Your Savings Account Sucks. Here Are Some That Don’t – 2015 Edition

It’s been a year since we published our last list of savings accounts that don’t suck, and a bit has changed. Some of you have eschewed traditional savings accounts in favour of multiplier accounts that reward you with high interest rates when you bank with them. Others have done, well, nothing and are still using the same tired old savings accounts with their “modest” interest rates of 0.0000001%. Well done.

So we’ve decided to consolidate all your savings options into one handy post. The main thing that will help you determine which account is best is whether you are able to fulfil the criteria to qualify for the higher tiers of interest.

 

OCBC 360 Deposit Account

Deposit	Minimum Monthly Balance	Interest Rate	Notes
$1,000	$3,000	0.05% for balances up to $200,000 (base interest) extra 1% when you credit your salary every month-end (minimum $2,000) extra 0.5% when you pay 3 bills using OCBC Online Banking or GIRO extra 0.5% when you spend at least $500 on OCBC credit cards in a month MAX: 2.05% (on first $50,000)

Pick this if:

• You’re an employee
• Your take home pay is at least $2,000

 

OCBC Bonus

Deposit	Minimum Monthly Balance	Interest Rate	Notes
$10,000	$3,000	0.6% if no withdrawals made in a month 1.15% in third month of each quarter if no withdrawals made in a quarter 2.35% in third month of each quarter if top up of fresh funds of $10,000 with no withdrawals made in a quarter MAX: 1.18% per year

Pick this if:

• You are a student or self-employed
• You are not prepared to spend $500 a month on the Standard Chartered Bonus$aver credit or debit card
• You save at least $10,000 each quarter
• You don’t have to make withdrawals from this account

 

Standard Chartered Bonus$aver Account

Deposit	Minimum Monthly Balance	Interest Rate	Notes
$3,000	$3,000	0.1% on balances under $200,000 0.2% on $200,000 and above 1.88% if $500 is spent on Bonus$aver credit or debit card card per month (up to first $25,000)

Pick this if:

• You are a student or self employed
• You are prepared to spend $500 a month using the Bonus$aver credit or debit card

 

DBS Multiplier Programme

Deposit	Minimum Monthly Balance	Interest Rate	Notes
NIL	$3,000	0.05% with total monthly banking of under $7,500 1.08% with total monthly banking of $7,500 1.2% with total monthly banking of $10,000 to $12,500 1.48% with totally monthly banking of $12,500 to $15,000 1.68% with total monthly banking of $15,000 to %20,000 2.08% with total monthly banking of $20,000 and above Above 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

 

CIMB StarSaver Account

Deposit	Minimum Monthly Balance	Interest Rate	Notes
$5,000	$5,000	– 0.8% if you make an incremental deposit $500 or more – 0.5% if your incremental deposits are less than $500 – Above interest rates are only applicable to the first $750,000

Pick this if:

• You are a student or self-employed OR an employee whose take-home pay is under $2,000 a month
• You can save at least $500 a month
• You don’t want to spend $500 a month on Standard Charter’s Bonus$aver credit or debit card

 

Maybank Privilege Plus

Deposit	Minimum Monthly Balance	Interest Rate	Notes
$500 for Singaporeans $1,000 for foreigners	$1,000	0.4375% on first $3,000 0.4375% on next $47,000 0.5% on remaining balance above $50,000	Free personal accident insurance with minimum balance of $30,000

Pick this if:

• You are a senior, aged 50 and above
• You save less than $500 a month
• You don’t want to spend $500 a month on Standard Charter’s Bonus$aver credit or debit card

 

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!