Your Savings Account Sucks, Here Are Some That Don’t – 2017 Edition

It’s 2017, and there are still people who have keypads on their mobile phones. But you know what? Maybe they have good reasons for it – like they don’t want to be slapped with a ridiculous phone bill charging hundreds of dollars for data. What no one should have a good reason for, is keeping all your hard-earned money in a savings account that gives you the equivalent of canned drinks and junk food – practically no value.

So we’ve decided to consolidate all the popular savings options into one post, and hopefully, this list will help you decide which is best for you:

 

Local banks’ basic savings accounts

Banks like OCBC, DBS/POSB and UOB typically are the most convenient for Singaporeans. They have ATMs in almost every public location, which means you have the opportunity to withdraw cash without too much trouble (once you get used to the queues). Having a lot of bank branches across the island also makes it easy for urgent transactions to be done over the counter, without having to commute all the way into town.

Unfortunately, having the largest market share also means that they tend to be less generous with their interest. After all, convenience has a price.

 

OCBC Bonus+ Account

Initial Deposit	Minimum Monthly Balance	Interest Rate	Notes
$10,000	$3,000	0.05% p.a. for your entire account balance (base interest) Extra 0.75% p.a. for months with no withdrawals MAX: 0.80% p.a. per year

Pick this if:

• You have $10,000 on hand but think you can earn more than a fixed-deposit account
• You don’t intend to make withdrawals from this account, but want the liquidity of a savings account

 

Local banks’ bonus interest savings accounts

These have become much more popular over the past couple of years, as banks recognise the need to generously reward customer loyalty in this very competitive industry. These step-up savings accounts conveniently make it difficult for customers to bank with two local banks if they want to maximise their interest.

 

UOB ONE Account

Initial Deposit	Minimum Monthly Balance	Interest Rate	Notes
NIL	$3,000	0.05% p.a. with total monthly banking of under $7,500 (base interest) 1.00% p.a./1.50% p.a. on first $10,000 1.50% p.a./2.00% p.a. on next $20,000 2.00% p.a./3.33% p.a. on next $50,000 Interest rates depend on monthly banking criteria Interest rates only applicable to first $50,000 MAX: 2.43% p.a. per year	Total monthly banking criteria: Credit Card spending of at least $500 Salary crediting of at least $2,000 OR at least 3 bills paid via GIRO

Pick this if:

• You have exactly $50,000 on hand
• You prefer simpler, low-frills criteria

If you are interested in the UOB ONE Account, you can apply here.

DBS Multiplier Programme

Initial Deposit	Minimum Monthly Balance	Interest Rate	Notes
NIL	$3,000	0.05% p.a. with total monthly banking of under $7,500 (base interest) 1.08% p.a./1.68% p.a. with total monthly banking of $7,500 1.20% p.a./1.88% p.a. with total monthly banking of $10,000 to $12,500 1.48% p.a./2.08% p.a. with totally monthly banking of $12,500 to $15,000 1.68% p.a./2.28% p.a. with total monthly banking of $15,000 to % p.a.20,000 2.08% p.a./2.68% p.a. with total monthly banking of $20,000 and above Interest rates depend on the number of categories you transact in Interest rates only applicable to first $50,000	Total monthly banking includes: Crediting of salary to ANY POSB/DBS account Crediting of dividends to any POSB/DBS account Credit card spending Home loan installment

Pick this if:

• You experience a high in-flow and/or out-flow of cash each month
• You have a home loan with DBS, as well as other banking relationships

If you are interested in the DBS Multiplier Programme, you can apply here.

If you’ve just started your first job, you’d probably have trouble meeting the requirements for the Multiplier Programme. Fortunately, DBS has the Be Your Own Boss programme just for you, which gives you up to 4% p.a. interest on your savings! Better yet, if you register from now till 30 Sept 2017, credit your salary and open a Save As You Earn (SAYE) account, you can get a $88 cash gift.

OCBC 360 Deposit Account

Initial Deposit	Minimum Monthly Balance	Interest Rate	Notes
$1,000	$3,000	0.05% p.a. for your entire account balance (base interest) extra 1.2% p.a. when you credit your salary every month-end (minimum $2,000) extra 0.3% p.a. when you pay 3 bills using OCBC Online Banking or GIRO totalling at least $150 extra 0.3% p.a. when you spend at least $500 on OCBC credit cards in a month extra 0.6% p.a. or 1.2% p.a. when you invest or insure with OCBC MAX: 3.05% p.a. (on first $70,000)

Pick this if:

• You’re an employee and your take home pay is at least $2,000
• You prefer to use OCBC credit cards, as well as other banking relationships

If you are interested in the OCBC 360 Account, you can apply here.

Foreign banks’ basic savings accounts

Because they are trying to break into a very competitive market, foreign banks tend to be more generous with their interest rates and promotions. Here are some of the more popular ones:

CIMB StarSaver (Savings) Account

Initial Deposit	Minimum Monthly Balance	Interest Rate	Notes
$1,000	$1,000	0.8% p.a.	Current promos: Complimentary Sompo “My Gadget Guard” personal electronics insurance policy for one device (promotion ends 31 August 2017) Deposit $1,000 and get an additional cash credit of $10 Deposit $5,000 and get an additional cash credit of $30 CIMB Million Dollar Draw – Stand to win $1 million dollars if you maintain a minimum of S$20,000 month-end deposit balance.

Pick this if:

• You want a flat interest rate with no criteria
• You don’t want to pay fall-below fees
• You want more chances to win a million dollars just by logging into their internet banking system – CIMB Clicks – each month

If you are interested in the CIMB StarSaver Savings Account, you can apply here.

CIMB FastSaver Account

Initial Deposit	Minimum Monthly Balance	Interest Rate	Notes
$1,000	$1,000	1.0% p.a. for first $50,000 0.6% p.a. for amounts above $50,000	Grab20 Promo: Get $20 worth of Grab codes for first 1,000 new-to-bank customers when you apply with a $5,000 initial deposit. (Till 30 June 2017) $5 charge for over-the-counter withdrawals

Pick this if:

• You really, really like banking online – you can open this account online anywhere at any time and get your account number instantly
• You want a flat interest rate with no criteria
• You don’t want to pay fall-below fees

If you are interested in the CIMB FastSaver Account, you can apply here.

 

Maybank iSAVvy Account

Initial Deposit	Minimum Monthly Balance	Interest Rate	Notes
$500	$500	0.1875% p.a. for balance below $5,000 0.32% p.a. for balance $5,000 to $50,000 0.40% p.a. for balance $50,000 to $100,000 0.45% p.a. for balance $100,000 to $200,000 0.50% p.a. for balances of $200,000 and above	The higher interest rates are due to a special interest-on-interest feature that pays out every 6 months.

 

Pick this if:

• You have at least $50,000 on hand that you’re not planning to spend – current interest rate promotion offer 1.08% p.a. for amounts above $50,000 and 1.20% p.a. for amounts above $120,000. Promotion ends 31st August 2017.

Foreign banks’ bonus interest savings accounts

Foreign banks have also tried to come up with innovative ways to attract more customers. In fact, it was arguably Standard Chartered Bank that came up with the first bonus interest savings account, aptly called the Bonus$aver Account

 

Standard Chartered Bonus$aver Account

Initial Deposit	Minimum Monthly Balance	Interest Rate	Notes
$3,000	$3,000	0.1% p.a. on balances under $200,000 0.2% p.a. on $200,000 and above extra 0.78% p.a./1.78% p.a. if $500/$2,000 is spent on Bonus$aver Credit or Debit card card per month extra 1.00% p.a. if monthly salary of $3,000 is credited to the account extra 0.75% p.a. if you pay for an eligible investment or insurance product extra 0.25% p.a. if you make at least 3 bill payments of at least $50 each via GIRO or Online Banking MAX: 3.88% p.a. (on first $100,000)

Pick this if:

• You spend a lot with Bonus$aver Credit or Debit Cards
• Your salary is $3,000 and above
• You have at least $60,000 or more in your bank account

Maybank Save Up programme

Initial Deposit	Minimum Monthly Balance	Interest Rate	Notes
$500	$1,000	0.1875% p.a. – 0.3125% p.a. base interest, depending on account balance bonus 0.3% p.a. if you use 1 eligible Maybank product or service bonus 0.8% p.a. if you use 2 eligible Maybank products or services bonus 2.75% p.a. if you use 3 or more eligible Maybank products or services MAX: 3.00% p.a. (on first $60,000)	Eligible Maybank products or services: Spend $500 a month on Maybank Platinum Visa Card or Horizon Visa Signature Card At least 3 GIRO bill payments totalling $300 each month Credit monthly salary of $2,000 or more New education loan of at least $10,000 New hire-purchase loan of at least $35,000 New home loan of at least $200,000 New renovation loan of at least $10,000 Life insurance with Etiqa with minimum policy of $5,000 a year Unit trust investment of $30,000 a year or $300 monthly.

Pick this if:

• You use Maybank for one or more of your loans

If you are interested in the Maybank Save Up Programme, you can apply here.

BOC SmartSaver

Initial Deposit	Minimum Monthly Balance	Interest Rate	Notes
$1,500	$1,500	0.275% p.a. – 0.475% p.a. base interest, depending on account balance extra 0.8% p.a./1.6% p.a. when you spend on BOC Debit/Credit Cards each month extra 0.8% p.a./1.2% p.a. when you credit your salary each month extra 0.35% p.a. when you make at least 3 bill payments via GIRO or Internet Banking MAX: 3.55% p.a. (on first $60,000)

Pick this if:

• You have a really high salary
• You spend a lot on a BOC Debit/Credit Card
• Your main priority is to earn as much interest as possible, no matter how inconvenient

 

Want to know the latest information on savings accounts in Singapore? Compare them and find out which is the best Savings Accounts in Singapore.

 

Which savings account are you using now? Let us know in the comments!