Cheat Sheet: Best Savings Accounts in Singapore For Working Adults 2018? - Highest Interest Rates

Cheat Sheet: Best Savings Accounts in Singapore For Working Adults 2018? - Highest Interest Rates

Kenneth Lou

“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 WinnerRealistic Interest (p.a)Reason
Best OverallDBS Multiplier (NEW)1.85%DBS Multiplier has one of the overall complete products and possible to hit the realistic rate
Best AlternativesBOC 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 3601.85%If you save more than $500 per month, you can get 0.3% more.
Best for high account balanceUOB ONE1.85%Tiered system to allow you to increase based on account balance
Best for if you are unable to credit salaryMaybank SaveUp1.11%Based on 5 categories which you can choose from (excluding salary)
Most Straightforward (no conditions)CIMB FastSaver1%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: 

  1. Key in your relevant information (e.g. Monthly Salary, Credit Card Spending, Insurance Spending) 
  2. We calculate & tell you which savings account has the highest interest rates immediately. 
  3. Read unbiased reviews to make sure you don’t miss any fine-prints or bad experiences faced by other users.

Find the Best Savings Account for me


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.

  1. Look for the left side condition
  2. See if you hit any of those conditions and simply add it up
  3. Calculate your total interest rate %

Seedly Best Savings Account 2018


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

1) DBS Multiplier Account

  • 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 TransactionsOPTION A:
Salary Credit AND
1 category
Salary Credit AND
2 or more categories
Below S$2,0000.05% p.a.0.05% p.a.
From S$2,0001.55% p.a.1.80% p.a.
From S$2,5001.85% p.a.2.00% p.a.
From S$5,0001.90% p.a.2.20% p.a.
From S$15,0002.00% p.a.2.30% p.a.
From S$30,0002.08% p.a.3.50% p.a.

Read DBS User Reviews

2) Bank Of China

CategoryBonus InterestConditions
Card SpendUp to 1.60%1.60% - Monthly Spent above S$1,500
0.80% - Monthly Spent S$500 - < S$1,500
SalaryUp to 1.20%1.20% - Salary S$6,000 and above
0.80% - Salary S$2,000 - < S$6,000
Payment0.35%3 bills of at least S$30
Extra Savings0.60%At least ONE fulfilled condition

Read BOC User Reviews

standard chartered

SCB Bonus Saver Seedly

3) SCB Bonus $aver

Read SCB User Reviews

ocbc 360
4) OCBC 360

Article is updated to reflect OCBC Bank’s update, effective from 1 November 2018.

Main Conditions for OCBC 360

CategoryConditionFirst $35,000Next $35,000
SalaryAt least S$2,000 through GIRO1.20% p.a.2.0% p.a.
SpendAt least S$500 on OCBC Credit Cards0.30% p.a.0.60% p.a.
Increase your account balance by at least S$500 compared to previous month0.30% p.a.0.60% p.a.
WealthInsure or invest with OCBC Bank and earn this bonus interest for 12 months0.60% p.a.1.20% p.a.
Total Interest2.40% p.a.4.40% p.a.

Things to note:

Additional Interest Available to Earn for OCBC 360

CategoryConditionInterest Rates
Additional 1% on the difference from the previous month balance
(Capped at S$1,000,000 in your balance)
1% p.a.
(Old Name: "Save Bonus")
Earn this extra bonus on the first S$70,000 if your account balance is at least S$200,0001% p.a.

Read OCBC User Reviews

uob one


Bank BalanceOPTION A:
Card Spend of min. S$500
Card Spend of min. S$500
AND credit your salary
OR make 3 GIRO debit transactions
First S$15,0001.50%1.85%
Next S$15,0001.50%2%
From S$30,0001.50%2.15%
From S$45,0001.50%2.30%
From S$60,0001.50%3.88%
From S$75,0000.05%0.05%

Read UOB User Reviews

6) Maybank SaveUp

 Interest / Additional Interests
Base Interest0.3125% p.a.
1 product or service 0.3% p.a.
2 products or services0.8% p.a.
3 products or services2.75% p.a.

*Additional interest capped at first S$60,000 of the deposit.

9 Products from Maybank to choose from:

  1. Credit Cards
  2. GIRO
  3. Salary Crediting
  4. Education Loan
  5. Hire Purchase Loan
  6. Home Loan
  7. Life Insurance
  8. Renovation Loan
  9. Unit Trusts

Read Maybank User Reviews

7) CIMB FastSaver

Most straightforward savings account WITH NO CONDITIONS.

Account BalanceInterest Rates
First S$50,0001.00% p.a.
Above S$50,0000.60% p.a.

Read CIMB User Reviews


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