5 Best Savings Accounts in Singapore
Not all savings accounts are created equal. Some banks manage to have accounts that are much worse than others. No matter how savvy you are at squirrelling your cash into various investments, chances are you’d still need a good old regular savings account.
Here are some of the best ones that you can definitely think about.
1. DBS Multiplier Program
Good for: Moderate to high earners
The DBS Multiplier Program allows you to earn up to 2.08% p.a. Of course, actually reaching 2.08% is not easy, but the progressive tier of your banking amount with them is pretty reasonable.
Monthly banking activities refer to GIRO-credited salary to POSB or DBS accounts, credit card spending, home loans payments, and investment dividends.
If you credit your salary to your DBS or POSB account and have an existing home loan as well as some monthly credit card spending, a 1.08% may not be far from reach.
The account is a multi-currency one which allows you to save up to 12 foreign currencies, and so is great for those who earn and save in multiple currencies.
Note though, that the higher interest applies to a balance of up to S$50,000, after which the prevailing base rate of 0.05% applies.
A fall below fee of S$5 will be charged if average daily balance falls below S$3,000.
2. Standard Chartered Bonus $aver Account
Good for: Those who want to take advantage of attractive promotional rates and want to bank, spend, insure, and invest with one bank
The Standard Chartered Bonus S$aver Account occasionally runs promotions that could bump up the interest rate up to 3.38% p.a with multiple conditions. However, even without promotions, the Bonus saver account does give you pretty decent rates.
If you spend at least S$500 a month on your complimentary Bonus$aver World MasterCard or debit card, you get a 1.88% p.a. interest on the first S$25,000 deposited with the bank. Otherwise, the prevailing interest rate is 0.1% p.a. on a balance less then S$200,000 and 0.2% for a higher balance.
Note that this account requires a minimum average daily balance of S$3000.
3. OCBC 360 Deposit Account
Good for: Anyone earning more than S$2000 a month
The OCBC 360 Deposit Account is one of the best savings accounts that allows even the modest salaryman and young executive a way to earn more interest on their savings.
A base interest of 0.05% applies to your entire account balance and you can earn up to 3.25% p.a in your account balance of up to S$60,000 if you do the following:
- Credit your monthly salary of minimum S$2000 via GIRO and get an additional 1.2%
- Make 3 unique bill payments from this account with OCBC Online Banking or through GIRO and earn an additional 0.5%
- Spend at least S$500 in total across your personal OCBC Credit Cards (OCBC has a pretty good cashback credit card for food lovers)
- Purchase investment or insurance products from OCBC for an additional 1%.
If you are not keen on getting any more investment or insurance products, you can still earn an additional 1% on your incremental account balance if you increase your account balance from the previous month’s balance (a.k.a save money)
A S$2 fall-below fee applies if the account falls below the minimum average daily balance of S$3000.
4. CIMB Star Saver Account
Good for: Anyone looking for a fuss-free basic savings account
This account is a simple, fuss-free savings account that does just what it says. In other words, the bank offers you a decent interest rate without asking you to commit to a deep relationship by taking their home loans, using their credit cards, and insuring your life with them.
Get a 0.8% p.a. on your entire account balance by topping up with a minimum of $100 per month. Or, you can place a periodic lump sum deposit and CIMB Bank will convert it into equal monthly portions. Otherwise, a 0.5% base interest rate applies.
This is perfect for the bank commitment-phobe, for those with erratic earnings, or who earn less than S$2000 monthly.
A minimum initial deposit of S$1000 is required for this account.
5. OCBC Bonus+ Savings Account
Good for: Those aspiring to be more disciplined with their savings
This account is a good one to have for those who need a little more incentive to not withdraw from their savings account. A 0.05% p.a. monthly base rate applies to your account. But you get to enjoy monthly and quarterly pats on the back.
- Earn 0.6% if you don’t make any withdrawals for the month
- Earn 1.15% if you don’t make any withdrawals for the quarter
- Earn 2.35% if you top up with fresh funds of S$10,000 and don’t make any withdrawals for the quarter
Even if you don’t make any injection of fresh funds, a 1.15% interest is not shabby at all. This account requires an initial deposit of S$10,000 and a minimum average daily balance of S$3000 for the month.
You’ll never get rich with savings account, but with this nasty beast called inflation, it sure is wise to choose the one that makes you the least poor!