Best Savings Accounts 2020: Highest Interest Rates For Working Adults
 
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Best Savings Accounts 2020: Highest Interest Rates For Working Adults

Ming Feng
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“My savings account sucks!”

Sounds familiar?

If you are still holding on to your POSB Kids Account and earning that 0.05% p.a. interest rate…

Did you know that leaving $10,000 worth of savings in your POSB Kids Account for 10 years could cost you a return trip to Iceland?

Girl Drinking A Green Smoothie And Choking In Shock
Source: giphy

Felt that?

Well, you’re probably thinking which is the best savings account with the highest interest rates in Singapore NOW, aren’t you?

Let’s find out!

(Updated 23 January 2020 to reflect all the latest changes to the savings accounts in the market)


TL;DR: Best Savings Accounts in Singapore With the Highest Interest Rates 2020

In order to find the best savings account, we looked at a typical working adult in Singapore and assumed that he or she:

  • Has a starting minimum $10,000 savings account balance 
  • Has more than $2,000 in salary credited into the savings account after CPF contribution
  • Spends a minimum of $500 a month via credit card on daily expenses (transport and food)

Based on these criteria that we set out, here’s how much interest you’ll be getting:

Savings AccountInterest Earned
Bank of China SmartSaver1.95% p.a.
CIMB FastSaver1.00% p.a.
DBS Multiplier1.85% p.a.
Maybank Save Up0.6125% p.a.
OCBC 3601.88% p.a.
SCB BonusSaver0.88% p.a.
SCB JumpStart2.00% p.a.
(if under < 26 years old)
UOB One1.85% p.a.

Stan Chart JumpStart will give you the highest interest of 2% p.a — but you have to be between 18 and 26 years old.

BOC SmartSaver will give you the next highest interest of 1.95% p.a.

Seedly Best Savings Account 2020

For a more universal comparison that’s applicable to everyone, you can refer to the above table to find out the potential interest rate you can get.

Here’s how to use the table:

  1. The extreme left column will tell you what kind of base interest or category you need to fulfil in order to qualify for the interest
  2. If you meet any of the categories, make a mental note of the corresponding interest rate
  3. Add everything up to get your estimated potential interest rate

Alternatively, you can use the Seedly Savings Account Calculator to help you make your decision faster!

P.S. unlike other comparison sites, we’ve excluded short-term promos from this comparison as the perks usually have a short lifespan.

Once it expires, you’ll be stuck with an interest rate that’s not the most ideal.

We want to help you find the best savings account which you can use for as long as possible!


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!

Seedly Savings Account Comparison Calculator

If you’re still unsure, you can also read Real User Reviews left by our Seedly community to find out if it’s really the best savings account for you!

Find the Best Savings Account for Me 


Best Bank of China Savings Account: BOC SmartSaver Account

Bank of China Logo

BOC SmartSaver Interest Rates

CategoryBonus InterestConditions
Card Spend0.80% to 1.60%Monthly Spent:
$500 to $1,499 (0.80%)

Above $1,500 (1.60%)
Salary Crediting0.80% to 1.20%Monthly Credit:
$2,000 to $5,999 (0.80%)

Above $6,000 (1.20%)
Payment0.35%Three bills of at least $30 each via GIRO or BOC Internet Banking/ BOC Mobile Banking Bill Payment
Extra Savings0.60%At least ONE fulfilled condition
(applied on balance above $60k, capped at $1mil)

Note: the Extra Savings interest is only applicable to account balances above $60,000.

  • Initial deposit: $1,500
  • Minimum monthly balance: $1,500
  • Bonus interest cap: $60,000

Things To Note About BOC SmartSaver

Even with “over 200 ATMs” located around Singapore, it’s usually hard to find a Bank of China ATM when you need it.

But I supposed that’s a good thing as you’ll be less likely to make withdrawals.

In terms of credit card spending, you might want to consider using the BOC Family Card as it gives you up to 10% cashback on groceries and dining.

But the minimum spend of $800 to qualify for the cashback might discourage those who don’t spend that much.

How to Maximise BOC SmartSaver Interest Earned?

If you’re earning a high income (at least $6,000), then BOC Smart Saver is a pretty good choice as you don’t need to jump through too many hoops to qualify for the additional interest.

BOC SmartSaver Interest Rates
Source: Bank of China

Here’s how much interest you can get based on the criteria we set out:

Category
(fulfilled monthly)
Interest Rate (p.a.)
Card Spend
($500)
0.80%
Salary Crediting
($2,000)
0.80%
Payment
(Three bills of at least $30 each)
0.35%
Total Interest1.95%

But if you’re earning $6,000 and can fulfil all of the categories, your interest can easily go up to 2.6% p.a. (assuming you keep your credit card expenditure at $500).

Read BOC SmartSaver User Reviews


Best CIMB Savings Account: CIMB FastSaver Account

CIMB Bank Logo

CIMB FastSaver Interest Rates

Account BalanceInterest Rates
First $50,0001.0% p.a.
Next $25,0001.5% p.a.
Next $25,0001.8% p.a.
Above $100,0000.6% p.a.
  • Initial deposit: $1,000
  • Minimum monthly balance: $0 (but leave $1,000 to get the interest!)
  • Bonus interest cap: $75,000

How to Maximise CIMB FastSaver Interest Earned?

The best thing about CIMB FastSaver is that it is a pretty straightforward savings account WITH NO CONDITIONS.

You basically get 1% interest on everything up to $50,000 and there’s fall below fee either.

Here’s how much interest you can get based on the criteria we set out:

1% p.a.

See? Simple.

Read CIMB FastSaver User Reviews


Best DBS Savings Account: DBS Multiplier Account

DBS Logo

PSA: If you’re currently using DBS Multiplier, you probably would have heard of the changes to the DBS Multiplier savings account that will take effect from 1 February 2020.

Since we’re trying to find the best savings account, this comparison will take into account the newly announced changes.

DBS Multiplier Interest Rates

Total Eligible TransactionsIncome +
1 category
Income +
2 categories
Income + 3 or more categories
First $25,000First $50,000Next $50,000
Less than $2,000 (Base)0.05% p.a.0.05% p.a.0.05% p.a.
Between $2,000 to $2,5001.55% p.a.1.80% p.a.2.00% p.a.
Between $2,500 to $5,0001.85% p.a.2.00% p.a.2.20% p.a.
Between $5,000 to $15,0001.90% p.a.2.20% p.a.2.40% p.a.
Between $15,000 to $30,0002.00% p.a.2.30% p.a.2.50% p.a.
$30,000 and above2.08% p.a.3.50% p.a.3.80% p.a.

The bonus interest rate you earn is influenced by how many and how much transactions you make in the following categories:

  • Income (compulsory)
    • Salary credit
    • Dividends credited via GIRO from CDP
  • Credit Card Spend
  • Home Loan Instalments
  • Insurance (only for the first 12 consecutive months)
  • Investments (only for the first 12 consecutive months)

The more categories you transact in, and the higher the amount you transact in, the more interest you’ll earn.

Note: even though there is no minimum transaction required for each category, you still need to have a total transaction of at least $2,000 to qualify for ANY bonus interest tier.

  • Initial deposit: $0
  • Minimum monthly balance: $3,000 (fall-below fee waived till 29 years old)
  • Bonus interest cap: $25,000

Things To Note About DBS Multiplier

You’ll notice that the bonus interest you earn on the Insurance and Investments categories is only recognised for the first 12 consecutive months.

After that, you can only go as far as Income plus two transactions (Credit Card Spend and Home Loan Instalments).

The fact that higher interest will be applied on balances up to $25,000 only is also bad news for anyone who has more than $25,000 in their Multiplier account.

How to Maximise DBS Multiplier Interest Earned?

Like most savings accounts, the DBS Multiplier savings account base interest rate is a paltry 0.05% per annum.

DBS Multiplier How It Works
Source: DBS

To earn the extra interest, you’ll need to:

  • Credit your salary or dividends from CDP via GIRO to qualify for the Income category
  • Spend using any DBS or POSB credit card to qualify for the Credit Card Spend category
  • Get a home loan from DBS or POSB to qualify for the Home Loan Instalment category
  • Get insurance from DBS or POSB to qualify for the Insurance category
  • Have investments with DBS or POSB to qualify for the Investments category

Based on the criteria we set out earlier, here’s an example of how much interest you can earn:

Category
(fulfilled monthly)
Amount TransactedInterest Rate (p.a.)
Income
(compulsory)
$2,000 through GIRO (salary or dividends from CDP)1.85%
Credit Card Spend$500 through a DBS credit card
Total Interest1.85%

If you take up a home mortgage loan with DBS as well, then you’ll probably be able to push that interest up to 1.8% to 2.2% p.a.

Or you can transact more than $15,000 a month and get up to 2.0% to 2.3% p.a.

But if you’re moving that kind of money a month, you’re probably don’t really care about finding the best savings account.

Read DBS Multiplier User Reviews


Best Maybank Savings Account: Maybank Save Up Account

Maybank Logo

Maybank Save Up Interest Rate

 Interest
Base Interest0.3125% p.a.
Additional Interest
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 $60,000 of your account balance

  • Initial deposit: $500
  • Minimum monthly balance: $1,000
  • Bonus interest cap: $50,000

How to Maximise Maybank Save Up Interest Earned?

Maybank Save Up Interest Rates
Source: Maybank

The Maybank Save Up programme lets you choose from nine different products and services in order to get the bonus interest:

  1. GIRO Payment and/or Salary Crediting
  2. Credit Card Spend
  3. Investing in Structured Deposits
  4. Investing in Unit Trusts
  5. Buying Regular Premium Insurance
  6. Getting a Home Loan
  7. Getting a Car Loan
  8. Getting a Renovation Loan
  9. Getting an Education Loan

Note: looking at the number of loans available, it seems like Maybank Save Up would be ideal if you’re planning to take one

You’ll want to fulfil at least three products and services in order to clock the maximum interest of 2.94%.

If we stick with the criteria we set out — meaning you only fulfil one product or service — you can only get 0.6125% p.a.

Even CIMB FastSaver (1% p.a. for everything under $50,000) is even better and you don’t even need to fulfil anything.

Read Maybank Save Up User Reviews


Best OCBC Savings Account: OCBC 360 Account

OCBC Bank Logo

OCBC 360 Interest Rates

CategoryConditionFirst $35,000Next $35,000
SalaryAt least $2,000 through GIRO1.2% p.a.2.0% p.a.
SpendAt least $500 on OCBC Credit Cards0.3% p.a.0.6% p.a.
Step-UpIncrease account balance by $500 compared to previous month0.3% p.a.0.6% p.a.
WealthInsure or invest with OCBC Bank and earn for 12 months0.6% p.a.1.2% p.a.
Total Interest2.4% p.a.4.4% p.a.
  • Initial deposit: $1,000
  • Minimum monthly balance: $3,000 (fall-below fee waived for 1st year)
  • Bonus interest cap: $70,000

OCBC 360 Additional Interest Rates

CategoryConditionInterest Rates
GrowEarn this extra interest on the first $70,000 if account balance is at least $200,0001.0% p.a.
BoostEarn this extra interest on the difference from the previous month balance
(capped at $1mil balance)
1.0% p.a.

Things To Note About OCBC 360

If you plan to use OCBC 365 Credit Card for your “Spend” category, there’s a minimum spend of $800 to be eligible for any cashback.

How to Maximise OCBC 360 Interest Earned?

If you don’t like reading terms and conditions, here’s our suggestion on how you can maximise your OCBC 360 Saving Account’s interest rate.

OCBC 360 Bank interest rate

OCBC Bank interest rate
Source: OCBC

The criterion to hit the OCBC 360 Grow Bonus interest rate is probably out of reach for most of us.

Like seriously, who has $200k lying around in the bank?!

Instead, you’ll want to fulfil as many other categories as you can:

  • Credit your salary to earn Salary Bonus
  • Spend at least $500 using OCBC credit cards to earn Spend Bonus
  • Increase your bank balance at least $500 a month to earn Step-Up Bonus
  • Buy unit trusts or endowment insurance plans from OCBC to build your retirement portfolio and earn Wealth Bonus

Even if you’re unsure about buying insurance or investment products from OCBC, here’s an example of how much interest you can earn:

Condition
(fulfilled monthly)
Interest Rate (p.a.)
Salary Bonus
(credit at least $2,000 via GIRO)
1.2%
Spend Bonus
(spend at least $500 on with OCBC credit cards)
0.3%
Step-up Bonus
(increase account balance by at least $500)
0.3%
Base Interest0.05%
Total Interest1.85%

Read OCBC 360 User Reviews


Best StanChart Savings Account: Standard Chartered BonusSaver Account

standard chartered logo

Standard Chartered BonusSaver Interest Rates

ConditionBonus Interest RateExtra Bonus Interest Rate
Spend a minimum of $500 on Bonus$saver card 0.88% p.a.1.88% p.a.
(spend more than $2,000)
Credit Salary of more than $3,0001.00% p.a.-
Invest or buy insurance through Standard Chartered0.75% p.a.-
Pay 3 eligible bills
($50 each)
0.25% p.a.-
  • Initial deposit: $3,000
  • Minimum daily balance: $3,000
  • Bonus interest cap: $100,000

Note: you’ll have to maintain a minimum daily balance

How to Maximise SCB BonusSaver Interest Earned?

The Standard Chartered BonusSaver account gives you extra interest for crediting your salary and spending via a Standard Chartered credit card.

SCB Bonus Saver Seedly

Based on the criteria we set out, you’ll earn 0.88% p.a.

The problem here is that your monthly salary credit should be at least $3,000 in order to truly benefit from the SCB BonusSaver account bonus interest rates.

So if you aren’t drawing that kind of pay, you’re probably better off looking at other savings accounts that can give you better interest rates for less.

Read SCB Bonus$aver User Reviews


Best Stan Chart Savings Account: Standard Chartered JumpStart Account 

standard chartered logo

Standard Chartered JumpStart Interest Rates

You get 2% p.a. interest on account 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

How to Maximise SCB JumpStart Interest Earned?

The Stan Chart JumpStart account is pretty straightforward.

Stan Chart Jumpstart Banner
Source: Stan Chart

Based on the criteria we set out, you’ll earn 2% p.a. interest.

But it would be a good idea to move anything above the $20,000 into another savings account which gives you more than 0.1% p.a. interest.

Read SCB JumpStart User Reviews


Best UOB Savings Account: UOB One Account 

UOB Logo

 

UOB One Interest Rates

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

Note: the Base Interest for UOB One is 0.05% p.a.

  • Initial deposit: None
  • Minimum monthly balance: $1,000
  • Bonus interest cap: $75,000

Things To Note About UOB One

  • 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
  • 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.

How to Maximise UOB One Interest Earned?

If you want a savings account with a decent interest rate.

And don’t want to crack your head over complicated T&Cs…

Then the UOB One is your best bet because you only need to make sure that you spend $500 a month on your UOB One card.

Let’s be honest, saving is hard. Spending is easy.

UOB One Interest Rate Graffiti
Source: UOB

The option to pay three bills by GIRO instead of crediting your salary means that this is ideal for those without a steady paycheck (think: freelancers and stay at home moms)

Based on the criteria we set out, you’ll earn 1.85% p.a.

Read UOB One User Reviews


Other Considerations When Choosing the Best Savings Account

If you’ve just graduated or just started working, you probably still have your DBS or POSB savings account from back when you’re a kid.

Don’t leave it in a kids savings account and earn the meagre 0.05% p.a. interest, when you can upgrade to the DBS Multiplier, account instead — if you’re lazy to switch banks.

The application can be done online and it’ll only take you a couple of minutes.

However, sticking with DBS also brings about certain disadvantages such as:

  • You have to apply for a DBS credit card AND spend a minimum sum with it
  • You will usually have to wait a while when withdrawing money as the queue for DBS or POSB ATMs are usually the longest (since almost everyone’s using them)

Many of our Seedly Community members have also decided to switch to OCBC 360 or UOB One accounts instead as their interest rates do not differ significantly at lower account balance amounts (between $10,000 to $30,000).

Before switching bank accounts, check with your company’s HR manager if your monthly salary GIRO credit is under the transaction code, SAL.

Considering that most savings account require you to credit your salary in order to get the bonus interest, this is extremely important!

You should also note that ATMs for foreign banks like Bank of China and Standard Chartered are usually limited which makes cash withdrawals a little more tricky — although it might help you save more since you can’t withdraw your money that easily.

Lastly, go through our Seedly Reviews 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.

Whether you hate or love our investment content, give us your feedback!

About Ming Feng
A stint in Bloomberg gifted me with a beer belly, which only grew larger when I moved on to become a Professional Trader. Now I turn caffeine into digestible finance-related content.
You can contribute your thoughts like Ming Feng here.

Still have more questions after reading the article? Fret not, ask our community here!

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