
Name Product Minimum Initial Deposit Fall below monthly fees Minimum annual interest rate Maximum annual interest rate
POSB SAYE Account
POSB SAYE Account
S$0
S$0
0.05% p.a.
0.2% p.a.
CIMB StarSaver (Savings)-i Account
CIMB StarSaver (Savings)-i Account
S$1,000
S$0
0.4% p.a.
0.7% p.a.
UOB Stash Account
UOB Stash Account
S$1,000
S$2
0.05% p.a.
1% p.a.
DBS eMySavings Account
DBS eMySavings Account
S$50
S$0
0.05% p.a.
0.25% p.a.
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Disclaimer: Interest rates are applicable for deposits between S$1,000 and S$49,999. Interest rate and initial deposit are shown in Singapore dollars. Please check with the provider for deposits and rates in other amounts and currencies.

How can a bonus saver account benefit me?

A bonus saver account is designed to encourage you to save money on a regular basis. These types of accounts typically offer additional interest rates when you fulfil the requirements for its bonus earn categories, which will be applied to the entire balance on top of the base interest rate.

Here are some of the bonus interest requirements offered by banks in Singapore:

  • Consistent balance. Most bonus savers accounts offer extra interest when you maintain a certain minimum balance. Some may also require you to not make any withdrawals for a specific period (eg. 6 months)
  • Monthly deposit. You may be eligible for bonus interest when you make a minimum deposit to your account every month. For example, OCBC 360 Account offers this incentive when you deposit at least S$500/month and UOB Stash Account rewards with additional interest as long as your balance is greater than previous month’s.
  • Spend bonus. You may be able to unlock a bonus interest category when you spend on your credit card.
  • Salary credit. Many bonus saver accounts such as the DBS Multiplier, UOB One Savings and Standard Chartered Bonus$aver provides extra interest when you credit at least S$2,000 salary to your account every month.
  • Product bonus. Banks usually offer extra interest when you insure or invest with them.
  • Bill payment bonus. Accounts such as Standard Chartered Bonus$aver and Bank of China SmartSaver Savings offer additional interest when you make at least 3 bill payments via GIRO monthly.
  • Loan bonus. The Citi InterestPlus Savings Account gives an extra 1% p.a. interest when you take out a Citi home loan of S$250,ooo and above.
  • Large balance. Depending on the account, you may also reap bonus interest rates by maintaining a substantial balance.

Would I lose the bonus interest permanently if I don’t meet the conditions for one month?

Fret not. If you haven’t met the conditions for one month, you’ll be eligible for the bonus interest again the following month. Any month you meet the conditions, you’ll be able to receive the bonus interest.

What features should I look for in a bonus saver account in Singapore?

Bonus saver accounts give you an opportunity to earn a higher interest rate in return for exercising some financial discipline and displaying good savings habits. When comparing between different Singapore banks and their bonus saver accounts, make sure to weigh out the pros and cons of the following features:

  • The amount of bonus interest you get

Each bank will offer different bonus interest rates, so make sure to look for one that offers a high bonus interest rate that is suitable for your saving habits.

  • What are the deposit conditions?

Some bonus saver accounts may come with strict deposit conditions, requiring you to deposit high amounts each month in order to earn the bonus interest rate. Ensure you’re realistic when considering the deposit requirements.

  • The withdrawal conditions

Some banks will not allow any withdrawals in the month, while with others, you’re free to make withdrawals as long as you essentially return that money by meeting a monthly growth total. For example, if the goal is to save $200 in a month, and you withdraw $50, you will need to deposit at least $250 into the account before the month finishes in order to qualify for the bonus interest.

  • If a minimum balance is required

With some financial institutions, you may have to open the account with a certain amount of money and maintain a minimum balance to avoid having to pay extra fall-below fees for the account.

  • Interest rate penalties

Check with the lender regarding the terms for when you don’t make the deposit requirement within a month. With some banks you’ll lose the bonus interest but still earn the standard base interest rate, while with others, the interest earned on a month where the conditions are not met could drop to as low as 0.01% p.a.

Fixed deposits versus bonus saver accounts – which is better?

This depends on your financial situation. The benefits of a fixed deposit include locking in a fixed interest rate, meaning your funds are protected against any interest rate drops. The downsides are that you can’t access your funds until the deposit matures and you won’t benefit if the interest rate rises while your money is locked away in a time deposit.

With a bonus saver account, you can usually access your funds whenever you need, but you may be penalised with a lower interest rate if you do so. Also, as the interest rate on bonus saver or incentive saver accounts varies depending on the number of requirements you fulfil, you have the potential to earn higher rates than fixed deposits.

Advantages and disadvantages of bonus savings accounts

Pros

  • Higher interest rate. Bonus saver accounts give you an opportunity to boost your savings quicker with a higher interest rate.
  • No fees. These types of accounts typically do not have monthly account keeping fees, so you can focus on your savings goals.
  • Incentive to save. Individuals who need help with saving may find that having a set monthly goal to meet makes it easier to stay on track with saving.

Cons

  • Complex requirements. Some account holders may find it hard to continually meet the strict terms of a bonus saver account on a month to month basis.
  • Avoid withdrawals. Unlike a transaction account, the money kept in a bonus saver account may lose its tiered up interest if a withdrawal is made.
  • Salary credit criteria. Most bonus saver account in Singapore offer substantial interest only if you credit at least $3,000 monthly salary. This may not be suitable for those earning less than the minimum monthly income.

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