Cheat Sheet: Best Savings Accounts in Singapore For Working Adults 2018? - Highest Interest Rates
“My savings account sucks, what are the better options?”
This article was written for the typical working adult with a few years in the workforce and now looking to re-consider if he/she is on the correct savings accounts.
(Updated 1 October 2018 to reflect the all the new savings accounts in the market)
A Typical Working Adult Scenario
- Earn more than $2k, credited salary to account
- Spend a min. $600 a month on a credit card (Daily expenses e.g F&B, Online)
- Account balance varies accordingly from 10k and above
For completeness sake, we are going to compare the 7 main savings accounts in Singapore which are commonly applied based on the salary and spending above. We are NOT comparing the promotional deals for accounts that are usually for a shorter term.
Editor’s note: We do not get any commissions from any of these recommendations.You will start to realize also that very often, the best products do not give any perks (thus consumers discover them via blog posts like this rather than comparison sites)
TL;DR: Presenting The Winners
|Category||Winner||Realistic Interest (p.a)||Reason|
|Best Overall||DBS Multiplier (NEW)||1.85%||DBS Multiplier has one of the overall complete products and possible to hit the realistic rate|
|Best Alternatives||BOC SmartSaver or |
SCB Bonus $aver
|1.85%||If you are a fan of the BOC Family card/ SCB cards, but with limited locations and services|
|Best for More Categories||OCBC 360||1.85%||If you save more than $500 per month, you can get 0.3% more.|
|Best for high account balance||UOB ONE||1.85%||Tiered system to allow you to increase based on account balance|
|Best for if you are unable to credit salary||Maybank SaveUp||1.11%||Based on 5 categories which you can choose from (excluding salary)|
|Most Straightforward (no conditions)||CIMB FastSaver||1%||Voted one of the easiest accounts for you to just park your money there (great for no conditions at all)|
Best Savings Account Calculator – Which Account Gives The Best Interest?
Feeling confused over the various savings accounts, and not sure which gives you the highest interest rate? We created a simple calculator that asks for some of your basic information, calculates all banks’ interest rates, and tells you which savings accounts gives the best interest rates, specifically for YOU.
How to use the Savings Account Calculator:
- Key in your relevant information (e.g. Monthly Salary, Credit Card Spending, Insurance Spending)
- We calculate & tell you which savings account has the highest interest rates immediately.
- Read unbiased reviews to make sure you don’t miss any fine-prints or bad experiences faced by other users.
Best Savings Account Infographic
Want to refer to our infographic instead? Here is how you can use it to find the most suitable savings account for you.
- Look for the left side condition
- See if you hit any of those conditions and simply add it up
- Calculate your total interest rate %
Use our Best Savings Calculator to help you fund out which savings account is the best for you!
Recommended Strategy: DBS Multiplier + Any DBS card
- Most likely you would have graduated or started working with a DBS or POSB Savings account from when you were a child
- However, we feel that it is not wise to keep your savings in that account so you would need to apply for the Multiplier instead
- Thus, the best option would be the DBS Multiplier and DBS card where you get the most effective yearly interest in a short amount of time
Limitations of the DBS Combination
- You will have to apply for a DBS credit card product and spend a minimum sum on it (or one other category)
- Thier ATM queues are usually the longest
Hence, some readers may still choose to start and stick with the OCBC360 or UOBONE accounts as the difference in interest amounts do not differ significantly in the lower balance amounts. (from $10k to $30k)
For the foreign bank accounts (eg BOC, SCB), do note that usually the locations are limited and also, the ATM withdrawals can be more tricky. Lastly, many of our readers have also expressed the difficulty in using the iBanking and mobile banking applications.
Important things to note:
- Take note that the above chart heavily depends on the monthly spending on the relevant card (Rebates) We detail more for cashback cards here and miles cards here.
- If you are spending with different cards for miles etc, numbers will definitely be affected.
- Regarding Salary GIRO credit, do check with your HR manager in your company whether it is under the transaction code: SAL
- Fun fact: There is no free lunch in the world, the banks are competing for our business to get more data on your salary and spending numbers to potentially up-sell you and hope you buy other banking products in the future (eg. loans, mortgages etc.)
In addition, if you are keen to ask questions or discuss more on savings accounts and card deals, please do join our open Community where you can learn from fellow folks residing in Singapore who are all learning together.
Further reading – Detailed Information
- Savings Account: DBS Multiplier Account
- Spending Card: DBS Credit cards
- The Realistic interest rate of 1.55% was calculated with $2,600 worth of transactions = $2,000 Salary + $600 Card Spend
- However, the best part about it is that you can just shift it around accordingly, for example, $2,600 worth of transactions = $2,500 Salary + $100 Card Spend
|Total Eligible Transactions||Income +|
(from 1 August 2020)
(from 1 August 2020)
|Income + 3 or more categories|
|First $25,000||First $50,000||Next $50,000|
|Less than $2,000 (Base)||0.05% p.a.||0.05% p.a.||0.05% p.a.|
|Between $2,000 to $2,500||0.70% p.a.||1.30% p.a.||2.00% p.a.|
|Between $2,500 to $5,000||0.90% p.a.||1.50% p.a.||2.20% p.a.|
|Between $5,000 to $15,000||1.10% p.a.||1.80% p.a.||2.40% p.a.|
|Between $15,000 to $30,000||1.20% p.a.||1.90% p.a.||2.50% p.a.|
|$30,000 and above||1.30% p.a.||2.80% p.a.||3.80% p.a.|
|Card Spend||0.80% to 1.60%||Monthly Spent:
$500 to $1,499 (0.80%)
Above $1,500 (1.60%)
|Salary Crediting||0.80% to 1.20%||Monthly Credit:
$2,000 to $5,999 (0.80%)
Above $6,000 (1.20%)
|Payment||0.35%||Three bills of at least $30 each via GIRO or BOC Internet Banking/ BOC Mobile Banking Bill Payment|
|Extra Savings||0.60%||At least ONE fulfilled condition
(applied on balance above $60k, capped at $1mil)
- Savings Account: SCB Bonus $aver
- Spending Card: SCB Credit Cards
4) OCBC 360
Article is updated to reflect OCBC Bank’s update, effective from 1 November 2018.
Main Conditions for OCBC 360
|Category||Condition||First $35,000||Next $35,000|
|Salary||At least $1,800 through GIRO||0.6% p.a.||1.2% p.a.|
|Spend||At least $500 on OCBC Credit Cards||No Longer Available|
|Step-Up||Increase account balance by $500 compared to previous month||0.2% p.a.||0.4% p.a.|
|Wealth||Insure or invest with OCBC Bank and earn for 12 months||0.6% p.a.||1.2% p.a.|
|Total Interest||1.4% p.a.||2.8% p.a.|
Things to note:
- If you plan to use OCBC 365 Credit Card for your “Spend” category, do note that OCBC 365 Credit Card requires a minimum spend of S$800 to be eligible for all their cashback.
Additional Interest Available to Earn for OCBC 360
|Grow||Earn this extra interest on the first $70,000 if account balance is at least $200,000||0.8% p.a.|
5) UOB ONE
|Bank Balance||OPTION A:|
Card Spend of min. $500
Card Spend of min. $500
AND credit your salary
OR make 3 GIRO debit transactions
|More than $75,000||0.05%||0.05%|
|Base Interest||0.1875% p.a. (first $3,000)
0.25% p.a. (Next S$47,000)
0.3125% (Remaining balance above S$50,000)
|1 product or service||0.30% p.a.|
|2 products or services||0.80% p.a.|
|3 products or services||2.75% p.a.|
*Additional interest capped at first S$60,000 of the deposit.
9 Products from Maybank to choose from:
- Credit Cards
- Salary Crediting
- Education Loan
- Hire Purchase Loan
- Home Loan
- Life Insurance
- Renovation Loan
- Unit Trusts
Most straightforward savings account WITH NO CONDITIONS.
|Account Balance||Interest Rates|
(Before 15 Jan 2021)
(After 15 Jan 2021)
|First $50,000||0.30% p.a.||0.30% p.a.|
|Next $25,000||0.50% p.a.||0.30% p.a.|
|Next $25,000||0.75% p.a.||0.15% p.a.
|Above $100,000||0.30% p.a.||0.15% p.a.|