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10 Best Savings Account in Singapore for Higher Interest Rates [2024]
They say banks are a safe haven. But are the interest rates too safe?
Is your savings account badly affected by the lowering of interest due to Covid-19? Or are you looking for a savings account for high cashback?
If so, you have found the right place. While most traditional savings account only serve their purpose to store huge amounts of cash safely, the nature of savings account has changed so much in recent times. A good savings account is now required to pay more interest as you engage more facilities with the bank.
In this article, we have organised a list of the 10 best savings account in Singapore for higher interest rates.
1. DBS Multiplier
| Type of Information | Details |
| Website | https://www.dbs.com.sg/personal/deposits/bank-earn/multiplier |
| Contact | 1800 111 1111 |
| Operation Hours | Monday – Sunday 8 am – 12 am |
| Highlights to Note | – Option 1. Income + Transactions in Credit Card / Home Loan / Insurance / Investment, transactions add up to S$2,000 or more monthly – Option 2. Income + PayLah! Retail Spend, transactions add up to S$500 or more monthly – Option 3. PayLah! Retail Spend only, applicant 29 years old and below with no eligible income – Higher eligible transactions, higher interest |
DBS Multiplier lets you earn higher interest rates of up to 3% p.a. with three different options, based on your nature of income and spending.
Option 1. Income + Transactions in Credit Card / Home Loan / Insurance / Investment. The total of these transactions need to add up to S$2,000 or more every month.
Option 2. Income + PayLah! Retail Spend. The total of these transactions need to add up to S$500 or more every month.
Option 3. PayLah! Retail Spend only and applicant needs to be 29 years old and below with no eligible income. This is most suitable for students on internships or freelancers with no constant flow of income.
The three options all run on tiered interest rates and the higher your eligible transactions, the higher the interest you earn.
2. OCBC 360 Account
| Type of Information | Details |
| Website | https://www.ocbc.com/personal-banking/deposits/360-savings-account |
| Contact | 6363 3333 (24-hour) |
| Highlights to Note | – Effective interest rate of up to 2.38% a year – Open OCBC 360 Account + apply OCBC YES! Debit Card in April 2021 + 3 card spend using OCBC YES! Debit Card by 31 May 2021 = receive S$15 rebate – OCBC YES! Debit Card: 1% rebate on your daily transport, online shopping, convenience store or fast food spend – Initial deposit S$1,000 – Minimum average daily balance of S$3,000 – Fall below fee of S$2, waived for the first year – Cheque book fee S$10 – e-Statements only |
OCBC 360 Account lets you earn effective interest rate of up to 2.38% a year and more on your first S$75,000
Anyone above 18 years old, is a Singaporean / Singapore PR / foreigner with a valid pass are eligible to apply.
The tiered interest rate works as follows:
Salary (credit salary of at least S$1,800) | Save (increase average balance by at least S$500 monthly) | Insure | Invest | Grow (average daily balance at least S$200,000) | |
First S$25,000 | 0.3% | 0.1% | 0.3% | 0.3% | 0.4% |
Next S$25,000 | 0.6% | 0.2% | 0.6% | 0.6% | 0.4% |
Next S$25,000 | 1.2% | 0.4% | 1.2% | 1.2% | 0.4% |
Effective Interest Rate | 0.7% (0.3+0.6+1.2)/3 | 0.23% | 0.7% | 0.7% | 0.4% |
Moreover, when you open an OCBC 360 Account, apply online for a OCBC YES! Debit Card in April 2021 and make 3 card spend using OCBC YES! Debit Card by 31 May 2021, you will get to receive S$15 rebate! However, this is only applicable to the first 1,500 eligible cardmembers in each month.
Even if you missed the above cash rebate, the OCBC YES! Debit Card allows you to enjoy 1% rebate on your daily transport, online shopping, convenience store or fast food spend.
Initial deposit required is S$1,000 and a minimum average daily balance of S$3,000 is needed. Otherwise, there would be fall below fee of S$2, which is waived for the first year. Each cheque book also costs S$10 but this is optional. As OCBC is going paper-free, this account only provides e-Statements.
3. Maybank Save Up
| Type of Information | Details |
| Website | https://www.maybank2u.com.sg/en/personal/saveup/save-up-programme.page? |
| Contact | 1800 629 2265 |
| Highlights to Note | – Earn up to 3% p.a. on the first S$50,000 – Earn more interest when you save more and engage in more services – Product or services includes GIRO payment, salary crediting, card spending, investment in deposits and unit trust, insurance and taking up loans – Eligibility: 18 years old and above, SaveUp Account must be linked to a Maybank Debit Card – Initial deposit S$500 for Singapore Citizens and Singapore Permanent Residents, S$1,000 for other nationalities |
Maybank Save Up Programme allows you to earn up to 3% p.a. on the first S$50,000 if you open a saving account today and link it to a debit card.
Base interest up to 0.3125% p.a. plus:
| 1 product or service earns you additional interest of 0.1% p.a. | or | 2 products or services earn you additional interest of 0.7% p.a. | or | 3 products or services earn you additional interest of 2.75% p.a.¹ |
The base interest is calculated as follows:
| Balance | Interest Rates |
| First S$3,000 | 0.1875% p.a. |
| Next S$47,000 | 0.2500% p.a. |
| Remaining balance above S$50,000 | 0.3125% p.a. |
The product or services that you can choose from includes GIRO payment, salary crediting, card spending, investment in deposits and unit trust, insurance and taking up loans.
To be eligible for this account, you need to be 18 years old and above and the SaveUp Account must be linked to a Maybank Debit Card.
The initial deposit required is S$500 for Singapore Citizens and Singapore Permanent Residents, S$1,000 for other nationalities.
4. Standard Chartered Bonus$aver
| Type of Information | Details |
| Website | https://www.sc.com/sg/save/current-accounts/bonussaver/?instance=iboldpc3p1 |
| Contact | +65 6747 7000 |
| Highlights to Note | – Earn up to 2.38% p.a. – Multi-Currency feature: access 14 currencies with $0 overseas transaction fees – Fall-below fee of S$5 per month if the minimum average daily balance falls below S$3,000 – No monthly service charge – Credit card annual fee S$214, which is free for first 2 years – Debit card annual fee S$20 – Cheque book S$10 each |
Standard Chartered Bonus$aver allows you to earn up to 2.38% p.a.. You can also enable Multi-Currency feature to access 14 currencies with $0 overseas transaction fees.
The tiered interest works as follows:
Spend (S$2,000 or greater) | Salary Credit (S$3,000 or more monthly) | Invest | Insure | Bill Payment (at least 3 bill payments online) |
0.21% (S$500 to S$1,999) 0.41% (S$2,000 or greater) | 0.10% | 0.90% | 0.90% | 0.07% |
Do note that there is a fall-below fee of S$5 per month if the minimum average daily balance falls below S$3,000 in any particular month. There is no monthly service charge.
However, there is a credit card annual fee of S$214, which is free for first 2 years. On the other hand, debit card annual fee is S$20. Cheque book are charged at S$10 each.
5. HSBC Everyday Global Account
| Type of Information | Details |
| Website | https://www.hsbc.com.sg/accounts/products/everyday-global/ |
| Contact | +65 6472 2669 |
| Highlights to Note | – Tiered interest rates of up to 0.75% p.a. – Real-time exchange rates – Instant worldwide transfers to your other HSBC accounts – Perform FX transactions – Sign up reward of SGD50 worth of GrabFood vouchers – $0 fee in 10 currencies for retail purchase, online shopping and cash withdrawal – $0 overseas cash withdrawal fee across HSBC ATMs worldwide |
When you open a new HSBC Everyday Global Account before 31 May 2021, you can earn up to 0.75% p.a. bonus interest on your SGD savings, as shown below:
Customer Segment | Top-up Amount | Bonus interest Rate |
Jade (sign up with at least SGD1,200,000 total relationship balance) | S$1 to S$2,000,000 | 0.75% p.a. |
Premier (deposit fresh funds of SGD200,000 in deposits and investments) | S$1 to S$2,000,000 | 0.70% p.a. |
Personal Banking (make a monthly deposit of at least SGD3,500 for 2 consecutive months) | S$1 to S$2,000,000 | 0.50% p.a. |
Some features of the HSBC Everyday Global Account includes:
- Getting real-time exchange rates with Online GetRate
- Instant worldwide transfers to your other HSBC accounts with Global Transfers
- Perform FX transactions through HSBC Singapore app
Moreover, if you sign up with MyInfo via Singpass before 31 June 2021, you will receive SGD50 worth of GrabFood vouchers.
This account comes with HSBC Everyday Global Debit Card, which is a multi-currency debit card that includes benefits such as:
- $0 fee in 10 currencies for your retail purchase, online shopping and cash withdrawal
- $0 overseas cash withdrawal fee across HSBC ATMs worldwide
- Converting foreign currencies at your preferred rate
6. CIMB Starsaver Account
| Type of Information | Details |
| Website | https://www.cimb.com.sg/en/personal/banking-with-us/accounts/savings-accounts/cimb-starsaver-savings-account.html |
| Contact | +65 6333 7777 |
| Operation Hours | Daily 9 am – 7 pm |
| Highlight to Note | – Tiered interest rates, up to 0.40% p.a. – Best exchange rate from SGD to MYR – CIMB Consult-OnTheGo: schedule web consultation with Personal Banker remotely – CIMB Pulse: library of resources about saving strategies – Minimum deposit of S$1,000 – Minimum 16 years old to open account |
CIMB Starsaver account adopts tiered interest rates as shown below:
| Account Balance | Interest Rates |
| First S$200,000 | 0.20% p.a. |
| Next S$800,000 | 0.40% p.a. |
| Above S$1,000,000 | 0.20% p.a. |
CIMB Starsaver account boasts of having the best exchange rate from SGD to MYR, which is suitable for individuals who frequently have to transfer funds to family and friends in Malaysia.
CIMB Consult-OnTheGo is a web conferencing platform for CIMB clients to schedule a consultation with their Personal Banker remotely from wherever you are. This provides convenience to clients who have to travel out of Singapore frequently.
CIMB Pulse provides a library of resources for CIMB clients to learn about saving strategies.
CIMB Starsaver account requires minimum deposit of S$1,000 and the minimum age to open this account is 16 years old.
7. Citi Wealth First Account
| Type of Information | Details |
| Website | https://www.citibank.com.sg/landing-page/personal-banking/deposits/citi-wealth-first-saving-account/ |
| Contact | 6225 5225 |
| Operation Hours | Daily 8 am – 8 pm |
| Highlights to Note | – Up to 7.51% p.a. interest – Free Citibank Debit Card, access to multiple foreign currencies with zero conversion charges and transaction processing fees -Complimentary ATM withdrawals worldwide |
Citi Wealth First Account will boost your savings with up to 7.51% p.a. interest. To accumulate 7.51% p.a. bonus interest:
- Spend to earn 1.5% p.a.
- Invest to earn 1.5% p.a.
- Insure to earn 1.5% p.a.
- Borrow to earn 1.5% p.a.
- Save to earn 1.5% p.a.
To be eligible, individuals needs to be aged 18 years old and above. As with most savings account, Citi Wealth First account comes with mobile banking, online banking and phone banking.
Citi Wealth First account stands out from competitors with Free Citibank Debit Card and access to multiple foreign currencies with zero conversion charges and transaction processing fees. There is also complimentary ATM withdrawals worldwide.
8. RHB High Yield Savings Plus
| Type of Information | Details |
| Website | https://rhbgroup.com.sg/rhb/personal/hysa |
| Contact | 1800 323 0100 |
| Highlights to Note | – No lock-in period, no fall below fees – Enjoy up to 0.50% p.a. on your deposits – Eligibility: Singaporean / Singapore Permanent Resident / Foreigners with Employment Pass / Work Permit Holders + at least 18 years of age – Initial deposit S$1,000 – RHB mobile banking with standard features |
RHB High Yield Savings Plus account has no lock-in period and no fall below fees, so you do not have to worry about your savings balance. On top of that, you can enjoy up to 0.50% p.a. on your deposits, as shown below:
| Deposit Balance Amount | Interest Rates p.a. |
| First $50,000 | 0.30% |
| Next $25,000 | 0.40% |
| Next $25,000 | 0.50% |
| Above $100,000 | 0.20% |
The eligibility criteria requires you to be a Singaporean or Singapore Permanent Resident and at least 18 years of age. Foreigners with Employment Pass or Work Permit Holders are eligible to apply as well.
The initial deposit required is only S$1,000 and the account comes with RHB mobile banking as well.
9. StashAway
| Type of Information | Details |
| Website | https://www.stashaway.sg/simple?utm_source=google&utm_medium=cpc&utm_campaign=SG_NonBrand_Simple&utm_term=%2Bbest%20%2Bsavings_b&gclid=CjwKCAjwmv-DBhAMEiwA7xYrd57UrG2Q2NZJ0uaILRB7VnKMZSXKt5em8ao5opBYXzEgG0tbDJlooBoCFe0QAvD_BwE |
| Contact | +65 9877 0801 (Expected response within 1-2 business days) +65 6958 1052 (Hotline available from Monday to Sunday, 9 am – 6 pm SGT (excluding public holidays) [email protected] |
| Highlights to Note | – Licensed by the MAS – Projected return is 1.2% p.a. – No minimum balance, no limit on return – No investment portfolio required – No management fees, no set up or exit fee – Unlimited transfers in and out of StashAway portfolios |
StashAway is licensed by the Monetary Authority of Singapore, which give assurance that your funds are in safe hands. Its projected return is 1.2% p.a. There is no minimum balance and no limit on the balance that can earn a projected rate of 1.2% p.a.. This is unlike other banks which would pose a cap on the return you can earn.
While StashAway is not an established bank, bank deposits and withdrawals will be processed within 1 to 3 business days.
Another good point about StashAway is there is no investment portfolio required to earn the interest, no management fees, no set up or exit fee and even provides unlimited transfers in and out of StashAway portfolios.
This way, you do not have to worry about not being able to use your funds in times of emergency.
10. Syfe Cash+
| Type of Information | Details |
| Website | https://www.syfe.com/cash-plus?gclid=Cj0KCQjwvYSEBhDjARIsAJMn0ljIC-cQ8rzPJAeKW1fgtHgIjJ0WBWykUvr1xDTTqjTKvFagWGOl8QEaAjMXEALw_wcB |
| Contact | +65 3138 1215 |
| Email (For Enquiry) | [email protected] |
| Highlights to Note | – Projected returns of 1.5% p.a. – No lock-up period for funds – No minimum balance – No need to open a separate brokerage or CDP account – Complimentary access to wealth experts – Daily accrual of returns instead of monthly – Investment portfolio focuses on equities, bonds, REITS |
Syfe boasts of providing projected returns of 1.5% p.a. with Syfe Cash+ program. It is regulated by Monetary Authority of Singapore, which gives you added assurance when placing your cash with them.
With Syfe, there is no lock-up period for your funds, no minimum balance needed to maintain and no management fees to be paid. You can even move your money from Syfe Cash+ to your Syfe investment portfolios (and vice versa) anytime with no fees.
To use Syfe Cash+ and access its investment portfolios, you do not need to open a separate brokerage or CDP account, which helps save on brokerage fees.
Moreover, you can get complimentary access to wealth experts, which is unlike the case in most banks where you need to deposit a high amount of fresh funds to be assigned a relationship manager.
Additionally, Syfe Cash+ provides daily accrual of returns, unlike savings accounts which provide monthly returns only. This means you get to keep whatever returns you accumulate when you invest in Syfe Cash+, no matter the duration.
Syfe investment portfolios mainly focuses on products such as equities, bonds and REITS.
Conclusion
Do you have any reviews and comments to share regarding our choices for the best savings account in Singapore?
While SBO is committed to supporting our local businesses, we welcome any feedback and anonymous sharing regarding your experience with the listed agencies for savings account in Singapore.
We hope that this guide will be useful in helping you to make an informed decision when it comes to finding the best savings account in Singapore.
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