High interest savings accounts in Singapore

This guide will cover a range of high-interest savings accounts in Singapore, including how they work and whether you may be eligible for them.

Comparing high-interest savings accounts in Singapore

• UOB One account. Earn up to 2.75% p.a. interest rates with a minimum credit card expenditure, salary credit amount or bill payment using your account.
• OCBC 360 account. By meeting minimum criteria in card expenditure, salary crediting, or monthly investments, you may earn interest of up to 2.68% p.a.
• DBS Multiplier account. Earn interest from 1.4% to 3% p.a. by crediting your salary or spending on your credit card.
• POSB SAYE account. Get 2% p.a. by simply saving a fixed amount every month and maintaining no withdrawals.
• Standard Chartered BonusSaver account. With sufficient credit card expenditure and bill payments to your BonusSaver account, you may earn up to 3.88% p.a.
• Bank of China SmartSaver. Earn up to 3.4% p.a. by meeting criteria for salary crediting and credit card expenditure.
• Maybank Save Up. Once you fulfil loans, transaction or credit card expenditure requirements, you may earn up to 3.00% p.a. interest.

How do high interest savings accounts work in Singapore?

High-interest accounts, also called multiplier accounts, often come with strings attached and low base interest rates. To unlock bonus interest tiers, you’d typically need to fulfil a number of criteria, such as meeting a minimum monthly credit card expenditure, salary credit, bill payment or investment requirements.

For instance, the DBS Multiplier Account calculates your interest receivable based on your income, as well as credit card expenditure, home instalment loan payments, insurance costs or investment transactions facilitated through DBS/POSB. The more you transact, the higher the interest rate you’d accrue on your account balance.

How do I know if I’m eligible for a multiplier account in Singapore?

Since most multiplier accounts require specific criteria to unlock higher interest tiers, you’d need to consider if your monthly financial activity meets these conditions. For example, both the DBS Multiplier Account and OCBC 360 Account require a monthly salary crediting of at least $2,000.

So if you’re a student with no monthly salary, you’ll not be able to qualify for the bonus interest that is only awarded for salary crediting.

What fees may apply with high interest rate savings accounts in Singapore?

Here are some fees you may encounter with a high-interest savings account in Singapore:

• Fall below fee. If you’re unable to maintain the required average daily balance specified by your account, expect to pay a monthly fall-below fee of around $5. Check with your account provider for the exact fall below fees charged.
• Early account closure fees. Some banks charge early closure fees (typically range from $30 to $50) if you close down your bank account within six months of opening it.

Is a multiplier account in Singapore the right savings account for me?

That depends on your personal finances. For example, if you’re using a DBS Multiplier Account only for salary crediting and conducting transactions of less than $2,500 per month, you’ll receive an interest rate of 0.4% p.a.

If you want a higher interest rate for your savings, then this may not be the most ideal account for you. You could find less stringent, more flexible savings accounts in Singapore that offer interest rates of up to 2% p.a.

Frequently asked questions

• Are savings accounts the best way to earn interest?

  It depends on your financial situation. Savings accounts could be an effective way to earn interest without limiting access to your funds. Fixed deposits (FD) can also pay more interest than savings accounts, though your money will be locked in for a fixed period.

• What are tiered interest rates?

  Some banks have different interest rates depending on how much money is in your account. For example, balances below $10,000 could have a rate of 0.5% while balances that exceed $10,000 have a 1.5% interest rate. With multiple rates potentially applying to your account, the maximum variable rate available will fluctuate with your bank balance.

• Are there any other eligibility requirements to open a high-yield savings account in Singapore?

  For most bank accounts in Singapore, both Singaporeans and work-permit holding foreigners are eligible for an account. Be mindful that you need to be at least 18 to get a debit card and between 21 and 65 for a credit card.

• How can I sign up for a high-interest savings account in Singapore?

  The signup process is exactly like signing up for any regular bank account in Singapore. You can read signing up for a bank account in Singapore in our step-by-step guide here.