Savings Accounts

The 5 Best Bank Accounts for Singaporeans to Credit Their Salary Into

Joanne Poh 0 Comments

salary account singapore

It’s hard enough trying to find a way to invest your money that won’t tank without having to worry about the cash that’s languishing in your bank account, slowly falling prey to the ravages of inflation. However, you can slow the damage by getting your salary credited into a bank account that rewards you with a higher interest rate.

All you have to do is to update your bank account details with your employer so your pay gets credited into the right account each month. Here are the banks offering the five best interest rates just for your monthly salary.

 

OCBC 360 Account

Interest rate: 1.2%

Minimum balance: $3,000

Minimum monthly credit: $2,000

In order to get the maximum interest rate possible (some 3.25%), you need to jump through a number of hoops by paying 3 bills through GIRO, spending at least $500 on OCBC credit cards and buying insurance through OCBC. But if the only thing you do is credit your salary to the account, assuming it’s more than $2,000, you still get to enjoy a very decent 1.2% interest rate.

 

DBS Multiplier

Interest rate: 1.08% and above

Minimum balance: $3,000

Minimum monthly credit/debit: $7,500

If your monthly take home salary is $7,500 and above OR your monthly banking activities (including crediting your salary, making loan repayments, credit card spending and crediting of dividends) with DBS/POSB add up to at least $7,500, you get to enjoy an interest rate of 1.08%. This rises incrementally to a maximum of 2.08% for those whose monthly banking activities are $20,000 and above.

 

CIMB StarSaver (Savings) Account

Interest rate: 0.8%

Minimum balance: $1,000

Minimum monthly credit: $100

With a minimum balance of $1,000, credit at least $100 worth of salary each month to enjoy a pretty generous interest rate of 0.8%. If for some reason you credit less than $100 in a month (for instance if you take a unpaid leave), you still get to enjoy 0.5% interest. Note that this is different from the CIMB StarSaver Account, which is a current account.

 

ANZ Progress Saver

Interest rate: 0.7%

Minimum balance: $5,000

Minimum monthly credit: $500

The ANZ Progress Saver comes in hot on the heels of CIMB StarSaver with its 0.7% interest rate. If you fail to credit at least $500 in a month, you still receive their base interest rate of 0.25%. The main advantage over the CIMB StarSaver is that you can also use the account for USD (max interest 0.7%) and AUD (max interest 2.25%) currencies.

 

Maybank Privilege Plus

Interest rate: 0.4375%

Minimum balance: $1,000

Minimum monthly credit: None

If you have an erratic income and just want an account that lets you earn a decent amount of interest without having to do anything troublesome like buy insurance or use a certain credit card, the Maybank Privilege Plus is your best bet as you get 0.4375% interest on your first $50,000 without having to lift a finger.

Update: This article has been edited to reflect a previous error in the minimum sum required for the CIMB StarSaver (Savings) Account.

Which bank account do you credit your salary into and why? Tell us in the comments!

Image Credits:
Nicolas Lannuzel

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Joanne Poh

In my previous life, I was a property lawyer who spent most of my time struggling to get out of bed or stuck in peak hour traffic. These days, as a freelance commercial writer, I work in bed, on the beach, in parks and at cafes, all while being really frugal. I like helping other people save money so they can stop living lives they don't like.

  • Lincoln

    u missed out UOB One Account (max 3.33% pa Interest)
    http://www.uob.com.sg/personal/deposits/chequeing/one_account.html

    • markatmoneysmart

      Thanks for pointing that out. The exclusion was intentional as the account is not something you can solely deposit your salary into. The core of the account revolves around the use of the UOB ONE credit card, and then the interest gets added on when you deposit your salary.

      • Lincoln

        Is there any other such Accounts that were intentionally excluded? Appreciate if you can share the excluded list.
        It’ll be useful for some who are comfortable with such requirements, so long the Interest is higher?
        Thanks.

  • Pehtrick

    I think you can start including BOC Smartsaver…

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