Not bad if your main function is to pay for your kids tuition fees, dental checkups, condo MCST fees and what-not. Jul 15, 2020 . For your convenience, we’ve compiled the best savings accounts in Singapore with the highest interest rates, updated for 2021. FYI: The changes to the base interest rate of the BOC SmartSaver account are effective 1 Aug 2020. You may not be eligible for the bonus interest rate if you don't increase your savings balance by at least $200 per month on balances up to $250,000. Some banks offer tiered interest rates. The only catch? Happy new year, guys. bonus interest. Don’t leave it in a kids savings account and earn the meagre 0.05% p.a. If you’re earning a high income (at least $6,000), then BOC Smart Saver is a pretty good choice as you don’t need to jump through too many hoops to qualify for the additional interest. As shown in Diagram 1 below, prior to 1 May 2020, UOB One Savings Account provides 2.436% interest rate. It is the basic savings account with the highest interest rate in Singapore today and can provide higher interest rates and yet liquidity if you need it. To maximise the account, you will need to be drawing at least $3,000 for a small 0.10% bump in the bonus interest rates. Share this article with them! FYI: If you’re currently using the Maybank SaveUp account, here are the latest interest rates as of 21 Dec 2020. DBS Multiplier Account: What Are the Changes For January 2021? $30,000), Moderate coverage of ATM islandwide (>150 including ATM5 network), Around 20 Standard Chartered ATMs, and over 230 affiliated ATM5s in Singapore. The RHB High Yield Savings Plus Account is a no-frills savings account which offers up to 0.875% p.a. Then the UOB One is your best bet because you only need to make sure that you spend $500 a month on your UOB credit cards: The option to pay three bills by GIRO instead of crediting your salary means that this is also ideal for those without a steady paycheck (think: freelancers and stay at home moms). interest, when you can upgrade to high-interest savings account instead. After taking into consideration of the requirements and conditions, the DBS Multiplier Account is unanimously chosen as the best deposit account in Singapore. With an interest rate that goes as high as 3.8%, DBS Multiplier Account is the savings account to get if you want your money to increase as it sits with your bank. Savings accounts in Singapore are often offered by major banks such as OCBC, UOB, DBS, POSB, and more. Best Personal Accident Insurance Policies, See All Personal Accident Insurance Articles. Before COVID-19 struck, the average salaried worker could easily earn about 1.85% to 2% a year on high-interest savings accounts such as DBS Multiplier and UOB One. Initial base rates are based on total balance size, ranging from 0.1875% p.a. bonus interest, 3 qualifying products or more: 2.75% p.a. And if you can transact more than $15,000 a month, then that pushes it up from 0.60% to 1.0% p.a…. The base interest rate for savings accounts are pretty low, starting from 0.05% p.a. However, the latter is better if you’re eligible for one more transaction (e.g. Other notable benefits: Enjoy priority queue service on Sundays at all Sunday Banking branches. Bank account balance on the first S$50,000 of your account with Save Up Programme, when you save, spend, invest, insure or borrow with Maybank. The good news is that emerging countries will require lower minimum deposits (sometimes as little as $1) and, as they are eager to attract depositors, will often be more open to foreigners (sometimes all you’ll need is a passport). Unless you choose to buy EVEN more insurance and make MORE investments…. (Ah 2019, we miss you so.). Premier Dividend+ Savings Account : Interest rate: Base interest: 0.05% a year* When you make no withdrawal in that month : 0.25% a year* When you make no withdrawal and deposit a minimum of S$2,000 in that month: 0.30% a year* *Applies to entire account balance. OCBC unit trusts, structured deposits, or bonds and structured products, Over 1,100 ATMs in shared network in Singapore, The Maybank Save Up Programme lets you choose from 9 different Maybank products/services to get bonus interest, GIRO payment (min. Last Updated: 2020-11-10. Best alternatives to Savings Accounts in Singapore (2020) SingSaver.com.sg. Note: the Extra Savings interest is only applicable to account balances above $80,000 (previously $60,000). In terms of credit card spending, you might want to consider using the BOC Family Card as it gives you up to 10% cashback on groceries and dining. All you have to do is fill up some basic information like your: And the calculator will tell you which savings account gives you the highest interest rate! Make sure to check with your company’s HR manager if your monthly salary GIRO credit is under the transaction code: SAL. P.S. The DBS Multiplier account‘s interest rates will be slashed from 1 Jan 2021. interest on the Standard Chartered Jumpstart account on balances up to $20,000 year-round. Interest Rate: Earn up to 0.2% per annum. All data compiled by BankBazaar.com. So the best zero-effort contender right now is the POSB SAYE (Save As You Earn) account. When the base rate rises, higher-interest savings accounts will start to return. Back in the day, many of us nerds liked to open a second savings account. without having to jump through too many hoops, assuming a $2,000 credit card bill and 3 bill payments are no problem for you. UOB Stash Savings Account — MoneySmart Review 2021, UOB One Account — UOB Savings Account Review 2021, CIMB FastSaver Account — MoneySmart Review 2021, Are You an NSF, Tertiary Student or Retiree? If you take your money out sooner, there can be high penalties and you could miss out if interest rates rise during the savings term. Here is how much interest you can earn after 1 Jan 2021: If you take up a home mortgage loan or invest with DBS as well. To boost your interest, you can either credit your monthly salary or pay 3 bills by GIRO. To earn the extra interest, you’ll need to minimally credit your salary or dividends from CDP via GIRO to qualify for the Income category. To make it easier for you, we created the Seedly Savings Account Calculator which you can use for FREE! Best Savings Account Singapore. for simply stashing spare money away and forgetting all about it. PHOTO: Pexels . In a low-interest-rate environment, most of the banks are probably affected which resulted in the changes to their consumer products. Earn up to 3% p.a. $300) OR salary credit (min. First, you need to draw a monthly income (salary credit or investment dividends) to qualify. Not only did many of us suffer pay cuts and income losses, most of the high interest savings accounts in Singapore also got royally nerfed! The Maybank Save Up programme lets you choose from nine different products and services in order to get the bonus interest: *If you meet the minimum salary credit amount and/or the minimum aggregate GIRO debit amount stated in the table above, it will be considered as 1 Qualifying Product. Some content may be compensated through third-party advertisers. Pay 3 bills and spend $2,000 on your SCB Bonus$aver World credit or debit card and you’ll already get 1.2% p.a. Note: the base interest for UOB One is 0.05% p.a. Maybank Singapore Savings Account. Banks in Singapore have all lowered their savings account interest rates since COVID-19. Another savings account that cannot be ignored when discussing the best savings accounts for working adults in Singapore is the Standard Chartered Bonus$aver Account. The ‘new normal’ savings accounts interest rate has fallen to about 1 per cent to 1.6 per cent instead — and that’s for the high-interest savings accounts. Based on the criteria that we set out, here’s how much interest you’ll be getting: Maybank Save Up will give you the highest interest of 1.03% p.a. Depending on the savings account and the promotion, you … is higher than most other accounts listed here. Waived for first year. Higher interest rates for higher balances: Pensioner savings accounts often have a tiered interest rate structure, paying different interest rates depending on the balance of the account (e.g. If we stick with the criteria we set out — meaning you only fulfil two product or services — you only get 1.03% p.a. Based on the criteria we set out, you’ll earn 0.50% p.a. The OCBC 360 is more complicated than the UOB One, but also more flexible in that there is no one mandatory requirement. Eligibility: Children under 16, a parent is required. Such current accounts might offer higher interest than your typical savings accounts. While regular savings accounts can pay higher rates of interest, the problem with them is that it takes time to build up the amount of money you have in there. Considering that most savings account require you to credit your salary in order to get the bonus interest, this is extremely important! * The Premier-exclusive rates set out in the table above shall apply only to account(s) which are subject to the terms and conditions governing the use of HSBC Premier Account Package. Interest will be credited 1 month after the transaction upon full payment of your credit card spend, Multi-currency feature: If you are the primary Standard Chartered Bonus$aver account holder, login to Standard Chartered iBanking or SC Mobile to enable the multi-currency feature to transfer funds in foreign currencies in your other Standard Chartered accounts to your Standard Chartered Bonus$aver account. The best savings account depends largely on you meeting certain criteria set by the banks. interest. Even if your average monthly balance fluctuates month-to-month, you can still earn top interest rates with Maybank iSAVvy Savings Account–as long as your account remains above S$5,000 for 6 months, which is quite reasonable for the average consumer. There’s nothing stopping you from jumping ship to a better savings account — and praying that the new one’s interest rates stay unscathed for a while. PayLah Retail Spend (29 years old and below). But I supposed that’s a good thing as you’ll be less likely to make withdrawals. You get a bonus 0.1% every month that your account balance increases by $500 or more, so that might encourage you to save more. After getting nerfed, the Standard Chartered BonusSaver savings account isn’t so great for regular folks, but it does occupy a niche: It gives you pretty high interest just for spending tons of money. $500 in a calendar month AND Credit Salary or make 3 GIRO debit transactions, The extreme left column will tell you what kind of base interest or category you need to fulfil in order to qualify for the interest, If you meet any of the categories, make a mental note of the corresponding interest rate, Add everything up to get your estimated potential interest rate, Insurance (only for the first 12 consecutive months). Then you’ll probably be able to push that interest up from 0.40% to 0.60% p.a. Ultimate guides to kickstart your finances, You can contribute your thoughts like Ming Feng. https://www.bankbazaar.com/.../savings-account-interest-rates.html So if you aren’t drawing that kind of pay or looking to spend that kind of money. This savings account is amazingly simple: You start with a base interest rate of 0.01%, but if you credit your salary of at least $2,000, you earn 0.8% bonus interest. The Stan Chart JumpStart account is pretty straightforward. The highest interest savings accounts will be offshore in emerging countries. $20,000). The details you see on our site may be different from others. UOB One Card, UOB Lady’s Card, or UOB YOLO Card). Up to $200 cash credit when you sign up online and sign up for a UOB credit card. *Additional interest capped at first $50,000 of your account balance. OCBC Mighty Savers. Like most savings accounts, the DBS Multiplier savings account base interest rate is a paltry 0.05% per annum. retail spend, DBS Multiplier 2020 interest rate updates: As of 1 August 2020, interest rates have been revised for DBS Multiplier account holders with transactions in 1 and 2 categories. If you’re one of those victims, you don’t have to suffer this injustice. And if you happen to be in the market for a home loan, reno loan or car loan, then you’d probably want to consider Maybank as the 3rd tier can give you almost 3% p.a. Disclaimer: Banks sorted in descending order according to highest advertised interest rates on savings accounts … But the minimum spend of $800 to qualify for the cashback might discourage those who don’t spend that much. You can use the FREE Seedly Savings Account Calculator to help you make your decision faster! Generally, savings account earns you interest while current accounts do not. The criterion to hit the OCBC 360 Grow Bonus interest rate is probably out of reach for most of us. From 1 May 2020, this interest rate reduces to 1.796%. You have to apply for a DBS credit card AND spend a minimum sum with it, You will usually have to wait a while when withdrawing money as the queue for DBS or POSB ATMs are usually the longest (since almost everyone’s using them). This account makes sense if you’re earning just enough to meet the $1,800 minimum, and don’t want to jump through any further hoops. Know someone who needs to switch savings account? The OCBC 360 is more complicated than the UOB One, but also more flexible in that there is no one mandatory requirement. — a princely sum indeed. for bills, 0.75% p.a. Fall below fee: $2. Because once the promo expires, you’ll be stuck with an interest rate that’s not the most ideal. To best optimise your interest rate, you’ll basically want to fulfil at least three products and services in order to clock the maximum interest of 3.00% p.a. The Standard Chartered BonusSaver account is great because it gives you extra interest if you spend more via a Standard Chartered credit card. Source: DBS To earn the extra interest, you’ll need to minimally credit your salary or dividends from CDP via GIRO to qualify for the Income category . These changes will take effect on 1 Nov 2020 and the revision will be applicable to all new and existing UOB One accounts. Disclaimer: At MoneySmart, we aim to provide accurate, objective and up-to-date information. All financial products and services are presented without warranty. on your savings. This is currently unmatched. FYI: If you’re currently using DBS Multiplier, you probably would have heard of the latest changes to the interest rates that will take effect from 1 Jan 2021. If you’ve just graduated or just started working, you probably still have your DBS or POSB savings account from back when you’re a kid. Refer to Bonus Interest Rate tab below to see the change in interest rates, Students, NSF, self-employed, salaried or retired individuals are eligible to apply. Fall below fee: $5. A lesser-known option is the HSBC eFlexi savings account. So to keep things real, I’ve projected these savings accounts interest rates for up to $10,000 in savings, without requiring you to jump through too many hoops. And any incremental balances above $20,000 will receive 0.1% p.a. with 3-mth time deposits till 31 Dec Pick this account if you’re allergic to maths, because the only requirement is spending at least $500 a month on a UOB credit card (either UOB One Card, UOB Lady’s Card, or UOB YOLO Card). Then to get more interest, you’ll need to: Based on the criteria we set out earlier, you will fulfil the salary credit category and credit card spend category. Or you could clock the Invest or Insure category to really see a boost in your bonus interest rate. Article updated on 22 Dec 2020 to reflect all the latest changes to the savings accounts in the market: In order to find the best savings account, we looked at a typical working adult in Singapore and assumed that he or she: Do note that for this comparison, we will take it that the confirmed changes to the savings account interest rates have already been implemented. To earn the highest yield, you may have to keep a large amount of money in your account. one might pay 2% p.a. On paper, the Standard Chartered Bonus$aver Account gives the highest effective interest rate in Singapore at a very impressive 2.60% p.a. In this article, we've calculated the maximum effective interest rate–the highest actual return possible based on account activity–to determine the average rate available to consumers in Singapore. That’s ’cause not all of us have $1 million in savings to qualify us for the highest tier of interest. Interest rate is generally not the highest compared to the other savings accounts. Here are the best online savings account interest rates. While this greatly benefits borrowers (e.g. Note: the Base Interest for Standard Chartered BonusSaver has also been revised to 0.03% p.a. FYI: The interest rates for UOB One were revised recently. Choice of 9 qualifying products include salary or GIRO, home loans, car loans, investments and insurance. Stay updated with the latest finance tips! in the latest bond – Apply by 28 December 2020; HSBC: Enjoy a promotional rate up to 0.55% on 3-mth / 6-mth / 12-mth SGD Time Deposits till 31 Dec; Standard Chartered: Earn 0.45% p.a. FYI: OCBC 360 has revised their interest rates recently. Investments (only for the first 12 consecutive months). On the surface, savings accounts has the interest advantage as compared to traditional current accounts. Advertised interest rates for savings accounts in Singapore often reflect the highest available rate for one component within a larger, more complex savings plan. Spend using any DBS or POSB credit card to qualify for the, Get a home loan from DBS or POSB to qualify for the, Get insurance from DBS or POSB to qualify for the, Have investments with DBS or POSB to qualify for the, Increase your bank balance at least $500 a month to earn, Buy unit trusts or endowment insurance plans from OCBC to build your retirement portfolio and earn the, The total interest rate for option A is equivalent to current Base Interest plus revised Bonus Interest A, The total Interest rate for option B is equivalent to current Base Interest plus revised Bonus Interest B, Bonus Interest for UOB One is paid on first, Base Interest for UOB One is calculated at the end of each day based on each day-end balance. The application can be done online and it’ll only take you a couple of minutes. on amounts over $50,000 and 0.5% p.a. The easy-to-use UOB One account is one of the few higher interest savings accounts with no salary credit requirement. You can save regularly into other kinds of accounts too, so weigh up your options. All rights reserved. Rate indicated is based on the Savings Account product and is for the remaining balance above S$50,000. Waived for first-time customers & those up to age 29. The Maybank Save Up Programme lets you choose from 9 different Maybank products/services to get bonus interest: If you hit 2 transactions, e.g. They offer probably the highest interest rates in Singapore for those who take home a monthly salary of at least $6,000. Best Savings Account With the Highest Interest Rates in Singapore 2021. with $100,000 deposit and no fall below fees. Back in March 2020, we did an analysis on the highest interest savings account in 2020. The highest possible interest rate at 3.30% p.a. CIMB FastSaver Review: What Are The Changes in January 2021? The interest rate rises with every additional $15,000 in your UOB One account, capped at $75,000. Exchange rates vary; multi-currency feature cannot be disabled. Standard Chartered Bonus$aver is a current savings account with a base interest rate of 0.03% per annum on your deposit amount (updated rates as of 1 October 2020), Bonus interest rates range from 0.10% p.a. Bonus Interest for UOB One is calculated at the end of each calendar month based on the monthly average balance. Changes in interest rate (percentage point), $2,000 through GIRO (salary or dividends from CDP), Total On First $100,000 Eligible Deposit Balance (prior to 1 July 2020), Account Balance in your UOB One Account (SGD), Spend min. Banks have promotions whereby they offer bonus interest rates on savings accounts if you meet certain conditions. Finding the best high-interest savings accounts. If you don’t like reading terms and conditions, here’s our suggestion on how you can maximise your OCBC 360 Saving Account’s interest rate. Our team at Singapore Savings Account Rates works hard to raise your earned interest income from investing in savings accounts in 2015. And don’t want to crack your head over complicated T&Cs…. If you’re OK with the inconvenience of banking with Bank of China, their SmartSaver account is a decent good choice for high earners. However, note that banks have progressively introduced bonus-tiered interest accounts which are current accounts too. Fulfilling these criteria will offer you tiers of interest rates for your account balances. is one of the few higher interest savings accounts with no salary credit requirement. Initial Deposit & Balance: None. For example, the CIMB FastSaver and UOB Stash accounts gave us up to 1% p.a. Singapore Savings Bond (SSB): Earn up to 0.9% p.a. 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