Best Savings Accounts in Singapore : 2024 Smart Guide
With so many credit card options in Singapore, it can be overwhelming to find the right one to suit your spending habits and maximize your rewards. By carefully comparing key factors like cashback rates, rewards programs, annual fees, and special perks, you can identify the best credit cards to fit your lifestyle and get the most value out of every dollar you spend.
Compare and Find the Savings Accounts
Top Savings Accounts in Singapore for Working Adults
Saving your money is one of the smartest ways you can do to prepare for rainy days. But it is not enough to open a savings account from the bank that you are only familiar with, you may end up just having an interest rate of 0.05%. There are many banks that offer competitive and known as the best savings accounts in Singapore.
If you are afraid of taking bigger risks, a savings account is a great option for you. Also, if you are afraid to keep your money for a certain period of time, a savings account is also ideal for you.
Below is our summary of the best savings accounts with the highest interest rates in Singapore. Please take note that rates may change at any time.
Top 5 Savings Accounts for Working Adults in Singapore
Finding a high-interest rate bank with easy approval needs some research. Don’t give your money to any bank blindly, if you want to do significant savings then a little knowledge and study are required. We have collected the five best savings accounts in Singapore for working individuals.
UOB One Account
UOB one account is the best saving account on our list because you perform specific actions or tasks and get high rate bonuses on them. People who don’t have enough time for research must try this savings account. Find in which category you lie:
- Credit card spends only (0.65% p.a.)
- Credit card spend + salary credit (3.85% p.a. and up)
- Credit card spend + 3 GIRO payments (2.5% p.a. and up)
If it’s your first time opening an account, then you should go with a UOB One account, spend at least $500 and earn an interest of 0.65 p.a.
Employers or workers don’t have to worry a lot because they have easily had a salary credit of min $1,600 and credit card spending of $500. If they meet the criteria, they will get an interest of 3.85% p.a.
Freelancers and part-time workers have to worry a little, but it’s not a big issue. You spend credit card money and GIRO payments, even if you are holding less than $15,000. You will get an interest of 0.75% p.a.
0CBC 360 Account
For every starter, we recommend joining DBS, UOB, and OCBC, but if you want to open a primary account and have quality savings and now want interest in it. You will receive an interest of 4.65% every year. You must go for OCBC 360 account. Fulfill any of their requirements to earn high interest:
- Credit your salary through GIRO
- Ensure to save a minimum of S$500 from the past month
- Hit $200,000 or more in total savings
- Insure with OCBC
- Invest with OCBC
To increase the interest rate and your savings, you should credit your salary of at least $1,800 to get 2.00% p.a. Want an interest of 1.2% p.a then you must increase your account balance by S$500 every month. A great option to reach 0.60% p.a for twelve months, then you must invest in OCBC products. The good thing about this account is that there are no fixed bonus rates.
DBS Multiplier Account
Every bank provides a low-interest rate on annual account money. The same goes for the DBS Multiplier account; they give an interest rate of 4.1%. But you can extend your interest rate by applying for bonuses. Follow the below criteria/requirements to increase your savings.
- Credit your income by credit card spend, home loan installment, insurance, investments, adding up to S$2,000 or more.
- Credit your income and transact with PayLah! for retail spending, you can add up to $500 or more.
- Transact with PayLah! for retail spending. It is applicable for 29 years old and below with no eligible income.
- Spending on DBS/POSB credit cards
- Getting a home equity credit from DBS/POSB
- Investing with DBS/POSB (1 year only)
- Buying insurance from DBS/POSB (1 year only)
POSB SAYE account
POSB SAYE is a unique and special kind of account that provides you with extra interest in monthly savings. You can use it as debiting for saving accounts. To get the benefits, you have to follow the below steps.
- Credit all your monthly salary in POSB debiting account for your contribution to savings.
- Try to choose your savings between the 1st-25th of every month.
- Don’t touch the saving money till two years.
- Check a fixed monthly savings amount from approximately $50 to $3,000 in multiples of $10.
- Make no withdrawal from the following account.
To apply, you must be above 16 years old with a POSB account containing a credit salary.
Standard Chartered Bonus Saver Account
Standard Chartered Bonus Saver is an account that provides interest rates of 3.90% per annum on balance in the account. They offer a quick application process, online mobile banking, 0% transfer charges, and withdraw your cash quickly. Features are as follows:
- Base interest will be calculated on a daily basis and credited on a monthly basis.
- Bonus interest rates range from 0.10% p.a. for bills, 0.70% p.a. for traditional Chartered debit or Mastercard spend, to 1.00% every year for investments and insurance with Standard Chartered.
- To fulfill the standards, your Standard Chartered Bonus Saver debit or Mastercard must be linked to your Standard Chartered Bonus Saver account.
- Bonus interest is calculated at the tip of every month, supported by the typical daily balance in your following account.
Factors to Consider When Choosing the Best Savings Account
When selecting a savings account in Singapore, there are several key factors to evaluate to ensure you find the best fit for your financial goals and needs:
Interest Rates
Compare the interest rates offered by different banks since higher rates will help your savings grow faster. Look for accounts with tiered interest rates that reward you with higher returns for maintaining a larger balance or meeting certain requirements.
Minimum Balance Requirements
Consider the minimum balance required to open and maintain the account without incurring fees. Choose an account with a minimum balance that aligns with your financial situation and saving habits.
Fees and Charges
Evaluate any fees associated with the account, such as monthly maintenance fees, fall-below fees, or ATM charges. Opt for an account with minimal fees to maximize your savings growth.
Accessibility and Convenience
Look for a savings account that offers easy access to your funds through online and mobile banking, ATMs, and branch networks. Consider the bank’s operating hours and customer support availability to ensure you can manage your account conveniently.
Bonus Features and Promotions
Compare additional features and promotions offered by different banks, such as sign-up bonuses, loyalty programs, or linked accounts that can help you earn more interest or rewards.
Tips to Grow Your Savings
To maximize the growth of your savings over time, consider implementing these strategies:
Set Clear Savings Goals
Establish specific, measurable, and time-bound savings goals to stay motivated and track your progress. Whether saving for an emergency fund, a down payment, or a vacation, having clear targets will help you stay focused and committed.
Automate Your Savings
Set up automatic transfers from your checking account to your savings account each month. This ensures that you consistently save a portion of your income without having to remember or be tempted to spend the money elsewhere.
Increase Your Contributions Over Time
As your income grows or your expenses decrease, consider increasing the amount you save each month. Even small increments can add up significantly over time due to the power of compound interest.
Explore Additional Savings Vehicles
In addition to a traditional savings account, consider other savings and investment options such as fixed deposits, Singapore Savings Bonds, or low-cost index funds to diversify your savings and potentially earn higher returns.
Review and Optimize Regularly
Regularly review your savings progress and reassess your account choice to ensure it still aligns with your goals and offers competitive interest rates. Don’t hesitate to switch banks or open new accounts if better opportunities arise.
