Cheat Sheet: Best Savings Accounts in Singapore For Working Adults 2019? – Highest Interest Rates
“My savings account sucks!”
Ever wonder which is the best savings account in Singapore?
If you are still holding on to your POSB Kids Account, do note that the difference for a $10,000 savings can amount to a return flight to Iceland in 10 years time.
Long story short, 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 April 2019 to reflect all the new savings accounts in the market)
TL;DR: Comparison of Best Savings Account in Singapore
For better analysis, we made an assumption on a typical working adult in Singapore:
- Has more than $2,000 credited salary into his savings account after all his CPF contribution
- Spends a minimum of $600 a month on a credit card (Daily expenses e.g F&B, Online)
- His bank account balance varies accordingly from $10,000 and above
Here is how you can use it to find the most suitable savings account for you:
- Look for the left side condition that gives you a certain amount of base interest
- If you meet any of those conditions, simply add up the interest rate
- Calculate your total interest rate percentage
Do note that most of these Savings Accounts are bundled with a credit card or product from the same banks to keep Singaporeans in their “eco-system”.
- Under potential total interest rate, we use a working adult who only credits his salary into the bank account and does nothing else as the lower interest rate.
- The higher interest rate under potential total is when someone maxes out all the stated criteria by the bank.
Editor’s note: This is not a sponsored article. The Seedly Team does not do sponsored articles – all opinions stated here are our own.
We are excluding short-term promotions from this comparison. You will start to realize also that very often, the best products do not give any perks (thus consumers discover them through blog posts like this rather than comparison sites).
Further Reading: A Strategy Involving DBS Multiplier and 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)
- Their 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 $10,000 to $30,000)
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)
- 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.
Savings Account Calculator – Which Account Gives The Best Interest?
We understand that the whole process of choosing the best savings account can be rather confusing since every individual has their own spending habits and income. Hence, we created a simple calculator that helps you with this.
- Fill up your basic information such as bank balance, monthly bill amount, monthly card spend etc.
- The calculator will tell you which savings account gives you the highest interest rate.
- The calculator will also show you Real User Reviews on the savings account to help you make a decision on it.
Detailed Information On Each Savings Account
OCBC 360 Interest Rate
Article is updated to reflect OCBC Bank’s update, effective from 1 April 2019.
Main Conditions For OCBC 360
|Category||Condition||First $35,000||Next $35,000|
|Salary||At least S$2,000 through GIRO||1.20% p.a.||2.0% p.a.|
|Spend||At least S$500 on OCBC Credit Cards||0.30% p.a.||0.60% p.a.|
|Increase your account balance by at least S$500 compared to previous month||0.30% p.a.||0.60% p.a.|
|Wealth||Insure or invest with OCBC Bank and earn this bonus interest for 12 months||0.60% p.a.||1.20% p.a.|
|Total Interest||2.40% p.a.||4.40% 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 $800 to be eligible for all their cash back.
Additional Interest Available For OCBC 360
|Additional 1% on the difference from the previous month balance|
(Capped at S$1,000,000 in your balance)
(Old Name: "Save Bonus")
|Earn this extra bonus on the first S$70,000 if your account balance is at least S$200,000||1% p.a.|
Ways To Maximise OCBC 360
With all the terms and condition going on, here’s a suggestion on maximising interest rate with OCBC 360.
- Fulfil ANY of the categories (Salary, Spend, Step-up, and Wealth) to start earning additional interest
- Credit your salary and earn Salary Bonus of 1.2% p.a. on your first $35,000, and 2% p.a. on the next $35,000
- Earn Spend Bonus of 0.3% p.a. on your first $35,000, and 0.6% p.a. on the next $35,000, when you spend at least $500 on OCBC Credit Cards
- Increase your bank balance by at least $500 a month and earn Step-up Bonus of 0.3% p.a. on your first $35,000, and 0.6% p.a. on the next $35,000
- To earn bonus interest in the Wealth Bonus, you could look at Unit Trusts or Endowment Insurance from the bank as you build your investment portfolio
Here’s an example (based on an existing $30,000 bank balance):
|Interest Rate||Interest Earned|
(at least $2,000 via GIRO)
(spend at least $500 on with OCBC credit cards eg. FRANK Credit Card)
(increase account balance by $500 or more)
|Boost Bonus (current account balance increased from prev month)||1%||$1.69|
|Total interest per month|
(if his account balance was $30,000 before crediting his salary and amount is calculated on per month, 31 days, basis)
DBS Multiplier Account Interest Rate
- 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
DBS Multiplier has a very low base interest rate of 0.05% per annum.
However, one can earn extra interest by crediting his salary and performing a number of actions on a monthly basis:
- Spend using any DBS or POSB credit cards
- Investing with your DBS or POSB account or crediting your investment dividends to your DBS or POSB account
- Getting insurance from DBS or POSB
- Get a home loan from DBS or POSB
If you are wondering how is the interest rate of DBS Multiplier Savings account calculated since there is no minimum amount for each action, nor is there an interest rate pegged to each action. The interest rate is influenced by the total amount of transactions performed. One needs to have a total transaction of at least $2,000 to qualify for bonus interest.
Based on these factors, here’s what kind of interest you can get on the DBS Multiplier account. Interest rate below is valid for bank balances up to $50,000 only.
|Total Eligible Transactions||OPTION A:|
Salary Credit AND
Salary Credit AND
2 or more categories
|Below S$2,000||0.05% p.a.||0.05% p.a.|
|From S$2,000||1.55% p.a.||1.80% p.a.|
|From S$2,500||1.85% p.a.||2.00% p.a.|
|From S$5,000||1.90% p.a.||2.20% p.a.|
|From S$15,000||2.00% p.a.||2.30% p.a.|
|From S$30,000||2.08% p.a.||3.50% p.a.|
Bank Of China interest rate
Bank Of China (BOC) SmartSaver is a savings plan for account holders to earn bonus interests on top of the prevailing interests. One can earn up to 3.55% per annum on the first S$60,000 in his bank account balance when he performs the following designated transactions:
- Card Spend
- Salary Crediting
|Card Spend||Up to 1.60%||1.60% - Monthly Spent above S$1,500
0.80% - Monthly Spent S$500 - < S$1,500
|Salary||Up to 1.20%||1.20% - Salary S$6,000 and above
0.80% - Salary S$2,000 - < S$6,000
|Payment||0.35%||3 bills of at least S$30|
|Extra Savings||0.60%||At least ONE fulfilled condition|
In addition, enjoy 1.00% per annum. on your account balance above S$60,000 when you have fulfilled at least one of the above criteria.
SCB Bonus$saver interest rate
- Savings Account: SCB Bonus $aver
- Spending Card: SCB Credit Cards
Here are the criteria for one to maximise his interest rate with SCB Bonus$saver savings account:
|What to do||Bonus Interest Rate p.a||Extra Bonus Interest Rate|
|Spend a minimum of S$500 on Bonus$saver card||0.78%||1.78%
(If spend more than S$2,000)
|Credit Salary of more than S$3,000||1%||-|
|Invest or buy insurance through Standard Chartered||0.75%||-|
|Pay 3 eligible bills|
UOB ONE interest rate
Here’s how the interest rate for UOB One is calculated:
|Bank Balance||OPTION A:|
Card Spend of min. S$500
Card Spend of min. S$500
AND credit your salary
OR make 3 GIRO debit transactions
- The Total interest rate for option A is equivalent to current Base Interest plus revised Bonus Interest A
- The total Interest rate for option B is equivalent to current Base Interest plus revised Bonus Interest B
- Base Interest for UOB One is at 0.05%p.a.
- Bonus Interest for UOB One is paid on first S$75,000 balance in your One Account.
- Base Interest for UOB One is calculated at the end of each day based on each day-end balance
- Bonus Interest for UOB One is calculated at the end of each calendar month based on the monthly average balance.
Maybank SaveUp interest rate
|Interest / Additional Interests|
|Base Interest||0.3125% p.a.|
|1 product or service||0.3% p.a.|
|2 products or services||0.8% 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, to get bonus interest:
- Credit Cards
- Salary Crediting
- Education Loan
- Hire Purchase Loan
- Home Loan
- Life Insurance
- Renovation Loan
- Unit Trusts
CIMB FastSaver interest rate
Most straightforward savings account WITH NO CONDITIONS.
|Account Balance||Interest Rates|
|First S$50,000||1.00% p.a.|
|Above S$50,000||0.60% p.a.|