Best Savings Accounts for Students in Singapore 2020

If you're a student between 15 to 26 years old, it may be difficult to find a savings account that's accessible and low-risk, but also rewarding. Fortunately, there are several accounts on the market that provide young adults with a way to earn competitive interest rates without having to worry about minimum requirements or fall-below fees. We've looked into the details of these accounts to provide a close analysis of their strengths and weaknesses. Our reviews below highlight which savings accounts are most likely to benefit Singaporean students.

Best Savings Accounts for Students Overall
  • CIMB FastSaver: You want a simple account with top interest rates
  • SC Jumpstart: You're a post-secondary student with a modest balance
Simple & Easy Savings Accounts for Students
  • OCBC Frank: You're a young adult looking for a starter account without fees or requirements
  • CIMB StarSaver: You're a young professional seeking a starter account
  • MB iSAVvy: You have a small-to-moderate size balance and want a low-maintenance account
Student Savings Accounts for Consistent Savers
  • UOB Stash: You maintain a large balance but tend to make smaller deposits
  • OCBC MSA: You're opening a first account and can save a little every month
Best Savings Accounts for Young Professionals & NSFs
  • POSB SAYE: You can commit to long-term incremental saving & want a low-maintenance acct
  • POSB Everyday: You're a low-income adult looking to open a savings account

Requirements Comparison for Best Savings Accounts for Students

There are several key factors to keep in mind when evaluating savings accounts for students. These include accessibility (minimum age, initial deposit requirement), risk (minimum average daily balance, fall-below fee), and earning potential (maximum effective interest rate). We've created a visual overview of how the best savings accounts for students compare across these factors in the table below. Our reviews dive further into details that further differentiate each product.

Savings AcctMin. AgeInit. DepositMin. Avg. BalFall-Below FeeMax EIR at S$20k
POSB SAYE16S$0N/A N/A 2.25% p.a.
SC JumpStart18S$0S$0 N/A 2.00% p.a.
CIMB FastSaver16S$1,000N/A N/A 1.00% p.a.
CIMB StarSaver16S$1,000N/A N/A 0.80% p.a.
UOB Stash15S$1,000S$1,000S$20.43% p.a.
MB iSAVvy16S$500S$500S$20.32% p.a.
OCBC Frank16S$0S$0 if below 26yoN/A below 26yo0.20% p.a.
OCBC MSA16S$0S$500S$20.15% p.a.
POSB Everyday16S$0S$500N/A below 21yo0.05% p.a.
Fall below fees may have a waiver. Promotional rates, if any, are not included. Please see below for further details
Best Savings Accounts for Students Overall Simple & Easy Savings Accounts for Students Student Accounts for Consistent Savers Best for Young Professionals & NSFs

Requirements Comparison for Best Savings Accounts for Students

There are several key factors to keep in mind when evaluating savings accounts for students. These include accessibility (minimum age, initial deposit requirement), risk (minimum average daily balance, fall-below fee), and earning potential (maximum effective interest rate). We've created a visual overview of how the best savings accounts for students compare across these factors in the table below. Our reviews dive further into details that further differentiate each product.

Savings AcctMin. AgeInit. DepositMin. Avg. BalFall-Below FeeMax EIR at S$20k
POSB SAYE16S$0N/A N/A 2.25% p.a.
SC JumpStart18S$0S$0 N/A 2.00% p.a.
CIMB FastSaver16S$1,000N/A N/A 1.00% p.a.
CIMB StarSaver16S$1,000N/A N/A 0.80% p.a.
UOB Stash15S$1,000S$1,000S$20.43% p.a.
MB iSAVvy16S$500S$500S$20.32% p.a.
OCBC Frank16S$0S$0 if below 26yoN/A below 26yo0.20% p.a.
OCBC MSA16S$0S$500S$20.15% p.a.
POSB Everyday16S$0S$500N/A below 21yo0.05% p.a.
Fall below fees may have a waiver. Promotional rates, if any, are not included. Please see below for further details

Savings accounts in Singapore often aren't especially straightforward. It's easy to become lost in a sea of qualifications to unlock boosted rates, all while trying to avoid hidden requirements and fees. This can prove especially challenging for a student or young adult looking to open their first savings account.

Fortunately, there are several competitive options on the market that are highly accessible, low risk & low maintenance, and still manage to offer competitive interest rates (even for lower balance sizes). We've analysed these closely to identify which accounts best serve student needs, providing a detailed snapshot of how each uniquely benefits younger consumers.

Best Savings Accounts for Students in Singapore Overall

These accounts offer top interest rates with few requirements–perfect for students.

Highly Competitive Base Interest Rate: 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)
  • Minimum Initial Deposit: S$1,000
  • Minimum Average Daily Balance: N/A
  • Fall Below Fee: N/A
  • Max Effective Interest Rate at S$20k Balance: 1.00% p.a.
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
CIMB FastSaver Savings Account is one of the absolute best options for students because of its minimal requirements and market-leading base interest rate. Consumers as young as 16 years old can open an account with S$1,000 deposit and begin earning 1.00% p.a. interest right away. Many savings accounts have base rates of just 0.05% p.a., with a variety of complicated requirements to earn at boosted rates.


As students' balances grow, they'll continue to benefit. Every S$25k increment above S$50k earns at an even higher rate, applied to that band of the balance. The maximum effective interest rate is 1.33% p.a., reached at a S$100k balance. However, CIMB FastSaver is most competitive for those with balances below this level, especially those with balances below S$50k. There's no minimum average daily balance and therefore no fall-below fees (though only balances above S$1k earn interest). This makes CIMB FastSaver nearly maintenance and risk-free and therefore, a great option for students looking to earn top interest, worry-free.

  • 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)
  • Minimum Initial Deposit: S$1,000
  • Minimum Average Daily Balance: N/A
  • Fall Below Fee: N/A
  • Max EIR at S$20k Balance: 1.00% p.a.
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)
CIMB FastSaver Savings Account is one of the absolute best options for students because of its minimal requirements and market-leading base interest rate. Consumers as young as 16 years old can open an account with S$1,000 deposit and begin earning 1.00% p.a. interest right away. Many savings accounts have base rates of just 0.05% p.a., with a variety of complicated requirements to earn at boosted rates.


As students' balances grow, they'll continue to benefit. Every S$25k increment above S$50k earns at an even higher rate, applied to that band of the balance. The maximum effective interest rate is 1.33% p.a., reached at a S$100k balance. However, CIMB FastSaver is most competitive for those with balances below this level, especially those with balances below S$50k. There's no minimum average daily balance and therefore no fall-below fees (though only balances above S$1k earn interest). This makes CIMB FastSaver nearly maintenance and risk-free and therefore, a great option for students looking to earn top interest, worry-free.

Best for Post-Secondary Students: Standard Chartered JumpStart Account

  • Consider if: You're a post-secondary student with a modest balance
  • Minimum Initial Deposit: S$0
  • Minimum Average Daily Balance: S$0
  • Fall Below Fee: N/A
  • Max Effective Interest Rate at S$20k Balance: 2.00% p.a.
Rate TypeDetails & RequirementsInterest Rate
Base Rate
  • No requirements
  • (Rate varies according to band of balance)
2.00% p.a. on 1st S$20k
0.10% p.a. on amts beyond S$20k
Max Effective Interest Rate:2.00% p.a. (at S$20k balance)
Promotional rates, if any, are not included
Standard Chartered JumpStart Account is–by far–the best savings account for students who've completed their secondary education and are ready to begin growing their modest savings. Consumers can open an account with little-to-no risk or complication: there's no initial deposit requirement and no minimum balance requirement (and therefore, no fall-below fees). The account is ideal for those with balances below S$20k, as amounts up to this level earn at an incredible 2.00% p.a.–one of the highest base rates on the market.


SC JumpStart does have a few limitations, however. Only individuals aged 18 to 26 years old can hold an account. Many savings accounts allow consumers as young as 15-16 years old to apply, and do not have upper-limit age restrictions. Additionally, those with balances above S$20k will earn at a much lower effective interest rate, as amounts above this threshold earn just 0.10% p.a. This means that SC JumpStart may be a great starter account for post-secondary students, but it is not ideal for people who want an account they can grow over the long-term.

  • Consider if: You're a post-secondary student with a modest balance
  • Minimum Initial Deposit: S$0
  • Minimum Average Daily Balance: S$0
  • Fall Below Fee: N/A
  • Max EIR at S$20k Balance: 2.00% p.a.
SC JumpStart Interest Rates
Base Rate: No requirements (rate varies according to band of balance)
  • 2.00% p.a. on 1st S$20k
  • 0.10% p.a. beyond S$20k
Max EIR: 2.00% p.a. (at S$20k balance)
Standard Chartered JumpStart Account is–by far–the best savings account for students who've completed their secondary education and are ready to begin growing their modest savings. Consumers can open an account with little-to-no risk or complication: there's no initial deposit requirement and no minimum balance requirement (and therefore, no fall-below fees). The account is ideal for those with balances below S$20k, as amounts up to this level earn at an incredible 2.00% p.a.–one of the highest base rates on the market.


SC JumpStart does have a few limitations, however. Only individuals aged 18 to 26 years old can hold an account. Many savings accounts allow consumers as young as 15-16 years old to apply, and do not have upper-limit age restrictions. Additionally, those with balances above S$20k will earn at a much lower effective interest rate, as amounts above this threshold earn just 0.10% p.a. This means that SC JumpStart may be a great starter account for post-secondary students, but it is not ideal for people who want an account they can grow over the long-term.

Simple & Easy Savings Accounts for Students

These options are great starter accounts, requiring little-to-no maintenance.

Easiest to Use Starter Account: OCBC Frank Savings Account

  • Consider if: You're a young adult looking for a starter account without fees or requirements
  • Promotions: Receive S$10 cash credit w/ online Myinfo application
  • 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: S$2 (Waived if less than 26 years old)
  • Max Effective Interest Rate at S$20k Balance: 0.20% p.a.
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 Account is a great option for students looking to open their first savings account. There are almost no barriers to entry. Consumers as young as 16 can apply (compared to the typical 18yo+ requirement), there's no minimum income or salary requirement, and no minimum initial deposit (most banks require S$500+). Even better, those under 26 years old are exempt from the minimum average daily balance requirement and therefore, will never be charged a "fall-below" fee.


Though opening and maintaining an OCBC Frank Account is exceptionally easy to do, account holders will not earn at the most competitive interest rates currently available on the market. The first S$25k of the a balance earns 0.20% p.a., the next S$25k band earns 0.30% p.a., and amounts above S$50k earn 0.05% p.a. Those with higher balances would definitely be better off with alternative accounts, but students with lower balances–especially below S$1k–can earn more with OCBC Frank than with most competitors. As a result, young adults with limited funds–especially those looking for an easy starter account–should consider OCBC Frank.

  • Consider if: You're a young adult looking for a starter account without fees or requirements
  • Promotions: Receive S$10 cash credit w/ online Myinfo application
  • 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: S$2 (Waived if less than 26 years old)
  • Max EIR at S$20k Balance: 0.20% p.a.
OCBC Frank Interest Rates
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 EIR: 0.25% p.a. (at S$50k balance)
OCBC Frank Account is a great option for students looking to open their first savings account. There are almost no barriers to entry. Consumers as young as 16 can apply (compared to the typical 18yo+ requirement), there's no minimum income or salary requirement, and no minimum initial deposit (most banks require S$500+). Even better, those under 26 years old are exempt from the minimum average daily balance requirement and therefore, will never be charged a "fall-below" fee.


Though opening and maintaining an OCBC Frank Account is exceptionally easy to do, account holders will not earn at the most competitive interest rates currently available on the market. The first S$25k of the a balance earns 0.20% p.a., the next S$25k band earns 0.30% p.a., and amounts above S$50k earn 0.05% p.a. Those with higher balances would definitely be better off with alternative accounts, but students with lower balances–especially below S$1k–can earn more with OCBC Frank than with most competitors. As a result, young adults with limited funds–especially those looking for an easy starter account–should consider OCBC Frank.

Straightforward Account for Students: CIMB StarSaver Savings Account

  • Consider if: You're a young professional seeking a starter account
  • Promotions: Earn bonus +0.20% p.a. interest on entire balance w/ S$500 monthly incremental increase (req. S$1k min. balance)
  • With each successful new sign-up, both account holder & their referral receive S$10 cash credit
  • Minimum Initial Deposit: S$1,000
  • Minimum Average Daily Balance: N/A
  • Fall Below Fee: N/A
  • Max Effective Interest Rate at S$20k Balance: 0.80% p.a.
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
CIMB StarSaver Account is perhaps one of the most straightforward savings accounts on the market, which is perfect for students who want a low-maintenance, low-risk starter account. Consumers as young as 16 years old can apply, and just need to make a S$1k minimum initial deposit. While there's an initial deposit requirement, there isn't a minimum average daily balance, so account holders never need to worry about paying fall below fees. Nonetheless, only balances above S$1k are eligible to earn interest.


What makes CIMB StarSaver so simple is that its 0.80% p.a. interest rate applies to the account holder's entire balance. There's no variation by balance band, and no tiers according to balance level. As such, consumers always know the rate they're set to earn at, without having to calculate out an effective interest rate or push to optimise their rate at a specific balance level. Furthermore, 0.80% p.a. is reasonably competitive, making CIMB StarSaver one of the best straightforward "starter" savings accounts.

  • Consider if: You're a young professional seeking a starter account
  • Promotions: Earn bonus +0.20% p.a. interest on entire balance w/ S$500 monthly incremental increase (req. S$1k min. balance)
  • With each successful new sign-up, both account holder & their referral receive S$10 cash credit
  • Minimum Initial Deposit: S$1,000
  • Minimum Average Daily Balance: N/A
  • Fall Below Fee: N/A
  • Max EIR at S$20k Balance: 0.80% p.a.
CIMB StarSaver SA Interest Rates
Base Rate: No requirements (applied to entire balance)
  • 0.80% p.a.
Max EIR: 0.80% p.a. (at any balance)
CIMB StarSaver Account is perhaps one of the most straightforward savings accounts on the market, which is perfect for students who want a low-maintenance, low-risk starter account. Consumers as young as 16 years old can apply, and just need to make a S$1k minimum initial deposit. While there's an initial deposit requirement, there isn't a minimum average daily balance, so account holders never need to worry about paying fall below fees. Nonetheless, only balances above S$1k are eligible to earn interest.


What makes CIMB StarSaver so simple is that its 0.80% p.a. interest rate applies to the account holder's entire balance. There's no variation by balance band, and no tiers according to balance level. As such, consumers always know the rate they're set to earn at, without having to calculate out an effective interest rate or push to optimise their rate at a specific balance level. Furthermore, 0.80% p.a. is reasonably competitive, making CIMB StarSaver one of the best straightforward "starter" savings accounts.

High Rates for Hands-Off Savers: Maybank iSAVvy Savings Account

  • Consider if: You have a small-to-moderate size balance and want a low-maintenance account
  • Promotions: Receive up to 1.30% p.a. on fresh fund deposits of S$10k+
  • Receive up to S$100 cash credit w/ salary crediting for 3mo
  • Receive S$20 cash credit w/ S$1k remittance to MB Malaysia acct
  • Minimum Initial Deposit: S$500
  • Minimum Average Daily Balance: S$500
  • Fall Below Fee: S$2
  • Max Effective Interest Rate at S$20k Balance: 0.32% p.a.
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
Many savings accounts offer rate boosts that are contingent on consistent, month-to-month growth. Fortunately, students who are less consistent savers can still access a boost with Maybank iSAVvy Account. While cardholders earn at a relatively low base rate of 0.1875% p.a.–0.50% p.a. (contingent on balance size), they can access a boost of 0.02% p.a.–0.07% p.a. (also contingent on balance size) if they can maintain a S$5k–S$200k balance for a full 6 months. Students with balances above S$5k, therefore, can unlock this bonus even if they aren't able to make additional deposits for a full half year.


Unlike other accounts featured on this page, however, Maybank iSAVvy Account has a few features that are less student-friendly. There is a S$500 minimum balance requirement with no waiver option, and students must pay a S$2 monthly fee if they fall below this amount at any point. While this may seem small, those with such low balances generally earn less than S$2 in interest, and therefore would be at a nett loss. Also, there is a S$500 minimum initial deposit. While this isn't as high as the S$1k market standard, it can still be a barrier-to-entry for some individuals. Nonetheless, Maybank iSAVvy Account is still worth considering for students who have inconsistent spend behaviours but can maintain a limited balance long-term.

  • Consider if: You have a small-to-moderate size balance and want a low-maintenance account
  • Promotions: Receive up to 1.30% p.a. on fresh fund deposits of S$10k+
  • Receive up to S$100 cash credit w/ salary crediting for 3mo
  • Receive S$20 cash credit w/ S$1k remittance to MB Malaysia acct
  • Minimum Initial Deposit: S$500
  • Minimum Average Daily Balance: S$500
  • Fall Below Fee: S$2
  • Max EIR at S$20k Balance: 0.32% p.a.
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)
Many savings accounts offer rate boosts that are contingent on consistent, month-to-month growth. Fortunately, students who are less consistent savers can still access a boost with Maybank iSAVvy Account. While cardholders earn at a relatively low base rate of 0.1875% p.a.–0.50% p.a. (contingent on balance size), they can access a boost of 0.02% p.a.–0.07% p.a. (also contingent on balance size) if they can maintain a S$5k–S$200k balance for a full 6 months. Students with balances above S$5k, therefore, can unlock this bonus even if they aren't able to make additional deposits for a full half year.


Unlike other accounts featured on this page, however, Maybank iSAVvy Account has a few features that are less student-friendly. There is a S$500 minimum balance requirement with no waiver option, and students must pay a S$2 monthly fee if they fall below this amount at any point. While this may seem small, those with such low balances generally earn less than S$2 in interest, and therefore would be at a nett loss. Also, there is a S$500 minimum initial deposit. While this isn't as high as the S$1k market standard, it can still be a barrier-to-entry for some individuals. Nonetheless, Maybank iSAVvy Account is still worth considering for students who have inconsistent spend behaviours but can maintain a limited balance long-term.

Student Savings Accounts for Consistent Savers

Young adults who can put aside a little bit every month should consider these accounts.

Boost for Monthly Deposits of Any Size: UOB Stash Savings 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$40 cash credit for every S$10k incremental fresh funds
  • 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 at S$20k Balance: 0.43% p.a.
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
UOB Stash Savings Account not only has one of the lowest minimum age requirements to open an account (just 15 years old), it also makes it exceptionally easy for consumers with a moderate balance to earn a boost just for increasing their balance size from one month to the next. Account holders earn a fairly standard 0.05% p.a. interest rate on balances up to S$10k. Amounts beyond this level are eligible for up to +0.95% p.a. boost, as long as the account holder's final balance size is greater than their previous month's. This is unique for two reasons. First, the balance increase can be of any size; even very small increases qualify. Second, the rate boost applies to the overall balance, not just to the incremental increase (most "consistent saver" accounts limit their boost just to the monthly gain). Ultimately, consumers can drive up their effective rate without having to deal with very strict qualifying requirements.


While this flexibility is great for students who may not be able to make large deposits every month, UOB Stash does pose a few challenges for young adults. Account holders must make a S$1k initial deposit and maintain an average daily balance of S$1k (or pay a S$2 fall below fee). However, those most likely to benefit from the account would consistently have a balance above S$10k–and therefore, be unaffected. As a result, UOB Stash is ideal for students with moderate-to-large balances, who can consistently deposit at least a little every month.

  • 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$40 cash credit for every S$10k incremental fresh funds
  • Read Our Full Review
  • Minimum Initial Deposit: S$1,000
  • Minimum Average Daily Balance: S$1,000
  • Fall Below Fee: S$2
  • Max EIR at S$20k Balance: 0.43% p.a.
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)
UOB Stash Savings Account not only has one of the lowest minimum age requirements to open an account (just 15 years old), it also makes it exceptionally easy for consumers with a moderate balance to earn a boost just for increasing their balance size from one month to the next. Account holders earn a fairly standard 0.05% p.a. interest rate on balances up to S$10k. Amounts beyond this level are eligible for up to +0.95% p.a. boost, as long as the account holder's final balance size is greater than their previous month's. This is unique for two reasons. First, the balance increase can be of any size; even very small increases qualify. Second, the rate boost applies to the overall balance, not just to the incremental increase (most "consistent saver" accounts limit their boost just to the monthly gain). Ultimately, consumers can drive up their effective rate without having to deal with very strict qualifying requirements.


While this flexibility is great for students who may not be able to make large deposits every month, UOB Stash does pose a few challenges for young adults. Account holders must make a S$1k initial deposit and maintain an average daily balance of S$1k (or pay a S$2 fall below fee). However, those most likely to benefit from the account would consistently have a balance above S$10k–and therefore, be unaffected. As a result, UOB Stash is ideal for students with moderate-to-large balances, who can consistently deposit at least a little every month.

Simplified Incremental Boost: OCBC Monthly Savings Account (MSA)

  • 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 at S$20k Balance: 0.15% p.a.
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
Promotional rates, if any, are not included
OCBC Monthly Savings Account is an easy starter account for students who have a relatively low balance but are committed to building their savings every month. Account holders earn a standard base rate of 0.05% p.a., but receive a +0.10% p.a. boost every month they make at least a S$50 deposit and do not make a withdrawal. This bonus, plus the base rate, is applied to the entire balance, rather than the incremental gain. While there's no minimum initial deposit requirement, account holders do need to maintain an average daily balance of S$500+, or they'll need to pay a S$2 fall-below fee (waived the 1st year). However, OCBC MSA Account still offers up to 0.15% p.a. interest even for students with balances below S$1k (which is higher than that offered by some competitors).
  • 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 at S$20k Balance: 0.15% 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 an easy starter account for students who have a relatively low balance but are committed to building their savings every month. Account holders earn a standard base rate of 0.05% p.a., but receive a +0.10% p.a. boost every month they make at least a S$50 deposit and do not make a withdrawal. This bonus, plus the base rate, is applied to the entire balance, rather than the incremental gain. While there's no minimum initial deposit requirement, account holders do need to maintain an average daily balance of S$500+, or they'll need to pay a S$2 fall-below fee (waived the 1st year). However, OCBC MSA Account still offers up to 0.15% p.a. interest even for students with balances below S$1k (which is higher than that offered by some competitors).

Best Savings Accounts for Young Professionals & NSFs

Students with part-time jobs or full-time NSFs may especially benefit from these accounts.

High Rates for Salaried Young Adults: POSB Save As You EARN (SAYE)

  • Consider if: You can commit to long-term incremental saving & want a low-maintenance acct
  • Promotions: Receive S$8 cash gift w/ min S$50 monthly contribution for at least 6mo with no withdrawals
  • Read Our Full Review
  • Minimum Initial Deposit: S$0
  • Minimum Average Daily Balance: N/A
  • Fall Below Fee: N/A
  • Max Effective Interest Rate at S$20k Balance: 2.25% p.a.
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 a student with a part-time job, you may be able to easily optimise your interest rate with POSB Save As You Earn Account. Account holders must have a separate debit account with DBS or POSB, to which their salary is credited every month. However, those who can fulfill this requirement don't need to make an initial deposit to their POSB SAYE Account or maintain a minimum balance–making the account virtually maintenance-free.


POSB SAYE Account is otherwise nearly self-sufficient. After consumers link their account to their debit account, they can set up auto-crediting so a set amount is transferred over from their debit account every month. Deposits of S$300+ in size unlock higher interest rates (up to 0.25% p.a.) which are applied to the entire balance; if consumers do not make a deposit or make a deposit smaller than this amount, they'll earn a base rate of 0.05% p.a. Fortunately, account holders can earn a +2.00% p.a. bonus regardless of their deposit size, as long as they continuously credit their account and do not make any withdrawals for 24 months. This means that young adults who set up salary crediting & auto transfer can let their POSB SAYE Account run on auto-pilot for 2 years, returning to significantly boosted savings.

Ultimately, POSB SAYE isn't accessible for all students because it requires a secondary account and salary crediting. Those that do work part-time and can fulfil this requirement, however, can earn at a higher effective interest rate than possible with nearly any other option on this page, without having to actively engage with their account for a full 2 years.

  • Consider if: You can commit to long-term incremental saving & want a low-maintenance acct
  • Promotions: Receive S$8 cash gift w/ min S$50 monthly contribution for at least 6mo with no withdrawals
  • Read Our Full Review
  • Minimum Initial Deposit: S$0
  • Minimum Average Daily Balance: N/A
  • Fall Below Fee: N/A
  • Max EIR at S$20k Balance: 2.25% p.a.
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 a student with a part-time job, you may be able to easily optimise your interest rate with POSB Save As You Earn Account. Account holders must have a separate debit account with DBS or POSB, to which their salary is credited every month. However, those who can fulfill this requirement don't need to make an initial deposit to their POSB SAYE Account or maintain a minimum balance–making the account virtually maintenance-free.


POSB SAYE Account is otherwise nearly self-sufficient. After consumers link their account to their debit account, they can set up auto-crediting so a set amount is transferred over from their debit account every month. Deposits of S$300+ in size unlock higher interest rates (up to 0.25% p.a.) which are applied to the entire balance; if consumers do not make a deposit or make a deposit smaller than this amount, they'll earn a base rate of 0.05% p.a. Fortunately, account holders can earn a +2.00% p.a. bonus regardless of their deposit size, as long as they continuously credit their account and do not make any withdrawals for 24 months. This means that young adults who set up salary crediting & auto transfer can let their POSB SAYE Account run on auto-pilot for 2 years, returning to significantly boosted savings.

Ultimately, POSB SAYE isn't accessible for all students because it requires a secondary account and salary crediting. Those that do work part-time and can fulfil this requirement, however, can earn at a higher effective interest rate than possible with nearly any other option on this page, without having to actively engage with their account for a full 2 years.

Fee Waiver for Juniors, Seniors & NSFs: POSB Everyday Savings Account

  • Consider if: You're a low-income adult looking to open a savings account
  • Promotions: Apply online & receive up to 0.8% p.a. bonus interest on S$5k fresh funds deposit for 4mo (req. S$5k min balance for entire period)
  • 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 at S$20k Balance: 0.05% p.a.
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 a worthwhile match for students who are unsalaried, working part time, or are full-time NSF. Consumers as young as 16 years old can apply, and there's no initial deposit requirement. Furthermore, many consumer types are exempt from paying fall-below fees, and therefore don't need to worry about maintaining an average daily balance. Eligible groups include individuals younger than 21 years old, full-time NSF, recipients of public assistance and those over 60 years old. All others must pay S$2/month if their balance falls below S$500.


This accessibility does come at a cost, however. Account holders earn just 0.05% p.a. on their entire balance. It's possible to earn much higher interest rates with alternative accounts. Still, as POSB Everyday Account is so straightforward and maintenance free, it's worth keeping in mind for those that fall into its waiver-eligible consumer groups.

  • Consider if: You're a low-income adult looking to open a savings account
  • Promotions: Apply online & receive up to 0.8% p.a. bonus interest on S$5k fresh funds deposit for 4mo (req. S$5k min balance for entire period)
  • 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 at S$20k Balance: 0.05% p.a.
POSB Everyday SA 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 a worthwhile match for students who are unsalaried, working part time, or are full-time NSF. Consumers as young as 16 years old can apply, and there's no initial deposit requirement. Furthermore, many consumer types are exempt from paying fall-below fees, and therefore don't need to worry about maintaining an average daily balance. Eligible groups include individuals younger than 21 years old, full-time NSF, recipients of public assistance and those over 60 years old. All others must pay S$2/month if their balance falls below S$500.


This accessibility does come at a cost, however. Account holders earn just 0.05% p.a. on their entire balance. It's possible to earn much higher interest rates with alternative accounts. Still, as POSB Everyday Account is so straightforward and maintenance free, it's worth keeping in mind for those that fall into its waiver-eligible consumer groups.

Learn More About Maximising Your Savings

Carrie Arndt

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

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