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Bank & Product Name Interest rate Deposit Balance Fine print Apply
OCBC 360 Account
 OCBC

3.25%

1,000 3,000
  • 1.2% p.a. bonus interest for credit your salary
  • 0.5% p.a. bonus interest for paying 3 bills online or through GIRO
  • 0.5% p.a. bonus interest for spending at least S$500 across your OCBC Credit Cards
  • 1% p.a. bonus interest for insurance and investment
  • 1% p.a. bonus interest on any incremental account balances
Apply
DBS Multiplier Programme
 The Development Bank of Singapore Limited

2.68%

0 3,000
  • All-in-one multi-currency account that allows saving up to 12 foreign currencies
  • Eligible to earn higher interest rate with regular banking of more than S$7,500 per month
  • No lock-in period
Apply
CIMB StarSaver-i Account
 CIMB Group

0.80%

1,000 0
  • Earn higher profit rate of 0.8% by increase monthly deposit by minimum S$100
  • Entitled to Deposit Insurance Scheme up to S$50,000
  • Zero withdrawal fees from CIMB Group ATMs across ASEAN
Apply
CIMB StarSaver Account
 CIMB Group

0.80%

1,000 0
  • Earn higher interest rate of 0.8% p.a. by increase monthly deposit by minimum S$100
  • Entitled to Deposit Insurance Scheme up to S$50,000
  • 0 withdrawal fees from CIMB Group ATMs across ASEAN
  • Free funds transfer to CIMB Malaysia
Apply
CIMB Junior Saver Account
 CIMB Group

0.80%

1,000 100
  • Earn higher interest rate of 0.8% by increase monthly deposit by minimum S$100
  • Joint account with a child below 12 years old
  • No fall-below fee
  • CIMB Junior Recognition Card that gives privileges and invitation to exclusive CIMB Junior events
Apply
Maybank Privilege Plus Savings Account
 Malayan Banking Berhad

0.50%

500 1,000
  • S$1000 minimum initial deposit for foreigners
  • Fall-Below Fee (monthly): S$2 if average daily balance below S$500
  • Fall-Below Fee (monthly): S$5 if average daily balance below S$500 (foreigners)
Apply
Bank of China Future Savers Account
 Bank of China

0.48%

0 0
  • Attractive interest rates with no service or additional fees
  • Joint account with a child below 15 years old
  • Entitled to Deposit Insurance Scheme up to S$50,000
Apply
Bank of China SGD Savings Account
 Bank of China

0.48%

1,000 2,000
  • Single or Joint account
  • Minimum age - 15 years old
  • Entitled to Deposit Insurance Scheme up to S$50,000
Apply
OCBC Monthly Savings Account
 OCBC

0.40%

0 0
  • S$50 minimum monthly savings
  • Earn 0.35% p.a. bonus interest for the month with no withdrawals made
  • Earn 0.05% p.a. base interest on a monthly basis
  • Up to 0.8% p.a interest for OCBC Child Development Account Holders
Apply
Maybank iSAVvy Savings Plus Account
 Malayan Banking Berhad

0.38%

500 500
  • Fall-Below Fee (monthly): S$2 if average daily balance below S$500
  • Free Insurance Coverage: Account balance with minimum S$100,000
  • 1.56% p.a. bonus interest every 6 months provided that there is an increase in the average daily credit balance at month-end (“Average Daily Balance”) in the iSAVvy Savings Plus Account each month during each fixed period (“Fixed Period”)
Apply
Maybank Youngstarz Savings Account
 Malayan Banking Berhad

0.38%

10 0
  • Only for Singapore Citizens, Permanent Residents
  • Free Personal Accident Insurance: Account balance with minimum S$2,000
Apply
Maybank SaveUp Account
 Malayan Banking Berhad

0.31%

500 1,000
  • Only for Singapore Citizens or Permanent Residents
  • Fall-Below Fee (monthly): S$2 if average daily balance below S$1000
Apply
DBS MySavings Account
 The Development Bank of Singapore Limited

0.25%

0 0
  • Interest is based on monthly deposit
Apply
Maybank Savings Account
 Malayan Banking Berhad

0.25%

500 1,000
  • S$1000 minimum initial deposit for foreigners
  • Fall-Below Fee (monthly): S$2 if average daily balance below S$1000
  • Fall-Below Fee (monthly): S$5 if average daily balance below S$1000
Apply
OCBC FRANK Account
 OCBC

0.20%

0 0
  • 0.2% p.a. interest for balances below S$10,000
  • 0.3% p.a. interest for balances between S$10,001 to S$100,000
  • 0.4% p.a. interest for balances from S$100,001 to S$500,000
Apply
OCBC Bonus + Savings Account
 OCBC

0.20%

10,000 3,000
  • Earn 0.75% p.a. bonus interest with no withdrawals made for the month
  • Earn 0.05% p.a. base interest rate on a monthly basis
  • S$2 fall below fee applies if monthly balance is below S$3000
Apply
Citibank InterestPlus Savings Account
 citi

0.10%

2,000 0
  • Receive S$200 shopping voucher upon application
  • Earn bonus interest up to 1.2% p.a. when you insure, spend, and invest
  • Complimentary cash withdrawals from Citibank ATMs overseas with no processing fee
Apply
DBS Remix eSavings Plus
 The Development Bank of Singapore Limited

0.10%

0 0
  • Convenience and 0.3% cashback with DBS Visa Debit Card
  • Earn interest on a daily basis
  • Perpetual waiver of fall below-fee
Apply
DBS Remix eSavings Plus
 The Development Bank of Singapore Limited

0.10%

0 0
  • For Singaporeans / Permanent Residents up to 29 years old
  • S$2 for each cash withdrawal at DBS/POSB branch
  • S$2 withdrawal fee for amount within ATM cash withdrawal limit
Apply
DBS Savings Plus - for all foreigners
 The Development Bank of Singapore Limited

0.10%

0 0
  • Fall-Below Fee (monthly): S$2 if average daily balance below S$5,000
Apply
DBS eSavings Plus - for S Pass and EP holders
 The Development Bank of Singapore Limited

0.10%

0 1,000
  • Convenience and 0.3% cashback with DBS Visa Debit Card
  • Earn interest on a daily basis
  • 24/7 access via iBanking and mBanking
Apply
HSBC Premier Lite Savings Account
 HSBC

0.10%

1 0
  • Individual must be a HSBC Premier customer
  • Child must be 18 years old and below
Apply
OCBC Statement Savings Account
 OCBC

0.10%

1,000 1,000
  • 0.05% p.a. interest for the first S$350,000
  • 0.08% p.a. interest for balances between S$350,000 to S$1,000,000
  • 0.1% p.a. interest for balances above S$1,000,000
Apply
UOB Passbook Savings Account
 United Overseas Bank Limited

0.10%

20 500
  • Fall-Below Fee (monthly): S$2 if average daily balance below S$500
  • Minimum Deposit S$20 (Singaporeans / permanent residents with monthly income below S$2,000)
Apply
UOB Uniplus Account
 United Overseas Bank Limited

0.10%

20 500
  • Fall-Below Fee (monthly): S$2 if average daily balance below S$500
  • Minimum Deposit S$20 (Singaporeans / permanent residents with monthly income below S$2,000)
Apply
UOB FlexiDeposit Account
 United Overseas Bank Limited

0.10%

5,000 3,000
  • Fall-Below Fee (monthly): S$2 if average daily balance below S$3,000
Apply
UOB TX Account
 United Overseas Bank Limited

0.10%

100 0
  • For Singaporeans / Permanent Residents / Non-Singaporeans up to 21 years old
Apply
UOB Junior Savers Account
 United Overseas Bank Limited

0.10%

500 500
  • Fall-Below Fee (monthly): S$2 if average daily balance below S$500
  • Free Insurance Coverage: Average daily balance of S$3,000 per month
Apply
Citibank Tap and Save Account
 citi

0.01%

2,000 5,000
  • Step-up interest up to 0.13% p.a.
  • 2% cashback on every EZ-Link Reload top up with Citibank SMRT Debit Card
  • 1% cashback on everything with Citibank SMRT Debit Card
Apply
HSBC Singapore Dollar Savings Account
 HSBC

0.01%

1,000 2,000
  • Fall-Below Fee (monthly): S$5 if average daily balance below S$2,000
Apply

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What is Savings Account?

Savings account is the most common deposit account available for consumers to deposit excess cash with banks or other financial institutions. It provides consumers the principal security and interest on the excess cash they deposit.

How Does Savings Accounts Work in Singapore?

Deposit account enables you to save your funds in a risk-free location and generate a modest amount of interest at the same time. These accounts generally require a minimum amount to open, it ranges from as little as S$10 to as high as S$1,000. However, there are some accounts don't involve any minimum deposit amount too.

How Can I Apply For Best Savings Account?

Most banks offer you the option to open your Savings Account through their iBanking system if you are their existing customer. Meanwhile for new customers, you can apply easily for a eSavings account online by filling up their online application form or you can even compare savings account and apply through iMoney and we will redirect you directly to the bank’s page.

Types of Regular Savings Accounts in Singapore

There are several types of savings accounts available in the market, which the three major ones are junior savings accounts, regular/basic savings accounts, and e-savings accounts.

  • Junior Savings Accounts: These accounts are exclusively available for children or young adults under 18 years old. Parents or legal guardian will have to be the joint account holder for the case of the child is below 16 years old. These accounts usually generate higher interest compared to a regular savings account, ideal for parents who want to start teaching their children about savings.

  • Regular/Basic Savings Accounts: These are the most common account that each individual will use. It provides basic facilities like ATM/debit card, passbook, and generates a modest interest. An individual has to be at least 18 years old to qualify for a savings account, with a minimum deposit amount required by the particular bank.

  • eSavings Accounts: This is a relatively new savings product compared to the previous two. An eSavings account do not come with a passbook or paper statement. These accounts basically serve the same functions as a regular savings account but with a lower or even zero maintenance fee. It is particularly ideal for those who use internet banking to manage their day-to-day banking transaction.
What About Islamic Banking?

Islamic banking is a universal term that must follow Sharia principles and moral values of Islam. Generally, all transactions need to be interest-free. The concept of interest in Islam is not allowed, which can be defined as “riba” is forbidden by Sharia. Besides that, Islamic banks cannot invest in any industries that is “haram” or forbidden in Islam.

Other than that, the concept of Islamic banking should remove the “gharar” matter. “Gharar” means that it is generally against any transactions that are highly uncertain or may cause any injustice against any parties.

When you put your money in the bank, you are allowed to receive “hibah” or “gift” from the bank as it is considered as gift given by the bank’s will. Bear in mind that the “hibah” rate is not fixed and can be change any time by the bank.

Bank can only charge your account directly as administrative charge and has no right to deduct any amount from the account. In brief, Islamic banking forbids uncertain activities and prohibits any interest-bearing loan facilities. Profit and loss sharing and its instruments must be assets based. In that sense, Islamic banking is banking according to the ethics of Islam.

Is Islamic Banking for Muslims only?

Generally NO, as Islamic Banking is for anyone who wants to opt for interest-free banking.

Interest Rates of Savings Account in Singapore

Interest on deposit accounts is usually compounded daily and will be paid monthly. The compounded interest rate is the rate the bank is paying based on your bank balance (including interest generated in the past). A compounding interest rate allows the principal amount to grow at a faster rate rather than simple interest, which is calculated as a percentage of the principal amount only.

The Advantages of a Savings Account

  • Savings accounts encourage the habit of savings among fixed income earners

  • It enables account holders to earn an interest on their income

  • It provides availability of immediate cash funds through ATM facilities

  • It provides facilities like internet banking and online transactions

  • If it is your first bank account, a savings account also helps you establish a relationship with a bank and contributes positively to your credit rating
What Documents Do I Need to Apply for Savings Account?

Singaporeans / PRs:

  • NRIC
  • Fill in the account opening form
  • Cash / cheque for initial deposit (if any).

Foreigners:

  • Passport
  • Employment Pass / S Pass
  • Company letter / Proof of residential address
How long will it take to get my Savings Account approve?

The subject to approve vary to which bank you are applying with, the manner in which you are applying and time taken usually from 1 day to a week.

Savings Accounts and iMoney

iMoney compares almost every single savings account in Singapore in a plain simple table for your convenience. Review the latest interest rates and promotions available with each individual bank. Application with iMoney is simple and easy, and most importantly, this service is completely free!


Read the latest news and updates on Savings Account in Singapore here.

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