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 |
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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 |
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Total monthly banking criteria:
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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 |
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Total monthly banking includes:
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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 |
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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:
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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 |
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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 |
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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 | $3,000 |
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Pick this if:
- You spend a lot with Bonus$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 |
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Eligible Maybank products or services:
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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 |
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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!