Best Savings Accounts in Singapore 2019

Savings accounts offer a great, low-risk way to earn more from your money. However, some accounts can be quite complex. We've identified the best savings accounts in Singapore and explained them in straightforward terms, so you can quickly find the best option for you.

Best Savings AccountsMax Effective Interest Rate
Best OverallDBS Multiplier3.65% p.a. (at S$100k balance)
OCBC 3603.48% p.a. (at S$70k balance)
Maybank SaveUp3.00% p.a. (at S$50k balance)
UOB One2.44% p.a. (at S$75k balance)
No Fees, No MinimumsOCBC Frank0.38% p.a. (at S$500k balance)
Consistent SaversPOSB SAYE2.50% p.a. (w/ S$800/month deposit)
Maybank iSAVvy Plus1.94% p.a. (at S$50k balance)
OCBC Bonus+1.45% p.a. (any balance size)
UOB Stash0.83% p.a. (at S$100k balance)
Wealthy ConsumersCiti InterestPlus3.60% p.a. (at S$50k balance)
BOC SmartSaver3.55% p.a. (at S$60k balance)
Citi MaxiGain~2.48% p.a. (at S$70k balance)
Simple & EasyCIMB FastSaver1.17% p.a. (at S$75k balance)
RHB High Yield0.91% p.a. (at S$100k balance)
CIMB StarSaver0.80% p.a. (any balance size)

Best Savings Accounts in Singapore Overall

The best savings accounts in Singapore may be a bit more complex in terms of rewards structure, but also offer the highest effective interest rates on the market.

Highest Effective Interest Rate: DBS Multiplier Savings Account

Consider this if you're a high-earning DBS loyalist with financial savvy

Min. Age Requirement 18
Min. Initial Deposit S$0
Min. Balance Requirement S$3,000

DBS Multiplier Savings Account is an exceptional option for high-spenders with financial involvement across a variety of DBS banking products. Account holders earn interest based on a few intersecting factors. First, consumers must credit their salary to their account monthly, which unlocks the 0.05% p.a. base rate. Next, consumers are rewarded for engaging with DBS product categories. These include (1) spending with a DBS or POSB credit card, (2) paying monthly instalments on a DBS home loan, (3) paying a monthly insurance premium, and (4) investing through DBS. The more categories an account holder engages in monthly–and the higher the value of these monthly transactions–the higher the interest rate earned.

Ultimately, the maximum effective interest rate that a consumer can earn–if they credit their salary, engage in 3+ product categories, and spend S$30k+ in monthly transactions–is 3.65% p.a., attainable with a S$100k balance. While this is the highest EIR available on the market, the necessary criteria is quite challenging. The average consumer may expect to earn more along the lines of 2.00% p.a. This is still a market-leading rate, however, making DBS Multiplier one of the best savings accounts in Singapore, especially for those who can balance multiple financial products.

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DBS Multiplier Interest Rate Grid
Transactions/Mo
  • 1 Category
  • (first S$50k)
  • 2-3+ Categories
  • (first S$50k)
  • 3+ Categories
  • (S$50k-S$100k)
< S$2k0.05%0.05%0.05%
S$2k – below 2.5k1.55%1.80%2.00%
S$2.5k – below S$5k1.85%2.00%2.20%
S$5k – below S$15k1.90%2.20%2.40%
S$15k – below S$30k2.00%2.30%2.50%
S$30k+2.08%3.50%3.80%
  • Interest Rates are rewarded by specific bands of balance: Up to S$50k and from S$50k–S$100k
  • Categories include Credit Card spend, Home Loan Instalments, Insurance and Investments
  • Salary must be credited to account to qualify for any bonus interest
Max Effective Interest Rate:3.65% p.a. (at S$100k balance)
Promotional rates, if any, are not included

Highest Earnings for Incremental Savers: OCBC 360 Savings Account

Consider this if you're a consistent saver with a stable budget

Min. Age Requirement 18
Min. Initial Deposit S$1,000
Min. Balance Requirement S$3,000
Promotions:
  • Open your 1st OCBC 360 Account & receive S$20 cash reward
Learn About Top OCBC Products:

If you're a working adult willing to save at least S$500 per month, OCBC 360 Savings Account may be your best option. Like competitors, this account offers a boosted interest rate for those who credit a S$2k+ monthly salary and spend S$500+/month with a bank credit card. Investing or insuring through OCBC bank also earns a boost. Altogether, these bonuses add up to +2.95% p.a. effective interest on top of the 0.05% p.a. base rate. This bonus applies up to the 1st S$70k of the balance (excess balance earns just the base rate).

OCBC 360 Account stands out from its competitors by rewarding continued growth. Increasing the account balance from month to month earns an extra 1.00% p.a. interest on the incremental difference. Even more, making a monthly deposit of at least S$500 earns a bonus +0.45% p.a. effective interest. Overall, while several accounts reward salary crediting & product use and others reward consistent saving, OCBC 360 is one of the very few that offers bonus interest for both. Combining all bonuses (including a +1.00% p.a. bonus for large balance sizes), consumers can earn a maximum effective interest rate of 3.48% p.a. with a S$70k balance.

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Rate TypeDetails & RequirementsInterest Rate
Base RateNo Requirements; applied to entire balance0.05% p.a.
Boost Bonus
  • Increase balance size from previous month
  • (Bonus interest applied to increase only)
+1.00% p.a. (on increase)
Grow Bonus
  • Maintain balance of at least S$200k
  • (Bonus interest added to base rate)
+1.00% p.a. on first S$70k
Step-Up Bonus
  • Deposit at least S$500/month
  • (Bonus interest added to base rate & applied
  • to specific band of balance)
+0.30% p.a. on first S$35k
+0.6% p.a. on next S$35k
Spend Bonus
  • Spend S$500/month on OCBC credit card
  • (Bonus interest added to base & applied to
  • specific band of balance)
+0.30% p.a. on first S$35k
+0.6% p.a. on next S$35k
Salary Bonus
  • Credit S$2k+ salary to account via GIRO
  • (Bonus rates added to base rate & applied
  • to specific band of balance)
+1.20% p.a. on first S$35k
+2.00% p.a. on next S$35k
"Wealth" Bonus
  • Insure or invest with OCBC Bank
  • (Bonus rates added to base rate & applied
  • to specific band of balance)
+0.60% p.a. on first S$35k
+1.20% p.a. on next S$35k
Max Effective Interest Rate:3.48% p.a. (at S$70k balance)
Note that Max EIR assumes a S$2k incremental increase. Max EIR is highest at a S$70k balance even with the Grow Bonus left inactive. Promotional rates, if any, are not included
OCBC 360 Account Interest Rates
Base Rate: No requirements (applied to entire balance)
  • 0.05% p.a.
Boost Bonus: Increase balance size from previous month (bonus interest applied to increase only)
  • +1.00% p.a. (on increase)
Grow Bonus: Maintain balance of at least S$200k (bonus interest added to base rate)
  • +1.00% p.a. on first S$70k
Step-Up Bonus: Deposit at least S$500/month (bonus interest added to base rate & applied to specific band of balance)
  • +0.30% p.a. on first S$35k
  • +0.6% p.a. on next S$35k
Spend Bonus: Spend S$500/month on OCBC credit card (bonus interest added to base & applied to specific band of balance)
  • +0.30% p.a. on first S$35k
  • +0.6% p.a. on next S$35k
Salary Bonus: Credit S$2k+ salary to account via GIRO (bonus rates added to base rate & applied to specific band of balance)
  • +1.20% p.a. on first S$35k
  • +2.00% p.a. on next S$35k
"Wealth" Bonus: Insure or invest with OCBC Bank (bonus rates added to base rate & applied to specific band of balance)
  • +0.60% p.a. on first S$35k
  • +1.20% p.a. on next S$35k
Max Effective Interest Rate:
  • 3.48% p.a. (at S$70k balance)
Note that Max EIR assumes a S$2k incremental increase. Max EIR is highest at a S$70k balance even with the Grow Bonus left inactive

Best for Salaried Workers Seeking Loans: Maybank SaveUp Savings Account

Consider this if you're a moderate saver in charge of the household

Min. Age Requirement 16
Min. Initial Deposit S$500 for Singaporeans & PR, S$1,000 for foreigners
Min. Balance Requirement S$1,000
Learn About Top Maybank Products:

If you're a salaried employee thinking of taking out a car, education, home, or home renovation loan, Maybank SaveUp Savings Account can translate such plans into market-leading interest rates. Account holders earn at already high base rates (up to 0.3125% p.a., compared to the standard 0.05% p.a.), and can further boost their rate by engaging with Maybank financial products. These include spending with Maybank Platinum Visa or Horizon Visa Signature Credit Card, investing via a structured deposit or Unit Trust, taking out life insurance, or securing a loan (car, education, home, home renovation).

The number of products a consumer engages with determines the extent of bonus interest earned. Involvement with 1 product earns a +0.30% p.a. bonus, 2 products earns +0.80% p.a., and 3+ products earns an incredible 2.75% p.a. bonus. Fortunately, Maybank includes salary crediting (S$2k+/month) as a qualifying 'product', making it even easier to earn an interest boost. Consumers who engage with at least 3 products can earn up to a maximum effective interest rate of 3.00% p.a., at a S$50k balance–making Maybank SaveUp an incredible choice for salaried employees with moderate savings.

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Rate TypeDetails & RequirementsInterest Rate
Base Rate
  • No requirements
  • (Rate varies according to band of balance)
0.1875% p.a. on 1st S$3k
0.25% p.a. on next S$47k
0.3125% p.a. beyond S$50k
Product Bonus
  • Use at least 1 Maybank service or product,
  • ie loan, insurance, investment, credit card etc.
  • (Bonus interest based on number of products
  • & applied to entire balance, up to 1st S$50k)
+0.30% p.a. for 1 product
+0.8% p.a. for 2 products
+2.75% p.a. for 3+ products
Max Effective Interest Rate:3.00% p.a. (at S$50k balance)
Promotional rates, if any, are not included
Maybank SaveUp Savings Account Interest Rates
Base Rate: No requirements (rate varies according to band of balance)
  • 0.1875% p.a. on 1st S$3k
  • 0.25% p.a. on next S$47k
  • 0.3125% p.a. beyond S$50k
Product Bonus: Use at least 1 Maybank service or product, ie loan, insurance, investment, credit card etc. (bonus interest based on number of products & applied to entire balance, up to 1st S$50k)
  • +0.30% p.a. for 1 product
  • +0.8% p.a. for 2 products
  • +2.75% p.a. for 3+ products

Best Account for Easy–to–Access Top Rates: UOB One Savings Account

Consider this if you're interested in a UOB credit card in addition to your savings account

Min. Age Requirement 18
Min. Initial Deposit S$1,000
Min. Balance Requirement S$1,000
Promotions:
  • Receive up to S$250 by applying online to both UOB One Account & UOB One Credit Card and making a S$5k fresh funds deposit
Learn About Top UOB Products:

Of the savings accounts with the highest effective interest rates on the market, UOB One is by far one of the easiest to use. Account holders can earn up to a 2.44% p.a. effective interest rate upon reaching a S$75k balance, which is nearly double the market average. Rates are based on just 3 factors: credit card use, salary crediting, and size of current balance.

First, spending S$500+/month with select UOB credit cards earns a bonus +1.45% p.a. on top of the 0.05% p.a. base rate. Next, consumers who meet the credit card spend can earn an additional boost when they credit their salary or make 3+ GIRO debit transactions. Finally, boosted rates depend on the balance size; the total is divided into bands (1st S$15k, next S$15k…), and each band earns at a different bonus rate. Altogether, salaried employees with a UOB credit card can easily earn top rates, without the need for extensive tracking. While similar accounts tend to be very complex, UOB One is a great option that doesn't require a lot of extra effort.

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Rate TypeDetails & RequirementsInterest Rate
Base RateNo Requirements; applied to entire balance0.05% p.a.
Credit Card Bonus
  • Spend S$500/month on UOB One,
  • UOB YOLO, or UOB Lady's credit card
  • (Bonus interest added to base rate)
+1.45% p.a.
Salary/GIRO Bonus
  • Credit S$2k+ salary to account or
  • make 3 GIRO debit transactions per month
  • (Bonus rates added to base rate &
  • applied to specific band of balance)
+0.35% p.a. on first S$15k
+0.50% p.a. on next S$15k
+0.65% p.a. on next S$15k
+0.80% p.a. on next S$15k
+2.38% p.a. on next S$15k
Max Effective Interest Rate:2.44% p.a. (at S$75k balance)
Promotional rates, if any, are not included
UOB One Account Interest Rates
Base Rate: No requirements (applied to entire balance)
  • 0.05% p.a.
Credit Card Bonus: Spend S$500/month on UOB One, UOB YOLO, or UOB Lady's Card (bonus interest added to base rate)
  • +1.45% p.a.
Salary/GIRO Bonus: Credit S$2k+ salary to account or make 3 GIRO debit transactions per month (bonus rates added to base rate & applied to specific band of balance)
  • +0.35% p.a. on first S$15k
  • +0.50% p.a. on next S$15k
  • +0.65% p.a. on next S$15k
  • +0.80% p.a. on next S$15k
  • +2.38% p.a. on next S$15k

Best Accounts with No Fees & No Minimum Balance

If you're looking for a low-maintenance option without fees or minimum balance requirements, these savings accounts are definitely worth considering.

Best Savings Account for Young Adults: OCBC Frank

Consider this if you're a young adult looking for a fee-free starter account

Min. Age Requirement 16
Min. Initial Deposit S$0
Min. Balance Requirement S$0 if younger than 26 years old, S$1,000 for 26+
Promotions:
  • Open account online & receive S$10 cash credit
Learn About Top OCBC Products:

OCBC Frank Savings Account is by far the best option for young adults who want top interest rates, but don't want to worry about extra fees. To begin with, it's especially easy to qualify for, and get started with, an OCBC Frank account. In fact, consumers as young as 16 years old can apply–which is notably younger than the 18 year old standard. In addition, there's no minimum income or salary requirement, which further lowers the barrier to entry. Finally, there's no initial deposit requirement; many banks require an initial deposit of at least S$500.

OCBC Frank Savings Account stands out as especially great for young adults because those under 26 years old are exempt from virtually all fees and minimums. Not only is there no initial deposit requirements, there also aren't any monthly service fees or "fall below fees." Essentially, this means young account holders do not have a minimum balance requirement, which is quite rare–nearly all banks require all account holders to maintain a daily balance of S$500–S$5k+.

It's worth mentioning, however, that adult OCBC Frank account holders (aged 26+) aren't exempt from a minimum requirement balance. In fact, a minimum balance of S$1k is required. Nonetheless, falling below this minimum incurs just a S$2 monthly service fee. For small balance sizes (< S$12k), this could mean cancelling out all interest earned (and more), but for larger balances, this fee would have less of an impact. Still, OCBC Frank is expressly structured to benefit young adults, and is best suited to young savers.

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Rate TypeDetails & RequirementsInterest Rate
Base Rate
  • No requirements
  • (Rate varies according to band of balance)
0.20% p.a. on 1st S$10k
0.30% p.a. on next S$90k
0.40% p.a. on next S$400k
Max Effective Interest Rate:0.38% p.a. (at S$500k balance)
Promotional rates, if any, are not included
OCBC Frank Savings Account Interest Rates
Base Rate: No requirements (rate varies according to band of balance)
  • 0.20% p.a. on 1st S$10k
  • 0.30% p.a. on next S$90k
  • 0.40% p.a. on next S$400k

Best for Low Income & Full-Time NSF: POSB Everyday Savings Account

Consider this if you're a low-income adult looking to open a savings account

Min. Age Requirement 16
Min. Initial Deposit S$0
Min. Balance Requirement S$500
Promotions:
  • Receive S$20 cash gift when you apply online
Learn About Top POSB Products:

POSB Everyday Savings Account is one of the most accessible accounts on the market, especially for individuals who are either unsalaried or not working full-time. The account is open to individuals as young as 16 years old, and there's no minimum initial deposit requirement, which makes it easier to get started. What stands out most, however, is that a variety of groups are exempt from fall-below fees (or in other words, are not held to a daily minimum balance requirement). Individuals below 21 years old, above 60 years old, recipients of public assistance, full-time NSF, or who are opening their first account are all exempt. People who do not fall into these categories, however, will be charged S$2/month if their daily balance falls below S$500.

In terms of rates, POSB Everyday Account is fairly straightforward. Consumers earn based on their balance size. The balance is banded into tiers, and each portion earns at a different interest rate. For this account, balance amounts up to S$350k earn 0.05% p.a., which is roughly in line with the market standard for base rates. While POSB Everyday Account lacks special bonus rates or offers, it's very easy to use and is accessible to many groups.

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Rate TypeDetails & RequirementsInterest Rate
Base Rate
  • No requirements
  • (Rate varies according to band of balance)
0.05% p.a. on 1st S$350k
0.075% p.a. on next S$650k
0.10% p.a. beyond S$1 million
Max Effective Interest Rate:~0.08% p.a. (at S$1.5 million+ balance)
Max EIR continues to increase towards 0.10% p.a. as balance size increases, though rate of increase slows exponentially. Max EIR reaches 0.099% p.a. when the balance reaches S$26 million. Promotional rates, if any, are not included
POSB Everyday Savings Account Interest Rates
Base Rate: No requirements (rate varies according to band of balance)
  • 0.05% p.a. on 1st S$350k
  • 0.075% p.a. on next S$650k
  • 0.10% p.a. beyond S$1 million

Best Savings Accounts for Consistent Savers

These savings accounts offer top interest rates for consumers who consistently make deposits and refrain from making withdrawals for months on end.

Best for Consumers with Stable Budgets: POSB Save As You Earn (SAYE) Account

Consider this if your spending and saving behavior is relatively constant from month to month

Min. Age Requirement 16
Min. Initial Deposit Unknown
Min. Balance Requirement Unknown
Promotions:
  • Receive S$20 cash gift when you apply online
Learn About Top POSB Products:

If you're interested in making automatic monthly deposits and aren't planning to make a withdrawal for the next year or so, POSB Save As You Earn Account is an excellent match for your needs. In fact, account holders who are able to credit between S$800–S$3k/month, without making any withdrawals, can earn an incredible 2.50% p.a.–one of the highest effective interest rates on the market.

In general, consumers earn at a base rate by depositing a fixed amount between S$50 to S$3k+/month, with the interest varying according to deposit size. Consumers can earn a bonus +2.00% p.a. if they continuously credit their account and make no withdrawals across 24 months–which is a remarkable boost by market standards. As a result, POSB SAYE is a great fit for people with consistent saving and spending habits, who regularly have a bit of excess monthly income.

Rate TypeDetails & RequirementsInterest Rate
Base Rate
  • No requirements;
  • applied to total balance
  • (Rate varies according to
  • monthly deposit size)
0.05% p.a. if no deposit made
0.05% p.a. for S$50–290 deposit
0.20% p.a. for S$300–790 deposit
0.25% p.a. for S$800–3k deposit
0.05% p.a. for S$3k+ deposit
No Withdrawals + Deposit
  • No withdrawals + deposit
  • (Bonus interest added to base rate
  • & applied to total balance)
+2.00% p.a.
Max Effective Interest Rate:2.50% p.a. (at S$800–3k deposit)
Promotional rates, if any, are not included

Best for Consistent, Large Deposits: Maybank iSAVvy Plus

Consider this if you consistently make large deposits

Min. Age Requirement 16
Min. Initial Deposit S$500
Min. Balance Requirement S$500

Maybank iSAVvy Plus Savings Account is another great option for consistent savers who aren't likely to make a withdrawal for at least 6 months. Unlike its closest competitor, MB iSAVvy Plus rewards its base interest rate according to the average daily balance size, rather than the monthly deposit size. Base rates are also reasonably high, peaking at 0.38% p.a. for balances of S$50k+. This is beneficial for some, as consumers with higher balances will earn at higher base rates, even if their monthly deposit is smaller.

On the other hand, MB iSAVvy Plus's bonus structure does incentivise large monthly deposits. Consumers who manage to consistently increase their month-on-month balance for 6 months, with no withdrawals, earn 1.56% p.a. bonus interest, but just on the incremental gains (not the entire balance). In this way, those that make larger deposits will significantly boost their final effective interest rate.

Rate TypeDetails & RequirementsInterest Rate
Base Rate
  • No requirements (Rate varies
  • according total balance amt)
0.1875% p.a. if < S$5k
0.30% p.a. if S$5k–below S$50k
0.38% p.a. if S$50k+
Consistent Increase
  • Monthly deposit + no withdrawals
  • for 6 mo (Bonus interest applied to
  • incremental increase only)
1.56% p.a. (on increase)
Max Effective Interest Rate:1.94% p.a. (at S$50k balance)
Promotional rates, if any, are not included

Most Flexible Rewards for Consistent Savers: OCBC Bonus+

Consider this if you want a boosted rate on months you boost your balance

Min. Age Requirement 16
Min. Initial Deposit S$5,000
Min. Balance Requirement S$3,000
Promotions:
  • Up to S$120 cash rebate welcome gift
Learn About Top OCBC Products:

Consumers who often contribute to their savings accounts–but can't guarantee they won't make a withdrawal for months at a time–are best-suited to OCBC Bonus+ Savings Account. Account holders earn 0.05% p.a. base interest, plus a +1.00% p.a. boost when they don't make a withdrawal that month. Consumers can also earn an extra +0.40% p.a. when they make a S$500+ deposit as well–adding up to a total potential 1.45% p.a. effective interest rate, at any balance size.

OCBC Bonus+ is unique for two reasons. First, the bonus criteria applies to month-to-month behavior, rather than requiring 6months+ of growth with no withdrawals. Second, this is one of the few savings accounts where consumers can achieve the maximum effective interest rate regardless of balance size. As a result, OCBC Bonus+ Savings Account is likely the most flexible option for consistent savers on the market.

Rate TypeDetails & RequirementsInterest Rate
Base Rate
  • No Requirements; applied to entire balance
0.05% p.a.
No Withdrawals
  • No withdrawals during month (Bonus interest
  • added to base rate & applied to entire balance)
+1.00% p.a.
Extra Deposit
  • No withdrawals + deposit at least S$500
  • (Bonus interest added to base rate & applied
  • to entire balance)
+0.40% p.a.
Max Effective Interest Rate:1.45% p.a. (any balance size)
Promotional rates, if any, are not included

Best for Big Balances, Small Increases: UOB Stash Savings Account

Consider this if you have a large balance, but make smaller deposits

Min. Age Requirement 15
Min. Initial Deposit S$1,000
Min. Balance Requirement S$1,000
Promotions:
  • Apply online & deposit S$5k fresh funds to receive S$100 cash credit
  • Earn S$50 cash credit or select gifts (Dyson vacuum, Samsung Galaxy S10) for deposit of S$5k–S$100k in fresh funds
Learn About Top UOB Products:

If you're a young adult with moderate-to-large savings, you may want to consider UOB Stash Savings Account. This account has one of the lowest minimum age requirements on the market, at just 15 years old. In addition, it tends to offer unique promotions, such as cash or gifts for fresh funds deposits (though promotions rotate and change every few months). UOB Stash also often comes with a sign-on bonus, which is somewhat rare amongst savings accounts in Singapore.

Beyond its promotions and offerings, UOB Stash specifically rewards those who save month-on-month and have a moderate-to-large balance. Consumers earn a standard base rate of 0.05% p.a., which is then increased if the current month's balance is higher than the previous month's. While the first S$10k within the balance doesn't receive a boost, the next S$40k (up to the S$50k mark) earns +0.75% p.a. interest. Consumers with even higher balances earn +0.95% p.a. bonus on the next S$50k (up to S$100k). Overall, these rates add up to a potential maximum 0.83% p.a. effective interest rate, achievable by those who have a S$50k balance.

Ultimately, what may be UOB Stash's biggest perk is that consumers can earn bonus rates regardless of their deposit size, as long as there's growth. Most accounts either reward only the incremental difference, or base their bonus rates on deposit size. As a result, this account is a great match if you're a frequent saver, even by just small amounts, and can maintain a balance of about S$50k.

Rate TypeDetails & RequirementsInterest Rate
Base Rate
  • No requirements (Rate applied to balance)
0.05% p.a.
Balance Increase
  • Balance is greater than previous month's
  • (Bonus interest added to base rate & applied
  • to specific bands of balance)
(base rate on 1st S$10k)
+0.75% p.a. on next S$40k
+0.95% p.a. on next S$50k
Max Effective Interest Rate:0.83% p.a. (at S$100k balance)
Promotional rates, if any, are not included

Highest Interest on New Deposits: Maybank iSAVvy Savings Account

Consider this if you can easily make large deposits with fresh funds

Min. Age Requirement 16
Min. Initial Deposit S$500
Min. Balance Requirement S$500
Promotions:
  • Receive up to 2.00% p.a. on fresh fund deposits of S$10k+
Learn About Top Maybank Products:

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 between S$5k and S$200k for 6 months, which is quite reasonable for the average consumer. Initial base rates are based on total balance size, ranging from 0.1875% p.a. for balances below S$5k, up to 0.50% p.a. for balances of S$200k+. All of these base rates are far above the standard 0.05% p.a., which already makes Maybank iSAVvy stand out.

This account goes even further in rewarding consumers, however. Those who maintain a balance within the S$5k–S$200k range for 6 months earn boosted interest, also according to their balance size. Consumers with savings between S$5k–below S$100k earn +0.02% p.a. interest, and those between S$100k–below S$200k earn +0.07% p.a. With these boosts considered, an account holder with a steady S$100k balance can earn a total of 0.45% p.a. Nonetheless, even with all bonuses considered, the maximum effective interest rate is 0.50% p.a., achievable by consumers with a S$200k balance.

It's also worth mentioning that Maybank iSAVvy currently has a promotion rewarding the deposit of fresh funds. Consumers can earn 2.00% p.a. interest on the fresh funds deposited–provided this deposit is at least S$10k in size. This is a great option for those who can make large, immediate deposits–in fact, the larger the fresh fund deposit the better.

Rate TypeDetails & RequirementsInterest Rate
Base Rate
  • No requirements
  • (Rate varies according total
  • balance amt)
0.1875% p.a. if < S$5k
0.30% p.a. if S$5k–below S$50k
0.38% p.a. if S$50k–below S$200k
0.50% p.a. if S$200k+
Consistent Balance
  • Maintain S$5k–200k balance
  • for 6 mo (Bonus interest added to
  • base rate for specific balance tiers
  • only & applied to entire balance)
+0.02% p.a. if S$50k–below S$100k
+0.07% p.a. if S$100k–below S$200k
Max Effective Interest Rate:0.50% p.a. (at S$200k+ balance)
Promotional rates, if any, are not included

Best for Beginners with Stable Budgets: OCBC Monthly Savings Account

Consider this if you're opening a first account and can save a little every month

Min. Age Requirement 16
Min. Initial Deposit S$0
Min. Balance Requirement S$500
Promotions:
  • Open your 1st OCBC MSA & receive S$20 cash reward
Learn About Top OCBC Products:

OCBC Monthly Savings Account is perhaps the most straightforward account rewarding incremental growth–which makes it a great option for beginners seeking simplicity. Account holders earn at a standard base rate of 0.05% p.a., but can earn a +0.35% p.a. boost if they don't make a withdrawal and deposit at least S$50 for the month. This qualifying deposit size is quite small, making OCBC MSA a more accessible version of OCBC Bonus+ (which offers a higher bonus, but requires a S$500+ deposit). The account also has a low minimum age requirement of just 16 years old, has no initial deposit requirement, and has a very low minimum balance requirement of just S$500. Overall, these features make OCBC MSA a great option for younger savers seeking simplicity, while still offering a respectable 0.40% p.a. maximum effective interest rate.

Rate TypeDetails & RequirementsInterest Rate
Base Rate
  • No Requirements; applied to entire balance
0.05% p.a.
No Withdrawals + Deposit
  • No withdrawals + deposit at least S$50
  • (Bonus interest added to base rate & applied to
  • entire balance)
+0.35% p.a.
Max Effective Interest Rate:0.40% p.a.
Promotional rates, if any, are not included

Increasing Rates for Long-Term Growth: Citi Step-Up Savings Account

Consider this if you can commit to consistent deposits for 12+ months

Min. Age Requirement 18
Min. Initial Deposit Unknown
Min. Balance Requirement Unknown

If you're a consistent saver but tend to maintain a relatively small balance size, you may benefit from Citi Step-Up Savings Account. This account allows consumers to maximise their effective interest rate after reaching a balance as low as S$20k–far below any market alternatives.

However, there are a few caveats–Citi Step-Up can be a bit complex, due to a need for tracking. Account holders must increase their balance every month, for a series of months end-to-end, to build up their bonus interest rate. Each subsequent month of increase adds +0.01% p.a. to the pre-existing rate, which grows over time (0.01% p.a. (base rate) + 0.01% x the number of months of sustained increase). The total interest rate can add up to 0.13% p.a. after 12 continuous months of growth, and can be sustained thereafter simply by maintaining a balance of at least S$20k.

It's worth pointing out, however, that points of comparison are based on the lowest monthly balance of a given month, rather than the average daily balance. This means that making a withdrawal could set a month's minimum balance below the previous month's, even if the final balance is higher than the previous month's. In this case, the interest-building journey would effectively be reset, returning the consumer to the 0.01% p.a. base rate.

Rate TypeDetails & RequirementsInterest Rate
Base Rate
  • No requirements (applied to balance)
0.01% p.a.
Consistent Increase
  • Continuous month-on-month balance
  • increase (Bonus interest based on
  • number of months of continued increase
  • & applied to entire balance)
  • 0.01% x number of mo,
  • up to 12 mo (0.12% p.a.)
Max Effective Interest Rate:0.13% p.a. (at S$20k+ balance)
Please note, the maximum effective interest rate reflects Year 2 of holding account, assuming the top interest rate was achieved during the 1st year and has since been maintained. Promotional rates, if any, are not included

Rewards for Growth + EZ-Link Perks: Citi Tap and Save Savings Account

Consider this if you're a frequent commuter who saves consistently

Min. Age Requirement 18
Min. Initial Deposit Unknown
Min. Balance Requirement Unknown
Learn About Top Citibank Products:

Citi Tap and Save Savings Account follows the same interest rate structure as Citi Step-Up, but is paired with a Citibank SMRT Debit Card, which is EZ-Link compatible and earns rebates on both top-ups and everyday spend. In fact, account holders earn 2% cash rebate on every EZ-Link Reload top-up and 1% cashback on general retail expenses. Overall, this savings account essentially rewards consistent month-on-month saving with up to 0.13% p.a. Interest, while also offering extra convenience and perks to commuters.

Rate TypeDetails & RequirementsInterest Rate
Base Rate
  • No requirements (applied to balance)
0.01% p.a.
Consistent Increase
  • Continuous month-on-month balance
  • increase (Bonus interest based on
  • number of months of continued increase
  • & applied to entire balance)
  • 0.01% x number of mo,
  • up to 12 mo (0.12% p.a.)
Max Effective Interest Rate:0.13% p.a. (at S$20k+ balance)
Please note, the maximum effective interest rate reflects Year 2 of holding account, assuming the top interest rate was achieved during the 1st year and has since been maintained. Promotional rates, if any, are not included

Best Savings Accounts for Wealthy Consumers

Those who are financially capable of making larger investments or maintaining higher balances can benefit from the exceptional rates offered by the following savings accounts.

Best for Citibank Loyalists: Citi InterestPlus Savings Account

Consider this if you are engaged with a variety of Citibank financial products

Min. Age Requirement 18
Min. Initial Deposit Unknown
Min. Balance Requirement Unknown

If you prefer to do all of your banking activity through Citibank, Citi InterestPlus Savings Account is a great option to consider. Consumers earn a relatively standard base interest rate, determined by their balance size, but are most set to benefit based on the Citi financial products they're engaged with. There are 4 product activities that boost interest rates: (1) paying a S$250+/mo insurance premium or S$25k single premium, (2) investing S$250+/mo in a regular savings plan or S$25k in Unit Trusts, (3) taking up a Citi home loan of S$250k+, and (4) spending at least S$25/mo on retail with a Citi credit card. Each of these activities earns a boost to the base interest rate, adding up to a potential 3.50% p.a.

These interest rate boosts are quite impressive, but only apply to the 1st S$50k of a balance. Considering the account's base rates, this means the maximum effective interest rate of 3.60% p.a. is reached at just S$50k balance–larger balance sizes will actually earn at a lower effective interest rate.

Nonetheless, Citi InterestPlus is likely best fit for wealthier consumers due to its bonus criteria. Consumers will need to be financially stable enough to concurrently pay for a loan, insurance, and monthly investments in order to truly get the most out of this account. In addition, account holders with Citi Priority status and a S$70k+ balance receive financial advisory. This may be a perk specialised for wealthier consumers. Overall, individuals with mature and diverse personal banking behavior may benefit from making a moderate deposit into a Citi InterestPlus account.

Rate TypeDetails & RequirementsInterest Rate
Base Rate
  • No requirements (Rate varies according
  • to total balance amt)
0.01% p.a. if < S$5k
0.05% p.a. if S$5k–below S$30k
0.10% p.a. if S$30k+
Citi Insurance
  • Citi Insurance w/ S$250+/mo premium
  • (Bonus added to base & applied to balance)
+1.20% p.a.
Citi Investment
  • Invest S$250+/mo in Citi Regular Savings Plan
  • or S$25k+ total in Unit Trust (Bonus
  • added to base & applied to balance)
+1.20% p.a.
Citi Loan
  • Take out a Citi home loan of S$250k+
  • (Bonus added to base & applied to balance)
+1.00% p.a.
Citi Credit Card
  • Spend S$25+/mo on retail with Citi credit card
  • (Bonus added to base & applied to balance)
+0.10% p.a.
Max Effective Interest Rate:3.60% p.a. (at S$50k balance)
Promotional rates, if any, are not included

Best for High Earners, High Spenders: Bank of China SmartSaver Savings Account

Learn About Top Bank of China Products:

Bank of China SmartSaver Savings Account is one of the absolute best options for high-earners looking to make a moderate-sized deposit. In fact, account holders can earn a maximum effective interest rate of 3.55% p.a. at a balance of just S$60k. However, it's worth pointing out that the criteria to achieve this rate skew towards favoring wealthier consumers.

To begin with, account holders earn a base interest rate according to their balance size; these rates, ranging from 0.25% p.a.–0.475% p.a., are all much higher than the 0.05% p.a. market standard. However, what really makes BOC SmartSaver stand out is its bonus rates. Consumers can earn up to +1.60% p.a. just for spending on a BOC credit or debit card, another +1.20% p.a. for crediting their monthly salary, and another +0.35% p.a. for paying at least 3 bills via GIRO or online banking. These bonuses add up to a potential +3.15% p.a. on top of the base rate.

While impressive, the highest bonus rates aren't accessible for everyone. Consumers must spend S$1.5k+/mo on a BOC card to earn +1.60% p.a., and must credit a salary of S$6k+/mo to earn +1.20% p.a. bonus interest. Lower spend and credit amounts still earn boosted interest, but at a more modest +0.80% p.a. rate. As a result, people who earn more and spend more will have an easier time benefiting from BOC SmartSaver.

Rate TypeDetails & RequirementsInterest Rate
Base Rate
  • No requirements (Rate varies
  • according to size of balance)
0.250% p.a. if < S$5k
0.275% p.a. if S$5k–below S$20k
0.350% p.a. if S$20k–below S$50k
0.400% p.a. if S$50k–below S$100k
0.475% p.a. if S$100k+
Credit Card
  • Spend using eligible BOC credit
  • or debit card (Bonus rate based
  • on monthly spend applied to up
  • to 1st S$60k of balance)
+0.80% p.a. for S$500–below S$1.5k spend
+1.60% p.a. for S$1.5k+ spend
Salary
  • Credit salary to account via GIRO
  • (Bonus rate based on salary credit
  • amt & applied to up to 1st S$60k
  • of balance)
+0.80% p.a. for S$2k–below S$6k credit
+1.20% p.a. for S$6k+ credit
Bill Pay
  • Pay 3+ bills/mo of S$30+ via GIRO
  • or online banking (Bonus rate added
  • to base & applied to up to 1st S$60k
  • of balance)
+0.35% p.a.
Large Balance
  • Bonus on balance above S$60k
  • w/ fulfilment of add'l bonus category
  • (Bonus rate added to base & applied
  • to balance amt above S$60k)
+0.60% p.a.
Max Effective Interest Rate:3.55% p.a. (at S$60k balance)
Promotional rates, if any, are not included

Best for Big Balances + Consistent Growth: Citi MaxiGain Savings Account

Citi MaxiGain Savings Account is a fantastic account for wealthy, consistent savers who can maintain a balance between S$70k–S$150k. To begin with, this account is a bit unique; the base interest rate is set to 70% of the 1-month SIBOR (Singapore Interbank Offer Rate), which changes daily–making rates slightly more variable than with other accounts. As a baseline, the effective base rate tends to be around 1.00% p.a., more or less, which is by far the highest available as per market standards.

Nonetheless, not everyone can access this rate. This base rate is only applied on days where the consumer's balance is S$70k+. Below this amount, account holders earn a "bonus" rate that starts at just 0.10% p.a., increasing only with consistent balance growth. The bonus structure is similar to that of Citi Step-Up Savings Account, though it begins with a 0.10% p.a. rate and can reach up to 1.20% p.a. after 12 months (compared to 0.01% p.a. and 0.12% p.a. with Citi Step-Up, respectively). However, consumers who can both maintain a S$70k balance and consistently grow their month-on-month balance for a year can ultimately earn at a quite impressive 2.20%+ p.a.

Rate TypeDetails & RequirementsInterest Rate
Base Rate
  • Balance between S$70k–S$150k equals
  • 70% of 1-month SIBOR rate (Singapore
  • Interbank Offer Rate); varies daily,
  • and according specific band of balance
(0.00% p.a. on 1st S$70k)
~1.28% p.a.* next S$80k
0.05% p.a. beyond S$150k
Consistent Increase
  • Continuous month-on-month balance
  • increase (Bonus interest based on
  • number of months of continued
  • increase & applied to entire balance)
  • +0.10% x number of mo,
  • up to 12 mo (+1.20% p.a.)
Max Effective Interest Rate:~2.48% p.a. (at S$70k balance)
* Approximation based on current 1-month SIBOR rate. The maximum effective interest rate shown here reflects Year 2 of holding account, assuming the top interest rate was achieved during the 1st year and has since been maintained.Promotional rates, if any, not included

Best Simple & Easy Savings Accounts in Singapore

Not all savings accounts are complex–the following options offer great interest rates without any additional qualifications or requirements.

Highest Base Interest Rates: CIMB FastSaver Savings Account

Consider this if you want a simple account with top interest rates

Min. Age Requirement 16
Min. Initial Deposit S$1,000
Min. Balance Requirement N/A

No product on the market offers higher base interest rates than CIMB FastSaver Savings Account, which is also exceptionally easy to use. Base rates are tiered according to bands within the balance size; the 1st S$50k of the balance earns 1.00% p.a. interest, the next S$25k earns 1.50% p.a., and any remaining amount earns 0.60% p.a. Altogether, the maximum effective interest rate is 1.17% p.a., reached at S$75k balance.

CIMB FastSaver does not offer promotional or bonus measures. However, its base rates are far higher than the 0.05% p.a. market standard, and even eclipse the bonus rates offered by most alternatives. This simplicity is actually a huge perk, as it eliminated the need for tracking or worrying about bonus criteria. This account is also very low maintenance as there are no fall below fees (though only balances of S$1k+ will earn interest). This makes CIMB FastSaver an exceptional option for those who want high rates but also value simplicity.

Rate TypeDetails & RequirementsInterest Rate
Base Rate
  • No requirements
  • (Rate varies according to band of balance)
1.00% p.a. on 1st S$50k
1.50% p.a. on next S$25k
0.60% p.a. beyond S$75k
Max Effective Interest Rate:1.17% p.a. (at S$75k balance)
Promotional rates, if any, are not included

High Base Interest Rates for Moderate Balances: RHB High Yield

Consider this if you can maintain a moderate balance between S$10k–S$100k

Min. Age Requirement 18
Min. Initial Deposit S$0
Min. Balance Requirement S$500

RHB High Yield Savings Account is one of the simplest option the market, making it a great option for people who just want to deposit and earn without any extra effort or concentration. Consumers earn based on bands within their total balance. The 1st S$10k within a balance earns 0.08% p.a., the next S$90k at 1.00% p.a., and any remaining amount beyond S$100k earns 0.08% p.a. As you can see, consumers with balances of at least S$10k up to S$100k will earn the most. In fact, the maximum effective interest rate of 0.91% p.a. is achievable at S$100k balance (though consumers with a S$50k balance can earn an effective 0.82% p.a. interest rate).

While there is a rather high S$10 fall below fee, the minimum balance requirement is just S$500 and there's no initial deposit requirement. Overall, RHB High Yield is the best savings account for those with moderate to large balances, who also prioritise simplicity.

Rate TypeDetails & RequirementsInterest Rate
Base Rate
  • No requirements (Rate varies according to
  • band of balance)
0.08% p.a. on 1st S$10k
1.00% p.a. on next S$90k
0.08% p.a. beyond S$100k
Max Effective Interest Rate:0.91% p.a. (at S$100k balance)
Promotional rates, if any, are not included

Best Low-Risk, Low-Maintenance Account for Beginners: CIMB StarSaver Savings Account

Consider this if you're a young professional seeking a starter account

Min. Age Requirement 16
Min. Initial Deposit S$1,000
Min. Balance Requirement N/A

If you're looking to open your first savings account, CIMB StarSaver is an incredible option, with a straightforward interest structure and very few requirements. In fact, this account has a minimum age requirement of just 16 years old, and has no minimum balance requirement (though only balances of S$1k+ will earn interest). In terms of interest, account holders earn 0.80% p.a. regardless of their balance size. Not only is this extraordinarily rare (most accounts vary rates by tiers or total size), it's also quite impressive, as the market's standard base rate is just 0.05% p.a. Overall, CIMB StarSaver is an excellent match for beginners looking for a low-maintenance and low-risk account.

Rate TypeDetails & RequirementsInterest Rate
Base Rate
  • No requirements; applied to entire balance
0.80% p.a.
Max Effective Interest Rate:0.80% p.a. (at any balance)
Promotional rates, if any, are not included

Respectable Rates for 15 Year Olds: Bank of China Passbook Savings Account

Consider this if you want a straightforward account with higher-than-standard base rates

Min. Age Requirement 15
Min. Initial Deposit S$1,000
Min. Balance Requirement S$2,000

Another simple and easy option worth considering is Bank of China Passbook Savings Account. There are no boost or bonus rates, but consumers can still earn elevated base rates for nearly all balance sizes. Base rates increase for larger balance sizes, up to 0.475% p.a. for those with balances of S$100k+. However, while this rate is much higher than the standard base rate of 0.05% p.a., consumers can enjoy higher rates with equal simplicity elsewhere.

It's also worth mentioning that while the 15 year old minimum age requirement is one of the lowest on the market, young consumers won't benefit unless they're quite responsible. Unlike other accounts appealing to young adults, BOC Passbook has a S$1k minimum balance requirement and charges a S$2/month fall below fee. While this may seem insignificant, consider this–a S$8k balance earns less than S$2/month, so a fall below fee would actually have a net cost.

Rate TypeDetails & RequirementsInterest Rate
Base Rate
  • No requirements (Rate varies w/ balance size)
0.250% p.a. if < S$5k
0.275% p.a. if S$5k–below S$20k
0.350% p.a. if S$20k–below S$50k
0.400% p.a. if S$50k–below S$100k
0.475% p.a. if S$100k+
Max Effective Interest Rate:0.475% p.a. (at S$100k+ balance)
Promotional rates, if any, are not included

Straightforward Rates with Rewards for Growth: Standard Chartered e$aver Savings Account

Consider this if you want a simple account with no initial deposit requirement

Min. Age Requirement 18
Min. Initial Deposit S$0
Min. Balance Requirement S$1,000
Promotions:
  • Earn +1.75% p.a. interest on your incremental balance with deposit of fresh funds during June–July 2019
Learn About Top Standard Chartered Products:

One option for consumers who want an easy to use account is Standard Chartered e$Saver Savings Account. As with similar alternatives, this account rewards interest according to total balance size. Those with a balance below S$50k earn 0.10% p.a., those with a balance between S$50k–below S$200k earn 0.15% p.a., and those with balances of S$200k+ earn 0.25% p.a. There's no initial deposit requirement, but there is a S$1k minimum balance requirement and a sizeable S$5/month fall below fee.

While these rates aren't particularly impressive, SC e$aver Savings Account is currently offering a promotion that significantly boosts its value. Consumers are heavily incentivised to make large deposits into their accounts, as any incremental increases in their balance from month-to-month will earn 1.75% p.a. These funds must be "fresh"–contributed from an outside source, rather than transferred within the Standard Chartered banking system, and it's important to reiterate that this bonus applies to the increase only (not to the entire balance). Nonetheless, this promotion is great for account holders who are capable of making large deposits over the next few months.

Rate TypeDetails & RequirementsInterest Rate
Base Rate
  • No requirements (Rate varies w/ balance size)
0.10% p.a. if < S$50k
0.15% p.a. if S$50k–below S$200k
0.25% p.a. if S$200k+
Max Effective Interest Rate:0.25% p.a. (at S$200k+ balance)
Promotional rates, if any, are not included

Appealing Option for Foreign Workers: Maybank Passbook Savings Account

Consider this if you're a foreign worker in Singapore

Min. Age Requirement 16
Min. Initial Deposit S$500 for Singaporeans & PR, S$500 for Malaysians w/ work permits, S$1,000 for foreigners and S$0 for foreigners w/ work permits
Min. Balance Requirement S$1,000

Maybank Passbook Savings Account is remarkably simple in terms of its interest rates structure, but has a few unique features when considering eligibility. To begin with, savings earn interest according to tiers within the balance. In other words, the 1st S$50k of a balance earns at 0.1875% p.a. interest, and any remaining balance beyond S$50k earns 0.25% p.a. In terms of eligibility, there's a bit of unusual variation.

There is an initial deposit requirement, but it varies by applicant type. Singaporeans & PR and Malaysians with a work permit must deposit S$500 upon opening an account; foreigners must deposit S$1k, but foreigners with a work permit do not need to make an initial deposit at all. While this may seem to favor foreign workers, fall below fees are actually stricter for foreigners. Singaporeans & PR face a S$2/month fee, while foreigners are charged S$5/month. As a result, this is a worthwhile account for foreign workers who have trouble qualifying elsewhere, as long as they can reliably maintain the minimum required balance of S$1k.

Rate TypeDetails & RequirementsInterest Rate
Base Rate
  • No requirements
  • (Rate varies according to band of balance)
0.1875% p.a. on 1st S$50k
0.25% p.a. beyond S$50k
Max Effective Interest Rate:~0.23% p.a. (at S$200k+ balance)
Max EIR continues to increase towards 0.25% p.a. as balance size increases, though rate of increase slows exponentially. Max EIR reaches 0.249% p.a. when the balance reaches S$2.5 million. Promotional rates, if any, are not included

No Frills Savings Account: Citi MaxiSave Savings Account

Consider this if you're a Citi loyalist and want a basic savings account

Min. Age Requirement 18
Min. Initial Deposit Unknown
Min. Balance Requirement Unknown

Citi MaxiSave Savings Account is one option for people seeking a straightforward interest on their deposits. Account holders earn interest according to bands within their balance. In other words, the 1st S$5k within the balance earns 0.01% p.a., the next S$25k earns 0.05% p.a., and any remaining balance above the S$30k mark earns 0.10% p.a. While the account is fairly simple, these base rates aren't particularly competitive. Consumers can earn higher rates with equally straightforward competitors.

Rate TypeDetails & RequirementsInterest Rate
Base Rate
  • No requirements (Rate varies according to
  • band of balance)
0.01% p.a. on 1st S$5k
0.05% p.a. on next S$25k
0.10% p.a. beyond S$30k
Max Effective Interest Rate:~0.08% p.a. (at S$100k balance)
Max EIR continues to increase towards 0.10% p.a. as balance size increases, though rate of increase slows exponentially. Max EIR reaches 0.099% p.a. when the balance reaches S$2 million. Promotional rates, if any, are not included
Carrie Arndt

Carrie is a Senior Analyst at ValueChampion, specialising in credit cards in Singapore. She previously led consumer studies worldwide as a Senior Research Executive at MMR Research.

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