Best Savings Accounts in Singapore with Highest Interest Rates (2023)


So far, 2023 is shaping up to be pretty hard on our bank accounts. Between inflation and an impending recession, it looks like our wallets are going to take quite a hit this year, even with the cash payouts announced during Budget 2023

It’s times like these when saving your money is more important than ever. One easy way to do this is through a savings account. 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). 

However, not all savings accounts are made equal. Different banks offer different interest rates and different minimum sums. So to help you out, we’ve compiled the best savings accounts in Singapore with the highest interest rates in 2023 for different personal and financial needs.


What are the best savings accounts in Singapore with the highest interest rates in 2023?

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


1. At a glance: Best savings accounts in Singapore with highest interest rates (May 2023)

Savings account Interest rates Best for
HSBC Everyday Global Account Up to 5.55% Those with fresh funds
Citi Wealth First Account Up to 7.51% Those intending to buy insurance, investments or take a home loan from Citibank
CIMB FastSaver Up to 3.50%  Young adults starting their careers
DBS Multiplier Up to 4.10%  Salaried workers
UOB One Up to 7.80% Freelancers & self-employed
OCBC 360 Up to 7.65%  Growing your savings
Maybank Save Up Up to 4.30%  Home, education, car loan users
Standard Chartered Bonus Saver Up to 7.88% High spenders
Bank of China Smart Saver Up to 6.70% High earners & spenders

Note: The maximum interest rates given above are for regular banking customers. Many banks offer higher rates for their private clients. The maximum interest rates above only apply to a certain sum, such as the first $50,000.


2. HSBC Everyday Global Account


Premier customer Personal Banking customer
Base interest rate 0.05% p.a.
Bonus interest on top-up amount 4.40% p.a. 4.25% p.a.
Bonus interest from HSBC Everyday+ Rewards Programme on top-up amount 1.00% p.a.
TOTAL 5.45% p.a. 5.30% p.a.

HSBC logo
Earn 1% cashback
Min. Initial Deposit
Base Interest Rate p.a.
Max Interest Rate p.a.
Up to 5.35%

The HSBC Everyday Global Account is a multi-currency account that also doubles up as a savings account. Looking at it from a savings perspective, it’s a good option for those who have cash they can afford to dump fresh funds into an account and leave it alone for 4 months. It’s also really easy to unlock the first tier of bonus interest rates—all you have to do is deposit money.

The maximum interest rate you can earn with the HSBC Everyday Global Account is 5.30% for Personal Banking customers and 5.45% for Premier customers applied on your top-up amount (more on how that’s applied later!). Here’s how to get there:

  1. Open the account with an initial minimum deposit amount of $100. At this point, your base interest rate is 0.05%.
  2. Deposit more money into the account to get a bonus interest of 4.25% (for Personal Banking customers) or 4.40% (for Premier customers). Hooray, no hoops to jump through here! There’s no need to hit a minimum credit card spend or buy their insurance to unlock this bonus tier—all HSBC wants is fresh funds.
  3. Qualify for the HSBC Everyday+ Rewards Programme to get an additional 1% bonus interest. To qualify, you need to deposit at least $2,000 (for Personal Banking customers) or $5,000 (for Premier customers) into the account and make 5 eligible transactions.

The 5 eligible transactions have no minimum amount requirements and 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

If you do everything in steps 1 to 3 above, you’ll get an interest rate of 5.45% as a Premier customer or 5.30% as a Personal Banking customer on your top-up amount.


How are the HSBC Everyday Global Account bonus interest rates applied?

The HSBC Everyday Global Account works a little differently from other savings accounts on this list. Bonus interest rates aren’t applied on the entire sum of money in your account, but only on the additional, new money you pump into it.

Think of it this way: HSBC is mainly interested in fresh funds, i.e. money from outside HSBC. So if you pump “new” money into your HSBC Everyday Global Account, HSBC will reward you with bonus interest rates. On the other hand, if you don’t deposit any additional cash with HSBC, you get no bonus interest rates even if you already had $1 million in your account.

HSBC measures the fresh funds top-up amount for each month by comparing that month’s average daily balance (ADB) against the ADB in the first reference month, Feb 2023. If you just opened the account in Mar 2023, your reference month’s ADB is $0. Effectively, your top-up amount is the same as the entire sum in your account.



Let’s say you had $50,000 in your HSBC Everyday Global Account in Mar 2023.

In Apr, you sign up for the bonus interest promotion, but don’t deposit any money into your account. You don’t get any bonus interest, but do get a base interest of 0.05% on your existing $50,000.

At the start of May, you top up $100,000 into your account. As a Personal Banking customer, you get an interest rate of 0.05%+4.25%=4.30% for the month of April, but only on the $100,000 top-up amount.

At the start of Jun, you top up another $100,000 and also qualify for the HSBC Everyday+ Rewards Programme, which gets you an additional 1% bonus interest. For Jun, you get 0.05%+4.25%+1.00%=5.30% interest on the $200,000 you’ve deposited into the account since Mar.

However, let’s say you then take out $50,000 on 1 Jul. Since HSBC decides on the top-up amount by comparing Jul’s average daily balance (ADB) against the first month’s as a reference, you will only get 5.30% interest on $150,000. So the best thing to do is not withdraw any cash during the promotional period once you’ve put it in.


Do note that these current HSBC Everyday Global Account bonus interest rates are only for a promotional period. Sign up by 31 May 2023 to get paid ​​bonus interest on your top-up amounts for the months May, Jun, Jul, and Aug 2023.

After Aug 2023, these bonus interest rates won’t apply. HSBC will probably have another promotion by then for their Everyday Global Account, but it’ll likely involve more fresh funds. If you’ve no more spare cash to pump into your account, it may be time to take your money elsewhere.

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3. Citi Wealth First Account


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.
Citibank logo
Faster Fulfilment
Base Interest Rate p.a.
Max. Interest Rate p.a.
Total Relationship Balance

The Citi Wealth First Account has a simple mechanic for calculating its total interest rate: base interest + bonus interest.

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 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.
  • 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.

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 or Citi Priority customers, bonus interest rates are applied to only the first $50,000. 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 7.5% will only apply to the first $50,000 just like for everyone else.

All in all, the Citi Wealth First Account doesn’t impress us with their interest rates. Looking at your interest earnings alone, you’re better off practically anywhere else.

We can imagine the Citi Wealth First Account might appeal to loyal Citi customers, those who already had their hearts set on purchasing a $50,000/month Citi investment or insurance product, or those who already planned on taking a $500,000 Citi home loan. But otherwise, check out the other savings accounts in this list.

Citi Wealth First Account 

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

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3. CIMB FastSaver savings account interest rates


Deposit amount FastSaver only FastSaver + Visa Signature Credit Card FastSaver + Investment/Insurance FastSaver + Visa Signature Credit Card + Investment/Insurance
First S$10,000 1.50% p.a. 2.20% p.a. 3.50% p.a. 4.20% p.a.
Next S$15,000 1.50% p.a.
Next S$25,000 2.50% p.a.
Next S$25,000 3.50% p.a.
Above S$75,000 0.80% p.a.

The CIMB FastSaver starts at a base interest rate of 1.50% p.a. for the first $25,000 if you only open the savings account with CIMB. This is still higher than any of the banks listed below for simply depositing your money into the account. 

Interest rates increase by 1% p.a. for each additional $25,000 until you hit $75,000. As far as base interest rates go, the CIMB FastSaver is a good savings account!

The CIMB FastSaver offers bonus interest rates if you apply for:

  • The CIMB Visa Signature credit card and spend a minimum of $300 per month
  • A CIMB investment product with a certain minimum spend OR CIMB life insurance purchase with minimum S$50,000 in Single Premium (SP) or S$2,000 in Annual Regular Premium (RP)
CIMB logo
MoneySmart Exclusive
Cash Back on Beauty & Wellness, Online Shopping, Groceries
Min. spend per month
Cash Back Cap
MoneySmart Exclusive:

Apply and spend S$988 to receive S$280 Cash via PayNowT&Cs apply.

Valid until 24 Jun 2023

However, these bonus interest rates apply only to the first $10,000. You’ll get a bonus 0.7% p.a. for having the CIMB Visa Signature credit card, and a bonus 2.0% p.a. if you purchase an investment or insurance product with CIMB.

If you get both credit card and investment/insurance, you can unlock the maximum interest rate the CIMB FastSaver can offer: 4.20%p.a. for the first $10,000.

This account will be perfect for most young adults starting out their career, because of the very low “minimum” balance of $1,000, no fall below fee.

It’s also the least headache-inducing of all the savings accounts to have because the only requirement is to maintain at least $1,000 in your account for you to earn the advertised interest rates. You can do the least with CIMB FastSaver’s account and still reap the benefits of its rather generous interest rates.

CIMB FastSaver 

  • Minimum balance: $1,000
  • Fall below fee: None!
  • Bonus interest cap: $75,000

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4. DBS Multiplier savings account interest rates


Total monthly transactions Income + 1 category Income + 2 categories Income + 3 categories
First $50,000 First $100,000 First $100,000
<$2,000 0.05% 0.05% 0.05%
$2,000 to $2,500 0.90% 1.70% 2.00%
$2,500 to $5,000 1.50% 1.80% 2.20%
$5,000 to $15,000 1.80% 2.10% 2.40%
$15,000 to $30,000 1.90% 2.20% 2.50%
>$30,000 2.20% 3.00% 4.10%
DBS logo
High Interest Rates
Base Interest Rate p.a.
Max. Interest Rate p.a.
Min. Balance

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 $2,000 worth of transactions moving in and out of your DBS Multiplier account from your salary credit and one or more of the following categories:

  • Credit card 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.

What if you don’t have any DBS credit card, insurance, or investments? Unfortunately, the bonus interest rates aren’t as high. And while you have the option to not credit your salary to a DBS/POSB account, 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!

Total monthly transactions PayLah! spend only (29 years old and below) Income + PayLah! spend
First $10,000
>$0 to $500 0.40% p.a. 0.05%
$500 and above 0.55% p.a.

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. If you don’t credit your salary to a DBS/POSB account, your interest rates max out at 0.40% p.a.. 

In fact, DBS Multiplier interest rates are nowhere near even the 1% p.a. mark unless Option 1 applies to you, i.e. you have other DBS/POSB transactions. 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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5. UOB One savings account interest rates


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 logo
Base Interest Rate p.a.
Max. Interest Rate p.a.
Min. Balance

The easy-to-use UOB One account currently offers one of the highest maximum interest rates out there, at 7.8% p.a.. You’ll get to enjoy this rate on your next $25,000 after depositing $75,000 once you fulfil these requirements:

  • Credit your salary to the UOB One account via GIRO/PayNow
  • Spend at least S$500 spend per month on an eligible UOB Card

The eligible cards are:

Don’t have a fixed monthly salary? You can still get up to 4% p.a. with the UOB one account if you pay 3 bills by GIRO. This is great for those without a regular paycheck 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 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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6. 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) + 2.00% + 4.00%
Increase avg. monthly balance (min. $500) + 1.20% + 2.40%
Spend (min. $500 on OCBC 365 card) + 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.
Max. Interest Rate p.a.
Min. Balance

The OCBC 360 savings account starts at a base interest of 0.05% p.a., and gives you varying bonus rates for crediting your salary, spending, 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.

The OCBC 360 is more complicated than the UOB One, but also more flexible in that there is no one mandatory requirement. This account makes sense if you’re earning just enough to meet the $1,800 minimum, and don’t want to jump through any further hoops. You’ll earn a bonus 2% for not doing much else than crediting your salary to the OCBC 360 account.

You get a bonus 1.2% every month that your account balance increases by $500 or more, so that might encourage you to save more. 

OCBC 360

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

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7. Maybank Save Up Programme interest rates


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.
Maybank logo
Base Interest Rate p.a.
Max. Interest Rate p.a.
Min. Balance

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 three categories of crediting your salary, saving, and spending on your credit card.

Maybank Save Up Programme

  • Minimum balance: $1,000
  • Fall below fee: $2. Waived for up to age 25.
  • Bonus interest cap: $50,000

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8. Standard Chartered Bonus Saver account interest rates


Transactions Interest rate
None (base interest) 0.05%
Salary credit (min. $3,000) + 2.50%
Credit card spending (min. $500 or $2,000) + 1.30% (min. $500) OR 2.05% (min. $2,000)
3 x bill payments (min. $50) + 0.33%
Invest in eligible unit trust (min. $30,000) + 1.50% for 12 months
Buy eligible insurance (min. $12,000) + 1.50% for 12 months
Standard Chartered logo
Base Interest Rate p.a.
Max. Interest Rate p.a.
Min. Balance

The Standard Chartered Bonus Saver savings account currently offers the highest maximum interest rate on a savings account: 7.88 % p.a.. It isn’t easy to get there—you’d need to fulfil these 5 requirements: credit your salary, spend on your credit card, pay 3 bills, invest, and buy insurance. 

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

Pay 3 bills online or via GIRO and you’ll get an additional 0.33% interest. Spend at least $2,000 on your SCB Bonus$aver credit or debit card and you’ll already get 2.05% p.a. bonus interest on your savings. 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.

On top of that, crediting your salary will get you an additional 2.50% interest. However, you have to be earning at least $3,000 per month to qualify for the bonus interest.

Standard Chartered Bonus Saver

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

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9. Bank of China Smart Saver account interest rates

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 decently 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 credit card bill of at least $1,500 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 6.7% p.a. with the Bank of China.

Bank of China Smart Saver 

  • Minimum balance: $200
  • Fall below fee: $3
  • Bonus interest cap: $100,000

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10. 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 contenders 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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