Best Savings Accounts in Singapore 2020

Savings accounts offer a great, low-risk way to earn more with your money. However, some accounts can be quite complex. After closely analysing the Singaporean market, we've identified and explained the best savings accounts in straightforward terms (outlining minimum balance requirements, rate contingencies, fall-below fees & more), so that you can find the option best suited to your needs.

Best Savings Accounts Overall
  • OCBC 360: You're a consistent saver with a stable budget
  • SC Bonus$aver: You're a high-earner open to a banking relationship with Standard Chartered
  • DBS Multiplier: You're a high-earning DBS loyalist with financial savvy
  • Maybank SaveUp: You're a moderate saver in charge of the household
  • UOB One: You're interested in a UOB credit card in addition to your savings account
Best Accounts for Consistent Savers
  • UOB Stash: You maintain a large balance but tend to make smaller deposits
  • POSB SAYE: You can commit to long-term incremental saving & want a low-maintenance acct
  • MB iSAVvy Plus: You can consistently make fairly large deposits for a 6 month period
  • OCBC Bonus+: You make inconsistent deposits but want a boost when you grow your balance
  • MB iSAVvy: You have a small-to-moderate size balance and want a low-maintenance account
  • OCBC MSA: You're opening a first account and can save a little every month
  • Citi Step-Up: You can commit to consistent deposits for 12+ months
  • Citi Tap and Save: You're a frequent commuter who saves consistently
Best Simple & Easy Savings Accounts
  • CIMB FastSaver: You want a simple account with top interest rates
  • RHB High Yield: You can maintain a moderate balance between S$10k–S$100k
  • CIMB StarSaver: You're a young professional seeking a starter account
  • SC e$aver: You want a simple account with no initial deposit requirement
  • BOC Passbook: You want a straightforward account with higher-than-standard base rates
  • MB Passbook: You're a foreign worker in Singapore
  • Citi MaxiSave: You're a Citi loyalist and want a basic savings account
Best Savings Accounts with No Fees or Minimums
  • OCBC Frank: You're a young adult looking for a starter account without fees or requirements
  • POSB Everyday: You're a low-income adult looking to open a savings account
Best Savings Accounts for Wealthy Consumers
Potentially Higher Risk, Higher Gain

Quick Comparison of Select Competitive Savings Accounts in Singapore

When looking for the best savings account for you, it's important to consider factors like accessibility (minimum initial deposit), risk (minimum balance requirement & fall-below fees) and potential return (maximum effective interest rate). We've organized such data for some of Singapore's most competitive savings accounts into the table below. As a note, the maximum effective interest rates displayed are achieved at varying balance sizes. Learn more about the details in our reviews below.

Savings AcctInit. DepositMin. Avg. BalFall-Below FeeMax EIR
SC Bonus$averS$0S$3,000S$52.88% p.a.
DBS MultiplierS$0S$3,000S$53.80% p.a.
BOC SmartSaverS$1,500S$1,500S$33% p.a.
OCBC 360S$1,000S$3,000S$22.68% p.a.
MB SaveUpS$500-S$1kS$1,000S$23.00% p.a.
POSB SAYES$0S$50N/A 2.25% p.a.
MB iSAVvy PlusS$500S$500S$21.94% p.a.
UOB OneS$1,000S$1,000S$52.50% p.a.
RHB High YieldS$1,000S$1,000S$20.40% p.a.
CIMB FastSaverS$1,000N/A N/A 0.30% p.a.
OCBC Bonus+S$5,000S$3,000S$20.50% p.a.
UOB StashS$1,000S$1,000S$21.00% p.a.
OCBC FrankS$0S$0 if below 26yoWaiver option0.20% p.a.
Fall below fees may have a waiver. Promotional rates, if any, are not included. Please see below for further details
Best Savings Accts Overall Best Accts for Consistent Savers Best Simple & Easy Savings Accts Best Savings Accts with No Fees or Mins Best Savings Accts for Wealthy Consumers Potentially Higher Risk, Higher Gain

Requirements Comparison for Best Savings Accounts for Students

When looking for the best savings account for you, it's important to consider factors like accessibility (minimum initial deposit), risk (minimum balance requirement & fall-below fees) and potential return (maximum effective interest rate). We've organized such data for some of Singapore's most competitive savings accounts into the table below. As a note, the maximum effective interest rates displayed are achieved at varying balance sizes. Learn more about the details in our reviews below.

Savings AcctInit. DepositMin. Avg. BalFall-Below FeeMax EIR
SC Bonus$averS$0S$3,000S$52.88% p.a.
DBS MultiplierS$0S$3,000S$53.80% p.a.
BOC SmartSaverS$1,500S$1,500S$33% p.a.
OCBC 360S$1,000S$3,000S$22.68% p.a.
MB SaveUpS$500-S$1kS$1,000S$23.00% p.a.
POSB SAYES$0S$50N/A 2.25% p.a.
MB iSAVvy PlusS$500S$500S$21.94% p.a.
UOB OneS$1,000S$1,000S$52.50% p.a.
RHB High YieldS$1,000S$1,000S$20.40% p.a.
CIMB FastSaverS$1,000N/A N/A 0.30% p.a.
OCBC Bonus+S$5,000S$3,000S$20.50% p.a.
UOB StashS$1,000S$1,000S$21.00% p.a.
OCBC FrankS$0S$0 if below 26yoWaiver option0.20% p.a.
Fall below fees may have a waiver. Promotional rates, if any, are not included. Please see below for further details

Savings accounts offer a great way to earn interest on your funds without having to take big risks (as with investing) or forfeit access to your money for an extended period (as with fixed deposits). In fact, certain accounts allow consumers to earn up to 3.50%+ p.a. on their savings, making it easy to rapidly earn interest with minimal effort. There are many types of savings accounts in Singapore, however, each uniquely tailored to a different type of consumer. While the accounts offering the highest potential interest rate tend to be quite complex, there are still many options with fewer requirements and lesser risk. We've closely analysed all of Singapore's most competitive savings accounts, providing comprehensive and comparative reviews below so you can see which best suits your needs.

Best Savings Accounts in Singapore Overall

The following accounts offer some of the highest potential effective interest rates on the market.

Competitive Interest for Incremental Savers: OCBC 360 Account

  • Consider if: You're a consistent saver with a stable budget
  • Promotions: Get a S$100 FairPrice e-Voucher when you open a 360 Account online and credit your salary of at least S$1,800 (must be your first OCBC account)
  • Read Our Full Review
  • Minimum Initial Deposit: S$1,000
  • Minimum Average Daily Balance: S$3,000
  • Fall Below Fee: S$2 (Waived the 1st year)
  • Max Effective Interest Rate: 2.68% p.a. at S$75,000 balance
Rate TypeDetails & RequirementsInterest Rate
Base RateNo Requirements; applied to entire balance0.05% p.a.
Grow Bonus
  • Maintain balance of at least S$200k
  • (Bonus interest added to base rate)
+0.80% 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)
+0.20% p.a. on first S$35k
+0.40% 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)
+0.20% p.a. on first S$35k
+0.40% 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
+2.40% 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:3.35% p.a. (at S$70k balance)
Max EIR is highest at a S$70k balance even with the Grow Bonus left inactive. Promotional rates, if any, are not included

If you're willing to save at least S$500 per month, OCBC 360 Savings Account may just be your best option. Like competitors, this account offers a boosted interest rate for those who credit their monthly salary of at least S$1,800 offering interest rates starting at 0.4% p.a. for a minimum salary of S$25,000. Purchasing an eligible insurance or investment product will also boost the interest you earn on the savings account. Altogether, these bonuses add up to 3.00% p.a. effective interest on top of the 0.05% p.a. base rate. Any bonus interest applies up to the 1st S$70,000 of the balance (excess balance earns just the base rate).

OCBC 360 Account stands out from its competitors by rewarding continued growth. Making a monthly deposit of at least S$500 earns a bonus of up to 0.40% 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 0.80% p.a. bonus for large balance sizes), consumers can earn a maximum effective interest rate of 2.63% p.a. with a S$75,000 balance.

  • Consider if: You're a consistent saver with a stable budget
  • Promotions: Get a S$100 FairPrice e-Voucher when you open a 360 Account online and credit your salary of at least S$1,800 (must be your first OCBC account)
  • Read Our Full Review
  • Minimum Initial Deposit: S$1,000
  • Minimum Average Daily Balance: S$3,000
  • Fall Below Fee: S$2 (Waived the 1st year)
  • Max EIR: 2.68% p.a. at S$75,000 balance
OCBC 360 Account Interest Rates
Base Rate: No requirements (applied to entire balance)
  • 0.05% p.a.
Grow Bonus: Maintain balance of at least S$200k (bonus interest added to base rate)
  • +0.80% 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)
  • +0.20% p.a. on first S$35k
  • +0.40% 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)
  • +0.20% p.a. on first S$35k
  • +0.40% 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
  • +2.40% 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:
  • 3.35% p.a. (at S$70k balance)
Max EIR is highest at a S$70k balance even with the Grow Bonus left inactive
If you're willing to save at least S$500 per month, OCBC 360 Savings Account may just be your best option. Like competitors, this account offers a boosted interest rate for those who credit their monthly salary of at least S$1,800 offering interest rates starting at 0.4% p.a. for a minimum salary of S$25,000. Purchasing an eligible insurance or investment product will also boost the interest you earn on the savings account. Altogether, these bonuses add up to 3.00% p.a. effective interest on top of the 0.05% p.a. base rate. Any bonus interest applies up to the 1st S$70,000 of the balance (excess balance earns just the base rate).

OCBC 360 Account stands out from its competitors by rewarding continued growth. Making a monthly deposit of at least S$500 earns a bonus of up to 0.40% 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 0.80% p.a. bonus for large balance sizes), consumers can earn a maximum effective interest rate of 2.63% p.a. with a S$75,000 balance.

Highest Effective Interest Rate: Standard Chartered Bonus$aver Account

  • Consider if: You're a high-earner open to a banking relationship with Standard Chartered
  • Promotions: Apply for a Bonus$saver Account and a Bonus$aver credit card to get up to S$218 cashback
  • Read Our Full Review
  • Minimum Initial Deposit: S$0
  • Minimum Average Daily Balance: S$3,000
  • Fall Below Fee: S$5
  • Max Effective Interest Rate: 2.88% p.a. at S$80,000 balance
Rate TypeDetails & RequirementsInterest Rate
Base Rate
  • No Requirements
  • (Applied to entire balance)
0.05% p.a.
Credit/Debit Bonus
  • Spend/mo on Bonus$aver card
  • (Bonus added to base rate)
+0.50% p.a. w/ S$500-S$1.99k spend
+1.50% p.a. w/ S$2k+ spend
Salary Credit Bonus
  • Credit S$3k+/month salary
  • (Bonus added to base rate)
+1.00% p.a. on 1st S$100k
Product Bonus
  • Invest with or buy SC insurance
  • (Bonus added to base rate)
+1.28% p.a. on 1st S$100k
Bill-Pay Bonus
  • Make 3+ bill payments via GIRO
  • (Bonus added to base rate)
+0.10% p.a. on first S$100k
Max Effective Interest Rate:3.88% p.a. (at S$100k balance)
Promotional rates, if any, are not included
Standard Chartered Bonus$aver Account is the best option on the market for affluent individuals open to a banking relationship with Standard Chartered. Account holders earn rate boosts by:
  • crediting a salary of at least S$3,000/month
  • spending S$500–S$2,000+/month on a Bonus$aver credit or debit card
  • purchasing an eligible investment or insurance product
  • paying at least 3 bills per month online

These bonuses can be unlocked individually, but obtaining all 4 will allow consumers to earn up to 2.88% p.a. interest. This is one of the highest effective rates currently on the market, and can be achieved at S$80,000 balance. It's worth pointing out that this account is best suited for wealthier consumers due to its minimum salary requirement, higher card spend requirement and the requirement to buy a big financial product to enjoy a boost. There's also a rather sizable S$3,000 minimum balance requirement and S$5 fall below fee, which can be problematic for consumers who have less in savings.

Learn About Other Standard Chartered Products
  • Consider if: You're a high-earner open to a banking relationship with Standard Chartered
  • Promotions: Apply for a Bonus$saver Account and a Bonus$aver credit card to get up to S$218 cashback
  • Read Our Full Review
  • Minimum Initial Deposit: S$0
  • Minimum Average Daily Balance: S$3,000
  • Fall Below Fee: S$5
  • Max EIR: 2.88% p.a. at S$80,000 balance
SC Bonus$aver Account Interest Rates
Base Rate: No requirements (applied to entire balance)
  • 0.05% p.a.
Spend Bonus: Spend monthly on a Bonus$aver credit or debit card (bonus added to base rate)
  • +0.50% p.a. w/ S$500-S$1.9k spend
  • +1.50% p.a. w/ S$2k+ spend
Salary Credit Bonus: Credit S$3k+ salary to account (bonus added to base rate)
  • +1.00% p.a. on first S$100k
Product Bonus: Invest with or buy insurance with SC (bonus added to base rate)
  • +1.28% p.a. on first S$100k
GIRO Bill-Pay Bonus: Pay 3+ bills online via GIRO (bonus added to base rate)
  • +0.10% p.a. on first S$100k
Max Effective Interest Rate:
  • 3.88% p.a. (at S$100k balance)
Promotional rates, if any, are not included
on_current="true" title="Editor's Review" style="article" open="false" Standard Chartered Bonus$aver Account Standard Chartered Bonus$aver Account is the best option on the market for affluent individuals open to a banking relationship with Standard Chartered. Account holders earn rate boosts by:
  • crediting a salary of at least S$3,000/month
  • spending S$500–S$2,000+/month on a Bonus$aver credit or debit card
  • purchasing an eligible investment or insurance product
  • paying at least 3 bills per month online

These bonuses can be unlocked individually, but obtaining all 4 will allow consumers to earn up to 2.88% p.a. interest. This is one of the highest effective rates currently on the market, and can be achieved at S$80,000 balance. It's worth pointing out that this account is best suited for wealthier consumers due to its minimum salary requirement, higher card spend requirement and the requirement to buy a big financial product to enjoy a boost. There's also a rather sizable S$3,000 minimum balance requirement and S$5 fall below fee, which can be problematic for consumers who have less in savings.

Learn About Other Standard Chartered Products

Market-Leading Effective Interest Rate: DBS Multiplier Account

  • Consider if: You're a high-earning DBS loyalist with financial savvy
  • Promotions: Earn up to 3.8% p.a. with salary crediting and additional transactions
  • Read Our Full Review
  • Minimum Initial Deposit: S$0
  • Minimum Average Daily Balance: S$3,000
  • Fall Below Fee: S$5 (Waived if less than 30 years old, or if it's applicant's 1st account with DBS)
  • Max Effective Interest Rate: 3.80% p.a. at S$100,000 balance
DBS Multiplier Interest Rate Grid
Transactions/Mo
  • 1 Category
  • (first S$25k)
  • 2-3+ Categories
  • (first S$50k)
  • 3+ Categories
  • (S$50k-S$100k)
< S$2k0.05%0.05%0.05%
S$2k – below 2.5k1.40%1.80%2.00%
S$2.5k – below S$5k1.60%2.00%2.20%
S$5k – below S$15k1.80%2.20%2.40%
S$15k – below S$30k1.90%2.30%2.50%
S$30k+2.00%3.50%3.80%
  • Interest Rates rewarded by specific bands of balance: Up to S$25k or S$50k & from S$50k–S$100k
  • Categories include Credit Card spend, Home Loan Instalments, Insurance and Investments
  • Salary and/or dividends must be credited to account to qualify for bonus interest
Max Effective Interest Rate:3.65% p.a. (at S$100k balance)
Promotional rates, if any, are not included
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 dividends or their salary to their account each month. Then, you must make a transaction in one or more specific categories ranging from credit card purchases and home loan payments to insurance policies and investments through DBS. Depending on the amount of total monthly transactions and the number of categories in which transactions were made, your total interest can reach 3.8% p.a.

While this is the highest EIR available on the market, meeting the necessary criteria is quite challenging. The average consumer may expect to earn more along the lines of 1.50% p.a., which is still a market-leading rate. This makes DBS Multiplier one of the best savings accounts in Singapore, especially for those who can balance multiple financial products.

  • Consider if: You're a high-earning DBS loyalist with financial savvy
  • Promotions: Earn up to 3.8% p.a. with salary crediting and additional transactions
  • Read Our Full Review
  • Minimum Initial Deposit: S$0
  • Minimum Average Daily Balance: S$3,000
  • Fall Below Fee: S$5 (Waived if less than 30 years old, or if it's applicant's 1st account with DBS)
  • Max EIR: 3.80% p.a. at S$100,000 balance
DBS Multiplier Interest Rate Grid
Transactions/Mo
  • 1 Category
  • (first S$25k)
  • 2-3+ Categories
  • (first S$50k)
  • 3+ Categories
  • (S$50k-S$100k)
< S$2k0.05%0.05%0.05%
S$2k – below 2.5k1.40%1.80%2.00%
S$2.5k – below S$5k1.60%2.00%2.20%
S$5k – below S$15k1.80%2.20%2.40%
S$15k – below S$30k1.90%2.30%2.50%
S$30k+2.00%3.50%3.80%
  • Interest Rates rewarded by specific bands of balance: Up to S$25k or S$50k & from S$50k–S$100k
  • Categories include Credit Card spend, Home Loan Instalments, Insurance and Investments
  • Salary and/or dividends must be credited to account to qualify for bonus interest
Max Effective Interest Rate:3.65% p.a. (at S$100k balance)
Promotional rates, if any, are not included
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 dividends or their salary to their account each month. Then, you must make a transaction in one or more specific categories ranging from credit card purchases and home loan payments to insurance policies and investments through DBS. Depending on the amount of total monthly transactions and the number of categories in which transactions were made, your total interest can reach 3.8% p.a.

While this is the highest EIR available on the market, meeting the necessary criteria is quite challenging. The average consumer may expect to earn more along the lines of 1.50% p.a., which is still a market-leading rate. This makes DBS Multiplier one of the best savings accounts in Singapore, especially for those who can balance multiple financial products.

Best for Salaried Workers Seeking Loans: Maybank SaveUp Account

  • Minimum Initial Deposit: S$500 for Singaporeans & PR, S$1,000 for foreigners
  • Minimum Average Daily Balance: S$1,000
  • Fall Below Fee: S$2 (Waived if less than 25 years old)
  • Max Effective Interest Rate: 3.00% p.a. at S$50,000 balance
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

If you're a salaried employee thinking of taking out a car, education, home, or home renovation loan, Maybank SaveUp Savings Account can help you earn market-leading interest rates while doing so. 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. Maybank offers bonuses to your savings rate if you use your account to spend in certain categories or open other products with the bank. With 5 categories and 9 qualifying products to choose from, there are many ways to achieve higher rates.. The bonus increases as you add other products:

Number of Maybank products you addBonus to your savings interest rate
10.30% p.a.
20.80% p.a.
3 or more2.75% p.a.

Qualifying products include savings accounts (salary crediting for S$2,000 also qualifies), spending with Maybank Platinum Visa Card or Horizon Visa Signature Card, making an investment, purchasing an insurance policy or taking out a loan (includes car, home, education or renovation loan). Consumers who engage with at least 3 products can earn up to a maximum effective interest rate of 3.06% p.a., capped at a S$50,000 balance–making Maybank SaveUp a strong choice for salaried employees with moderate savings.

Learn About Other Maybank Products
  • Minimum Initial Deposit: S$500 for Singaporeans & PR, S$1,000 for foreigners
  • Minimum Average Daily Balance: S$1,000
  • Fall Below Fee: S$2 (Waived if less than 25 years old)
  • Max EIR: 3.00% p.a. at S$50,000 balance
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

If you're a salaried employee thinking of taking out a car, education, home, or home renovation loan, Maybank SaveUp Savings Account can help you earn market-leading interest rates while doing so. 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. Maybank offers bonuses to your savings rate if you use your account to spend in certain categories or open other products with the bank. With 5 categories and 9 qualifying products to choose from, there are many ways to achieve higher rates.. The bonus increases as you add other products:

Number of Maybank products you addBonus to your savings interest rate
10.30% p.a.
20.80% p.a.
3 or more2.75% p.a.

Qualifying products include savings accounts (salary crediting for S$2,000 also qualifies), spending with Maybank Platinum Visa Card or Horizon Visa Signature Card, making an investment, purchasing an insurance policy or taking out a loan (includes car, home, education or renovation loan). Consumers who engage with at least 3 products can earn up to a maximum effective interest rate of 3.06% p.a., capped at a S$50,000 balance–making Maybank SaveUp a strong choice for salaried employees with moderate savings.

Learn About Other Maybank Products

Most Accessible Top Rates: UOB One Savings Account

  • Consider if: You're interested in a UOB credit card in addition to your savings account
  • Promotions: Receive up to S$280 by applying online to both UOB One Account & UOB One Credit Card and then crediting salary to account
  • Receive up to S$100 when you apply online for UOB One Account
  • Read Our Full Review
  • Minimum Initial Deposit: S$1,000
  • Minimum Average Daily Balance: S$1,000
  • Fall Below Fee: S$5
  • Max Effective Interest Rate: 2.50% p.a. at S$75,000 balance
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)
+0.45% 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)
+0.75% p.a. on first S$15k
+0.80% p.a. on next S$15k
+0.85% p.a. on next S$15k
+0.90% p.a. on next S$15k
+3.18% p.a. on next S$15k
Max Effective Interest Rate:1.80% p.a. (at S$75k balance)
Promotional rates, if any, are not included

UOB One is by far one of the easiest savings accounts to use for maximising your interest rate. Account holders can earn up to a 2.50% p.a. effective interest rate upon reaching a S$75,000 balance, which is notably higher than the market average. Rates are based on just 3 factors: credit card use, salary crediting, and size of current balance.


First, spending at least S$500/month with select UOB credit cards earns a bonus of 0.20% 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 also depend on your total balance. The total is divided into bands (1st S$15,000, next S$15,000…), and each band earns at a different bonus rate. Altogether, salaried employees with a UOB credit card can easily earn competitive 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.

  • Consider if: You're interested in a UOB credit card in addition to your savings account
  • Promotions: Receive up to S$280 by applying online to both UOB One Account & UOB One Credit Card and then crediting salary to account
  • Receive up to S$100 when you apply online for UOB One Account
  • Read Our Full Review
  • Minimum Initial Deposit: S$1,000
  • Minimum Average Daily Balance: S$1,000
  • Fall Below Fee: S$5
  • Max EIR: 2.50% p.a. at S$75,000 balance
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)
  • +0.45% 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)
  • +0.75% p.a. on first S$15k
  • +0.80% p.a. on next S$15k
  • +0.85% p.a. on next S$15k
  • +0.90% p.a. on next S$15k
  • +3.18% p.a. on next S$15k

UOB One is by far one of the easiest savings accounts to use for maximising your interest rate. Account holders can earn up to a 2.50% p.a. effective interest rate upon reaching a S$75,000 balance, which is notably higher than the market average. Rates are based on just 3 factors: credit card use, salary crediting, and size of current balance.


First, spending at least S$500/month with select UOB credit cards earns a bonus of 0.20% 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 also depend on your total balance. The total is divided into bands (1st S$15,000, next S$15,000…), and each band earns at a different bonus rate. Altogether, salaried employees with a UOB credit card can easily earn competitive 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.

Best 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 Moderate Balances & Small Increases: UOB Stash Account

  • Consider if: You maintain a large balance but tend to make smaller deposits
  • Promotions: Receive S$20 cash via PayNow (through our partnership w/ SGSaver)
  • Receive S$80 cash credit when you open a new UOB Stash account and maintain an average balance of S$5,000
  • Win a gift for depositing fresh funds of S$30,000 , S$50,000 or S$100,000
  • Read Our Full Review
  • Minimum Initial Deposit: S$1,000
  • Minimum Average Daily Balance: S$1,000
  • Fall Below Fee: S$2
  • Max Effective Interest Rate: 1.00% p.a. at S$100,000 balance
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
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$10,000 within the balance doesn't receive a boost, the next S$40,000 (up to the S$50,000 mark) earns an extra 0.75% p.a. interest. Consumers with even higher balances earn additional 0.95% p.a. bonus on the next S$50,000 (up to S$100,000). Overall, these rates add up to a potential maximum 0.83% p.a. effective interest rate, achievable by those who have a S$50,000 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 they keep making deposits. 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$50,000.

  • Consider if: You maintain a large balance but tend to make smaller deposits
  • Promotions: Receive S$20 cash via PayNow (through our partnership w/ SGSaver)
  • Receive S$80 cash credit when you open a new UOB Stash account and maintain an average balance of S$5,000
  • Win a gift for depositing fresh funds of S$30,000 , S$50,000 or S$100,000
  • Read Our Full Review
  • Minimum Initial Deposit: S$1,000
  • Minimum Average Daily Balance: S$1,000
  • Fall Below Fee: S$2
  • Max EIR: 1.00% p.a. at S$100,000 balance
UOB Stash SA Interest Rates
Base Rate: No requirements (applied to entire balance)
  • 0.05% p.a.
Balance Increase: Balance is greater than previous month's (bonus added to base rate & applied to specific bands of balance)
  • No bonus boost on 1st S$10k
  • +0.75% p.a. on next S$40k
  • +0.95% p.a. on next S$50k
Max EIR: 0.83% p.a. (at S$100k balance)
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$10,000 within the balance doesn't receive a boost, the next S$40,000 (up to the S$50,000 mark) earns an extra 0.75% p.a. interest. Consumers with even higher balances earn additional 0.95% p.a. bonus on the next S$50,000 (up to S$100,000). Overall, these rates add up to a potential maximum 0.83% p.a. effective interest rate, achievable by those who have a S$50,000 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 they keep making deposits. 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$50,000.

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

  • Consider if: You can commit to long-term incremental saving & want a low-maintenance acct
  • Promotions: None currently available
  • Read Our Full Review
  • Minimum Initial Deposit: S$0
  • Minimum Average Daily Balance: S$50
  • Fall Below Fee: N/A
  • Max Effective Interest Rate: 2.25% p.a. at any balance
Rate TypeDetails & RequirementsInterest Rate
Base Rate
  • No requirements; applied to total balance (varies by 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:2.25% p.a. (at S$800–3k deposit)
Promotional rates, if any, are not included

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 Accountis an excellent match for your needs. In fact, account holders who are able to credit between S$800–S$3,000/month, without making any withdrawals, can earn an incredible 2.05% p.a.– one of the higher effective interest rates on the market.

In general, consumers earn at a base rate by depositing a fixed amount between S$50 to S$3,000/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.

Learn About Other POSB Products
  • Consider if: You can commit to long-term incremental saving & want a low-maintenance acct
  • Promotions: None currently available
  • Read Our Full Review
  • Minimum Initial Deposit: S$0
  • Minimum Average Daily Balance: S$50
  • Fall Below Fee: N/A
  • Max EIR: 2.25% p.a. at any balance
POSB SAYE Account Interest Rates
Base Rate: No requirements (applied to entire balance)
  • 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: Bonus interest added to base rate and applied to entire balance
  • +2.00% p.a.
Max EIR: 2.25% p.a. (at S$800–3k deposit)
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 Accountis an excellent match for your needs. In fact, account holders who are able to credit between S$800–S$3,000/month, without making any withdrawals, can earn an incredible 2.05% p.a.– one of the higher effective interest rates on the market.

In general, consumers earn at a base rate by depositing a fixed amount between S$50 to S$3,000/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.

Learn About Other POSB Products

Best for Consistent, Large Deposits: Maybank iSAVvy Plus

  • Consider if: You can consistently make fairly large deposits for a 6 month period
  • Read Our Full Review
  • Minimum Initial Deposit: S$500
  • Minimum Average Daily Balance: S$500
  • Fall Below Fee: S$2
  • Max Effective Interest Rate: 1.94% p.a. at S$50,000 balance
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

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 very competitive, peaking at 0.38% p.a. for balances of S$50,000+. 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.

  • Consider if: You can consistently make fairly large deposits for a 6 month period
  • Read Our Full Review
  • Minimum Initial Deposit: S$500
  • Minimum Average Daily Balance: S$500
  • Fall Below Fee: S$2
  • Max EIR: 1.94% p.a. at S$50,000 balance
Maybank iSAVvy Plus Savings Account Interest Rates
Base Rate: No requirements (rate varies according to balance size)
  • 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 rate applied to incremental increase only)
  • 1.56% p.a. (on increase)
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 very competitive, peaking at 0.38% p.a. for balances of S$50,000+. 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.

Flexible Rewards for Consistent Savers: OCBC Bonus+

  • Consider if: You make inconsistent deposits but want a boost when you grow your balance
  • Read Our Full Review
  • Minimum Initial Deposit: S$5,000
  • Minimum Average Daily Balance: S$3,000
  • Fall Below Fee: S$2
  • Max Effective Interest Rate: 0.50% p.a. at any balance
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)
+0.45% p.a.
Extra Deposit
  • No withdrawals + deposit at least S$500
  • (Bonus interest added to base rate & applied
  • to entire balance)
+0.50% p.a.
Max Effective Interest Rate:1.00% p.a. (any balance size)
Promotional rates, if any, are not included

Consumers who often contribute to their savings accounts–but can't guarantee they won't make a withdrawal for months at a time–may be best-suited to OCBC Bonus+ Savings Account. Account holders earn 0.05% p.a. base interest, plus a 0.20% p.a. boost when they don't make a withdrawal that month. Consumers can also earn an extra 0.25% p.a. when they make a S$500+ deposit as well–adding up to a total potential 0.50% 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 6+ months 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 one of the most flexible options for consistent savers on the market.

  • Consider if: You make inconsistent deposits but want a boost when you grow your balance
  • Read Our Full Review
  • Minimum Initial Deposit: S$5,000
  • Minimum Average Daily Balance: S$3,000
  • Fall Below Fee: S$2
  • Max EIR: 0.50% p.a. at any balance
OCBC Bonus+ Savings Account Interest Rates
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)
  • +0.45% p.a.
Extra Deposit: No withdrawals + deposit at least S$500 (bonus interest added to base rate & applied to entire balance)
  • +0.50% p.a.
Consumers who often contribute to their savings accounts–but can't guarantee they won't make a withdrawal for months at a time–may be best-suited to OCBC Bonus+ Savings Account. Account holders earn 0.05% p.a. base interest, plus a 0.20% p.a. boost when they don't make a withdrawal that month. Consumers can also earn an extra 0.25% p.a. when they make a S$500+ deposit as well–adding up to a total potential 0.50% 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 6+ months 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 one of the most flexible options for consistent savers on the market.

Highest Interest on New Deposits: Maybank iSAVvy Savings Account

  • Consider if: You have a small-to-moderate size balance and want a low-maintenance account
  • Promotions: None currently available
  • Minimum Initial Deposit: S$500
  • Minimum Average Daily Balance: S$500
  • Fall Below Fee: S$2
  • Max Effective Interest Rate: 0.50% p.a. at S$200,000+ balance
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$5k–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

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 above S$5,000 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$5,000, up to 0.50% p.a. for balances of S$200,000 or more. All of these base rates are far above the standard 0.05% p.a., which already makes Maybank iSAVvy stand out.

It's also worth mentioning that Maybank iSAVvy frequently offers promotions rewarding the deposit of fresh funds. Consumers can earn a higher interest rate (the exact amount varies according to the promotion) on the fresh funds deposited–typically for deposits of at least S$10,000 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.

  • Consider if: You have a small-to-moderate size balance and want a low-maintenance account
  • Promotions: None currently available
  • Minimum Initial Deposit: S$500
  • Minimum Average Daily Balance: S$500
  • Fall Below Fee: S$2
  • Max EIR: 0.50% p.a. at S$200,000+ balance
MB iSAVvy SA Interest Rates
Base Rate: No requirements (based on balance size)
  • 0.1875% p.a. if below 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–S$200k balance for 6 mo (bonus based on balance size, added to base rate & applied to entire balance)
  • +0.02% p.a. if S$5k–below S$100k
  • +0.07% p.a. if S$100k–below S$200k
Max EIR: 0.50% p.a. (at S$200k+ balance)
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 above S$5,000 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$5,000, up to 0.50% p.a. for balances of S$200,000 or more. All of these base rates are far above the standard 0.05% p.a., which already makes Maybank iSAVvy stand out.

It's also worth mentioning that Maybank iSAVvy frequently offers promotions rewarding the deposit of fresh funds. Consumers can earn a higher interest rate (the exact amount varies according to the promotion) on the fresh funds deposited–typically for deposits of at least S$10,000 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.

Best for Beginners with Stable Budgets: OCBC Monthly Savings Account

  • Consider if: You're opening a first account and can save a little every month
  • Minimum Initial Deposit: S$0
  • Minimum Average Daily Balance: S$500
  • Fall Below Fee: S$2 (Waived the 1st year)
  • Max Effective Interest Rate: 0.10% p.a. at any balance
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)
+0.10% p.a.
Max Effective Interest Rate:0.15% p.a. at any balance size
Promotional rates, if any, are not included
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 additional 0.05% 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 at least 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 0.10% p.a. maximum effective interest rate.


  • Consider if: You're opening a first account and can save a little every month
  • Minimum Initial Deposit: S$0
  • Minimum Average Daily Balance: S$500
  • Fall Below Fee: S$2 (Waived the 1st year)
  • Max EIR: 0.10% p.a. at any balance
OCBC MSA Interest Rates
Base Rate: No requirements (applied to entire balance)
  • 0.05% p.a.
No Withdrawals + Deposit: No withdrawals + deposit of at least S$50 (bonus added to base rate & applied to entire balance)
  • +0.10% p.a. on next S$40k
Max EIR: 0.15% p.a. at any balance size
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 additional 0.05% 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 at least 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 0.10% p.a. maximum effective interest rate.


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

  • Consider if: You can commit to consistent deposits for 12+ months
  • Service Fee: S$15 (Waived for Citi customers w/ min. S$15k monthly Total Relationship Balance)
  • Max Effective Interest Rate: 0.13% p.a. at S$20,000+ balance
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
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$20,000–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$20,000.

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.

  • Consider if: You can commit to consistent deposits for 12+ months
  • Service Fee: S$15 (Waived for Citi customers w/ min. S$15k monthly Total Relationship Balance)
  • Max Effective Interest Rate: 0.13% p.a. at S$20,000+ balance
Citi Step Up Interest Rates
Base Rate: No requirements (applied to entire balance)
  • 0.01% p.a.
Consistent Increase: Continuous month-on-month balance increase (bonus is based on number of months of continued increase and is applied to the entire balance
  • +0.01% p.a. x the number of months
  • Up to 12 months (max +0.12% p.a.)
Max EIR: 0.13% p.a. (at S$20k+ balance)
The max EIR reflects Year 2 of holding account, assuming the top interest rate was achieved during the 1st year and has since been maintained
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$20,000–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$20,000.

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.

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

  • Consider if: You're a frequent commuter who saves consistently
  • Service Fee: S$15 (Waived for Citi customers w/ min. S$15k monthly Total Relationship Balance)
  • Max Effective Interest Rate: 0.13% p.a. at S$20,000+ balance
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
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.


  • Consider if: You're a frequent commuter who saves consistently
  • Service Fee: S$15 (Waived for Citi customers w/ min. S$15k monthly Total Relationship Balance)
  • Max Effective Interest Rate: 0.13% p.a. at S$20,000+ balance
Citi Tap and Save Interest Rates
Base Rate: No requirements (applied to entire balance)
  • 0.01% p.a.
Consistent Increase: Continuous month-on-month balance increase (bonus is based on number of months of continued increase and is applied to the entire balance
  • +0.01% p.a. x the number of months
  • Up to 12 months (max +0.12% p.a.)
Max EIR: 0.13% p.a. (at S$20k+ balance)
The maximum EIR reflects Year 2 of holding account, assuming the top interest rate was achieved during the 1st year and has since been maintained
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.

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.

Top Base Interest Rates: CIMB FastSaver Savings Account

  • Consider if: You want a simple account with top interest rates
  • Promotions: Chance to win a Round the World Trip (inc. flights, accommodation & travel allowance)
  • With each successful new sign-up, both account holder & their referral receive S$10 Takashimaya voucher
  • Get S$20 Takashimaya vouchers for paying your bills
  • Minimum Initial Deposit: S$1,000
  • Minimum Average Daily Balance: N/A
  • Fall Below Fee: N/A
  • Max Effective Interest Rate: 0.30% p.a. at S$100,000 balance
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
1.80% p.a. on next S$25k
0.60% p.a. beyond S$100k
Max Effective Interest Rate:1.33% p.a. (at S$100k balance)
Promotional rates, if any, are not included

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$50,000 of the balance earns 0.50% p.a. interest, the next S$25,000 earns 0.80% p.a., the following S$25,000 earns 1.50% p.a., and any remaining amount earns 0.40% p.a. Altogether, the maximum effective interest rate is 0.825% p.a., reached at S$100,000 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$1,000 or more will earn interest). This makes CIMB FastSaver an exceptional option for those who want high rates but also value simplicity.

  • Consider if: You want a simple account with top interest rates
  • Promotions: Chance to win a Round the World Trip (inc. flights, accommodation & travel allowance)
  • With each successful new sign-up, both account holder & their referral receive S$10 Takashimaya voucher
  • Get S$20 Takashimaya vouchers for paying your bills
  • Minimum Initial Deposit: S$1,000
  • Minimum Average Daily Balance: N/A
  • Fall Below Fee: N/A
  • Max EIR: 0.30% p.a. at S$100,000 balance
CIMB FastSaver SA Interest Rates
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
  • 1.80% p.a. on next S$25k
  • 0.60% p.a. beyond S$100k
Max EIR: 1.33% p.a. (at S$100k balance)
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$50,000 of the balance earns 0.50% p.a. interest, the next S$25,000 earns 0.80% p.a., the following S$25,000 earns 1.50% p.a., and any remaining amount earns 0.40% p.a. Altogether, the maximum effective interest rate is 0.825% p.a., reached at S$100,000 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$1,000 or more will earn interest). This makes CIMB FastSaver an exceptional option for those who want high rates but also value simplicity.

High Base Rates for Modest Balances: RHB High Yield Savings Account

  • Consider if: You can maintain a moderate balance between S$10k–S$100k
  • Minimum Initial Deposit: S$1,000
  • Minimum Average Daily Balance: S$1,000
  • Fall Below Fee: S$2
  • Max Effective Interest Rate: 0.40% p.a. at S$100,000 balance
Rate TypeDetails & RequirementsInterest Rate
Base Rate
  • No requirements (Rate varies according to
  • band of balance)
1.05% p.a. on 1st S$50k
1.55% p.a. on next S$25k
2.00% p.a. on next S$25k
0.60% p.a. beyond S$100k
Max Effective Interest Rate:1.41% p.a. (at S$100k balance)
Promotional rates, if any, are not included
RHB High Yield Savings Account is one of the simplest options on the market, making it a great 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$50,000 within a balance earns 1.05% p.a., the next S$25,000 at 1.55% p.a., the following S$25,000 at 2.00% p.a. and any remaining amount beyond S$100k earns 0.60% p.a. As you can see, consumers with balances of at least S$50,000 up to S$100,000 will earn the most. In fact, the quite impressive maximum effective interest rate of 1.41% p.a. is achievable at S$100,000 balance.

There is a minimum initial deposit requirement of S$1,000 and a minimum balance requirement of S$1,000 (S$2 monthly fall-below fee). However, this is fairly standard. Overall, RHB High Yield is the best savings account for those with moderate to large balances who also prioritise simplicity.

Learn About Other RHB Products
  • Consider if: You can maintain a moderate balance between S$10k–S$100k
  • Minimum Initial Deposit: S$1,000
  • Minimum Average Daily Balance: S$1,000
  • Fall Below Fee: S$2
  • Max EIR: 0.40% p.a. at S$100,000 balance
RHB High Yield SA Interest Rates
Base Rate: No requirements (rate varies according to band of balance)
  • 1.05% p.a. on 1st S$50k
  • 1.55% p.a. on next S$25k
  • 2.00% p.a. on next S$25k
  • 0.60% p.a. beyond S$100k
Max EIR: 1.41% p.a. (at S$100k balance)
RHB High Yield Savings Account is one of the simplest options on the market, making it a great 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$50,000 within a balance earns 1.05% p.a., the next S$25,000 at 1.55% p.a., the following S$25,000 at 2.00% p.a. and any remaining amount beyond S$100k earns 0.60% p.a. As you can see, consumers with balances of at least S$50,000 up to S$100,000 will earn the most. In fact, the quite impressive maximum effective interest rate of 1.41% p.a. is achievable at S$100,000 balance.

There is a minimum initial deposit requirement of S$1,000 and a minimum balance requirement of S$1,000 (S$2 monthly fall-below fee). However, this is fairly standard. Overall, RHB High Yield is the best savings account for those with moderate to large balances who also prioritise simplicity.

Learn About Other RHB Products

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

  • Consider if: You're a young professional seeking a starter account
  • Promotions: Chance to win a Round the World Trip (inc. flights, accommodation & travel allowance)
  • With each successful new sign-up, both account holder & their referral receive S$10 Takashimaya voucher
  • Get S$20 Takashimaya vouchers for paying your bills
  • Minimum Initial Deposit: S$1,000
  • Minimum Average Daily Balance: N/A
  • Fall Below Fee: N/A
  • Max Effective Interest Rate: 0.30% p.a. at S$1,000,000 balance
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
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$1,000 or higher will earn interest). It currently offers a promotion for referring a friend, earning both the referrer and the referee a S$10 Takashimaya Voucher and another promotion offering S$20 in Takashimaya Vouchers for paying your IRAS, Telco and utility bills by setting up a GIRO arrangement with your CIMB current/savings accounts.

In terms of interest, account holders earn 0.40% 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.


  • Consider if: You're a young professional seeking a starter account
  • Promotions: Chance to win a Round the World Trip (inc. flights, accommodation & travel allowance)
  • With each successful new sign-up, both account holder & their referral receive S$10 Takashimaya voucher
  • Get S$20 Takashimaya vouchers for paying your bills
  • Minimum Initial Deposit: S$1,000
  • Minimum Average Daily Balance: N/A
  • Fall Below Fee: N/A
  • Max EIR: 0.30% p.a. at S$1,000,000 balance
CIMB StarSaver SA Interest Rates
Base Rate: No requirements (applies to entire balance)
  • 0.80% p.a. on entire balance
Max EIR: 0.80% p.a. (at any balance)
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$1,000 or higher will earn interest). It currently offers a promotion for referring a friend, earning both the referrer and the referee a S$10 Takashimaya Voucher and another promotion offering S$20 in Takashimaya Vouchers for paying your IRAS, Telco and utility bills by setting up a GIRO arrangement with your CIMB current/savings accounts.

In terms of interest, account holders earn 0.40% 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.

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

  • Consider if: You want a simple account with no initial deposit requirement
  • Promotions: Earn 0.25% p.a. bonus interest on eligible incremental balance with deposit of fresh funds
  • Minimum Initial Deposit: S$0
  • Minimum Average Daily Balance: S$1,000
  • Fall Below Fee: S$5
  • Max Effective Interest Rate: 0.40% p.a. at S$200,000+ balance
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$200k+ balance)
Promotional rates, if any, are not included
One option for consumers who want an easy to use account is Standard Chartered e$Saver Savings Account. As with similar alternatives, this account rewards interest according to total balance size. Those with a balance below S$50,000 earn 0.10% p.a., those with a balance between S$50,000–below S$200,000 earn 0.15% p.a., and those with balances of S$200,000 or above earn 0.25% p.a. There's no initial deposit requirement, but there is a S$1,000 minimum balance requirement and a sizable S$5/month fall below fee.

While these rates aren't particularly impressive, SC e$aver Savings Account often offers promotions that boost its value. Consumers are incentivised to make large deposits into their accounts, as any incremental increases in their balance from month-to-month will earn an extra boost. 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.

  • Consider if: You want a simple account with no initial deposit requirement
  • Promotions: Earn 0.25% p.a. bonus interest on eligible incremental balance with deposit of fresh funds
  • Minimum Initial Deposit: S$0
  • Minimum Average Daily Balance: S$1,000
  • Fall Below Fee: S$5
  • Max EIR: 0.40% p.a. at S$200,000+ balance
SC e$aver Interest Rates
Base Rate: No requirements (rate varies w/ balance size)
  • 0.10% p.a. if below S$50k
  • 0.15% p.a. if S$50k–below S$200k
  • 0.25% p.a. if S$200k+
Max EIR: 0.25% p.a. (at S$200k+ balance)
One option for consumers who want an easy to use account is Standard Chartered e$Saver Savings Account. As with similar alternatives, this account rewards interest according to total balance size. Those with a balance below S$50,000 earn 0.10% p.a., those with a balance between S$50,000–below S$200,000 earn 0.15% p.a., and those with balances of S$200,000 or above earn 0.25% p.a. There's no initial deposit requirement, but there is a S$1,000 minimum balance requirement and a sizable S$5/month fall below fee.

While these rates aren't particularly impressive, SC e$aver Savings Account often offers promotions that boost its value. Consumers are incentivised to make large deposits into their accounts, as any incremental increases in their balance from month-to-month will earn an extra boost. 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.

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

  • Consider if: You want a straightforward account with higher-than-standard base rates
  • Minimum Initial Deposit: S$1,000
  • Minimum Average Daily Balance: S$2,000
  • Fall Below Fee: S$2
  • Max Effective Interest Rate: 0.2% p.a. at S$100,000+ balance
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
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 0.20% p.a. for those with balances of S$100,000 and up 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$1,000 minimum balance requirement and charges a S$2/month fall below fee. While this may seem insignificant, consider this–a S$8,000 balance earns less than S$2/month, so a fall below fee would actually have a net cost.

  • Consider if: You want a straightforward account with higher-than-standard base rates
  • Minimum Initial Deposit: S$1,000
  • Minimum Average Daily Balance: S$2,000
  • Fall Below Fee: S$2
  • Max EIR: 0.2% p.a. at S$100,000+ balance
BOC Passbook Interest Rates
Base Rate: No requirements (rate varies w/ balance size)
  • 0.250% p.a. if below 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 EIR: 0.475% p.a. (at S$100k+ balance)
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 0.20% p.a. for those with balances of S$100,000 and up 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$1,000 minimum balance requirement and charges a S$2/month fall below fee. While this may seem insignificant, consider this–a S$8,000 balance earns less than S$2/month, so a fall below fee would actually have a net cost.

Appealing Option for Foreign Workers: Maybank Passbook Savings Account

  • Consider if: You're a foreign worker in Singapore
  • Minimum 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
  • Minimum Average Daily Balance: S$1,000
  • Fall Below Fee: S$2 for Singaporeans & PR, S$5 for foreigners
  • Max Effective Interest Rate: 0.625% p.a. at S$50,000+ balance
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
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$50,000 of a balance earns at 0.1875% p.a. interest, and any remaining balance beyond S$50,000 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$1,000, 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$1,000.

  • Consider if: You're a foreign worker in Singapore
  • Minimum 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
  • Minimum Average Daily Balance: S$1,000
  • Fall Below Fee: S$2 for Singaporeans & PR, S$5 for foreigners
  • Max EIR: 0.625% p.a. at S$50,000+ balance
MB Passbook Interest Rates
Base Rate: No requirements (rate varies according to band of balance)
  • 0.1875% p.a. on 1st S$50k
  • 0.2500% p.a. beyond S$50k
Max EIR: ~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$2.5M
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$50,000 of a balance earns at 0.1875% p.a. interest, and any remaining balance beyond S$50,000 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$1,000, 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$1,000.

No Frills Savings Account: Citi MaxiSave Savings Account

  • Consider if: You're a Citi loyalist and want a basic savings account
  • Max Effective Interest Rate: 0.10% p.a. at S$30,000+ balance
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
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$5,000 within the balance earns 0.01% p.a., the next S$25,000 earns 0.05% p.a., and any remaining balance above the S$30,000 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.
  • Consider if: You're a Citi loyalist and want a basic savings account
  • Max EIR: 0.10% p.a. at S$30,000+ balance
Citi MaxiSave Interest Rates
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 EIR: ~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$2M
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$5,000 within the balance earns 0.01% p.a., the next S$25,000 earns 0.05% p.a., and any remaining balance above the S$30,000 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.

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.

Low-Risk Starter Account for Young Adults: OCBC Frank Savings Account

  • Consider if: You're a young adult looking for a starter account without fees or requirements
  • Promotions: Get S$10 cash credit if you apply for the Frank Account and Debit Card online
  • Read Our Full Review
  • Minimum Initial Deposit: S$0
  • Minimum Average Daily Balance: S$0 if younger than 26 years old, S$1,000 for 26+
  • Fall Below Fee: 0S$ if below 26 years old, S$2 (Waived if less than 26 years old)
  • Max Effective Interest Rate: 0.20% p.a. at S$50,000 balance
Rate TypeDetails & RequirementsInterest Rate
Base Rate
  • No requirements
  • (Rate varies according to band of balance)
0.20% p.a. on 1st S$25k
0.30% p.a. on next S$25k
0.05% p.a. above S$50k
Max Effective Interest Rate:0.25% p.a. (at S$50k balance)
Promotional rates, if any, are not included
OCBC Frank Savings Account is a great option for young adults who want to earn at competitive 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$5,000.

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$1,000 is required. Nonetheless, falling below this minimum incurs just a S$2 monthly service fee. For small balance sizes (less than S$12,000), 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.

  • Consider if: You're a young adult looking for a starter account without fees or requirements
  • Promotions: Get S$10 cash credit if you apply for the Frank Account and Debit Card online
  • Read Our Full Review
  • Minimum Initial Deposit: S$0
  • Minimum Average Daily Balance: S$0 if younger than 26 years old, S$1,000 for 26+
  • Fall Below Fee: 0S$ if below 26 years old, S$2 (Waived if less than 26 years old)
  • Max EIR: 0.20% p.a. at S$50,000 balance
OCBC Frank Interest Rates
Base Rate: No requirements (varies according to band of balance)
  • 0.20% p.a. on 1st S$25k
  • 0.30% p.a. on next S$25k
  • 0.05% p.a. above S$50k
Max EIR: 0.25% p.a. (at S$50k balance)
OCBC Frank Savings Account is a great option for young adults who want to earn at competitive 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$5,000.

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$1,000 is required. Nonetheless, falling below this minimum incurs just a S$2 monthly service fee. For small balance sizes (less than S$12,000), 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.

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

  • Consider if: You're a low-income adult looking to open a savings account
  • Promotions: None currently available
  • Read Our Full Review
  • Minimum Initial Deposit: S$0
  • Minimum Average Daily Balance: S$500
  • Fall Below Fee: S$2 (Waived if less than 21 or greater than 60 years old, recipient of public assistant, full-time National Service man or if it’s the applicant's 1st account with POSB)
  • Max Effective Interest Rate: 0.05% p.a. at any balance
Rate TypeDetails & RequirementsInterest Rate
Base Rate
  • No requirements
0.05% p.a. on entire balance
Max Effective Interest Rate:0.05% p.a. (at any balance)
Promotional rates, if any, are not included
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. Under a current promotion, opening a deposit account and depositing at least S$3,000 by the month following the account opening and maintaining that balance for at least 6 months will earn you a S$15 WhyQ voucher. 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 0.05% p.a. on their entire balance, regardless of its size. This rate is roughly in line with the market standard for base rates, though many accounts offer additional boosts and bonuses. While POSB Everyday Account lacks such bonus rates, it's very easy to use and is accessible to many groups.

  • Consider if: You're a low-income adult looking to open a savings account
  • Promotions: None currently available
  • Read Our Full Review
  • Minimum Initial Deposit: S$0
  • Minimum Average Daily Balance: S$500
  • Fall Below Fee: S$2 (Waived if less than 21 or greater than 60 years old, recipient of public assistant, full-time National Service man or if it’s the applicant's 1st account with POSB)
  • Max EIR: 0.05% p.a. at any balance
POSB Everyday Interest Rates
Base Rate: No requirements
  • 0.05% p.a. on entire balance
Max EIR: 0.05% p.a. (at any balance)
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. Under a current promotion, opening a deposit account and depositing at least S$3,000 by the month following the account opening and maintaining that balance for at least 6 months will earn you a S$15 WhyQ voucher. 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 0.05% p.a. on their entire balance, regardless of its size. This rate is roughly in line with the market standard for base rates, though many accounts offer additional boosts and bonuses. While POSB Everyday Account lacks such bonus rates, it's very easy to use and is accessible to many groups.

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 Big Balances & Consistent Growth: Citi MaxiGain Savings Account

  • Consider if: You can maintain and increase a large monthly balance size
  • Max Effective Interest Rate: 0.61% p.a. at S$70,000 balance
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
Citi MaxiGain Savings Account is a fantastic account for wealthy, consistent savers who can maintain a balance between S$70,000–S$150,000. The base interest rate is 0.01%. However, not everyone can access this rate. This base rate is only applied on days where the consumer's balance is S$70,000 or more.

Below this amount, account holders earn a "bonus" rate that starts at just 0.05% 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 0.05% p.a. rate and can reach up to 0.60% 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$70,000 balance and consistently grow their month-on-month balance for a year can ultimately earn at a quite impressive 0.61% p.a.

  • Consider if: You can maintain and increase a large monthly balance size
  • Max Effective Interest Rate: 0.61% p.a. at S$70,000 balance
Citi MaxiGain Interest Rates
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. on next S$80k
  • 0.05% p.a. beyond S$150k
Consistent Increase: Continuous month-on-month balance increase (bonus based on number of months of continued increase & applied to entire balance)
  • +0.10% p.a. x the number of months
  • Up to 12 months (max +1.20% p.a.)
Max EIR: ~2.48% p.a. (at S$70k balance)
Approximation based on current 1-month SIBOR rate. The max EIR shown here reflects Year 2 of holding account, assuming the top interest rate was achieved during the 1st year and has since been maintained
Citi MaxiGain Savings Account is a fantastic account for wealthy, consistent savers who can maintain a balance between S$70,000–S$150,000. The base interest rate is 0.01%. However, not everyone can access this rate. This base rate is only applied on days where the consumer's balance is S$70,000 or more.

Below this amount, account holders earn a "bonus" rate that starts at just 0.05% 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 0.05% p.a. rate and can reach up to 0.60% 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$70,000 balance and consistently grow their month-on-month balance for a year can ultimately earn at a quite impressive 0.61% p.a.

Best for Citibank Loyalists: Citi InterestPlus Savings Account

  • Consider if: You're engaged with a variety of Citibank financial products
  • Max Effective Interest Rate: 0.1% p.a. at S$30,000+ balance
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

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 ranging from 0.01% to 0.1%, 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$25,000 single premium, (2) investing S$250+/mo in a regular savings plan or S$25,000 in Unit Trusts, (3) taking up a Citi home loan of S$250,000 or more. Each of these activities earns a boost to the base interest rate, adding up to a potential 3.40% p.a. These interest rate boosts are quite impressive, but only apply to the 1st S$50,000 of a balance. Considering the account's base rates, this means the maximum effective interest rate of 3.50% p.a. is reached at just S$50,000 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 at least a S$70,000 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.

  • Consider if: You're engaged with a variety of Citibank financial products
  • Max Effective Interest Rate: 0.1% p.a. at S$30,000+ balance
Citi InterestPlus Interest Rates
Base Rate: No requirements (varies by balance size)
  • 0.01% p.a. if below 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 EIR: 3.60% p.a. (at S$50k balance)
on_current="true" title="Editor's Review" style="article" open="false" 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 ranging from 0.01% to 0.1%, 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$25,000 single premium, (2) investing S$250+/mo in a regular savings plan or S$25,000 in Unit Trusts, (3) taking up a Citi home loan of S$250,000 or more. Each of these activities earns a boost to the base interest rate, adding up to a potential 3.40% p.a. These interest rate boosts are quite impressive, but only apply to the 1st S$50,000 of a balance. Considering the account's base rates, this means the maximum effective interest rate of 3.50% p.a. is reached at just S$50,000 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 at least a S$70,000 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.

Best for High Earning High Spenders: Bank of China SmartSaver Savings Account

  • Consider if: You earn at least S$6k/month
  • Minimum Initial Deposit: S$1,500
  • Minimum Average Daily Balance: S$1,500
  • Fall Below Fee: S$3
  • Max Effective Interest Rate: 3% p.a. at S$80,000 balance
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
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 3.00% p.a. at a balance of just S$60,000. 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 0.10% p.a.–0.20% p.a., are all 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 0.50% p.a. just for spending on a BOC credit or debit card, another 0.50% p.a. for crediting their monthly salary, another +0.30% p.a. for paying at least 3 bills via GIRO or online banking, and lastly another 1.50% for purchasing insurance products. These bonuses add up to a potential 2.80% p.a. on top of the base rate. While impressive, the highest bonus rates aren't accessible for everyone. Consumers must spend at least S$1,500/mo on a BOC card to earn 0.50% p.a., and must credit a salary of at least S$6,000/mo to earn another 0.50% p.a. bonus interest. Lower spend and credit amounts still earn boosted interest, but at a more modest +0.30% p.a. rate. As a result, people who earn more and spend more will have an easier time benefiting from BOC SmartSaver.

Learn About Other BOC Products
  • Consider if: You earn at least S$6k/month
  • Minimum Initial Deposit: S$1,500
  • Minimum Average Daily Balance: S$1,500
  • Fall Below Fee: S$3
  • Max EIR: 3% p.a. at S$80,000 balance
BOC Passbook Interest Rates
Base Rate: No requirements (rate varies w/ balance size)
  • 0.250% p.a. if below 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 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 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 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 added to base & applied to balance amt above S$60k)
  • +0.60% p.a.
Max EIR: 3.55% p.a. (at S$60k+ balance)
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 3.00% p.a. at a balance of just S$60,000. 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 0.10% p.a.–0.20% p.a., are all 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 0.50% p.a. just for spending on a BOC credit or debit card, another 0.50% p.a. for crediting their monthly salary, another +0.30% p.a. for paying at least 3 bills via GIRO or online banking, and lastly another 1.50% for purchasing insurance products. These bonuses add up to a potential 2.80% p.a. on top of the base rate. While impressive, the highest bonus rates aren't accessible for everyone. Consumers must spend at least S$1,500/mo on a BOC card to earn 0.50% p.a., and must credit a salary of at least S$6,000/mo to earn another 0.50% p.a. bonus interest. Lower spend and credit amounts still earn boosted interest, but at a more modest +0.30% p.a. rate. As a result, people who earn more and spend more will have an easier time benefiting from BOC SmartSaver.

Learn About Other BOC Products

Regular Savings Plan: Higher Potential Risks & Rewards

If you're interested in taking a step beyond a traditional savings account, consider a Regular Savings Plan.

Invest Your Monthly Deposits: Saxo Regular Savings Plan

  • Consider if: You're open to investing a little bit every month
  • Minimum Initial Investment: S$2,000
  • Minimum Monthly Contribution: S$100
  • Annual Service Fee: 0.75%
  • No transaction or custody fees

Those seeking an alternative to a traditional savings account, might be interested in Saxo Regular Savings Plan. This investment account requires individuals to contribute monthly and typically offers higher returns than a traditional savings account. However, unlike a traditional savings account, Saxo RSP entails additional risk, as funds are invested in stocks, ETFs and unit trusts (rather than keeping funds in the bank, where they're effectively guaranteed).

What makes Saxo RSP stand out is that it offers access to managed portfolios at a fraction of the cost of typical wealth managers (0.75% p.a.). Not only that, Saxo's RSP requires a minimum monthly investment of just S$100, compared to as much as S$500 by other managed RSPs. Saxo is also partnered with asset manager BlackRock, in order to develop a variety of portfolios based on one's preferred risk profile.

Learn About Other Saxo Products
  • Consider if: You're open to investing a little bit every month
  • Minimum Initial Investment: S$2,000
  • Minimum Monthly Contribution: S$100
  • Annual Service Fee: 0.75%
  • No transaction or custody fees
Those seeking an alternative to a traditional savings account, might be interested in Saxo Regular Savings Plan. This investment account requires individuals to contribute monthly and typically offers higher returns than a traditional savings account. However, unlike a traditional savings account, Saxo RSP entails additional risk, as funds are invested in stocks, ETFs and unit trusts (rather than keeping funds in the bank, where they're effectively guaranteed).

What makes Saxo RSP stand out is that it offers access to managed portfolios at a fraction of the cost of typical wealth managers (0.75% p.a.). Not only that, Saxo's RSP requires a minimum monthly investment of just S$100, compared to as much as S$500 by other managed RSPs. Saxo is also partnered with asset manager BlackRock, in order to develop a variety of portfolios based on one's preferred risk profile.

Learn About Other Saxo Products

Learn More About Maximising Your Savings

Comments and Questions