10 Best Savings Accounts in Singapore with the Highest Rates (Jun 2024)

best-savings-account-in-singapore-highest-interest-rates

First UOB, then Standard Chartered. Banks have cut rates on their flagship savings accounts, and that means the highest interest earners are being reshuffled. Which savings account will earn you the most interest for the least effort? What about if you also get insurance or investment products with the bank?

If you don’t know what we’re talking about, we don’t blame you. Savings accounts have a simple premise, but often come with complex requirements for you to earn bonus interest.

When you open a savings account with a bank, you deposit money into it and let that money earn interest. You’ll enjoy higher interest rates on a savings account than you would on your normal account (called a checking account). 

The issue is that not all savings accounts are made equal. Different banks offer different interest rates, have different minimum sums, and require you to hit different spend/transaction criteria (one of the savings accounts below has 9 types of transactions you can choose from to fulfil!).

So 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 2024 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 Jun 2024.

 

What are the best savings accounts in Singapore with the highest interest rates in 2024?

    1. Best savings accounts at a glance
    2. Citi Wealth First Account
    3. Standard Chartered Bonus Saver
    4. UOB One Account
    5. OCBC 360 Account
    6. Bank of China Smart Saver
    7. Maybank SaveUp Account
    8. DBS Multiplier Account
    9. CIMB FastSaver Savings Account
    10. POSB SAYE Account
    11. HSBC Everyday Global Account

 

1. At a glance: Best savings accounts in Singapore with highest interest rates (Apr 2024)

Savings account Interest rates (effective interest rates) Best for
Standard Chartered Bonus Saver Up to 7.68% (on first $100,000, fulfil 5 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-$150,000, fulfil 5 criteria) Those with other Citibank products
Bank of China Smart Saver Up to 6.70% (on first $100,000, fulfil 4 criteria) High earners & 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 3.50% (just deposit and maintain money, no criteria to fulfil!) 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 4.45% (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 credit your salary and spend using the bank’s debit/credit card? Here’s our realistic summary:

Savings account Effective interest rate if you only credit salary and spend $500 Your earnings on first $50,000
Citi Wealth First Account 3.01% on first $50,000 $1,505 per year (~$125 per month)
Standard Chartered Bonus Saver 2.65% p.a. on first $100,000 1 May 2024: $1,325 (~$110 per month)
UOB One 4.00% on first $150,000
$2,000 (~$167 per month)
OCBC 360 4.05% p.a. on first $100,000 $2,025 per year (~$169 per month)
Bank of China SmartSaver 2.50% p.a. on first $100,000 $1,250 per year (~$104 per month)
Maybank Save Up Programme 1.25% p.a. on first $50,000 $625 per year (~$52 per month)
DBS Multiplier 1.80% p.a. on first $50,000 $900 per year (~$75 per month)
CIMB FastSaver 3.50% p.a. $1,750 per year (~$146 per month) 
POSB SAYE (Save As You Earn) 3.50% p.a. $1,750 per year (~$146 per month) 
HSBC Everyday+ Rewards Programme 4.45% p.a. + 1% cashback (capped at $300 a month) $2,225 per year (~$185 per month)

Note: The table above assumes you earn at least $3,000 a month, spend $500 a month, and 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

best-savings-account-in-singapore-interest-rate-citibank

Citibanking, Citi Priority Citigold Citigold Private Client
Deposit amount First $50,000 First $100,000 First $150,000
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 $100,000 mark 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 $100,000 for Citigold and $150,000 for Citigold Private Client.  

However, you’ll need to maintain $250,000 in your account for Citigold, and $1,500,000 for Citigold Private Client. If you fall below these thresholds, the bonus 7.51% will only apply to the first $50,000 just like for everyone else.

Citi Wealth First Account 

  • Minimum balance: $15,000
  • Fall below fee: $15
  • Bonus interest cap: $50,000-$150,000

citigold-savings-account-promotion-


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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.

best-savings-account-in-singapore-interest-rate-standard-chartered

Here’s a breakdown of the changes that took effect on 1 May 2024:

Transactions Interest rates (before 1 May 2024) Interest rates (from 1 May 2024)
None (base interest) 0.05% 0.05%
Salary credit (min. $3,000) + 2.50% +2.00% 
Credit card spending (min. $500 or $2,000) + 1.25% (min. $500) OR + 2.00% (min. $2,000) + 0.60% 
OR + 1.40% (min. $2,000) 
3x GIRO bill payments (min. $50) + 0.33% + 0.23% 
Invest in eligible unit trust (min. $30,000) + 1.50% for 12 months + 2.00% for 12 months 
Buy eligible insurance (min. $12,000) + 1.50% for 12 months + 2.00% for 12 months 
Total interest 7.88% p.a. 7.68% p.a.

You’ll notice that the interest rates for investing or buying insurance with Standard Chartered went up, while the rates for salary credit, credit card spending, and GIRO components fell. Unfortunately, the latter are the lowest hanging fruit and pretty much everyone will now find it harder to get bonus interest with a Standard Chartered BonusSaver account.

While 7.68% p.a. is still pretty high, it isn’t easy to hit this maximum interest rate on the Standard Chartered BonusSaver. You’d need to fulfil all 5 requirements: credit your salary, spend on your credit card, pay 3 bills, invest, and buy insurance. 

On the plus side, 7.68% 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.)

Moreover, the Standard Chartered Bonus Saver savings account occupies a niche: It gives you pretty high bonus interest just for spending tons of money:

  1. Pay 3 bills online or via GIRO and you’ll get an additional 0.23% p.a. interest.
  2. Spend at least $2,000 on your BonusSaver credit or debit card and you’ll already get 1.40% p.a. bonus interest on your savings.

This comes up to a total of 1.63% p.a. bonus interest. Not bad if your card’s main function is to pay for your kid’s tuition fees, dental checkups, condo MCST fees and what-not. However, you’ll get a higher rate of 2.25% p.a. with UOB One on your first $100,000 just for spending $500 a month on your credit card and making 3 GIRO debit transactions.

If you’re gunning for this and need a Standard Chartered credit card, my top pick is the Standard Chartered Simply Cash Credit Card—I’m a fan of fuss-free unlimited cashback cards with $0 minimum spend.

Standard Chartered logo
MoneySmart Exclusive
1.5% UNLIMITED CASHBACK | FLASH DEAL
Cash Back on Eligible spend
Up to 1.5%
Min. Spend per month
S$0
Cash Back Cap per month
Unlimited
MoneySmart Exclusive:

[CASH BONUS FLASH DEAL]
Earn 4,000 SmartPoints or up to S$350 Cash via PayNow when you apply and spend a min. of S$1,000 in eligible transactions within 60 days from card approval date! T&Cs apply.
 
PLUS get EXTRA S$50 CASH BONUS when you are the first 10 customers to submit the claim form at 2PM & 9PM daily! Now that's up to S$400 Cash via PayNow!
 
Use 4,000 SmartPoints to fully redeem a product from our Rewards Store. If the product costs more, redeem with your points and top up the rest by purchasing additional SmartPoints e.g. get an Apple 10.2-inch iPad Wi‑Fi 64GB (9th Generation) at only S$104 on top of your earned SmartPoints.

Valid until 17 Jun 2024

Crediting your salary will get you an additional 2.00% interest. That’s not too bad a rate, but you have to be earning at least $3,000 per month to qualify for the bonus interest. 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.

Now let’s talk realistically. Many of us may only credit our salary and meet the requirement to spend $500 a month on a Standard Chartered credit card. If you only do these 2 things, you’ll enjoy an interest rate of 2.65% p.a. on your first $100,000, inclusive of the base interest rate. 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.

Standard Chartered Bonus Saver

  • Minimum balance: $3,000
  • Fall below fee: $5
  • Bonus interest cap: $100,000

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3. UOB One savings account interest rates

best-savings-account-in-singapore-interest-rate-uob-oneSingapore’s highest interest savings account relinquished its throne on 1 May 2024. The UOB One Account did us all a great service from Dec 2022 to Apr 2024, offering a rate of 7.80% (EIR: 5.00% p.a.) for simply spending on a UOB credit card and crediting our salaries to the account. That all changed on 1 May 2024, when UOB introduced 2 new interest tiers and reduced its maximum interest rate to 6.00% p.a. (EIR: 4.00% p.a.).

UOB One savings account interest rates before 1 May 2024

Account balance S$500 spend per month on eligible UOB Card S$500 spend per month on eligible UOB Card + 3 GIRO/PayNow debit transactions S$500 spend per month on eligible UOB Card + credit salary via GIRO/PayNow
First $30,000 0.65% 2.50% 3.85%
Next $30,000 0.65% 3.00% 3.90%
Next $15,000 0.65% 4.00% 4.85%
Next $25,000 0.05% 7.80%
Above $100,000 0.05%

UOB One savings account interest rates from 1 May 2024

Account balance S$500 spend per month on eligible UOB Card S$500 spend per month on eligible UOB Card + 3 GIRO/PayNow debit transactions S$500 spend per month on eligible UOB Card + credit salary via GIRO/PayNow
First $30,000 0.65% 2.00%  3.00% 
Next $30,000 0.65% 2.00%  3.00% 
Next $15,000 0.65% 2.00%  3.00% 
Next $25,000 0.05% 3.00%  4.50% 
Next $25,000 (NEW) 0.05% 3.00% 4.50%
Next $25,000 (NEW) 0.05% 6.00%
Above $150,000 0.05%
UOB logo
Base Interest Rate p.a.
0.05%
Max. Interest Rate p.a.
2.5%
Min. Balance
S$1,000

The UOB One savings account has taken a hit and no longer has the highest maximum interest rate for a savings account in Singapore, but it may still be worth it for you. For our full breakdown of what these new rates mean for you, read our review of the UOB One savings account, where we talk effective interest rates, spending requirements and more.

For now, I’m happy to report that at least UOB isn’t changing the mechanics of how to earn bonus interest on the UOB One. That means the winning quality 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/PayNow
  • Spend at least $500 spend per month on an eligible UOB Card

The eligible cards you can hit the $500 spend on are:

Among these cards, the UOB One Card works best with the UOB One savings account. Find out why in our full review of the UOB One account.

UOB logo
MoneySmart Exclusive
LUCKY DRAW | UP TO S$11,000 WORTH OF PRIZES!
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
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[UP TO S$11,000 WORTH OF PRIZES]
LAST CHANCE to win up to 2 Grand Prizes when you apply through MoneySmart! No min. spend required! T&Cs apply.

  • A pair of Day 1 Category 1 Ticket for ASMeiR Max 2024 World Tour - Singapore (worth S$656)! [10 Winners]
  • Samsung Galaxy S24 Ultra 512GB (worth S$2,458) or 68,000 Air Miles (worth a Business Class Round Trip to Taiwan for 1) or a Sony WH-1000XM5 Headphones (worth S$589)! [3 Winners]

 
PLUS receive S$350 Cash Credit from UOB when you are the first 200 new-to-UOB credit card customers in June 2024 who successfully apply for an eligible UOB Credit Card and spend a min. of S$1,000 per month for 2 consecutive months from their card approval date. T&Cs apply.

Valid until 16 Jun 2024

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!

UOB logo
MoneySmart Exclusive
LUCKY DRAW | UP TO S$11,000 WORTH OF PRIZES!
Base Earn Rate
S$5 = 1X UNI$ (or 2 miles)
Category of Choice
S$5 = Up to 25X UNI$ (equivalent to 10 miles per S$1)
Min. Spend
S$0
MoneySmart Exclusive:

[UP TO S$11,000 WORTH OF PRIZES]
Stand a chance to win up to 2 Grand Prizes when you apply through MoneySmart! No min. spend required! T&Cs apply.

  • A pair of Day 1 Category 1 Ticket for ASMeiR Max 2024 World Tour - Singapore (worth S$656)! [10 Winners]
  • Samsung Galaxy S24 Ultra 512GB (worth S$2,458) or 68,000 Air Miles (worth a Business Class Round Trip to Taiwan for 1) or a Sony WH-1000XM5 Headphones (worth S$589)! [3 Winners]

 
Enjoy an exquisite dining experience for two at Michelin-starred restaurants (worth over S$900) when you are the first 150 new-to-UOB credit card customers per calendar month who successfully apply and spend a min. of S$1,500 per month for 2 consecutive months from your card approval date. T&Cs apply.

Valid until 16 Jun 2024

Don’t have a fixed monthly salary? You can still get up to 3.00% p.a. with the UOB one account if you pay 3 bills by GIRO. This is great for those without a regular pay check, such as freelancers, retirees or homemakers. If you go for this option, the interest rate rises with every additional $30,000 or $15,000 in your UOB One account, up to $75,000.

UOB One Account effective interest rates (EIR)

Everyone is enticed by the 6% p.a. carrot that UOB dangles, but note that this is only applied on the $25,000 after your first $125,000—unlike the Standard Chartered Bonus Saver, which applies 7.68% p.a. on the full first $100,000 you bank with them.

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. Here’s how much you’ll really earn with different account balances and with the fulfilment of different criteria:

UOB One Account Effective Interest Rates (EIR) from 1 May 2024
Account Balance S$500/month credit card spend S$500/month credit card spend + 3 GIRO debit transactions S$500/month credit card spend + credit salary via GIRO/PayNow
$30,000 0.65% 2.00% 3.00%
$60,000 0.65% 2.00% 3.00%
$75,000 0.65% 2.00% 3.00%
$100,000 0.50% 2.25% 3.38%
$125,000 0.41% 2.40% 3.60%
$150,000 0.35% 2.01% 4.00%

Simply for crediting your salary and spending $500/month on your credit card, the UOB One Account’s 4% p.a. EIR (on first $150,000) is currently one of the highest out there—second only to OCBC 360’s 4.05% p.a.. Comparatively, Standard Chartered will give you 2.65% p.a. to fulfil the same criteria, or 3.45% p.a. if your credit card spending is at least $2,000/month.

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

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4. OCBC 360 savings account interest rates

best-savings-account-in-singapore-interest-rate-ocbc-360

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) + 2.00% + 4.00%
Increase avg. monthly balance (min. $500) + 1.20% + 2.40%
Spend (min. $500 on selected OCBC credit cards) + 0.60%
Insure in selected products (min $2,000) +1.20% + 2.40%
Invest in selected products (min. $20,000) + 1.20 % + 2.40%
Maintain average daily balance of min. $200,000 2.40%
OCBC logo
Base Interest Rate p.a.
0.05%
Max. Interest Rate p.a.
4.40%
Min. Balance
S$3,000

The OCBC 360 savings account is now one of Singapore’s highest interest savings accounts. It starts at a base interest of 0.05% p.a., and gives you varying bonus rates for crediting your salary, spending on your credit card (minimum of $500/month), growing your balance, insuring and investing. If you fulfil several of these requirements, this is what your maximum Effective Interest Rate (EIR) will be on your first $100,000:

  • Salary + Save: 4.05% p.a.
  • Salary + Save + Spend: 4.65% p.a.
  • Salary + Save + Spend + Insure / Invest: 6.15% p.a.
  • Salary + Save + Spend + Insure + Invest: 7.65% p.a.

To recap, the UOB One account gives you an EIR of up to 4.00% on the first $15o,000 or 3.38% p.a. on the first $100,000. While that’s a lower maximum rate than OCBC 360, don’t forget that the UOB One account rewards you with their maximum rates simply for crediting your salary and spending on your credit card.

The OCBC 360 is more complicated than the UOB One, but also more flexible in that there is no one mandatory requirement. This account is perfect for those who don’t hit the $3,000 minimum salary requirement many other savings accounts have. You’ll get a bonus 2% just for crediting your salary to the OCBC 360 account through GIRO, FAST, or PayNow.

You also get a bonus 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.

Do note that the $500 monthly spend category for a bonus 0.60% p.a. interest applies only to selected OCBC credit cards:

My top pick is the OCBC 365 Credit Card for its high cashback rates:

  • 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
OCBC logo
High Spend on Dining
Cashback on Everyday Dining
5%
with min. spend of $1,600 per month
Unlock up to $160 Cashback
with min. spend of $800 per month
$80 Cashback per month

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.

OCBC logo
Earn up to 1.8% unlimited cashback
on eligible transactions
Earn 1.6% Cashback
Min. Spend
S$0
Cashback Cap
Unlimited

OCBC 360

  • Minimum balance: $1,000
  • Fall below fee: $2. Waived for first year.
  • Bonus interest cap: $100,000

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5. Bank of China SmartSaver account interest rates

Best-savings-account-in-singapore-interest-rate_BOC

Transactions Interest rate
None (base interest) 0.1%
Insurance plan spending +2.40% p.a. for 12 consecutive months
Salary credit + 1.90% (min. $2,000) OR 2.50% (min. $6,000)
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.

The Bank of China SmartSaver account is a good choice for high earners. They offer probably the highest interest rates in Singapore for those who take home a monthly salary of at least $6,000. You get a cool 2.6% p.a. just for opening the account and crediting your salary to it. If raking up a 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. Consider the Bank of China Sheng Siong Card for up to 6% cash rebate at Sheng Siong and 1.5% unlimited—yes, no cap!—cash rebate on your overseas spend, including online purchases.

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 6.7% 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 (which is below $6,000) and spend ($500 a month). You’ll earn an interest rate of 2.5% on your first $100,000.

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

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6. Maybank Save Up Programme interest rates

best-savings-account-in-singapore-interest-rate-maybank

Interest rates (applicable from 1 Jun 2023)
Transactions First S$50,000 Next S$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.
2 x transactions + 1.00% p.a. + 1.50% p.a. 1.17% p.a.
3 x transactions + 2.75% p.a. + 3.75% p.a. 3.08% p.a.

The Maybank Save Up Programme 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 Maybank Save Up Programme starts with a higher base interest rate than most other savings accounts. However, 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.

Maybank logo
Online Promo
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
Maybank logo
Online Promo
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

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7. DBS Multiplier savings account interest rates

best-savings-account-in-singapore-interest-rate-dbs-multiplier

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%
DBS logo
High Interest Rates
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.

DBS logo
Online Promo
Earn Miles That Never Expire
Local Spend
S$1 = 1.3 Miles
Overseas Spend (made in foreign currency)
S$1 = 2.2 Miles
On Travel Spend at Agoda
S$1 = Up to 4.3 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.

DBS logo
Online Promo
Miles or Cashback – you decide
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

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8. CIMB FastSaver savings account interest rates

The CIMB FastSaver account is the easiest savings account to earn money with this month. From now till 31 Jul 2024, earn up to 3.50% p.a. simply by depositing a minimum of $5,000 into the account!

Account balance Prevailing interest rate Bonus interest rate Total interest rate Additional interest rate from salary crediting / incoming standing instructions (min. $1,000)
First $25,000 1.50% p.a. 2.00% p.a. 3.50% p.a. 0.50% p.a.
Next $25,000 2.50% p.a. 1.00% p.a. 3.50% p.a.
Next $25,000 3.50% p.a. 0.00% p.a. 3.50% p.a.
Above $75,000 0.80% p.a. 0.7% p.a. 3.50% p.a.

The EIR is 3.50% p.a. with no conditions to hit a certain credit card spend, requirements to buy insurance, or other hoops to jump through to enjoy this rate.

Admittedly, 3.50% p.a. interest is not a lot. But we have to give the CIMB FastSaver account credit where it’s due—it’s almost zero effort required. Their mechanic is as simple as it gets: deposit money, earn interest. The only requirement is to maintain at least $5,000 in your account for you to earn the advertised interest rates. To me, it’s like a fixed deposit account you can withdraw money from with no penalty.

The current 3.5% p.a. promotion is running from now till 31 Jul 2024. However, you’ll only get your bonus interest credited into your CIMB FastSaver account on 2 Sep 2024. Don’t close your account before that, or you’ll forfeit the bonus.

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

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9. POSB SAYE savings account interest rates

Best-savings-account-in-singapore-interest-rate-POSB-SAYE

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.

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10. HSBC Everyday Global Account

HSBC logo
Earn 1% cashback
Min. Initial Deposit
S$100
Min. Annual Interest
0.05%
Max. Annual Interest
Up to 4.45%

Our last savings account on this list is the most headache-inducing, but also has the highest effective interest rate at the moment due to their June 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. 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 earn you an extra 1% bonus interest and 1% cashback per year when you qualify for the programme.

When you have an HSBC Everyday Global Account + also qualify for the HSBC Everyday+ Rewards Programme, you can earn up to 4.45% p.a. this Jun 2024:

  • 0.05% p.a. Everyday Global Account’s prevailing interest rate
  • + 3.40% p.a. Everyday Global Account Bonus Interest
  • + 1.00% p.a. when you qualify for the HSBC Everyday+ Rewards Programme

To register, send an SMS to 74722 with the following format from 1 – 30 Jun 2024:

EGA<Space>first 9-digit of your Everyday Global Account number (e.g. EGA 123456789)

You’re not going to enjoy the full 4.45% p.a. interest simply by opening an account and sending an SMS. The last 1% of that bonus interest comes from qualifying for the HSBC Everyday+ Rewards Programme. Here are the requirements:

  1. Deposit at least $2,000 (for Personal Banking customers) or $5,000 (for Premier customers) into the account
  2. Make 5 eligible transactions, with no minimum amount. These can be any combination of the following types:
    1. Transactions made with a HSBC personal credit card*
    2. Transactions made with a HSBC Everyday Global Debit Card
    3. GIRO bill payments
    4. Fund transfers to a non-HSBC account

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.

hsbc-everyday-rewards-programme-update-2-may-credit-card
Image: HSBC

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 HSBC Revolution Credit Card. Few other cards will give you 10X Reward points (equivalent to 4 miles or 2.5% cashback) on your online purchases and contactless payments! And that’s excluding the 1% cashback you’ll get from the HSBC Everyday+ Rewards Programme.

HSBC logo
Online Promo
Earn up to 4 miles per S$1 | Instant Activation*
on Online Spend and Contactless Payments
S$1 = 10X Points
on All Other Spend
S$1 = 1X Point
for every 10 Points
Earn 4 Miles

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.

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We’ve also reviewed the Best Banking Accounts in HK. Check them out!

 

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About the author

Vanessa Nah is a personal finance content writer who pens articles on the ins and outs of savings accounts, the T&Cs of credit cards, and the ups and downs of alternative investments. She’s a researcher at heart and leaves no stone unturned when it comes to breaking down complex finance concepts and making them easy to understand for the everyday Singaporean. When Vanessa’s not debunking finance myths, you’ll find her attending dance classes, fingerpicking a guitar, or (most impawtently) fulfilling her life mission to make her one-eyed cat the most spoiled and loved kitty in the world.