7 Best Savings Accounts in Singapore with Highest Interest Rates (2022)

Best savings accounts with high interest rates in Singapore

Note: Our team is updating this article

2021 was a pretty tough year on our finances. Not only did many of us suffer pay cuts and income losses, most of the high interest savings accounts in Singapore also got royally nerfed! Talk about adding insult to injury. You might’ve thought the end of the year meant the end to the misery…well, you thought!

2022 is shaping up to take quite the hit on our wallets. Inflation, an impending recession, yadah yadah yadah, when does the misery end?

It’s times like these when saving your money is more important than ever. While you’re at it, you want to make sure you’re earning the best interest rates.

For your convenience, we’ve compiled the best savings accounts in Singapore with the highest interest rates.

Contents

      1. Best Savings Accounts
      2. CIMB FastSaver Savings Account
      3. DBS Multiplier Account
      4. UOB One Account
      5. OCBC 360 Account
      6. Maybank SaveUp Account
      7. Standard Chartered Bonus Saver
      8. Bank of China Smart Saver
      9. POSB SAYE Account

1. Best savings accounts in Singapore with highest interest rates

Savings account Bonus interest rates Best for
CIMB FastSaver 1.1% to 1.8%  Young adults starting their careers
DBS Multiplier 0.05% to 1.1%  Salaried workers
UOB One 0.25% to 3.60% Freelancers & self-employed
OCBC 360 0.2% to 1.85%  Growing your savings
Maybank Save Up 0.25% to 0.7%  Home, education, car loan users
SCB Bonus Saver 0.01% to 2.88% High spenders
BOC Smart Saver 0.3% to 0.6% High earners & spenders

The interest rates listed above are for $10,000 to $50,000 in cash savings. Not all of us have $1 million in savings to qualify us for the highest tier of interest.

Also to keep things real, I’ve projected these interest rates based on real-life usage of savings accounts (without requiring you to jump through too many hoops).

best savings accounts in singapore

2. CIMB FastSaver savings account interest rates

Deposit amount FastSaver + Visa Signature Credit Card FastSaver only
First S$10,000 1.8% p.a. 1.1% p.a.
Next S$15,000 1.1% p.a. 1.1% p.a.
Next S$25,000 1.5% p.a. 1.5% p.a.
Next S$25,000 2.0% p.a. 2.0% p.a.
Above S$75,000 0.80% p.a. 0.80% p.a.

CIMB comes through again by offering arguably the highest realistic interest rates for a savings account – the CIMB FastSaver at 1.8% p.a. – provided you also sign up with the CIMB Visa Signature credit card and spend a minimum of $300 per month.

If you just want the FastSaver account only (because you may have too many credit cards already), the interest rate will only be 1.1%. This is still higher than any of the banks listed below for simply depositing your money into the account.

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 maintain at least $1,000 balance 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.

Minimum balance: $1,000

Fall below fee: None!

Bonus interest cap: $75,000

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3. DBS Multiplier savings account interest rates

Total monthly transactions Income + 1 category Income + 2 categories Income + 3 categories
<$2,000 0.05% 0.05% 0.05%
$2,000 to $2,500 0.9% 1.2% 2%
$2,500 to $5,000 0.9% 1.3% 2.2%
$5,000 to $15,000 1% 1.4% 2.4%
$15,000 to $30,000 1% 1.5% 2.5%
>$30,000 1.1% 2.5% 3.5%

While the DBS Multiplier account‘s interest rates have finally gone back up since getting slashed on 1 January 2021. The bunnies have started multiplying again!

The mechanics of the DBS Multiplier account remains the same. First, you need to draw a monthly income (salary credit or investment dividends) or update your financial information on SGFinDex to qualify. Then, transact in 1 or more from 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 & structured products)

If you have a DBS home loan — worth considering since bank loan interest rates tend to be lower than HDB home loans — you can quite easily unlock a higher tier of interest. This also increases your bonus interest cap from $25,000 to $50,000.

Don’t worry if you can’t hit the minimum $2,000 in monthly transactions to qualify for 0.9% or more interest; you can earn 0.55% p.a. (capped at first $10,000) if your income + DBS Paylah retail spending add up to at least $500. If you’re below 29 years old, you will qualify for 0.4% p.a. even if you spend lesser than $500.

DBS logo
High Interest Rates
Base Interest Rate p.a.
0.05%
Max. Interest Rate p.a.
3.8%
Min. Balance
S$3,000

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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4. UOB One savings account interest rates

Account balance Credit card only Credit card + GIRO salary credit
First $15,000 0.25% 1.4%
Next $15,000 0.25% 1.4%
Next $15,000 0.25% 1.5%
Next $15,000 0.25% 1.5%
Next $15,000 0.25% 2.5%
Next $25,000 0.05% 3.6%

The easy-to-use UOB One account is one of the few higher interest savings accounts with no salary credit requirement – great for freelancers and self-employed individuals.

Pick this account if you’re allergic to maths, because the only requirement is spending at least $500 a month on a UOB credit or debit card. The eligible cards are:

To further boost your interest, you can either credit your monthly salary or pay 3 bills by GIRO. This is great for those without a regular paycheck such as freelancers, retirees or homemakers.

The interest rate rises with every additional $15,000 in your UOB One account, upwards to above $100,000.

You’ll be able max out the interest rate at 3.6% p.a. when you credit your salary via GIRO, and spend $500 on one of the above UOB credit cards.

UOB logo
Base Interest Rate p.a.
0.05%
Max. Interest Rate p.a.
2.5%
Min. Balance
S$1,000

Minimum balance: $1,000

Fall below fee: $5

Bonus interest cap: –

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5. OCBC 360 savings account interest rates

Transactions Interest rate (first $25,000) Interest rate (next $25,000) Interest rate (next $25,000)
None (base interest) 0.05% 0.05% 0.05%
Salary credit (min. $1,800) + 0.6% + 1.2% + 2.0%
Increase avg. daily balance (min. $500) + 0.2% + 0.4% + 0.6%
 Spend (min. $500 on OCBC 365 card) + 0.2% + 0.4% + 0.6%
Insure in selected products (min $2,000) + 0.6% + 1.2% + 2.0%
Invest in selected products (min. $20,000) + 0.6% + 1.2% + 2.0%

Like DBS, the OCBC 360 account interest rates were also slashed last year. However, both banks have increased their interest rate since. The OCBC 360 account has also introduced a new credit card spend category that will earn you extra 0.2% if you spend at least $500 on the OCBC 365 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 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 0.6% for not doing much else than crediting your salary to the OCBC 360 account.

You get a bonus 0.2% every month that your account balance increases by $500 or more, so that might encourage you to save more. 

OCBC logo
Base Interest Rate p.a.
0.05%
Max. Interest Rate p.a.
4.40%
Min. Balance
S$3,000

Minimum balance: $1,000

Fall below fee: $2. Waived for first year

Bonus interest cap: $100,000

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6. Maybank Save Up Programme interest rates

Transactions Interest rate
None (base interest) 0.15% to 0.25%
1 x transaction + 0.1%
2 x transactions + 0.7%
3 x transactions + 2.75%

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)
  • 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)

If you hit 2 transactions, e.g. salary credit + credit card, you can get almost 1% interest, which is one of the highest on the market.

And if you happen to be in the market for a home loan, renovation loan or car loan, then you’d probably want to consider Maybank as the 3rd tier can give you almost 3% p.a. — a princely sum indeed.

Maybank logo
Base Interest Rate p.a.
0.1875%
Max. Interest Rate p.a.
3.0625%
Min. Balance
S$1,000

Minimum balance: $1,000

Fall below fee: $2. Waived for up to age 25.

Bonus interest cap: $50,000

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7. Standard Chartered Bonus Saver account interest rates

Transactions Interest rate
None (base interest) 0.01%
Salary credit (min. $3,000) + 1.2%
Credit card spending + 0.6% ($500) OR 1.6% ($2,000)
3 x bill payments (min. $50) + 0.07%
Invest in unit trust (min. $30,000) + 1% for 12 months
Buy eligible insurance (min. $12,000) + 1% for 12 months

After getting nerfed, the Standard Chartered Bonus Saver savings account isn’t so great for regular folks, but it does occupy a niche: It gives you pretty high interest just for spending tons of money.

Pay 3 bills online or via GIRO and you’ll get an additional 0.07% interest. Spend $2,000 on your SCB Bonus$aver World credit or debit card and you’ll already get 1.6% p.a. bonus interest on your savings. Not bad if your main function is to pay for your kids tuition fees, dental checkups, condo MCST fees and what-not.

On top of that if you credit your salary, you get an additional 1.2% interest. However, you have to be earning at least $3,000 per month to qualify for the bonus interest.

Standard Chartered logo
Base Interest Rate p.a.
0.01%
Max. Interest Rate p.a.
4.88%
Min. Balance
S$3,000

Minimum balance: $3,000

Fall below fee: $5

Bonus interest cap: $100,000

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8. Bank of China Smart Saver account interest rates

Transactions Interest rate
None (base interest) 0.1%
Salary credit + 0.3% ($2,000) OR 0.5% ($6,000)
Credit card spending + 0.3% ($500) OR 0.5% ($1,500)

If you’re OK with the inconvenience of banking with Bank of China, their SmartSaver account is a decent 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 1.1% p.a. without having to jump through too many hoops, assuming a credit card bill more than $1,500 is no problem for you.

Bank of China SmartSaver account also awards a wealth bonus of 1.5% per annum for 12 consecutive months. However, to qualify, you’ll have to be put down a pretty hefty sum on their insurance products. We’re talking a minimum of $12,000 in annual premiums with 10-year premium term. 

Minimum balance: $1,500

Fall below fee: $3

Bonus interest cap: $80,000

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9. POSB SAYE savings account interest rates

Back in the day, many of us nerds liked to open a second savings account. With the savings accounts interest rates picking back up, it might be a good idea again. With the CIMB FastSaver account, you can earn 1.1% p.a. for simply stashing spare money away and forgetting all about it.

Unfortunately, banks change theses interest rates all the time. So the best zero-effort contender that has remained the same for years 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 2% 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.

Savings-Accounts_6_POSB-SAYE

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