First it was OCBC 360, now it’s UOB One. Two of Singapore’s top savings accounts are getting nerfed from 1 May 2025—and the updates actually put them pretty much neck and neck. So… what’s going on? And more importantly, which savings account is better now—or even the best in Singapore?
It’s a lot to take in. How much you earn from a savings account really depends on how much you put in and how many bonus requirements you can hit. Banks love making us jump through hoops—salary credit, card spend, bill payments, the works. One of the accounts below even gives you 9 different types of transactions to choose from!
To help you out with navigating savings accounts in Singapore, we’ve compiled the best savings accounts in Singapore with the highest interest rates in 2025 for different personal and financial needs.
Note: We update this article on a monthly basis with the latest rates. The rates below were updated on 3 Apr 2025.
What are the best savings accounts in Singapore with the highest interest rates in 2025?
1. At a glance: Best savings accounts in Singapore with highest interest rates (Apr 2025)
| Savings account | Interest rates (effective interest rates) | Best for |
| Standard Chartered BonusSaver | Up to 6.05% (on first $100,000, fulfil 4 criteria) |
High spenders |
| OCBC 360 | Up to 7.65% (on first $100,000, fulfil 5 criteria) | Lower income earners ($1,800 min. salary) |
| Citi Wealth First Account | Up to 7.51% (on first $50,000 – $500,000, fulfil 5 criteria) | Those with other Citibank products |
| Bank of China Smart Saver | Up to 7.00% (on first $100,000, fulfil 4 criteria) | High spenders |
| UOB One | Up to 4% (on first $150,000, fulfil 2 criteria) |
Freelancers & self-employed |
| Maybank Save Up | Up to 4.30% (on first S$50,000, fulfil 3 criteria) | Home, education, car loan users |
| DBS Multiplier | Up to 4.10% (on first $50,000 – $100,000, fulfil 3 criteria) | Salaried workers |
| CIMB FastSaver | 3.19% (on first $25,000, fulfil 2 criteria) | Young adults starting their careers |
| POSB SAYE (Save As You Earn) | 3.50% (just deposit and maintain money, no criteria to fulfil!) | Students or first-jobbers |
| HSBC Everyday Global Account | Up to 3.85% (register and qualify for the HSBC Everyday+ Rewards Programme) | HSBC Everyday+ Rewards Programme, HSBC Everyday Global Debit Card users |
Most savings accounts require you to jump through a whole bunch of hoops to enjoy their best rates. But let’s be realistic here. Most of us aren’t going to be taking a home loan, buying insurance from the bank, and investing with the bank—and certainly not all at the same time. What will you earn if you only fulfil 2 or 3 criteria, such as crediting your salary and spending on your credit card? Here’s our realistic summary for those with $50,000 and $100,000 to stash away:
| Savings account and the 2-3 easiest requirements to fulfil | Effective interest rate and earnings on first $50,000 | Effective interest rate and earnings on first $100,000 |
| Citi Wealth First Account Save $3,000/month + Spend $250/month |
3.01% (up to first $50,000) You earn: $1,505 per year (~$125 per month) |
1.53% p.a. (for regular Citibanking customers, 3.01% only applies to the first $50,000) You earn: $1,530 per year ($128 per month) |
| Standard Chartered BonusSaver Credit min. $3,000 salary + Spend $1,000/month |
2.05% p.a. (up to first $100,000) You earn: $1,025 ($85 per month) |
2.05% p.a. (up to first $100,000) You earn: $2,050 ($171 per month) |
| UOB One Credit min. $1,600 salary + Spend $500/month |
2.30% p.a. (up to first $75,000) You earn: $1,150 ($96 per month) |
– 2.68% (EIR on first $100,000) You earn: $2,680 ($223 per month) Note: The maximum EIR of 3.30% p.a. applies on first $150,000. |
| OCBC 360 Credit min. $1,800 salary + Spend $500/month + Save $500/month |
2.75% p.a. (up to first $75,000) You earn: $1,375 per year (~$115 per month) |
3.30% p.a. (EIR on first $100,000) You earn: $3,300 ($275 per month) |
| Bank of China SmartSaver Credit min. $2,000 salary + Spend $500/month |
3.40% p.a. (up to first $100,000) You earn: $1,700 per year (~$142 per month) |
3.40% p.a. (up to first $100,000) You earn: $3,400 per year (~$283 per month) |
| Maybank Save Up Programme Credit min. $2,000 salary + Spend $500/month |
1.24% p.a. (up to first $50,000) You earn: $619 per year (~$52 per month) |
1.12% p.a. (EIR on first $100,000, since bonus interest only applies to the first $75,000) You earn: $1,121.50 per year (~$93 per month) |
| DBS Multiplier Credit salary + 1 category ($500 min. in monthly transactions) |
1.80% p.a. (up to first $50,000) You earn: $900 per year (~$75 per month) |
0.925% p.a. (since 1.80% p.a. only applies up to first $50,000) You earn: $927 per year (~$77 per month) |
| CIMB FastSaver Credit salary/schedule GIRO transfer + Spend $800/month on CIMB Visa Signature Credit Card |
2.64% p.a. (up to first $50,000) You earn: $1,320 per year (~$110 per month) |
2.20% p.a. (EIR on first $100,000) You earn: $2,200 per year (~$183 per month) |
| POSB SAYE (Save As You Earn) No requirements, but cannot withdraw for 2 years |
3.50% p.a. You earn: $1,750 per year (~$146 per month) |
3.50% p.a. You earn: $3,500 per year (~$292 per month) |
| HSBC Everyday+ Rewards Programme Deposit min. $2,000 and make 5 transactions |
2.85% p.a. interest + 1% cashback (capped at $300 a month) You earn: $1,425 per year (~$119 per month) (excludes cashback) |
2.85% p.a. interest + 1% cashback (capped at $300 a month) You earn: $2,850 per year (~$238 per month) (excludes cashback) |
Note: The table above assumes you have a regular banking relationship. If you earn more, spend more, or are a premier or private banking client, you may enjoy better rates. Read the individual sections on each savings account below to find out more.
1. Citi Wealth First Account
| Citibanking, Citi Priority | Citigold | Citigold Private Client | |
| Deposit amount | First $50,000 | First $250,000 | First $500,000 |
| Base interest rate | 0.01% p.a. | ||
| Spend (min. $250/month on Citibank Debit Mastercard) | 1.5% p.a. | ||
| Invest (min. $50,000/month) | 1.5% p.a. | ||
| Insure (min. $50,000/month) | 1.5% p.a. | ||
| Borrow (min. $500,000 home loan) | 1.5% p.a. | ||
| Save (min. $3,000/month) | 1.5% p.a. | ||
| TOTAL | 7.51% p.a. | ||
The Citi Wealth First Account has a simple mechanic for calculating its total interest rate: base interest (0.01%) + bonus interest (up to 7.50%).
Its base interest starts at 0.01% for everyone, whether you’re a Citibanking, Citi Priority, Citigold, or Citigold Private Client customer. That’s the lowest base interest rate out of all the savings accounts on this list.
Next, beef up that measly 0.01% up with bonus interest rates. You get different bonus rates depending on which of the following categories you fulfil:
- Spend (+1.5%): Spend at least $250/month on your Citibank Debit Mastercard.
- Invest (+1.5%): Purchase one or more new single lump sum investments totalling at least $50,000/month. Investments can include Unit Trust, Structured Notes and Bonds.
- Insure (+1.5%): Purchase one or more new single premium policies totalling at least $50,000/month. This excludes policies purchased using Central Provident Fund Savings or Supplementary Retirement Schemes.
- Borrow (+1.5%): Take up a new home loan of at least $500,000.
- Save (+1.5%): Deposit more money into your account, increasing your account’s average daily balance by at least $3,000 from the previous month’s.
If you fulfil all of the transaction categories above, the maximum interest rate you can get with the Citi Wealth First Account is a generous 7.51%. That’s one of the highest rates among the savings accounts this month. Plus, it applies to the first $50,000 to $150,000 in your account, and not just the first $25,000 after the first $100,000 or something like that (looking at you, UOB One). That means 7.51% p.a. is the effective interest rate!
Realistically speaking, most of us can only deposit our salaries in the account, i.e. “Save“, and “Spend“. If you only fulfil these 2 criteria, you’ll earn 3.01% p.a. interest on the Citi Wealth First Account. That’s $1,505 earned per year from your first $50,000.
The only advantage to starting a Citigold or Citigold Private Client banking relationship is that the bonus interest rates can apply to a larger sum of money. For Citibanking and Citi Priority customers, bonus interest rates are applied to only the first $50,000, according to the Citi Wealth First T&Cs (Clause 7). This increases to $250,000 for Citigold and $500,000 for Citigold Private Client.
Citi Wealth First Account
- Minimum balance: $15,000
- Fall below fee: $15
- Bonus interest cap: $50,000 – $500,000
- Base Interest Rate p.a.
- 0.01%
- Max. Interest Rate p.a.
- 7.51%
- Total Relationship Balance
- S$300,000
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2. Standard Chartered BonusSaver account interest rates
The Standard Chartered BonusSaver savings account used to offer the highest maximum interest rate on a savings account—7.88 % p.a. This maximum rate got reduced to 7.68% p.a. on 1 May 2024 following UOB’s rate cut on their flagship savings account, and then got nerfed again to 6.05% p.a. on 1 Jan 2025.
Here’s a breakdown of the changes that took effect on 1 Jan 2025:
| Transactions | Current interest rates |
| None (base interest) | 0.05% |
| Salary credit (min. $3,000) | +1.00% |
| Credit card spending (min. $1,000) | +1.00% |
| Invest in eligible unit trust (min. $20,000) | + 2.00% for 6 months |
| Buy eligible insurance (min. $12,000) | + 2.00% for 6 months |
| Total interest | 6.05% p.a. |
- Base Interest Rate
- 0.05% p.a.
- Max. Interest Rate
- Up to 6.05% p.a.
- Min. Balance
- S$3,000
While 6.05% p.a. sounds high, it isn’t easy to hit this maximum interest rate on the Standard Chartered BonusSaver. You’d need to fulfil all 4 requirements: credit your salary, spend on your credit card, invest, and buy insurance. Tough!
If you only catch the lowest hanging fruit, salary credit and credit card spending, you’ll only earn 2.05% p.a. Yikes. For meeting the same 2 requirements, the OCBC 360 account (4.05% p.a. on first $100,000) UOB One (3.38% p.a. on first $100,000 or 4.00% p.a. on first $150,000) are going to be a lot more attractive.
On the plus side, 6.05% p.a. is applied to the entire sum of $100,000, whereas accounts like the UOB One savings account are only going to give the highest interest rate to a smaller sum based on a tiered system. (Check our review of the UOB One account to see the effective interest rates on the entire $100,000 sum.)
Do note that you only get 1% interest for crediting your salary if you’re earning at least $3,000 per month. If you earn less, I suggest the OCBC 360 savings account instead—it’ll give you the same 2.00% p.a. interest on your first $75,000 for crediting a minimum salary of $1,800.
Standard Chartered Bonus Saver
- Minimum balance: $3,000
- Fall below fee: $5
- Bonus interest cap: $100,000
- on Eligible Spends above S$800
- 2% Cashback
- on Eligible Spends below S$800
- 1.5% Cashback
- Cash Back Cap per month
- Unlimited
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3. UOB One savings account interest rates
The UOB One Account did us all a great service from Dec 2022 to Apr 2024, offering a rate of up to 7.80% (EIR: 5.00% p.a.) back then for simply spending on a UOB credit card and crediting our salaries to the account. Oh, the glory days.
But Singapore’s highest interest savings account relinquished its throne on 1 May 2024 when it reduced its maximum interest rate to 6.00% p.a. (EIR: 4.00% p.a.). And now, exactly 1 year later, it’s getting nerfed again.
UOB One savings account—Changes to interest rates from 1 May 2025
| Account Monthly Average Balance | $500 spend per month on eligible UOB Card | $500 spend per month on eligible UOB Card + 3 GIRO debit transactions | $500 spend per month on eligible UOB Card + credit salary via GIRO |
| First $75,000 | 0.65% | ||
| Next $50,000 | 0.05% | ||
| Next $25,000 | 0.05% | 0.05% | |
| Above $150,000 | 0.05% | 0.05% | 0.05% |
The highest tier interest is now 5.30% p.a., down from 6% p.a.
However, remember that the advertised interest rates above are only applied on specific tiers—for example, the 5.30% only applies to the $25,000 after your first $125,000.
To properly assess your earnings with the UOB One Account, what you need to look at is the effective interest rate—the true interest rate on the full amount you deposit in your UOB One Account.
| Effective interest rates on UOB One Account from 1 May 2025 | |||
| Account Monthly Average Balance | $500 spend per month on eligible UOB Card | $500 spend per month on eligible UOB Card + 3 GIRO debit transactions | $500 spend per month on eligible UOB Card + credit salary via GIRO |
| $75,000 | 0.65% | 1.50% | 2.30% |
| $125,000 | 0.41% | 1.90% | 2.90% |
| $150,000 | 0.35% | 1.59% | 3.30% |
| $200,000 | 0.275% | 1.21% | 2.49% |
From 1 May 2025, the maximum EIR you can earn with UOB One is 3.30% p.a. on your first $150,000, down from the current 4.00% p.a. This assumes you spend on a UOB credit card and credit your salary to the account (we’ll get to the mechanics in the sub-section below).
While it is a drop, 3.30% p.a. is still one of the highest rates out there when you consider how simple it is to achieve—just fulfil 2 pretty easy criteria.
Comparatively, Standard Chartered will only give you 2.05% p.a. to fulfil the same criteria.
OCBC 360 is the closest competitor to UOB One, offering 3.30% p.a. for those who credit their salary, spend on an OCBC credit card, and save at least $500 a month. That last criterion puts some restrictions on your account withdrawals—you have to make sure your average balance increases by $500 each month.
Another factor that gives UOB One an edge over OCBC 360 is that the 3.30% p.a. applies to $150,000, while it applies only to $100,000 with the OCBC 360 account. Those with savings over $100,000 will find UOB One more useful.
How to maximise interest on the UOB One savings account
At least UOB didn’t change the mechanics of how to earn bonus interest on the UOB One. That means this advantage of the UOB One account remains intact—its criteria to snag the highest interest rate is easy peasy. You only need to fulfil these 2 requirements:
- Credit your salary to the UOB One account via GIRO
- Spend at least $500 spend per month on an eligible UOB Card
The eligible cards you can hit the $500 spend on are:
- UOB One Card
- UOB Lady’s Card (all card types)
- UOB EVOL Card
- Lazada-UOB Card
- UOB One Debit Visa Card
- UOB One Debit Mastercard
- UOB Lady’s Debit Card
- UOB Mighty FX Debit Card
Among these cards, the UOB One Card is one of the best cards to pair with the UOB One savings account. Find out why in our full review of the UOB One account.
- Cashback on McDonald's, DFI Retail Group, Grab, Shopee, SP and more
- Up to 10%
- Cashback Cap per quarter
- Up to S$500
- Min. Spend per month
- S$500
If you prefer a card with $0 minimum spend, the recently revamped UOB Lady’s Card is right up your alley. And yes, men can apply too!
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- Base Earn Rate
- S$5 = 1X UNI$ (0.4 miles per S$1)
- Category of Choice
- S$5 = Up to 25X UNI$ (equivalent to 10 miles per S$1)
- Min. Spend
- S$0
UOB One savings account
- Minimum balance: $1,000
- Fall below fee: $5 (Waived for first 6 months for accounts opened online)
- Bonus interest cap: $100,000
4. OCBC 360 savings account interest rates
| Transactions | Interest rate (first $75,000) | Interest rate (next $25,000) |
| None (base interest) | 0.05% | 0.05% |
| Salary credit (min. $1,800, GIRO/FAST/PayNow) | + 1.60% ↓ |
|
| Increase average monthly balance (min. $500) | ||
| Spend (min. $500 on selected OCBC credit cards) | ||
| Insure in selected products (min $2,000) | + 1.20% (first 12 months) | + 2.40% (first 12 months) |
| Invest in selected products (min. $20,000) | + 1.20 % (first 12 months) | + 2.40% (first 12 months) |
| Maintain average daily balance of min. |
||
- Base Interest Rate p.a.
- 0.05%
- Max. Interest Rate p.a.
- 4.40%
- Min. Balance
- S$3,000
Like UOB One, the OCBC 360 savings account is also getting nerfed from 1 May 2025—changes are shown in the table above with stricken through text. Let’s first go through how it works.
The OCBC 360 savings account starts at a base interest of 0.05% p.a., then gives you varying bonus rates for crediting your salary, spending on your credit card (minimum of $500/month), growing your balance, insuring and investing. You can mix and match the criteria you want to fulfil to unlock different interest rates.
Depending on the combination of criteria you fulfil, this is what your maximum Effective Interest Rate (EIR) will be on your first $100,000:
- Salary + Save:
4.05% p.a.2.80% p.a. - Salary + Save + Spend:
4.65% p.a.3.30% p.a. - Salary + Save + Spend + Insure / Invest:
6.15% p.a.4.80% p.a. - Salary + Save + Spend + Insure + Invest:
7.65% p.a.6.30% p.a.
Realistically, most of us will likely only fulfil 3 criteria: Salary, Save, and Spend. from 1 May 2025, the maximum EIR we can enjoy will drop from 4.65% p.a. to 3.30% p.a.
To recap, the UOB One account also gives you an EIR of 3.30%—and you only need to fulfil 2 criteria, crediting your salary and spending on your credit card.
While the OCBC 360 looks more complicated than the UOB One account at first, it’s actually more flexible in that there is no one mandatory requirement to hit. Mix and match as you please.
You’ll get a bonus 1.6 – 3.2% just for crediting your salary to the OCBC 360 account through GIRO, FAST, or PayNow. UOB only counts your salary credit if it’s via GIRO.
You also get a bonus 0.6 – 1.2% every month that your account balance increases by $500 or more, so that might encourage you to save more even if you don’t hit the other criteria.
The bonus 0.50% p.a. interest for credit card spending is also an easy one to hit, but do note that the $500 monthly spend applies only to selected OCBC credit cards:
- OCBC 365 Credit Card
- OCBC INFINITY Cashback Card
- OCBC NXT Credit Card
- OCBC 90°N (available in both Visa and Mastercard versions)
- OCBC Rewards Card
Recommended cards for the OCBC 260 savings account
My top pick is the OCBC 365 Credit Card for its high cashback rates, subject to a minimum monthly spend of $800:
- 5% cashback on everyday dining (including local, overseas and online food delivery)
- 6% cashback on fuel spend at all petrol service stations locally and overseas
- 3% cashback on groceries, land transport, online travel, recurring telco and electricity bills
- Cashback on Fuel Spends
- 6%
- Cashback on Everyday Dining
- 5%
- with min. spend of $1,600 per month
- Unlock up to $160 Cashback
Get 1,265 SmartPoints or S$100 Cash for new OCBC Cardmembers only when you apply and charge at least 1 qualifying transaction within 30 days from card application approval. T&Cs apply.
Additionally, enjoy 1-year Disney+ Premium subscription from OCBC when you apply for an eligible OCBC Card! T&Cs apply.
But if you’ve jumped through enough hoops for your savings account and just want a blanket 1.6% cashback rate from your credit card, the OCBC INFINITY Cashback Card is a better fit.
- on eligible transactions
- Earn 1.6% Cashback
- Min. Spend
- S$0
- Cashback Cap
- Unlimited
Get 1,265 SmartPoints or S$100 Cash for new OCBC Cardmembers only when you apply and charge at least 1 qualifying transaction within 30 days from card application approval. T&Cs apply.
Additionally, enjoy 1-year Disney+ Premium subscription from OCBC when you apply for an eligible OCBC Card! T&Cs apply.
OCBC 360
- Minimum balance: $1,000
- Fall below fee: $2. Waived for first year.
- Bonus interest cap: $100,000
5. Bank of China SmartSaver account interest rates
| Transactions | Interest rate |
| None (base interest) | 0.4% |
| Insurance plan spending | + 2.40% p.a. for 12 consecutive months |
| Salary credit | + 2.50% (min. $2,000) |
| Credit card spending | + 0.50% (min. $500) OR 0.80% (min. $1,500) |
| 3x bill payments of at least S$30 each (GIRO or internet/mobile banking) | +0.9% p.a. |
With the Bank of China SmartSaver account, you get a cool 2.5% p.a. just for opening the account and crediting your salary (minimum of $2,500) to it. If raking up a monthly bill of at least $1,500 on your Bank of China credit card is no problem for you, you’ll get an additional 0.8% bonus interest.
The Bank of China SmartSaver account also awards a wealth bonus of 2.4% per annum for 12 consecutive months. However, to qualify, you’ll have to put down a pretty hefty sum on their insurance products. We’re talking a minimum of $12,000 in annual premiums with a 10-year premium term.
If you max out the bonus interest in all categories, you can enjoy a rate of up to 7.0% p.a. on your first $100,000 saved with the Bank of China. On the other hand, let’s say you only credit your salary and spend ($500 a month). Including the prevailing base interest, you’ll earn an interest rate of 2.50% + 0.50% + 0.40% = 3.40% on your first $100,000. Still quite decent for low effort on your part!
Bank of China SmartSaver
- Minimum balance: $200 (Maintain at least $1,500 to enjoy bonus interests)
- Fall below fee: $3
- Bonus interest cap: $100,000
6. Maybank Save Up Programme interest rates
| Interest rates | |||
| Transactions | First $50,000 | Next $25,000 | Maximum Effective Interest Rate |
| None (base interest) | Up to 0.25% p.a. | Up to 0.25% p.a. | |
| 1 x transaction | + 0.30% p.a. | + 1.00% p.a. | 0.53% p.a. (excludes base interest) |
| 2 x transactions | + 1.00% p.a. | + 1.50% p.a. | 1.17% p.a. (excludes base interest) |
| 3 x transactions | + 2.75% p.a. | + 3.75% p.a. | 3.08% p.a. (excludes base interest) |
Base interest
The Maybank Save Up Programme starts with a higher base interest rate than most other savings accounts… sorta. The base interest is actually tiered:
- First $3,000: 0.05% p.a.
- Next $47,000: 0.25% p.a.
- Remaining balance above $50,000: 0.25% p.a.
Your base interest’s effective interest rates are hence:
- First $50,000: 0.238% p.a.
- First $75,000: 0.242% p.a.
- First $100,000: 0.244% p.a.
Bonus interest
Next, the Maybank Save Up Programme then lets you choose from 9 different Maybank products/services to get bonus interest:
- GIRO payment (min. $300) OR salary credit (min. $2,000)
- Credit card spending (min. $500) on Maybank Platinum Visa Card and/or Horizon Visa Signature Card
- Invest in structured deposit (min. $30,000)
- Invest in unit trust (min. $25,000)
- Buy insurance (min. $5,000 annually)
- Home loan (min. $200,000)
- Renovation loan (min. $10,000)
- Car loan (min. $35,000)
- Education loan (min. $10,000)
The bonus interest rates aren’t competitive unless you fulfil 3 transactions. Assuming you hit 3 transactions and start with a bonus interest rate of 0.25%, you’ll get 4.3% on your first $50,000 and 5.5% p.a. on the next $25,000. For comparison, the OCBC 360 account will give you 4.65% p.a. for hitting the 3 categories of crediting your salary, saving, and spending on your credit card.
Speaking of credit card spending, do note that Maybank only considers credit card spending on the Maybank Platinum Visa Card and Horizon Visa Signature Card. Spending on other Maybank credit cards doesn’t count. On the plus side, these cards give you good cash rebates both locally and overseas.
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- Cashback on Local & Foreign Spend
- Up to 3.33%
- Min. Spend per month
- S$300
- Cashback Cap per quarter when you spend S$300 per month
- S$30
- on Air Tickets and Foreign Currency Spend
- S$1 = 7X Points
- on local Shopping, Groceries, Dining, Hotel Bookings
- S$1 = 3X Points
- Rewards to Miles Conversion for Selected Airline Partners
- 1 Point = 0.4 Miles
Maybank Save Up Programme
- Minimum balance: $1,000
- Fall below fee: $2. Waived for individuals below age 25.
- Bonus interest cap: $50,000
7. DBS Multiplier savings account interest rates
The DBS Multiplier account’s interest rates are only competitive if you hit 3 categories across credit card spending, home loan, insurance, and investment.
| Total monthly transactions | Income + 1 category | Income + 2 categories | Income + 3 categories |
| First $50,000 | First $100,000 | First $100,000 | |
| $500 to $14,999 | 1.80% | 2.10% | 2.40% |
| $15,000 to $29,999 | 1.90% | 2.20% | 2.50% |
| $30,000 and up | 2.20% | 3.00% | 4.10% |
- Base Interest Rate p.a.
- 0.05%
- Max. Interest Rate p.a.
- 3.8%
- Min. Balance
- S$3,000
The rates in the table above apply to you if you credit your salary/dividends/SGFinDex to any DBS or POSB account (yes, it doesn’t need to be your DBS Multiplier account!). You need to have at least $500 worth of transactions from 1 or more of the following categories:
- Credit card or PayLah spending (no minimum)
- Home loan (cash + CPF components counted)
- Selected insurance policies (life insurance, critical illness, endowment plans and selected single premium policies)
- Selected investments (regular savings plan, unit trust, online equities trade, digiPortfolio or bonds, and structured products)
The more categories you hit, the higher bonus interest rates you get.
One thing I really like about the DBS Multiplier is that there is no minimum amount required for the credit card or DBS PayLah! spend. You can also choose either, although I would recommend the credit card route for extra cashback or miles. You can earn up to 10 miles per dollar with the DBS Altitude Visa Signature Card on your travel spend at Expedia and Kaligo, and 2.2 miles per dollar on other overseas spend.
- Local Spend
- S$1 = 1.3 miles
- Overseas Spend (made in foreign currency)
- S$1 = Up to 5 miles
- on Online Travel Bookings
- S$1 = Up to 2.2 miles
The DBS Vantage Visa Infinite Card comes with an even bigger welcome miles bonus, although it isn’t the most accessible credit card due to its high minimum income requirement.
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- Local Spend
- S$1 = 1.5 miles or 1.5% cashback
- Overseas Spend
- S$1 = 2.2 miles or 2.2% cashback
- when you pay the Card's Annual Fee
- 25,000 Bonus Miles
What if you don’t have any DBS credit card, insurance, or investments? If you’re 29 years old or below, you can still earn 1.5% p.a. on the first $50,000. You don’t need to credit your salary to a DBS/POSB account, but DBS will still require you to at least use PayLah!. The good news is that there isn’t a minimum amount for PayLah! spend. Just use it to pay for anything, even if it’s a $1+ cup of kopi at your local coffeeshop. Easy!
Overall, the DBS Multiplier account makes it easy to earn bonus interest with its zero minimum spend transaction categories and the flexibility to credit your salary into any DBS account, not necessarily the DBS Multiplier.
However, DBS Multiplier account interest rates start pretty low, especially if you don’t credit your salary to a DBS/POSB account. Comparatively, CIMB FastSaver’s interest rates start at 1.50% p.a. for just opening the account and depositing a minimum of $1,000.
DBS Multiplier
- Minimum balance: $3,000
- Fall below fee: $5. Waived for first-time customers & those up to age 29.
- Bonus interest cap: $100,000
8. CIMB FastSaver savings account interest rates
The CIMB FastSaver account works a bit differently compared to others on this list. It does have the usual suspects—salary and credit card spend requirements—but these are only required for you to unlock the highest interest rate (currently 3.19% p.a.) on the first $25,000.
After you meet those requirements for the initial $25,000 balance, you can enjoy up to 2.70% p.a. Yup, no conditions to buy insurance, sign up for an investment, or any other hoops to jump through.
| Account balance | Prevailing interest rate | Additional interest rate (credit salary or schedule a recurring GIRO transfer of at least $1,000) | Additional interest rate (spend on CIMB Visa Signature Credit Card) | Total interest rate |
| First $25,000 | 1.19% p.a. | + 0.50% p.a. | + 1.00% (min. $300 monthly eligible spend) + 1.50%^ (min. $800 monthly eligible spend) |
3.19% |
| Next $25,000 | 2.09% p.a. | – | – | 2.09% p.a. |
| Next $25,000 | 2.70% p.a. | – | – | 2.70% p.a. |
| Above $75,000 | 0.80% p.a. | – | – | 0.80% p.a. |
If we assume you hit the requirements to earn 3.19% on your first $25,000, your effective interest rates are:
- First $25,000: 3.19%
- First $50,000: 2.64%
- First $75,000: 2.66%
- First $100,000: 2.20%
This account is also perfect for most young adults starting out their career, because of the very low minimum balance of $1,000 (note, however, that you need to maintain $5,000 for the current promotion) and no fall below fee.
CIMB FastSaver
- Minimum balance: $1,000
- Fall below fee: None!
- Bonus interest cap: $75,000
9. POSB SAYE savings account interest rates
What if you want to open a savings account, but don’t want to do anything but credit money into it? The best zero-effort contender is the POSB SAYE (Save As You Earn) account.
You need to set up a standing order to credit a fixed amount every month (anything from $50 to $3,000) into your SAYE account, then resist the urge to touch it for 2 years. As a reward for your restraint, you earn 3.5% p.a..
Note that it’s a whole lot less liquid than any other savings account, so for the love of God, please don’t put your emergency stash in here.
10. HSBC Everyday Global Account
Get up to 4,775 SmartPoints or up to S$350 eCapita Vouchers when you apply, deposit a min. of S$100,000 of fresh funds and maintain for 3 months (or S$70,000 for lower tier), register for PayNow with your account, make 7 purchases on the debit card and complete the Risk Profiling Questionnaire! Note: Marketing consent and successful login to HSBC SG App required. T&Cs apply. 
Plus, invest your fresh funds to receive S$750 cash for every $50,000 in Unit Trust (capped at S$15,000 cash rewards) whilst qualifying for 5.75% 2-month Time Deposits rate (capped at your investment amount). SMS INVEST50<Space>MS<Space>Full Name to 74722. A HSBC Personal Wealth Manager will be in touch to assist you. T&Cs apply. Find out how.
Our last savings account on this list is the most headache-inducing, but also has one of the highest effective interest rate at the moment due to their ongoing promotion. The HSBC Everyday Global Account is a multi-currency account that also doubles up as a savings account…masquerading as an interest/cashback-earning hybrid. Yikes. Let me explain.
The HSBC Everyday Global Account lets you transact in 11 different currencies, but that’s probably not the reason why you’re reading this article. More importantly for our purposes today, it also functions as a savings account. But unlike the others on this list, the HSBC Everyday Global Account doesn’t stack bonus interest the more you spend/save/borrow/invest/insure. Instead, the account works hand in hand with the HSBC Everyday+ Rewards Programme to, overall between the account and the programme, earn you an extra 1% bonus interest and 1% cashback per year.
When you have an HSBC Everyday Global Account and also qualify for the HSBC Everyday+ Rewards Programme, you can earn up to 3.85% p.a. from now to 30 Apr 2025:
- 0.05% p.a. Everyday Global Account’s prevailing interest rate
- + Up to 2.80% p.a. Everyday Global Account Bonus Interest
- 1.00% p.a. when you qualify for the HSBC Everyday+ Rewards Programme
Combined, these bring your total interest to 3.85% p.a.
How do I qualify for the HSBC Everyday+ Rewards Programme?
The third component above (1% additional interest) comes from qualifying for the HSBC Everyday+ Rewards Programme. Here are the requirements:
- Deposit at least $2,000 (for Personal Banking customers) or $5,000 (for Premier customers) into the account
- Make 5 eligible transactions, with no minimum amount. These can be any combination of the following types:
- Transactions made with a HSBC personal credit card*
- Transactions made with a HSBC Everyday Global Debit Card
- GIRO bill payments
- Fund transfers to a non-HSBC account
What do I earn from the HSBC Everyday+ Rewards Programme?
Qualifying for the Everyday+ Rewards Programme gets you:
- 1% bonus interest (as we talked about) on the money you top up into your account each month (capped at $300/month)
- 1% cashback on your HSBC Everyday Global Debit Card transactions and GIRO bill payments (capped at $300/month for Personal Banking customers, $500/month for HSBC Premier customers)
* Note that you can use an HSBC credit card to qualify for the HSBC Everyday+ Rewards Programme, but credit card spending won’t earn you cashback once you qualify the programme. I know, I’m not a fan of this either. This change was implemented by HSBC on 2 May 2024 and is also spelled out in their updated terms and conditions.
On the plus side, HSBC doesn’t limit you to a select few credit cards for the credit card spending criteria, so take your pick of the HSBC credit cards available. My personal pick is the new HSBC Live+ Credit Card, with which you can earn up to 8% cashback on this card on selected dining, shopping, and entertainment spending.
- on Dining, Shopping and Entertainment
- 8% Cashback*
- on fuel at Caltex and Shell gas stations in Singapore
- 5% Cashback*
- on All Other Spends
- 0.3% Cashback*
[Up to S$420 Rewards!]
Get S$299 Cash via PayNow + $51 eCapita Voucher (total worth S$350) or 5,000 SmartPointswhen you apply, spend a min. of S$500 from Card Account Opening Date to end of the following calendar month! Pay Annual Fee for HSBC TravelOne Card.
PLUS get S$70 Trip.com Vouchers on top of your baseline gift when you spend and meet the criteria! T&Cs apply.
On top of the interest and cashback, HSBC will give you one-time cash bonuses of up to $150 (for Personal banking customers) / $300 (Premier customers) when you deposit at least $100,000 (Personal banking) / $200,000 (Premier Banking) and meets the eligibility criteria above for the first 6 months.
How to register for the HSBC Everyday+ Rewards Programme
To register, send an SMS to 74722 with the following format:
EGA<Space>first 9-digit of your Everyday Global Account number (e.g. EGA 123456789)
We’ve also reviewed the Best Banking Accounts in HK. Check them out!
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About the author
Vanessa Nah likes her finance articles the way she likes her sitcoms—light-hearted, entertaining, and leaving people knowing a little more about life. She believes money—like life—should be made simple. Outside of work, you’ll find Vanessa attending dance classes, fingerpicking a guitar, and fulfilling her life mission to make her one-eyed cat the most spoiled kitty in the world.
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