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Bank & Product Name | Interest rate | Deposit | Balance | Fine print | Apply |
---|---|---|---|---|---|
Standard Chartered Bonus$aver ![]() |
3.88% |
3,000 | 3,000 |
|
Apply |
OCBC 360 Account ![]() |
3.25% |
1,000 | 3,000 |
|
Apply |
DBS Multiplier Programme ![]() |
2.68% |
0 | 3,000 |
|
Apply |
CIMB StarSaver-i Account ![]() |
0.80% |
1,000 | 0 |
|
Apply |
CIMB StarSaver Account ![]() |
0.80% |
1,000 | 0 |
|
Apply |
CIMB Junior Saver Account ![]() |
0.80% |
1,000 | 100 |
|
Apply |
Maybank Privilege Plus Savings Account ![]() |
0.50% |
500 | 1,000 |
|
Apply |
Bank of China Future Savers Account ![]() |
0.48% |
0 | 0 |
|
Apply |
Bank of China SGD Savings Account ![]() |
0.48% |
1,000 | 2,000 |
|
Apply |
OCBC Monthly Savings Account ![]() |
0.40% |
0 | 0 |
|
Apply |
Maybank iSAVvy Savings Plus Account ![]() |
0.38% |
500 | 500 |
|
Apply |
Maybank Youngstarz Savings Account ![]() |
0.38% |
10 | 0 |
|
Apply |
Maybank SaveUp Account ![]() |
0.31% |
500 | 1,000 |
|
Apply |
ANZ Progress Saver Account ![]() |
0.25% |
5,000 | 5,000 |
|
Apply |
DBS MySavings Account ![]() |
0.25% |
0 | 0 |
|
Apply |
Maybank Savings Account ![]() |
0.25% |
500 | 1,000 |
|
Apply |
OCBC FRANK Account ![]() |
0.20% |
0 | 0 |
|
Apply |
OCBC Bonus + Savings Account ![]() |
0.20% |
10,000 | 3,000 |
|
Apply |
ANZ SGD Statement Savings Account ![]() |
0.10% |
5,000 | 5,000 |
|
Apply |
Citibank InterestPlus Savings Account ![]() |
0.10% |
2,000 | 0 |
|
Apply |
DBS Remix eSavings Plus ![]() |
0.10% |
0 | 0 |
|
Apply |
DBS Remix eSavings Plus ![]() |
0.10% |
0 | 0 |
|
Apply |
DBS Savings Plus - for all foreigners ![]() |
0.10% |
0 | 0 |
|
Apply |
DBS eSavings Plus - for S Pass and EP holders ![]() |
0.10% |
0 | 1,000 |
|
Apply |
HSBC Premier Lite Savings Account ![]() |
0.10% |
1 | 0 |
|
Apply |
OCBC Statement Savings Account ![]() |
0.10% |
1,000 | 1,000 |
|
Apply |
UOB Passbook Savings Account ![]() |
0.10% |
20 | 500 |
|
Apply |
UOB Uniplus Account ![]() |
0.10% |
20 | 500 |
|
Apply |
UOB FlexiDeposit Account ![]() |
0.10% |
5,000 | 3,000 |
|
Apply |
UOB TX Account ![]() |
0.10% |
100 | 0 |
|
Apply |
UOB Junior Savers Account ![]() |
0.10% |
500 | 500 |
|
Apply |
Citibank Tap and Save Account ![]() |
0.01% |
2,000 | 5,000 |
|
Apply |
HSBC Singapore Dollar Savings Account ![]() |
0.01% |
1,000 | 2,000 |
|
Apply |
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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.
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.
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.
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.
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.
Generally NO, as Islamic Banking is for anyone who wants to opt for interest-free banking.
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.
Singaporeans / PRs:
Foreigners:
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.
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.