Savings Accounts

Get a High-Interest Rate Savings Account in Singapore? Now Is The Best Time!

In a volatile decade with investments taking their investors on a rollercoaster and with Inflation steadily rising due to global socio-political turmoil and instability, the best tool to grow your money is a… Savings Account?

The 2020s has been a turbulent and volatile decade for all of us, despite being us only surviving for three out of the ten years. In 2020, A global pandemic caused a massive crash in the stock market, creating an atmosphere of uncertainty. In 2021, many high-risk, high-return investment assets such as tech stocks and crypto went up to their all-time highs before crashing badly in 2022.

With many people fearing the potential risk of losing money in traditional, and especially risky, investments, and with inflation rates increasing more and more due to supply-side issues from a major war and the pandemic, one might wonder how they can find a way not to lose their savings in the long run?

This is where savings accounts come into play; savings accounts allow people to earn a small amount of interest from the bank whenever they deposit and store their money in the bank account. But most savings accounts provide a base interest rate of a measly 0.05% per annum.

Luckily, there is a better form of saving account that provides high-yield interest rates by meeting their requirements. This incentives people to stay within the bank’s ecosystem, as the bank offers an extra interest boost whenever the account holder utilises the bank services more.

The banks will reward you for depositing your income monthly into the bank, spending a stipulated amount monthly, using their investment and insurance platform via their online banking app, or even keeping more of your savings in the bank account (Some banks have a tiered interest rate system).

So what are the best savings accounts in Singapore? Today we will be going through five of them to find out their strengths and what they are suitable for.

Market-Leading Effective Interest Rate: DBS Multiplier Account

  • Consider if: You're a high-earning DBS loyalist with financial savvy
  • Promotions: None currently available
  • 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: 3.00% p.a. at S$100,000 balance
DBS Multiplier Interest Rate Grid
Transactions/Month
  • Salary/Dividends/SGFin Dex + transactions in 1 category
  • (up to S$25k)
  • Salary/Dividends/SGFin Dex + transactions in 2 categories
  • (up to S$50k)
  • Salary/Dividends/SGFin Dex + transactions in 3 categories
  • (S$50k-S$100k)
< S$2k0.05%0.05%0.05%
S$2k – below 2.5k0.40%0.60%1.20%
S$2.5k – below S$5k0.40%0.70%1.40%
S$5k – below S$15k0.50%0.80%1.60%
S$15k – below S$30k0.50%1.00%1.70%
S$30k+0.60%2.00%3.00%
  • 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:3.00% p.a. (at S$100k balance)
Promotional rates, if any, are not included
The DBS Multiplier Savings Account is one of the best savings account that you can get as a working adult. They can provide up to 3% per annum worth of interest rates. You can start by converting your existing POSB My Account for Kids into DBS Multiplier without any initial deposit needed. There are two requirements that you need to hit before getting a raise in interest rate: Credit your income monthly to the bank account, and spend either: S$2,000 every month on credit cards, home loans instalment, select insurance policies, and investments that you can choose using the POSB/DBS bank app; or S$500 or more on retail spending (no minimum spending if you are below 29 years old) using the PayLah! App. This account would be the most suitable for those who want an all-in-one experience and use their savings account as a checking account for their expenditure.
  • Consider if: You're a high-earning DBS loyalist with financial savvy
  • Promotions: None currently available
  • 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: 3.00% p.a. at S$100,000 balance
DBS Multiplier Interest Rate Grid
Transactions/Month
  • Salary/Dividends/SGFin Dex + transactions in 1 category
  • (up to S$25k)
  • Salary/Dividends/SGFin Dex + transactions in 2 categories
  • (up to S$50k)
  • Salary/Dividends/SGFin Dex + transactions in 3 categories
  • (S$50k-S$100k)
< S$2k0.05%0.05%0.05%
S$2k – below 2.5k0.40%0.60%1.20%
S$2.5k – below S$5k0.40%0.70%1.40%
S$5k – below S$15k0.50%0.80%1.60%
S$15k – below S$30k0.50%1.00%1.70%
S$30k+0.60%2.00%3.00%
  • 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:3.00% p.a. (at S$100k balance)
Promotional rates, if any, are not included
The DBS Multiplier Savings Account is one of the best savings account that you can get as a working adult. They can provide up to 3% per annum worth of interest rates. You can start by converting your existing POSB My Account for Kids into DBS Multiplier without any initial deposit needed. There are two requirements that you need to hit before getting a raise in interest rate: Credit your income monthly to the bank account, and spend either: S$2,000 every month on credit cards, home loans instalment, select insurance policies, and investments that you can choose using the POSB/DBS bank app; or S$500 or more on retail spending (no minimum spending if you are below 29 years old) using the PayLah! App. This account would be the most suitable for those who want an all-in-one experience and use their savings account as a checking account for their expenditure.

Competitive Interest for Incremental Savers: OCBC 360 Account

  • 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: 2.38% 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

The OCBC 360 Account also has flexible ways to increase your interest yield in the long run if you have a stable budget. Their flexibility in earning interest rates is that you do not have to follow one specific requirement to get the first boost. And if you usually credit a salary of more than S$1,800 every month, the OCBC 360 bank account. The OCBC account can provide extra interest yields. In addition, if your account balance increases by $500 or more, you would get a bonus of 0.1% every month, which might encourage you to save more. With OCBC 360, you can earn a maximum of 2.38% per annum. This account would be the most suitable for recently graduated employees who want to kick start their financial path by taking a small step.

  • Minimum Initial Deposit: S$1,000
  • Minimum Average Daily Balance: S$3,000
  • Fall Below Fee: S$2 (Waived the 1st year)
  • Max EIR: 2.38% 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
The OCBC 360 Account also has flexible ways to increase your interest yield in the long run if you have a stable budget. Their flexibility in earning interest rates is that you do not have to follow one specific requirement to get the first boost. And if you usually credit a salary of more than S$1,800 every month, the OCBC 360 bank account. The OCBC account can provide extra interest yields. In addition, if your account balance increases by $500 or more, you would get a bonus of 0.1% every month, which might encourage you to save more. With OCBC 360, you can earn a maximum of 2.38% per annum. This account would be the most suitable for recently graduated employees who want to kick start their financial path by taking a small step.

Most Accessible Top Rates: UOB One Savings Account

UOB One Account
UOB One Account
  • Consider if: You're interested in a UOB credit card in addition to your savings account
  • Promotions: Win up to S$1,880 when you deposit fresh funds into an eligible UOB Savings account. Promotion ends on 31 January 2022
  • Read Our Full Review
  • Minimum Initial Deposit: S$1,000
  • Minimum Average Daily Balance: S$1,000
  • Fall Below Fee: S$5 (No Waiver)
  • 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)
+0.25% 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)
+0.50% p.a. on first S$15k
+0.55% p.a. on next S$15k
+0.65% p.a. on next S$15k
+0.80% p.a. on next S$15k
+2.50% p.a. on next S$15k
Max Effective Interest Rate:2.5% p.a. (at S$75k balance)
Promotional rates, if any, are not included

The UOB One Account is one of the most friendly savings accounts for increasing your interest rate: You only have to spend S$500 a month on either a UOB One Card, UOB Lady’s Card, or UOB YOLO Card). The UOB One account provides flexibility in their bank account by offering a boost in their interest by either crediting your monthly salary or paying three of your bills by GIRO, making it great for adults without a regular paycheck, such as freelancers, retirees or homemakers.

UOB One Account
UOB One Account
  • Consider if: You're interested in a UOB credit card in addition to your savings account
  • Promotions: Win up to S$1,880 when you deposit fresh funds into an eligible UOB Savings account. Promotion ends on 31 January 2022
  • Read Our Full Review
  • Minimum Initial Deposit: S$1,000
  • Minimum Average Daily Balance: S$1,000
  • Fall Below Fee: S$5 (No Waiver)
  • 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)
  • +0.25% 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)
  • +0.50% p.a. on first S$15k
  • +0.55% p.a. on next S$15k
  • +0.65% p.a. on next S$15k
  • +0.80% p.a. on next S$15k
  • +2.50% p.a. on next S$15k

The UOB One Account is one of the most friendly savings accounts for increasing your interest rate: You only have to spend S$500 a month on either a UOB One Card, UOB Lady’s Card, or UOB YOLO Card). The UOB One account provides flexibility in their bank account by offering a boost in their interest by either crediting your monthly salary or paying three of your bills by GIRO, making it great for adults without a regular paycheck, such as freelancers, retirees or homemakers.

Best for Salaried Workers Seeking Loans: Maybank SaveUp Account

Maybank SaveUp Account
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)
0.15% p.a. on 1st S$3k
0.25% p.a. on next S$47k
0.25% 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)
+0.10% p.a. for 1 product
+0.7% 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

The Maybank SaveUp Savings Account provides the most flexible ways for you to save and earn additional interest rates from 9 different Maybank products/services. You can pay your GIRO payment with a minimum of $300 monthly or a salary credit with the minimum amount of $2,000. You can also earn extra via spending at least S$500 on credit card spending monthly, investing in at least S$30,000 worth of Structured Deposit or S$25,000 in Unit Trust. The best part about this plan is that your interest rates will increase when you use the bank account to pay for housing, renovation, car and education loans, and insurance. Hitting 2 of the requirements bump your interest rate to 1% per annum, the highest in the market, and considering paying for a loan using this bank account makes you eligible for up to 3% per annum interest rate.

Maybank SaveUp Account
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 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)
  • 0.15% p.a. on 1st S$3k
  • 0.25% p.a. on next S$47k
  • 0.25% 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)
  • +0.10% p.a. for 1 product
  • +0.7% p.a. for 2 products
  • +2.75% p.a. for 3+ products
The Maybank SaveUp Savings Account provides the most flexible ways for you to save and earn additional interest rates from 9 different Maybank products/services. You can pay your GIRO payment with a minimum of $300 monthly or a salary credit with the minimum amount of $2,000. You can also earn extra via spending at least S$500 on credit card spending monthly, investing in at least S$30,000 worth of Structured Deposit or S$25,000 in Unit Trust. The best part about this plan is that your interest rates will increase when you use the bank account to pay for housing, renovation, car and education loans, and insurance. Hitting 2 of the requirements bump your interest rate to 1% per annum, the highest in the market, and considering paying for a loan using this bank account makes you eligible for up to 3% per annum interest rate.

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:
  • Read Our Full Review
  • Minimum Initial Deposit: S$0
  • Minimum Average Daily Balance: S$3,000
  • Fall Below Fee: S$5 (No Waiver)
  • Max Effective Interest Rate: 2.38% p.a. at S$80,000 balance
Rate TypeDetails & RequirementsInterest Rate
Base RateNo Requirements; applied to entire balance0.01% p.a.
Credit/Debit Spend Bonus
  • Spend monthly on a Bonus$aver card
  • (Bonus added to base rate)
+0.20% p.a. w/ S$500-S$1.99k spend
+0.40% p.a. w/ S$2k+ spend
Salary Credit Bonus
  • Credit S$3k+/month salary
  • (Bonus added to base rate)
+0.10% p.a. on 1st S$100k
Product Bonus
  • Invest with or buy insurance from SC
  • (Bonus added to base rate)
+0.90% p.a. on 1st S$100k
GIRO Bill-Pay Bonus
  • Make 3+ online bill payments via GIRO
  • (Bonus added to base rate)
+0.07% p.a. on first S$100k
Max Effective Interest Rate:2.38% p.a. (at S$100k balance)
Promotional rates, if any, are not included
The Standard Chartered Bonus$aver Account provides the best interest rate bumps for those who tend to be huge spenders. If you were to ​​pay at least three bills and spend $2,000 on your SCB Bonus$aver World credit/debit card, you would be eligible for at least 0.48% per annum on your savings. This account is suitable for paying off condo fees, children's tuition fees, and other monthly expenses worth more than two digits.
  • Consider if: You're a high-earner open to a banking relationship with Standard Chartered
  • Promotions:
  • Read Our Full Review
  • Minimum Initial Deposit: S$0
  • Minimum Average Daily Balance: S$3,000
  • Fall Below Fee: S$5 (No Waiver)
  • Max EIR: 2.38% p.a. at S$80,000 balance
SC Bonus$aver Account Interest Rates
Base Rate: No requirements (applied to entire balance)
  • 0.01% p.a.
Spend Bonus: Spend monthly on a Bonus$aver credit or debit card (bonus added to base rate)
  • +0.20% p.a. w/ S$500-S$1.9k spend
  • +0.40% p.a. w/ S$2k+ spend
Salary Credit Bonus: Credit S$3k+ salary to account (bonus added to base rate)
  • +0.10% p.a. on first S$100k
Product Bonus: Invest with or buy insurance with SC (bonus added to base rate)
  • +0.90% p.a. on first S$100k
GIRO Bill-Pay Bonus: Pay 3+ bills online via GIRO (bonus added to base rate)
  • +0.07% p.a. on first S$100k
Max Effective Interest Rate:
  • 2.38% p.a. (at S$100k balance)
Promotional rates, if any, are not included
The Standard Chartered Bonus$aver Account provides the best interest rate bumps for those who tend to be huge spenders. If you were to ​​pay at least three bills and spend $2,000 on your SCB Bonus$aver World credit/debit card, you would be eligible for at least 0.48% per annum on your savings. This account is suitable for paying off condo fees, children's tuition fees, and other monthly expenses worth more than two digits.

Conclusion

Man sitting down checking his data analytics using an iPad

While we live in volatile times where everything except your savings skyrockets quickly, all hope is not lost; as long as you have discipline and keep working towards saving and optimising your bank account to get the best returns, you will be able to reap the benefits that you sow. In the future, you will thank yourself for making the right decision to switch your account to high yield, even if you have made it big by investing right or working hard. Do not underestimate the minor increments of compound interest, as they can still snowball into something more significant in the long term.

While you are here, why not look at a more detailed comparison between the best savings accounts in Singapore and see what other benefits you can get further than just interest rates!

Fiona Ling

Fiona is a full-stack marketer working in the digital sphere for more than six years.
A self-proclaimed foodie and bargain hunter, she wants to bring the best deals and value to the community around the world. When not working on her pet projects, Fiona can be found sipping a coffee while reading a paperbacks or watching mystery thrillers on Netflix and Disney+.