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Best Savings Accounts in Singapore 2022
Find out which savings account could be best for you.
Savings accounts are a fundamental part of your financial life. They’re used for setting aside money for future expenditure or simply to create a rainy day fund. Choosing the best savings account not only brings you closer to your financial goals but could even help you grow this nest egg of cash.
Read on to find out more about savings accounts in Singapore, including their features and fees.
How do savings accounts in Singapore work?
A savings account is an account in which you store money that you don’t intend to use for daily expenses. This account receives interest from your bank provider. Interest rates for savings accounts in Singapore tend to range from 0.15% to 2.8%.
Once you deposit your money into a savings account in Singapore, it may or may not be locked-in. Locked-in savings accounts do not allow you to reap interest rate benefits if you withdraw your savings before a stipulated date. Besides this, there is a range of savings accounts in Singapore, including multiplier accounts, joint-savings accounts and multi-currency savings accounts.
Each of these accounts come with different eligibility requirements and perks, so be sure to choose the right type that suits your banking needs.
Compare a range of savings accounts in Singapore
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
What features come with savings accounts in Singapore?
The features offered by savings accounts in Singapore will differ across providers and account types. However, you can generally expect the following:
- Online banking options
- Mobile payments
- Reward schemes
- Preferential interest rates
What fees are charged with savings accounts?
Opening a savings account in Singapore is usually free, but be wary of incurring the following costs while holding a savings account:
- Monthly fees. This is the fee that the bank charges for running the account. Most banks offering savings accounts in Singapore do not charge such fees, but you may experience this with multi-currency savings accounts.
- Currency conversion fees. If you’re looking to transact in and out of a multi-currency savings account, you might rack up currency conversion costs.
- Fall-below fees. You may be charge a small fee when your balance dips below the account’s average daily minimum.
- Application fees. Although most savings accounts in Singapore don’t charge any registration or debit card delivery fees, do check the fine print to see if these apply.
How will I know which savings account is best for me?
The savings account best for you is one that perfectly suits your banking needs. Here are some factors to consider before making a decision:
- Interest rates. Savings accounts in Singapore offer a variety of interest rates, especially when comparing regular savings accounts to multiplier accounts. If you fulfil the conditions required by the bank and want to grow your cash with high-yield rates, a multiplier account might be best for you. Alternatively, if you’re a parent looking to open a savings account for your child to withdraw an allowance from, then interest rates might not be a priority.
- Access to cash. If you rely on cash for day-to-day transactions, you’d probably favour savings accounts in Singapore from providers with multiple ATMs across the island.
- Fees. Hidden costs can eat away at your savings. Watch out for monthly fees, fall-below fees and conditions that lead to the withholding of interest rate payments.
- Ease of online access. Having reliable access to your finances is essential. If you want the ability to monitor your finances around-the-clock, you should choose a savings account that comes with intuitive online banking solutions.
Advertised interest rate vs average effective interest rate?
Many of us hold the misconception that the interest rates we end up paying on a loan are the exact interest rates as advertised by the provider. This is often far from the truth.
Interest rates quoted by providers are usually the advertised interest rate. This calculation only includes the interest payable on the amount you’ve borrowed. In reality, you’re more likely to end up paying the effective interest rate (EIR), which further includes fees for administration and application processing. Effective interest rates are thus a more accurate gauge of how much you could end up paying on a loan.
The effective interest rate on a loan is found alongside the advertised interest rate, in accordance with regulations by the Code of Advertising Practice for Banks. If you cannot locate the effective interest rate, this could mean that it does not differ from the advertised interest rate. Always clarify with your provider as an added measure of precaution.
Best savings accounts in Singapore
Here are our top picks for savings accounts in Singapore (information accurate as of 21 January 2022):
DBS Multiplier Account
The DBS Multiplier Account offer the potential to earn up to 3% p.a. on your savings when you credit your income, and transact in three or more categories. Aside from fulfilling different categories, the DBS Multiplier account also offers various interest tiers based on the size of your account balance and monthly DBS transactions.
- Interest rates. Tiered bonus interest rates range from 0.4% to 3% p.a. Prevailing base interest rate at 0.05%.
- Multiple eligible categories. Attain higher interest rates by fulfilling one of the three options and categories suited to your savings and transaction habits.
- Multi-currency feature. Access up to 12 foreign currencies and the Singapore dollar conveniently and transact at your preferred rates.
OCBC 360 Account
The OCBC 360 Account allows you to earn up higher interest rates on the first $75,000 of your account balance when you consolidate any, or all these activities: credit your salary, insure or invest in eligible OCBC Wealth products, increase your account balance by at least $500 or maintain a high daily average balance of $200,000 per month.
- Interest rates. Bonus interest rates range from 0.3% to 2.38% p.a. Prevailing base interest rate at 0.05%.
- Growth category bonus. Maintain an average daily balance of at least S$200,000 and earn an additional 0.4% bonus interest.
- No minimum monthly spend. Other than the insurance and investment categories, you’re not required to meet any qualifying monthly spend to earn bonus interest.
UOB One Account
The UOB One Account is a high-yield savings account that offers the potential to earn a maximum EIR of 1% p.a. on the first S$75,000 of your account balance. To qualify, you’ll need to charge at least S$500 on your UOB Credit/Debit card and credit your income, or make at least three GIRO transactions per month.
- Interest rate. Bonus interest rates range from 0.25% to 2.50% p.a. Prevailing base interest rate at 0.05%.
- Earn cashback rewards. Receive cashback on online shopping, groceries, transport and more with the UOB One Debit Card.
- No foreign exchange fees. Save on your overseas spend with competitive overseas spend by linking the UOB Mighty FX to your UOB One Account. The Mighty FX is a multi-currency account that issues a debit card that can be used for your online shopping or overseas travel purchases without racking up expensive foreign exchange fees.
Maybank SaveUp Account
SaveUp is a savings account offered by Maybank Singapore that allows you to earn higher interest rates on the first S$50,000 of your account balance when you credit your salary or set up GIRO on your account.
- Interest rates. Bonus interest rates range from 0.3% to 2.75% p.a. Base interest may be as high as 0.25% p.a.
- Multiple categories for bonus interest earn. The tiered bonus interest programme is considerably more accessible for the average consumer.
- Does not require a large account balance for peak interest. The maximum interest is attainable with just a $50,000 balance
Standard Chartered Bonus Saver
With the SCB BonusSaver, account holders can potentially earn up to 2.38% p.a. in bonus interest when engaging in any eligible categories, including monthly salary credit, card spends, bill payments and investments.
- Interest rates. Bonus interest rates range from 0.1% to 2.38% p.a. Prevailing base interest rate at 0.01%.
- feature. Access up to 14 currencies and benefit from $0 overseas transaction fees (terms and conditions apply).
- No initial deposit required. This account does not require a minimum initial deposit.
BOC Smart Saver
The BOC SmartSaver is a savings plan for Multi-Currency Savings (MCS) account holders to earn bonus interest (on top of prevailing interest rates) when they meet certain requirements such as card spend and income credit.
- Interest rates. Bonus interest rates range from 0.3% to 3% p.a. Prevailing base interest rate range from 0.1% to 0.2%.
- Higher than the average prevailing interest rate. While DBS and OCBC only offer a base interest rate of 0.05% p.a., BOC offers 0.1% to 0.2% p.a. depending on the size of your account balance.
- Base interest rate is applied to the entire account balance. You’ll earn a prevailing interest rate on top of any bonus interest you’re entitled to. This means you may earn up to 3% p.a on the first S$80,000 of your account balance and up to 0.60% p.a. for account balance over S$80,000 (capped at a maximum of S$1 million).
Types of savings accounts
Savings accounts in Singapore generally have one of the following structures:
|Type of savings||Highlights|
|Basic accounts||A no-frills, entry-level bank account that allows you to deposit and withdraw funds, all while earning interest.|
|Multi-product accounts||These high interest savings accounts offer bonus interest rates for customers who have loans, insurance or investments with the same bank. Typically, these accounts also require you to credit your salary to the account.|
|Incentivised growth accounts||These bonus saver accounts incentivise you to save by fulfilling required conditions, which may include depositing a minimum amount of money per month and increasing your month-to-month balance. You may also be rewarded when you don’t make any withdrawals for a specific period.|
While complex savings account typically yield more interest compared to basic savings accounts, do understand that such accounts can be challenging to navigate. Before you choose a savings account, make sure that its features and requirements are suited to your banking habits.
How to compare the best savings accounts in Singapore
In order to compare savings accounts and find out which could be the best for you, you’ll have to consider the following.
- Interest rates. Interest rates offered by savings accounts in Singapore range from less than 1% to over 3% p.a. If you’re looking for higher interest rates, then a multiplier account may be the best savings account in Singapore for you.
- Fees. Hidden costs can eat away at your savings. Watch out for monthly fees, fall-below fees and early closure fees that could significantly affect your savings. If such costs are a concern to you, then a fee-free savings account may be worth considering.
- Ease of online access. Having reliable access to your finances is essential. If you want the ability to monitor your finances around the clock, you should choose a savings account that comes with intuitive online banking solutions.
- Specific needs. If you have specific banking preference, such as a desire to use cheque books, or has a specific profile, such as being a foreign expatriate and working in Singapore, the best savings account in Singapore could be one that perfectly meets these needs.
- Signup promotions. Banks in Singapore often offer attractive promotions for new and existing account holders. While this shouldn’t be the main consideration when comparing savings accounts, it certainly is the icing on the cake. Check out the latest savings account promotions in Singapore.
How do you open a savings account in Singapore?
Opening a savings account in Singapore is convenient and fast. First, make sure that you have the required documents for signing up. These may vary across providers but you’d typically need to submit:
- Singaporeans and permanent residents. ID and the latest copy of a proof of residence (e.g. local utility bill, local telecommunication bill, local bank statement)
- Foreigners working in Singapore. Passport, Employment Pass, proof of residence (e.g. IPA issued by MOM, Work Permit issued by MOM)
- Foreigners studying in Singapore. Passport, matriculation or student card approved by the ICA, or proof of residence (e.g. utility bill, telecommunication bill, bank statement)
The sign-up process may also differ across banks, with some allowing for full online-based applications and others requiring a visit to your local bank branch.
Moreover, you should expect to provide more detailed documents when applying for high-yield savings accounts. For example, you may need to provide investment balances, salary slips or CPF balances in order to prove that you meet the minimum requirements of high-yield multiplier accounts.
Frequently asked questions
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Standard Chartered Bonus Saver Review
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