Best Fuss-Free Savings Accounts With No Conditions in Singapore 2022
Xue Miao●
We’ve previously seen the best saving accounts for working adults.
Most of them come with different requirements, including salary crediting or credit card spend.
But what if you’re just looking for a zero-effort, fuss-free savings account without having to consider the 1,001 conditions to fulfil?
Which might be something you’re looking for if you’re self-employed or a freelancer.
Or you just have extra cash and not knowing where to park it (like your emergency funds)…
And so this article is for those who are looking for something that is simple and straightforward.
In short, we are considering savings accounts with better interest rates that would beat the usual 0.05% p.a. with no complicated requirements.
TL;DR: Best Fuss-Free Savings Accounts in Singapore With the Highest Interest Rates 2021
In order to find the best savings account, we assume that we are looking to park $20,000 into the savings account.
Based on this criterion that we set out, here’s how much interest you’ll be getting:
| Savings Account | Interest Earned |
|---|---|
| CIMB FastSaver | 0.30% p.a. |
| HL Bank iSavings | 0.30% p.a. |
| OCBC Bonus+ | Up to 0.40% p.a. |
| POSB SAYE | 2.00% p.a. |
| RHB High Yield Savings Plus | 0.8% p.a. |
| Standard Chartered Jumpstart | 0.40% p.a. |
| UOB Stash | Up to 0.30% p.a. |
If you find that everything’s too much work…
You can use the FREE Seedly Savings Account Calculator to help you make your decision faster!
Seedly Savings Account Calculator: Find the Best Savings Account in Less Than a Minute
The whole process of choosing the best savings account can be rather confusing as we all have different spending habits and incomes.
To make it easier for you, we created the Seedly Savings Account Calculator which you can use for FREE!
All you have to do is fill up some basic information like your:
- bank balance
- monthly salary credited
- monthly credit card spend.
And the calculator will tell you which savings account gives you the highest interest rate!
If you’re still unsure, you can also read real user reviews left by on Seedly to find out if it’s really the best savings account for you!
CIMB Savings Account: CIMB FastSaver
CIMB FastSaver Interest Rates (Updated With 15 Jan 2021 Rates)
| Account Balance | FastSaver Only Interest Rate |
|---|---|
| First $10,000 | 0.30% p.a. |
| Next $65,000 | 0.30% p.a. |
| Above $75,000 | 0.15% p.a. |
- Initial deposit: $1,000
- Minimum monthly balance: $0 (but leave $1,000 to get the interest!)
- Bonus interest cap: $100,000
CIMB FastSaver has long been one of the favourites when it comes to a fuss-free savings account.
Especially before the reduction of interest rates, where we could earn 1% p.a. for the first $50,000.
With the latest change with effect from 15 Jan 2021, individuals can earn up to 0.30% for the first $50,000.
While the interest rates have fallen, it remains as one of the better savings accounts out there with no conditions.
HL Bank Savings Account: HL Bank iSavings
HL Bank iSavings Interest Rates (Updated With 15 Jan 2021 Rates)
| Account Balance | Interest Rates (p.a.) |
|---|---|
| First S$20,000 | 0.30% |
| Next S$30,000 | 0.30% |
| Next S$150,000 | 0.30% |
| Next S$800,000 | 0.30% |
| Above S$1,000,000 | 0.30% |
Similar to CIMB FastSaver, get to earn 0.30% p.a. for up to $1,000,000.
- Initial deposit: $5,000
- Minimum daily balance: $5,000
- Bonus interest cap: $1,000,000
They are currently running a promotion till 31 Jan 2021, where individuals will get bonus interest rates on top of the prevailing rates, as follows:
| Account Balance | Interest Rates (p.a.) | Bonus Rates (p.a.) | Promo Rates (p.a.) |
|---|---|---|---|
| First S$20,000 | 0.30% | 0.38% | 0.68% |
| Next S$30,000 | 0.30% | 0.38% | 0.68% |
| Next S$150,000 | 0.30% | 0.38% | 0.68% |
| Next S$800,000 | 0.30% | 0.15% | 0.45% |
| Above S$1,000,000 | 0.30% | 0.15% | 0.45% |
This means getting 0.68% for the first $150,000, which is a pretty good rate for something that requires zero effort.
OCBC Savings Account: OCBC Bonus+
OCBC Bonus+ Interest Rates (Updated With 1 Feb 2021 Rates)
| OCBC Bonus+ Account | Interest Rates (p.a.) |
|---|---|
| Base interest | 0.05% |
| No-withdrawal bonus interest | 0.10% |
| No-withdrawal & Save bonus interest | 0.25% |
| Total | Up to 0.40% |
- Initial deposit: $5,000
- Minimum daily balance: $3,000
- Bonus interest cap: –
For OCBC Bonus+, there are two types of bonus interest if you meet the eligibility criteria:
- Make no withdrawals from the account
- Deposit at least S$500 monthly and make no withdrawals from the account
Get up to 0.40% p.a. if these two conditions are fulfilled.
RHB Savings Account: RHB High Yield Savings Plus Account
RHB High Yield Savings Plus Interest Rates (Updated With 1 Sept 2020 Rates)
| Account Balance | Interest Rates (p.a.) |
|---|---|
| First $50,000 | 0.80% |
| Next $25,000 | 0.90% |
| Next $25,000 | 1.00% |
| Above $100,000 | 0.40% |
- Initial deposit: $1,000
- Minimum monthly balance: $0 (but leave $1,000 to get the interest!)
- Bonus interest cap: $100,000
Earn up to 1.00% p.a. for your first $100,000 with the RHB High Yield Savings Plus account.
Even if you don’t have $100,000, 0.8% p.a. for the first $50,000 is a great deal as well.
Standard Chartered Savings Account: Standard Chartered Jumpstart
Standard Chartered Jumpstart Interest Rates (Updated With 1 Jan 2021 Rates)
The Standard Chartered Jumpstart account is another hot favourite when it used to give 2.00% p.a. interest on the first $20,000 in the account.
Since 1 Jan 2021, this has been slashed to 0.4% p.a. interest on balances up to $20,000 year-round.
And any incremental balances above $20,000 will receive 0.1% p.a..
The only catch? You need to be between 18 and 26 years old.
- Initial deposit: $0
- Minimum daily balance: $0 (no fall-below fee)
- Bonus interest cap: $20,000
UOB Savings Account: UOB Stash
UOB Stash Interest Rates
| Account Balance | Base Interest (p.a.) | Bonus Interest (p.a.) | Interest Rates (p.a.) |
|---|---|---|---|
| First S$10,000 | 0.05% | 0.00% | 0.05% |
| Next S$30,000 | 0.25% | 0.30% | |
| Next S$30,000 | 0.55% | 0.60% | |
| Next S$30,000 | 0.95% | 1.00% | |
| Above S$100,000 | 0.00% | 0.05% |
- Initial deposit: $1,000
- Minimum daily balance: $1,000
- Bonus interest cap: $100,000
Get up to 1.00% p.a. for the first $100,000, given that the monthly average balance in the account is maintained or increased.
This means that withdrawals are allowed for this account, but have to be topped up again (to minimally the previous month’s balance, or more) to earn the bonus interest.
Do note that there is no bonus interest for the first $10,000.
Best Fuss-Free Savings Accounts in Singapore With the Highest Interest Rates 2021
In a low-interest-rate environment, most of the banks are probably affected which resulted in the changes to their consumer products.
With different banks cutting their interest rates every few months, it gets difficult to keep up with the ones that are offering the highest rates.
If you’re choosing to open a new savings account, you may also want to take into consideration the accessibility of the ATMs as some of them may have fewer around.
You can also drop by Seedly to find out which are the banks that our members have switched to!
Lastly, go through our SeedlyReviews for the various savings account and pay attention to the feedback our community have given with regard to customer service as well as how easy it is to use their iBanking and mobile banking apps.
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