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Best Savings Accounts in Singapore 2021

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 0.2 to 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.

Compare a range of savings accounts in Singapore

Name Product Minimum Initial Deposit Fall below monthly fees Minimum annual interest rate Maximum annual interest rate
OCBC 360 account
S$1,000
S$2
0.05% p.a.
2.68% p.a.
Earn competitive bonus interest on the first $75,000 of your balance when you credit your salary, save, insure or invest with this account
SC Bonus$aver Account
S$0
S$5
0.01% p.a.
2.38% p.a.
Unlock up to 2.38% p.a. of bonus interest on the first S$80,000 deposit and access up to 14 different currencies with this account.
DBS eMySavings Account
S$50
S$0
0.05% p.a.
0.25% p.a.
Grow your balance with a savings account that offers higher interest rates when you credit a preset amount each month.
DBS Multiplier Account
S$0
S$5
0.05% p.a.
3% p.a.
Multiply your savings with bonus interest rates when you credit your income and meet all the account's criteria.
UOB Stash Account
UOB Stash Account
S$1,000
S$2
0.05% p.a.
1% p.a.
Grow your savings and earn increasingly higher interest rates for the first S$100,000 of your account balance.
Maybank iSAVvy Savings Account
Maybank iSAVvy Savings Account
S$500
S$2
0.19% p.a.
0.5% p.a.
Meet day-to-day banking needs and achieve your saving goals by creating sub-accounts through online banking.
POSB eMySavings Account
POSB eMySavings Account
S$0
S$0
0.05% p.a.
0.25% p.a.
Earn special interest rates when you grow your month-to-month balance consistently with this preset monthly savings account.
POSB SAYE Account
POSB SAYE Account
S$0
S$0
0.05% p.a.
2% p.a.
Unlock higher interest when you credit your salary, save a preset amount and make no withdrawals from this special savings account.
SC JumpStart Account
S$0
S$0
0%
1% p.a.
A day-to-day banking account with attractive interest rates and cashback on debit card spending for young adults Between 18 and 26 years old.
CIMB StarSaver (Savings) Account
S$1,000
S$0
0.3% p.a.
0.3% p.a.
A savings account with competitive interest rates and access to over 6,000 CIMB ATMs across the region.
KrisFlyer UOB Account
S$1,000
S$2
0.05% p.a.
0.05% p.a.
Access your finances anytime with this interest-bearing passbook savings account.
CIMB StarSaver (Savings)-i Account
CIMB StarSaver (Savings)-i Account
S$1,000
S$0
0.3% p.a.
0.3% p.a.
This Shariah-compliant savings account come with competitive profit rates and a wide range of banking features.
BOC SmartSaver
BOC SmartSaver
S$1,500
S$3
0.3% p.a.
0.5% p.a.
Designed for BOC Multi-Currency Savings (MCS) account holders, this savings plan offer bonus interest when you meet certain requirement.
POSB My Account
POSB My Account
S$0
S$0
0.05% p.a.
2% p.a.
This simple savings account has no minimum balance requirement and comes with a wide range of essential banking features.
CIMB FastSaver Account
CIMB FastSaver Account
S$1,000
S$0
0.15% p.a.
1% p.a.
The CIMB FastSaver is a savings account that offers tiered interest rates based on the size of your account balance
UOB Passbook Savings Account
UOB Passbook Savings Account
S$500
S$2
0.05% p.a.
0.5% p.a.
Manage your finances anytime, anywhere with this simple savings account with high daily interest rate.
OCBC Bonus + Savings Account
OCBC Bonus + Savings Account
S$5,000
S$2
0.05% p.a.
0.5% p.a.
A simple, no-frills savings account that offers higher interest when you grow your month-to-month balance and make no withdrawals, up to 0.5% p.a.
POSB Everyday Savings Account
POSB Everyday Savings Account
S$0
S$2
0.05% p.a.
0.2% p.a.
An everyday savings account that offers cashback on your DBS/POSB debit card spend.
UOB Lady’s Savings Account
S$1,000
S$2
0.05% p.a.
0.05% p.a.
Benefit from complimentary medical insurance cover, free annual health screenings and more with this female-only savings account.
OCBC Monthly Savings Account
OCBC Monthly Savings Account
S$0
S$2
0.05% p.a.
0.1% p.a.
With this savings account, you stand to earn higher interest when you save regularly without making any withdrawals.
CIMB FastSaver-i Account
CIMB FastSaver-i Account
S$1,000
S$0
0.15% p.a.
1% p.a.
This Shariah-compliant online savings account offers competitive profit rates and doesn't require fulfilling multiple conditions.
OCBC Global Savings Account
OCBC Global Savings Account
S$5,000
S$0
0.02% p.a.
0.04% p.a.
Meet your transactional needs in up to 8 major currencies with this multi-currency savings account.
UOB Junior Savers Account
UOB Junior Savers Account
S$500
S$500
0.05% p.a.
0.05% p.a.
A savings account with complimentary life insurance coverage for juniors aged 16 years old or younger and below.
Maybank Youngstarz Account
Maybank Youngstarz Account
S$10
S$0
0.19% p.a.
0.38% p.a.
Benefit from complimentary insurance and birthday privileges as you kick start your child’s financial journey with this junior savings account.
UOB Child Development Account
UOB Child Development Account
S$0
S$0
0.05% p.a.
0.2% p.a.
Kickstart your child’s long-term financial plans with this special savings account to receive payouts granted by the Baby Bonus Scheme.
CIMB Foreign Currency Savings Account
CIMB Foreign Currency Savings Account
S$1,000
S$0
0%
0%
Manage your finances conveniently and transact in 5 major currencies, including AUD,EUR,GBP,JPY,USD
UOB Uniplus Account
UOB Uniplus Account
S$500
S$2
0.05% p.a.
0.7% p.a.
A statement-based savings account with features for convenient day-to-day banking needs.
Maybank SaveUp Account
Maybank SaveUp Account
S$500
S$2
0.19% p.a.
0.3% p.a.
Earn up to 0.3% p.a. on the first S$50,000 of your savings when you commit to three or more eligible financial products with Maybank.
DBS My Account
S$0
S$0
0.05% p.a.
3% p.a.
Choose from over pre-loaded 150 banking features and tailor this digital multi-currency bank account to your banking needs.
BOC SGD Savings Account
BOC SGD Savings Account
S$1,000
S$2
0.25% p.a.
0.48% p.a.
This is an interest bearing SGD passbook Savings account. Customer enjoys the flexibility to withdraw from the account at any time, ensuring maximum flexibility.
Maybank Privilege Plus Savings Account
Maybank Privilege Plus Savings Account
S$500
S$2
0.44% p.a.
0.5% p.a.
Benefit from attractive interest rates and complimentary insurance this savings account catered to customers aged 50 years old and above.
BOC Multi-Currency Savings Account
BOC Multi-Currency Savings Account
S$1,500
S$3
0.25% p.a.
0.48% p.a.
Meet your transactional needs in Singapore dollars and nine foreign currencies with this statement-based consolidated account.
Maybank iSAVvy Savings Plus Account
Maybank iSAVvy Savings Plus Account
S$500
S$2
0.19% p.a.
0.38% p.a.
A no-frills savings account that offers competitive interest rates.
BOC Gold Savings Account
BOC Gold Savings Account
S$1,500
S$0
0.25% p.a.
0.48% p.a.
This account is designed to facilitate the trading and investment of gold.
Maybank Passbook Savings Account
Maybank Passbook Savings Account
S$500
S$2
0.19% p.a.
0.23% p.a.
A simple yet feature-packed savings account with attractive interest rates.
Citibank MaxiGain
Citibank MaxiGain
S$0
S$15
0.01% p.a.
0.61% p.a.
Manage day-to-day transactional needs conveniently with this USD checking account.
DBS Fresh Graduates’ Bundle
S$0
S$0
0.4% p.a.
1.6% p.a.
Pave the way towards financial independance as with the DBS Multiplier account and DBS Live Fresh card.
CIMB Junior Saver Account
CIMB Junior Saver Account
S$1,000
S$0
0.4% p.a.
0.7% p.a.
Enjoy competitive interest rates and exclusive perks with this junior savings account designed for children aged 12 years and below.
Citibank MaxiSave Account
S$15,000
S$0
0.01% p.a.
0.61% p.a.
An interest-bearing checking account with competitive interest rates.
HSBC Everyday Global Account (EGA)
S$2,000
S$2,000
0%
0.75% p.a.
This multi-currency account offers a wide range of banking features and supports 11 global currencies, including USD and RMB.
UOB Wealth Premium Account
S$100,000
S$0
0.05% p.a.
0.05% p.a.
Grow your wealth and earn attractive interest rates with this interest-bearing chequeing and savings account.
CIMB StarSaver-i Account
CIMB StarSaver-i Account
S$1,000
S$0
0%
0.3% p.a.
Earn competitive profit rates with this Shariah-compliant account with both checking and savings facilities.
Citibank Step-Up Account
S$15,000
S$15
0.01% p.a.
0.13% p.a.
This savings account offer up attractive step-up balance up to0.13% p.a. for month-to-month balance growth.
CIMB StarSaver Account
S$5,000
S$0
0.3% p.a.
0.3% p.a.
This combined current and savings account offers three interest tiers based on the size of your account balance.
OCBC Frank Account
S$0
S$2
0.05% p.a.
0.3% p.a.
This fee-free starter account offers 4x higher interest than regular savings accounts and a customisable debit card.
UOB Privilege Account
S$350,000
S$0
0.05% p.a.
0.55% p.a.
Earn premium interest rates based on your daily balance with this chequeing account.
Citibank Tap and Save Account
S$15,000
S$15
0.01% p.a.
0.13% p.a.
Get 2% cash rebate with every EZ-Link Reload and 1% cash rebate on any other transaction with this savings account.
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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.

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 28 April 2021):

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.

Key features:

  • 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.

Full review for DBS Multiplier Account

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.

Key features:

  • 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.

Full review for OCBC 360 Account

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.

Key features:

  • Interest rate. Bonus interest rates range from 0.25% to 1% p.a. Prevailing base interest rate at 0.05%.
  • Earn up to 10% cashback. Get up to 10% cashback on online shopping, groceries, transport, food delivery and more when you charge your expenses to the UOB One Card or 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.

Full review for UOB One Account

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.

Key features:

  • Interest rates. Bonus interest rates range from 0.3% to 2.75% p.a. Base interest may be as high as 0.3125% 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 $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.

Key features:

  • 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.

Key features:

  • 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).

Full review for BOC SmartSaver Account

Types of savings accounts

Savings accounts in Singapore generally have one of the following structures:

Type of savingsHighlights
Basic accountsA no-frills, entry-level bank account that allows you to deposit and withdraw funds, all while earning interest.
Multi-product accountsThese high interest savings accounts offer bonus interest rates for customers who have loans, insurance or investments with the same bank. Typically, these accounts also requires you to credit your salary to the account.
Incentivised growth accountsThese 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 finding 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.

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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