Compare savings accounts in Singapore
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.
What's in this guide?
- How do savings accounts in Singapore work?
- What features come with savings accounts in Singapore?
- What fees are charged with savings accounts?
- How will I know which savings account is best for me?
- What savings accounts are available in Singapore?
- How do you open a savings account in Singapore?
- Frequently asked questions
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 0.2-3.8%.
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.
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. Select savings accounts in Singapore charge a small fee when your balance dips below an agreed-upon level.
- Application fees. Some savings accounts in Singapore may come with a registration fee, which includes debit card delivery costs.
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.
What savings accounts are available in Singapore?
There are plenty of savings accounts in Singapore suited to a range of banking needs. Here’s a shortlist to give you a glimpse into possible savings accounts in Singapore, and help you understand the breadth of options available.
- POSB Savings Account. It offers an interest rate of 0.05%, without lock-ins or monthly fees.
- CIMB StarSaver Account: Enjoy interest rates up to 1.0% p.a. Expect no monthly fees or fall-below fees, and free withdrawals across ATMs in the ASEAN region.
- DBS Multiplier Account: A high-interest savings account offering interest rates of up to 3.8% p.a. to help you grow your cash.
- Standard Chartered JumpStart Account: It offers interest rates of up to 2% p.a. without any lock-in period or minimum balance requirements.
- POSB SAYE Account: A POSB Save As You Earn (SAYE) Account provides you with 2% interest on your monthly savings as long as no withdrawals are made for a 2-year duration.
- OCBC Frank Account: A savings account most compatible with students. It doesn’t charge monthly fees or requires a minimum balance. It also offers 0.2-0.4% interest p.a. without any expenditure or investment conditions.
- NTUC-OCBC Starter Account: An exclusive savings account in Singapore for NTUC members. It offers interest without requiring a minimum balance or lock-in period.
- UOB Uniplus Account: A statement-based savings account with high-interest rates. For no monthly charges, enjoy maximum variable interest rates of 1.30% p.a.
How do you open a savings account in Singapore?
Savings accounts are convenient and quick to open. First, make sure that you have the required documents for signing up.
- Singaporeans: ID and the latest copy of a proof of residence (e.g. local utility bill, local telecommunication bill, local bank statement)
- 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)
These documents may vary across providers but generally consist of those mentioned above. Besides this, the sign-up process will 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.