7 Best Savings Accounts in Singapore with the Highest Interest Rates

Best savings accounts with high interest rates in Singapore

2020 has been 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.

If you’re one of those victims, you don’t have to suffer this injustice. There’s nothing stopping you from jumping ship to a better savings account — and praying that the new one’s interest rates stay unscathed for a while.

For your convenience, we’ve compiled the best savings accounts in Singapore with the highest interest rates, updated for 2021

Best savings accounts in Singapore with the highest interest rates 

Savings account Realistic interest rates Best for
DBS Multiplier 0.4% to 0.8%  Salaried workers
UOB One 0.5% No salary credit
OCBC 360 0.35% to 0.45% (w.e.f. Feb 2021) Growing your savings
Maybank Save Up 0.48% to 2.93%  Loan customers
SCB Bonus Saver 0.48% to 1.08% High spenders
BOC Smart Saver 0.7% to 1.4% High earners & spenders
HSBC eFlexi Account 0.81% Minimalists

Noticed I wrote “realistic” interest rates? That’s ’cause not all of us have $1 million in savings to qualify us for the highest tier of interest.

So to keep things real, I’ve projected these savings accounts interest rates for up to $10,000 in savings, without requiring you to jump through too many hoops.

best savings accounts in singapore

DBS Multiplier savings account interest rates

Total monthly transactions Income + 1 category Income + 2 categories
<$2,000 0.05% 0.05%
$2,000 to $2,500 0.4% 0.6%
$2,500 to $5,000 0.4% 0.7%
$5,000 to $15,000 0.5% 0.8%
$15,000 to $30,000 0.5% 1%
>$30,000 0.6% 2%

Happy new year, guys. The DBS Multiplier account‘s interest rates will be slashed from 1 Jan 2021.

There’s no change to the mechanics. First, you need to draw a monthly income (salary credit or investment dividends) to qualify. Then, pick 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)
  • Selected investments (regular savings plan, unit trust or DBS Vickers)

If you have a DBS home loan — worth considering since home loan interest rates are low — 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 to qualify for 0.4% or more interest; you can also earn 0.4% (capped at first $10,000) if your income + DBS Paylah retail spending add up to at least $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: $25,000 for salary + 1 category; $50,000 for salary + 2 categories

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UOB One savings account interest rates

Account balance Credit card only Credit card + GIRO / salary credit
First $15,000 0.25% 0.5%
Next $15,000 0.25% 0.55%
Next $15,000 0.25% 0.65%
Next $15,000 0.25% 0.8%
Next $15,000 0.25% 2.5%
Above $75,000 0.05% 0.05%

The easy-to-use UOB One account is one of the few higher interest savings accounts with no salary credit requirement.

Pick this account if you’re allergic to maths, because the only requirement is spending at least $500 a month on a UOB credit card (either UOB One Card, UOB Lady’s Card, or UOB YOLO Card).

To 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, capped at $75,000.

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: $75,000

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OCBC 360 savings account interest rates (w.e.f. Feb 2021) 

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) + 0.3% + 0.6% + 1.2%
Increase monthly balance (min. $500) + 0.1% + 0.2% + 0.4%
Insure in selected products (min $2,000) + 0.3% + 0.6% + 1.2%
Invest in selected products (min. $20,000) + 0.3% + 0.6% + 1.2%

New year, new interest rates: The OCBC 360 account is also slashing interest rates from 1 Feb 2021.

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 get a bonus 0.1% 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: $70,000

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Maybank Save Up Programme interest rates

Transactions Interest rate
None (base interest) From 0.1875%
1 x transaction + 0.3%
2 x transactions + 0.8%
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, reno 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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Standard Chartered Bonus Saver account interest rates

Transactions Interest rate
None (base interest) 0.03%
Salary credit (min. $3,000) + 0.2%
Credit card spending + 0.28% ($500) OR 0.78% ($2,000)
3 x bill payments (min. $50) + 0.1%
Invest in unit trust (min. $30,000) + 0.9% for 12 months
Buy eligible insurance (min. $12,000) + 0.9% for 12 months

After getting nerfed, the Standard Chartered BonusSaver 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 and spend $2,000 on your SCB Bonus$aver World credit or debit card and you’ll already get 1.2% p.a. 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.

Standard Chartered logo
Base Interest Rate p.a.
0.03%
Max. Interest Rate p.a.
2.88%
Min. Balance
S$3,000

Minimum balance: $3,000

Fall below fee: $5

Bonus interest cap: $80,000

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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)
3 x bill payments (min. $30) + 0.3%

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 1.4% p.a. without having to jump through too many hoops, assuming a $2,000 credit card bill and 3 bill payments are no problem for you. 

That’s better than the DBS Multiplier’s 1.1% p.a. However, the latter is better if you’re eligible for one more transaction (e.g. home loan or insurance).

Minimum balance: $1,500

Fall below fee: $3

Bonus interest cap: $80,000

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HSBC eFlexi savings account interest rates

Transactions Interest rate
None (base interest) 0.01%
Salary credit (min. $2,000) + 0.8%

A lesser-known option is the HSBC eFlexi savings account. This savings account is amazingly simple: You start with a base interest rate of 0.01%, but if you credit your salary of at least $2,000, you earn 0.8% bonus interest.

There are no further hoops to jump through, and no minimum balance OR fall-below fee. The only caveat is that this bonus interest is capped at $25,000 (unless you’re an HSBC Premier customer, in which case it’s $100,000).

Minimum balance: None

Fall below fee: None

Bonus interest cap: $25,000

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Bonus: POSB SAYE savings account interest rates

Back in the day, many of us nerds liked to open a second savings account. For example, the CIMB FastSaver and UOB Stash accounts gave us up to 1% p.a. for simply stashing spare money away and forgetting all about it. (Ah 2019, we miss you so.)

Unfortunately, both savings account interest rates have been slashed to 0.3%. So the best zero-effort contender right now 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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