Savings Accounts

Save Smart: How To Consolidate Your Spending and Earn While Doing It

Whether you are already an account holder at a bank, or are looking to open a new bank account, you need to keep one thing in mind – the more you bank, the more money you save. The current and savings accounts listed below offer higher rates than most fixed deposits and savings accounts, and all you need to do to qualify for these high rates is to consolidate your spending, saving, bill payments and other financial products with just a single account.

Table of Contents:

Highest Interest Rate Accounts

Bank AccountHighest Bonus InterestSavings AmountMin Deposit
Maybank Save Up ProgrammeUp to 3.00% p.a.Up to S$50,000S$500
DBS/POSB Multiplier AccountUp to 3.00% p.a.Up to S$100,000None
Bank of China SmartSaverUp to 3.00% p.a.Up to S$80,000S$1,500
UOB One AccountUp to 2.75% p.a.Up to S$75,000S$1,000
Standard Chartered Bonus$aver AccountUp to 2.38% p.a.Up to S$80,000None
OCBC 360 AccountUp to 2.38% p.a.Up to S$75,000S$1,000

Highest Earnings for Moderate Savers

Bank AccountAccount balanceSalary CreditCard SpendAnnual Interest
Maybank Save Up ProgrammeS$10, 000S$3,000S$2,000S$103.13
DBS Multiplier AccountS$10, 000S$3,000S$2,000S$47.45
Bank of China SmartSaverS$10, 000S$3,000S$2,000S$100
UOB One AccountS$10, 000S$3,000S$2,000S$50 (+S$1,200 in cashback)
Standard Chartered Bonus$aver AccountS$10, 000S$3,000S$2,000S$73.00
OCBC 360 AccountS$10, 000S$3,000S$2,000S$45.60

Highest Interest Rate Savings Accounts

Several banks offer bonus interest rates on certain savings accounts if, in addition to having a credit card, you open a savings account, purchase an insurance product or invest with the bank. In many cases you may already be doing that, but by consolidating your spending to one bank and one account, you may be able to save even more!

Obvious convenience of using one platform for your finances aside, another great benefit of consolidating your finances is the ability to save and either boost your annual interest earned or earn cashback. While most banks offer boosted rates if you save, credit your salary and spend a certain amount on your credit card monthly, some offer additional ways to earn bonus interest such as paying your monthly bills or purchasing an insurance plan.

Some financial commitments guarantee boosted interest for only a month, such as salary crediting, whereas others guarantee boosted interest rates for a year, such as purchasing an insurance plan. In addition, some banks require a min deposit to open an account, such as BOC SmartSaver Account or SC Bonus$aver Account, whereas others such as DBS/POSB Multiplier Account have no commitments whatsoever.

Maybank Savings Account: Maybank Save Up Account

Good for: those looking to take out an education/car/renovation or home loan with S$2,000 monthly salary, min S$500 credit card spend

At 3.00% p.a., Maybank Save Up is a savings account which allows you to earn one of the highest interest rates on your savings while requiring the lowest account balance for a given rate, S$50,000. While you only need S$500 to open a Maybank Save Up Account, most banks limit the amount on which you can earn maximum interest to S$80,000 with interest for S$50,000 deposit often dropping to below 1% p.a.

While the eligible transaction categories are nearly identical for most banks, typically including salary crediting, credit card spend and insurance product purchase, some also include bill payments, investing or loans, which are typically limited to home loans. Maybank Save Up Programme is unique in that it is the only account which includes car loans, education loans and renovation loans as qualifying products in addition to home loans.

Bonus Interest Rates Breakdown

CategoryQualifying ProductMin Transaction AmountBonus Interest Period
SaveGIRO PaymentS$300/mo (GIRO)1 mo.
SaveSalary creditingS$2,000/mo1 mo.
SpendMaybank Platinum Visa or Horizon Visa Signature CardS$500/mo1 mo.
InvestStructure DepositsS$30,0003 mo.
InvestUnit TrustsS$25,00012 mo.
InsureRegular Premium InsuranceS$5,000 in annual premium12 mo.
BorrowHome LoanS$200,00012 mo.
BorrowCar LoanS$35,00012 mo
BorrowEducation LoanS$10,00012 mo.

Bonus Interest Rates Calculation

Base interestBonus InterestTotal Interest
0.3125% p.a.+ 0.3% p.a. (1 product)0.6% p.a.
0.3125% p.a.+ 0.8% p.a. (2 products)1.1% p.a.
0.3125% p.a.+ 2.75% p.a. (3 products)3.1% p.a.

Eligibility, Details & Charges

  • Age: 18
  • Initial deposit: S$500 for citizens and residents, S$1,000 for other nationalities
  • Max bonus interest: up to 3.00% p.a.
  • Eligible balance for bonus interest: first S$50,000
  • Fall-below fee: S$2 if the average daily balance falls below S$1,000 (waived for customers below 25 years old)
  • Additional requirements: The SaveUp Account must be linked to a Maybank Debit Card

DBS/POSB Bank & Earn

DBS and POSB are offering bonus cashback or interest for customers who open additional accounts with the bank and purchase eligible financial products. Customers can choose whether they want to earn monthly cashback (Cashback Bonus) or bonus interest (Multiplier Account) by making transactions in eligible categories.

DBS Bank & Earn: Cashback Bonus

Good for: those looking to bank more but can't afford to make a substantial deposit in a savings account with min S$2,500 salary who want to also purchase an insurance or investment product and repay their home loan

The Cashback Bonus programme allows you to bank and earn with DBS, without having to open a savings account. All that is required is to make eligible transactions in 3 of the 5 categories, and earn interest monthly. It can be salary crediting, with a minimum monthly amount of S$2,500, credit card spend, insurance, investments or loan instalments, all without a minimum monthly amount required.

Bonus Interest Rates Breakdown

CategoryDetailsInterestCashback cap
Salary creditMin S$2,500 via GIRO0.3%S$20
Credit card spendNo min spend0.3%S$20
Home loan instalmentsExisting, new or refinanced DBS/POSB home loan3%S$30
InsuranceNo min insurance premium required3%S$30
InvestmentsNo min amount required3%S$30

Another benefit of the programme is that you don't need to take out a new loan, you can refinance an existing loan with DBS or be an existing borrower with DBS to qualify for the programme. In addition, you don't need to have a savings account with the bank to earn cashback, the only requirement is that you have transactions in at least 3 categories as defined by DBS (salary credit, credit card spend, loans, insurance and investment).

Sample Monthly Spend

CategorySpendCashback earned
Salary creditS$2,500S$7.50
Credit card spendS$2,000S$6.00
Home loan instalmentsS$1,500S$30
Total transaction amountS$6,000S$43.50

Eligibility, Details & Charges

  • Age: 18 and above
  • Initial deposit: No initial deposit required and no monthly account fees
  • Max cashback bonus: up to S$130/month
  • Eligible balance for bonus interest: none
  • Fall-below fee: none
  • Additional requirements: You need to be an existing eligible DBS/POSB Savings/Current Account or principal credit card holder

DBS Bank & Earn: Multiplier Account

Good for: high spenders who can make a substantial deposit into a savings account (min S$50,000)

DBS Multiplier Account allows customers to multiply their money with interest rates up to 3.00% p.a. on savings up to S$100,000. There is no minimum amount required for a deposit, no minimum income required and no service fees charged. In order to start earning bonus interest, all you need is to credit your salary to your account and transact in one or more of the following categories: credit card spend, home loan financing, insurance and investment.

DBS offers some of the best credit card cashback rates on the market, which means that while your regular transactions increase the interest earned on your savings, your credit card spend will also earn additional cashback with DBS. As an example, signing up for a DBS Multiplier Account, depositing S$25,000, crediting your monthly salary of S$3,500 and spending S$500 on your DBS credit card will earn 0.40% interest on the savings amount which is S$98.55/year. That amount is earned entirely due to salary crediting and spending S$500 on your credit card.

Bonus Interest Rates Breakdown

Total transactions per monthFirst S$25,000 (Income+1 trans.)First S$50,000 (Income+2 trans.)Next S$50,000 (Income + 3 or more)
below S$2,0000.05% p.a.0.05% p.a.0.05% p.a.
S$2,000 - S$2,5000.40% p.a.0.60% p.a.1.20% p.a.
S$2,500 - S$5,0000.40% p.a.0.70% p.a.1.40% p.a.
S$5,000 - S$15,0000.50% p.a.0.80% p.a.1.60% p.a.
S$15,000- S$30,0000.50% p.a.1.00% p.a.1.70% p.a.
S$30,000 and up0.60% p.a.2.00% p.a.3.00% p.a.

Eligibility, Details & Charges

  • Age: 18
  • Initial deposit: None
  • Max bonus interest: up to 3.00% p.a.
  • Eligible balance for bonus interest: first S$100,000
  • Fall-below fee: S$5 if the average daily balance falls below S$3,000 (waived for customers below 29 years old). No minimum average daily balance for new customers.
  • Additional requirements: need to credit your monthly salary and transact in one additional category to start earning interest.

Bank of China Savings Account: SmartSaver

Good for: high spenders who can make a substantial deposit into a savings account (min S$80,000) and who want to have a multi-currency account

What makes SmartSaver stand out is that it is a savings plan available to BOC Multi-Currency Savings Account holders exclusively. This savings plan allows customers to, in addition to the prevailing interest, earn bonus interest for satisfying certain criteria, such as salary crediting, minimum monthly spend on your BOC debit or credit card, and purchasing an insurance product. With this plan you can save in SGD and nine other currencies.

Bonus interest is only applicable to the first S$80,000 balance in the MCS account. In addition, an initial deposit of S$1,500 is required. Prevailing interest will be credited to the account on a monthly basis, and will be based on the entire amount in your MCS savings account. Bonus interest, however, will only apply to your SGD sub-account of the MCS Account and will be credited to the account on the 15th of each month. Below is the breakdown of the base and bonus interest rates.

Base Interest Rate Breakdown

Deposit AmountInterest Rate
Below S$5,0000.10% p.a.
S$5,000 and above0.10% p.a.
S$20,000 and above0.15% p.a.
S$50,000 and above0.15% p.a.
S$100,000 and above0.20% p.a.

It is important to note that the interest rates are expressed on an annual basis, but will be paid to account holders on a monthly basis. Base interest rate (0.20% p.a.) will be paid on the entire MCS Account, whereas bonus interest rate will be paid on the SGD sub-account.

Bonus Interest Rates Breakdown

CategoryAmountBonus Interest
Regular Premium Insurance Plan (10yr term)S$12,000 annual premium1.50% p.a.
Credit or Debit Card SpendS$500 - S$1,5000.30% p.a.
Credit or Debit Card SpendS$1,500 and above0.50% p.a.
Salary CreditingS$2,000 - S$6,0000.30% p.a.
Salary CreditingS$6,000 and above0.50% p.a.
GIRO Payments3 payments min S$30 each0.30% p.a.
Extra Savings InterestS$1,000,0000.40%

Eligibility, Details & Charges

  • Age: 18
  • Initial deposit: S$1,500
  • Max bonus interest: up to 3.00% p.a.
  • Eligible balance for bonus interest: first S$80,000
  • Fall-below fee: S$3 if the monthly average balance in the SGD sub-account is less than S$1,500

UOB Savings Account: UOB One Account

Good for: average spenders with min S$2,000 monthly salary and S$2,000 monthly spend looking for an easy and straightforward way to earn interest

What is unique about the UOB One Chequeing Account is that, unlike other bank accounts, it is very simple and straightforward. All you need is to be a new or existing UOB One Credit Card accountholder, spend at least S$500 on your credit card and credit your salary (min S$2,000) to your account or make 3 GIRO debit transactions per month to earn up to 2.50% p.a. on your account balance.

Monthly Interest Categories

Card SpendGIRO TransactionsSalary CreditMax Interest
✓ (min S$500)0.25% p.a.
✓ (min S$500)2.50% p.a.
✓ (min S$500)✓ (min S$2,000)2.75% p.a.

Bonus Interest Rates Breakdown

Account BalanceMin Card SpendMin Card Spend + Salary Credit OR 3 GIRO Debit Transactions
S$15,0000.25% p.a.0.50% p.a.
S$30,0000.25% p.a.0.55% p.a.
S$45,0000.25% p.a.0.65% p.a.
S$50,0000.25% p.a.0.80% p.a.
S$75,0000.25% p.a.2.50% p.a.

The balance you can earn this bonus interest of 2.50% p.a. is S$75,000 and in addition to receiving interest on your balance, you will also receive monthly cashback on your spend with UOB One Credit Card. The combination of monthly spend and salary that will give you the maximum cashback is S$2,000 monthly spend on your UOB One Card and S$2,000 salary credit. This will result in a maximum monthly cashback of S$100 (S$1,200/year). At that point the only category that can be increased to affect your overall cashback is the deposit in your savings account.

Eligibility, Details & Charges

  • Age: 18
  • Initial deposit:S$1,000
  • Max bonus interest: up to 2.75% p.a.
  • Eligible balance for bonus interest: first S$75,000
  • Fall-below fee: S$5 if the monthly average balance is below S$1,000
  • Additional requirements: Need to be a UOB One Debit or Credit Card account holder

Standard Chartered Savings Account: Bonus$aver Account

Good for: high spenders and frequent travelers with at least $2,000 monthly spend and S$3,000 salary looking to purchase an investment and insurance products and deposit S$80,000 in savings account

Standard Chartered Bonus$aver Account combines a Bonus$saver current account which allows you to earn up to 2.38% interest and Bonus$aver World MasterCard credit or debit card which is also linked to the account. In order to earn the highest bonus interest rate, you need to have monthly transactions in all of the five categories in the table below: card spend, salary credit, investment, insurance and bill payments.

The table below illustrates the highest bonus interest for each transaction category. The prevailing interest rate (base interest) is set at 0.01% p.a. as of March 1,2021, therefore the total interest that you can earn is 2.38% p.a. On the first S$80,000 which is up to S$1,904 in bonus per year. An additional benefit of this account is that you can enable the multi-currency feature and access 14 currencies with S$0 overseas transaction fees, which is particularly useful for frequent travelers.

Bonus Interest Rates Breakdown

CategoryAmountBonus InterestBase Interest
Card spendS$2,000 and up0.40% p.a.+ 0.01% p.a.
Salary CreditS$3,0000.10% p.a.+ 0.01% p.a.
InvestmentS$30,0000.90% p.a.+ 0.01% p.a.
Insurancemin annual premium S$12,0000.90% p.a.+ 0.01% p.a.
Bill Paymentmin S$150/mo (3 bill payments each min S$50)0.07% p.a.+ 0.01% p.a.
Interest rates as of March 1, 2021

Eligibility, Details & Charges

  • Age: 21
  • Initial deposit: None
  • Max bonus interest: up to 2.38% p.a.
  • Eligible balance for bonus interest: first S$80,000
  • Fall-below fee: S$5 if min average daily balance falls below S$3,000
  • Monthly service charge: None
  • Credit card annual fee: S$214 (waived for the first 2 years)
  • Debit card annual fee: S$20

OCBC Savings Account : OCBC 360 Account

Good for: high earners reading to deposit at least S$75,000 and steadily grow their savings on a monthly basis

OCBC 360 is a savings account that rewards additional monthly savings as opposed to credit card spend as other accounts do. The five eligible categories to earn maximum bonus interest are : salary crediting, monthly saving (min S$500), insurance and investment product purchase, and maintaining at least S$200,000 in your account. Satisfying these requirements will earn you S$177.25 per month (S$2,127 per year). Since most of these categories require you to have an already substantial amount of money you are willing to save, this savings account is likely to be most useful for those who have already been saving for a few years.

Bonus Interest Rates Breakdown

CategoryFirst S$25,000Next S$25,000Next S$25,000Max EIRBase rate
Salary (min S$1,800)0.3% p.a.0.6% p.a.1.2% p.a.0.7% p.a.0.05% p.a.
Save (minS$500/mo)0.1% p.a.0.2% p.a.0.4% p.a.0.23% p.a.0.05% p.a.
Insure0.3% p.a.0.6% p.a.1.2% p.a.0.7% p.a.0.05% p.a.
Invest0.3% p.a.0.6% p.a.1.2% p.a.0.7% p.a.0.05% p.a.
Grow (daily balance of min S$200,000)0.4% p.a.0.4% p.a.0.4% p.a.0.4% p.a.0.05% p.a.

Eligibility, Details & Charges

  • Age: 18
  • Initial deposit: S$1,000
  • Max bonus interest: up to 2.38% p.a.
  • Eligible balance for bonus interest: first S$75,000
  • Fall-below fee: S$2 if the minimum average daily balance is below S$3,000 (waived for the first year)

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Zoryana Melesh

Zoryana is a Senior Research Analyst at ValueChampion, who focuses on evaluating credit cards, savings and fixed deposits in Singapore. She holds a BA in Political Science and an MPA in International Finance and Economic Policy, both from Columbia University. Prior to joining ValueChampion, Zoryana worked in treasury management consulting.