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Best Savings Accounts Singapore (2022 Nov)_ Which Bank Has The Best Interest Rate

Best Savings Accounts Singapore (2022 Nov): Which Bank Has The Best Interest Rate?

profileMing Feng

We all know by now that inflation has been skyrocketing and that the U.S. Fed has been increasing interest rates to combat it.

And while that is generally bad for the stock market, it’s actually a good thing when it comes to our bank savings accounts.

DBS, OCBC, UOB and CIMB have all increased their interest rates recently. Meanwhile, Standard Chartered and Hong Leong Bank are the latest to raise their rates.

Source: Giphy

As such, we have updated this guide for October 2022 to help you sort through all the high-interest savings accounts to help you find the best savings account for your needs.

Here’s all you need to know!


TL;DR: Best Savings Accounts Singapore (2022) — Which Bank Has The Best Interest Rates?

To find the best savings account, we created this example of a typical working adult in Singapore and assumed the following:

  • Has a minimum account balance of $10,000 to enjoy bonus interests and avoid fall below fees
  • Has at least $2,000 in salary credited into the savings account after CPF contributions
  • Spends a minimum of $500 a month via Paylah!, debit or credit cards on daily expenses (e.g. transport and food)
  • Pays at least three bills.

Based on the criteria that we set out, here’s how much interest you’ll be getting from these high-interest savings accounts:

Savings AccountInterest Earned
Bank of China SmartSaver1.00% p.a.
CIMB FastSaver1.50% p.a.
DBS Multiplier0.90% p.a.
Hong Leong iSavings0.88% p.a.
(till 31 Dec 2022)
Maybank Save Up0.90% p.a.
OCBC 3601.45% p.a.
SCB JumpStart*2.00% p.a.
SCB BonusSaver0.69% p.a.
UOB One1.40% p.a.

*Only those who are 18 and 26 years old are eligible to open a JumpStart account. But, you will be able to keep the account and enjoy the prevailing interest on your balance after you turn 26 years old.

How Much Interest Does $10,000 Earn in a Year?

The answer is that it really depends.

But let’s say you are a young working adult the JumpStart account will give you the highest interest of 2.00% per annum (p.a.) without any hoops to jump through.

If you deposit $10,000 with that account and fulfil the conditions every month for a year, you will get $200 a year.

Where Should I Keep My Savings?

Read on to find out which savings account you should use to store your savings and get some interest.

Click to Teleport

Disclaimer: The information provided by Seedly serves as an educational piece and is not intended to be personalised financial advice. Readers should always do their due diligence, consider their financial goals before committing to any financial product, and consult their financial advisor before making any decisions. Information is accurate as of 11 October 2022.


Bank of China Savings Account: BOC SmartSaver Account

BOC SmartSaver Savings Account Interest Rates

The Bank of China (BOC) SmartSaver is a savings plan for BOC Multi-Currency Savings (MCS) account holders to earn bonus interests on top of the prevailing interests.

The base prevailing interest rate for BOC Savings Accounts ranges from 0.10% – 0.20% p.a., depending on the deposit amount. The more you deposit, the higher the prevailing interest rate.

Here is the base interest rate of the BOC SmartSaver account:

 From 1 August 2020
Below $5,0000.10%
$5,000 to $20,0000.10%
$20,000 to $50,0000.15%
$50,000 to $100,0000.15%
$100,000 and above0.20%

Account holders can stand to earn up to 3.00% p.a. of bonus interest rates on the first $80,000 of their account balance by fulfilling any four categories:

  • Bank of China Credit Card Spend
  • Salary Crediting
  • Bill Payment
  • Wealth Bonus.

In addition, account holders with balances of $80,000 to $1,000,000, can earn up to 0.60% p.a. in bonus interest.

Note that a minimum monthly average effective balance of $1,500 is required to enjoy bonus interests.

BOC SmartSaver Savings Account Bonus Interest Category

Bonus Interest CategoriesFrom 1 August 2020
Wealth
(Select insurance policies with varying min. premium amounts)
1.50% p.a. for 12 consecutive months
Monthly Card Spend on Eligible BOC Debit or Credit Cards0.30% p.a.
(Spend at least $500)
0.50% p.a.
(Spend at least $1,500)
Monthly Salary Crediting0.30% p.a.
(from $2,000 to $6,000)
0.50% p.a.
($6,000 and above)
Bill Payment (Successfully complete 3 bill payments of at least $30 each via GIRO or Internet Banking/ Mobile Banking Bill Payment function ONLY)0.30% p.a.
Extra Savings*0.40% p.a.

*The additional Extra Savings interest only applies to account balances between $80,000 – $1,000,000. You will also need to fulfil any requirements for Card Spend, Salary Crediting or Payment bonus interest.

Also, here is more information you need to know about this account:

  • Minimum initial deposit: $1,500
  • Minimum monthly balance to enjoy bonus interests: $1,500 (You will need to maintain this balance to avoid being charged a $3 monthly fall below fee)
  • Monthly fall below fee: $3
  • Bonus interest cap: $80,000.

Things To Note About the BOC SmartSaver Savings Accounts

Even with “over 200 ATMs” located around Singapore, finding a Bank of China ATM is not easy when you need it.

This is one inconvenience you must deal with when using the BOC SmartSaver.

How To Earn Bonus Interest With the BOC SmartSaver Saving Account?

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

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

Category
(fulfilled monthly)
Interest Rate
Base Interest Rate
($10,000)
0.10% p.a.
Monthly Salary Crediting
($2,000)
0.30% p.a.
Card Spend
($500 a month)
0.30% p.a.
Payment
(3 bills of at least $30 each)
0.30% p.a.
Total Interest1.00% p.a.

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Best CIMB Savings Account: CIMB FastSaver Account

Next up, we have the CIMB FastSaver account, which has increased interest frequently in recent months.

CIMB FastSaver stands out from the crowd with the highest base interest rate from 0.80% to 1.50% depending on your savings amount. You can get up to a total of 4.20% p.a. in interest.

CIMB FastSaver Savings Account Interest Rates

FastSaver Balance Tiers (From 1 September 2022)FastSaver Only Interest RateBoth FastSaver & Visa Signature (min. S$300* card spend per statement month) Interest RateBoth FastSaver & Investment/Insurance Interest RateFastSaver, Visa Signature (min. S$300 card spend per statement month) & Investment/Insurance Interest Rate
First S$10,0001.50%2.20%3.50%4.20%
Next S$15,0001.50%1.50%1.50%1.50%
Next S$25,0002.50%2.50%2.50%2.50%
Next S$25,0003.50%3.50%3.50%3.50%
Above S$75,0000.80%0.80%0.80%0.80%

Which Bank Has No Minimum Balance in Singapore?

One cool thing about CIMB FastSaver is that it is one of the few accounts with no minimum monthly balance requirement. There is no fall below fees either.

  • Minimum Initial deposit: $1,000
  • Minimum monthly balance: $0 (but maintain an account balance of at least $1,000 to get the interest!)
  • Monthly fall below fee: N.A.
  • Bonus interest cap: $75,000

How to Maximise CIMB FastSaver Savings Accounts Interest Earned Based on the Above Criteria

The best thing about CIMB FastSaver is that it is a pretty straightforward savings account.

With the criteria we set out, you will get 2.20% p.a. since we would have applied and spent $300 on a CIMB Visa Signature card.

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Best DBS Savings Account: DBS Multiplier Account

Next, we have Singapore’s biggest bank, DBS and the DBS Multiplier Account.

For some context, Post Office Savings Bank (POSB) now operates as part of DBS.

What is POSB Savings Interest Rate?

If you are still hanging on to your Post Office Savings Bank (POSB) My Account for kids, you might have outgrown it and the paltry 0.05% interest it offers.

Since POSB is now a part of DBS, you can convert your My Account to a DBS Multiplier Account to earn higher interest – up to a whopping 4.10% p.a.!

DBS Multiplier Savings Account Interest Rates (Updated with 1 Nov 2022 Rates)

If you’re currently using the DBS Multiplier account, you’ll be glad to know that the interest rate has been increased across all options! You can now earn up to 4.10% p.a., up from the previous 3.50% p.a.

You can earn bonus interest on Multiplier Account balances via one of these three ways:

Source: DBS

Let’s break it down further.

Option 1:

  • Salary Credit: Credit your monthly salary (Min. $2,000) into your DBS/POSB account via GIRO with transaction code ‘SAL’ or ‘PAY’. The main description in your Statement is “Salary” or “GIRO Salary”. OR
  • Dividends Credit: Credit your dividends into your DBS/POSB account, DBS Wealth Management Account, Supplementary Retirement Scheme (SRS) account or CPF Investment Account (CPFIA)
    • Eligible dividends include:
      • Central Depository Pte Ltd (CDP)
      • DBS Vickers Securities, DBS Online Equity Trading (OET)
      • DBS Unit Trusts
      • DBS Online Funds Investing
      • DBS Invest-Saver. OR
  • Connect SGFinDex to NAV Planner: Connect and share financial information from your other banks and government accounts (CPF, HDB and IRAS) with SGFinDex and request information retrieval of the linked accounts through DBS NAV Planner every month.

In addition to how many and how much transactions you make in the following categories:

  • Credit Card Spend
  • Home Loan Instalments
  • Insurance (only for the first 12 consecutive months)
  • Investments (only for the first 12 consecutive months).

For Option 1, the more categories you transact in and the higher the amount you transact in, the more interest you’ll earn.

Total Eligible Transactions Per MonthMultiplier Bonus Interest Rates
Salary/Dividends/SGFinDex + 1 category
(Up to First $25,000)
Salary/Dividends/SGFinDex + 2 Categories
(Up to First $50,000)
Salary/Dividends/SGFinDex + 2 Categories
(Next $50,001 - $100,000)
<$2,0000.05% p.a.0.05% p.a.0.05% p.a.
≥$2,000 to <$2,5000.90% p.a.1.70% p.a.2.00% p.a.
≥$2,500 to <$5,0001.50% p.a.1.80% p.a.2.20% p.a.
≥$5,000 to <$15,0001.80% p.a.2.10% p.a.2.40% p.a.
≥$15,000 to <$30,0001.90% p.a.2.20% p.a.2.50% p.a.
≥$30,0002.20% p.a.3.00% p.a.4.10% p.a.

Alternatively, you can go down the PayLah route.

Option 2 (Aged 30 and Above):

  • Salary Credit OR Dividends Credit OR Connect SGFinDex to NAV Planner

AND

  • PayLah Retail Spend $500 or more each month for account holders 30 years old and above.

Option 3 (Aged 29 and Below):

  • Salary Credit OR Dividends Credit OR Connect SGFinDex to NAV Planner

AND

  • PayLah Retail Spend: No minimum spend is required for account holders aged 29 years old and below.

Here’s a table that breaks it down further:

Total Monthly TransactionsCapped at First $10,000 in DBS Multiplier Account
Salary/Dividends/SGFinDex + PayLah (Aged 30 and Above)PayLah only (Aged 29 and Below)
>$0 to <$5000.05%0.40%
≥$5000.55%

Also, here are more details about the DBS Multiplier savings account:

  • Minimum initial deposit: $0
  • Minimum monthly balance: $3,000
    • If this is your first account with DBS, open online now, and there will be no minimum average daily balance required.
  • Fall below fee: $5 (fall below fee waived till 29 years old)
  • Bonus interest cap: $100,000

Things To Note About the DBS Multiplier Account

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 transactions in two categories: Credit Card Spend and Home Loan Instalments.

Unless you choose to buy EVEN more insurance and make MORE investments…

How to Maximise DBS Multiplier Interest Earned Based on the Above Criteria

Based on the criteria we set out earlier, you will fulfil the salary credit category and credit card spend or Paylah! Spend categories.

As of 1 August 2022, the option for credit card spending will give us higher interest at 0.90% p.a. compared to Paylah! Spend option at 0.55% p.a.

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Best Hong Leong Bank Savings Account: Singapore Dollar iSavings Account

You can earn interest rates of up to 2.08% p.a. until 31 December 2022 with Hong Leong Bank’s iSavings Account.

Hong Leong Bank iSavings Account Interest Rates

Here are the latest interest rates of the Hong Leong Bank iSavings Account:

Daily BalancePrevailing Rates (p.a.)Bonus Rates* (p.a.)Promotional Rates* (p.a.)
First S$20,0000.30%0.58%0.88%
Next S$30,0000.30%0.58%0.88%
Next S$150,0000.30%1.78%2.08%
Next S$800,0000.30%1.78%2.08%
Above S$1,000,0000.30%1.78%2.08%

*These interest rates are effective from now to 31 December 2022 and apply to individual depositors only. There will be no passbook given for an iSavings account. HL Bank reserves the right to change, vary or revise these interest rates from time to time in its own absolute discretion. 

In addition, here are some important details about the Hong Leong Bank iSavings Account:

  • Minimum initial deposit: $0
  • Minimum monthly balance: $5,000
  • Fall below fee: $5
  • Bonus interest cap: $1,000,000

How to Earn Bonus Interest With the Hong Leong Bank iSavings Account Based on the Above Criteria

The good thing about Hong Leong’s iSavings Account is that earning interest is pretty simple.

With our criteria, we will be getting 0.88% p.a. (until 31 December 2022).

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Best Maybank Savings Account: Maybank SaveUp Account

Maybank SaveUp Interest Rate

If you’re currently using the Maybank SaveUp account, here are the latest interest rates:

Base Interest
0.18% p.a. (first $3,000)

0.20% p.a. (Next $47,000)

0.3125% (Remaining balance above $50,000)
Qualifying ProductBonus Interest
Holds 1 Qualifying Product0.10% p.a.
Holds 2 Qualifying Product 0.70% p.a.
Holds 3 or more Qualifying Product 2.75% p.a.

Also, here are more details about the Maybank SaveUp account:

  • Minimum initial deposit:
    • $500 (Singaporeans/Permanent Residents)
    • $1,000 (Foreigners)
  • Minimum monthly balance: $1,000
  • Monthly fall below fee: $2 (Waived for customers aged 25 and under)
  • Early account closure fee (if you close the account within six months): $30
  • Bonus interest cap: $50,000

How to Maximise Maybank Save Up Interest Earned Based on the Above Criteria

Source: Maybank

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

 Qualifying ProductsMinimum Transaction AmountBonus interest period (Months)
SaveGIRO Payment*
(To other billing organisations)

AND/OR

Salary Crediting*
(Via GIRO or Maybank Payroll)
$300 monthly (GIRO)

AND/OR

$2,000 monthly (Salary)
1 month
SpendCard
(Transact with Maybank Platinum Visa Card and/or Horizon Visa Signature Card)
$500 monthly1 month
InvestStructured Deposits$30,0003 months
Unit Trusts$25,000 cash investments12 months
InsureEtiqa Life Insurance$5,000 in annual premium12 months
BorrowHome Loan (excludes Equity Loan)$200,00012 months
Car Loan$35,000
Renovation Loan$10,000
Education Loan$10,000

*If you meet the minimum salary credit amount and/or the minimum aggregate GIRO debit amount stated in the table above, it will be considered one Qualifying Product.

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

To optimise your interest rate, you’ll basically want to fulfil at least three products and services to clock the maximum interest of 3.06% p.a.

If we stick with the criteria we set out — meaning you only fulfil two products or services — you’ll get 1.01% p.a.

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Best OCBC Savings Account: OCBC 360 Account

Next up, we have the OCBC 360 account.

You can earn an effective interest rate of up to 4.65% p.a. on the first $100,000 in your account.

OCBC 360 Savings Account Interest Rates

Here are the latest bonus interest rates of the OCBC 360 Savings Account:

Account BalanceSalary
(Monthly Salary Credit of at Least $1,800 Through GIRO)
Save
(Increase Your Average Daily Balance by at Least $500 Monthly)
Spend
(Charge at least S$500 to your OCBC 365 Credit Card each month)
Insure
(Purchase an Eligible Insurance Product From OCBC)
Invest
(Purchase an Eligible Investment Product From OCBC)
Grow
(Maintain an Average Daily Balance of at Least S$200,000)
First $75,0002.00%1.20%0.60%1.20%1.20%2.40%
Next $25,0004.00%2.40%2.40%2.40%
Effective Interest Rate*2.50%1.50%0.60%1.50%1.50%2.40%

*For maximum EIR illustration purposes for your first S$100,000:
Salary + Save: You will earn a maximum EIR of 4.50% a year.
Salary + Save + Spend: You will earn a maximum EIR of 4.65% a year.
Salary + Save + Spend + Insure / Invest: You will earn a maximum EIR of 6.15% a year.
Salary + Save + Spend + Insure + Invest: You will earn a maximum EIR of 7.65% a year.

Note: You will earn a base interest of 0.05% p.a. on your entire account balance regardless of whether you fulfil the above categories.

In addition, there are more important details about the OCBC 360 account.

  • Minimum initial deposit: $1,000
  • Minimum monthly balance: $3,000 (fall below fee waived for 1st year)
  • Fall below fee: $2 (fall below fee waived for 1st year)
  • Bonus interest cap: $100,000

How to Earn Bonus Interest With the OCBC 360 Account Based on the Above Criteria

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

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

Like seriously, who has $200,000 lying around in the bank?!

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

  • Credit your monthly salary (Min. $1,800) through GIRO to earn the Salary Bonus
  • Increase your bank balance by at least $500 a month to earn the Save Bonus
  • Spend at least $500 on your OCBC 365 Credit Card each month to earn the Spend Bonus
  • Buy unit trusts or endowment insurance plans from OCBC to build your retirement portfolio and earn the Insure Bonus or Invest Bonus.

Even if you’re unsure about buying insurance or investment products from OCBC, and may not be able to increase your bank balance by $500 per month, here’s how much interest you can earn based on the above criteria with $10,000 in the bank:

Condition
(Fulfilled Monthly)
Interest Rate
Salary Bonus (Credit your salary of at least S$1,800 through GIRO)2.00% p.a.
Spend Bonus
(spend at least $500 on OCBC credit cards)
0.60% p.a.
Base Interest0.05% p.a.
Total Interest2.65% p.a.

Pro-tip: Make sure you leave an extra $500 a month in the bank or you will miss out on 1.20%!

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Best Standard Chartered Savings Account for Youth: JumpStart Savings Account

If you are a young working adult looking to jumpstart your personal finance journey there’s no better savings account than the Standard Chartered (SCB) JumpStart account.

Emphasis on the word young as you need to be between 18 and 26 years old to qualify for a JumpStart account.

But rest assured that once you open a JumpStart account, you will be able to keep it and enjoy the prevailing interest on your balance after you turn 26 years old.

Standard Chartered JumpStart Account Interest Rate

As for interest, you will get to enjoy:

  • 2.00% p.a. interest on your account balances of up to $20,000 (up from 0.50% p.a. previously)
  • 0.10% p.a. interest on account balances above $20,000.

In addition, you can receive an additional 0.50% p.a. step-up interest on deposit balances of up to $20,000 when you perform at least 1 buy transaction on our SC Online Trading platform OR Online Unit Trust platform OR from any Bank Branch in a calendar month.

That’s not all.

You will get 1% cashback on eligible purchases made with the SCB Cashback Debit Card (Mastercard) linked to your JumpStart account. Note that monthly cashback is capped at $60 per account.

There is also no lock-in, minimum spend requirement, salary crediting requirement for the account or annual fees for the linked Cashback debit card.

Standard Chartered JumpStart Account Details

  • Minimum initial deposit: $0
  • Minimum daily balance: $0
  • Monthly fall below fee: $0
  • Bonus interest cap: $20,000.

How to Earn Bonus Interest With the JumpStart Account Based on the Above Criteria

The best part about this card is that you do not have to perform any of the following actions to enjoy the 2.00% on the first $20,000 in your JumpStart account.

  • Has a minimum account balance of $10,000 to enjoy bonus interests and avoid fall below fees
  • Has at least $2,000 in salary credited into the savings account after CPF contributions
  • Spends a minimum of $500 a month via Paylah!, debit or credit cards on daily expenses (e.g. transport and food)
  • Pays at least three bills.

But, if you would like to get the bonus interest you will have to make a monthly investment with SCB,

Best Standard Chartered Savings Account: Standard Chartered (SCB) Bonus$aver Account

Bonus$aver comprises a Bonus$aver account (which is a Current Account) and Bonus$aver World MasterCard credit and/or debit card(s) which may be linked to the Bonus$aver account.

Standard Chartered Bonus$aver Account Interest Rates

You can earn up to 4.88% p.a. interest on your savings for the first $100,000 in your Bonus$aver account when you do any of the following:

  • Credit your salary through GIRO
  • Pay bills online/through GIRO
  • Spend on your Bonus$aver Credit or Debit Card
  • Invest with a Unit Trust
  • Insure with a regular premium insurance policy.
Interest CategoriesInterest Rate
Prevailing Interest Rate0.01% p.a.
Monthly Card Spend
(Inclusive of Prevailing Interest Rate)
0.61% ($500 - $1,999 a month)
1.61% (>$2,000 a month)
Monthly Salary Credit (≥$3,000)1.20% p.a.
Bill Payments (Make Min. 3 Eligible Bill Payments of $50 Each)0.07% p.a.
Invest (Invest in Eligible Products)1.00% p.a.
Insure (Buy Eligible Insurance Products)1.00% p.a.
  • Minimum initial deposit: $0
  • Minimum daily balance: $3,000
  • Monthly fall below fee: $5
  • Bonus interest cap: $100,000

Note: you’ll have to maintain a minimum daily balance of $3,000 in your account to avoid getting charged a fall below fee of $5 per calendar month.

How to Maximise SCB Bonus$aver Interest Earned?

The Standard Chartered BonusSaver account is excellent because it gives you extra interest if you spend more via a Standard Chartered debit or credit card.

But based on the criteria we set out where you’re crediting your salary, spending $500 with your credit card and making three bill payments – you’ll only earn 0.68% p.a.

Yep.

To maximise the account, you need a monthly salary credit of $3,000 and above for a 1.20% bump in the bonus interest rates.

Or you could clock the Invest or Insure category to really see a boost in your bonus interest rate.

So if you aren’t qualifying for multiple categories,

You’re probably better off looking at other savings accounts that can give you better interest rates for less.

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Best UOB Savings Account: UOB One Account

Is the UOB One savings account for you? Here’s what you need to know.

UOB One Savings Accounts Interest Rates

Account Monthly Average Balance (MAB)Spend min. S$500 (calendar month) on eligible UOB Card

Total interest (p.a.)
Spend min. S$500 (calendar month) on eligible UOB Card AND make 3 GIRO debit transactions

Total interest (p.a.)
Spend min. S$500 on eligible UOB Card AND credit your salary via GIRO

Total interest (p.a.)
First S$15,0000.25%0.75%1.40%
Next S$15,0000.25%0.80%1.40%
Next S$15,0000.25%0.85%1.50%
Next S$15,0000.25%0.90%1.50%
Next S$15,0000.25%2.50%2.50%
Next S$25,0000.05%0.05%3.60%
Above S$100,0000.05%0.05%0.05%

Note: the base interest for UOB One is 0.05% p.a.

  • Initial deposit: $1000
  • Minimum monthly balance: $1,000
  • Fall below fee: $5 if the monthly average balance is less than $1,000 (Waived for the first six months for accounts opened online)
  • Bonus interest cap: $100,000

Things To Note About The UOB One Savings Account

To make the most out of the UOB One savings account, you will need to have an account balance ranging from $75,001 – $100,000 to get that 3.60% interest. But this may be prohibitive for most who don’t want to leave so much in their bank accounts.

How Can I Maximise the Uob One Savings Accounts Interest Rate Based on the Above Criteria?

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 debit or credit cards.

The option to pay three bills by GIRO instead of making a monthly salary credit (min. $1,600) means that this is also ideal for those without a steady paycheck (think freelancers and stay-at-home moms)

Based on the criteria we set out, you’ll earn 1.40% p.a. from the UOB One account as you are spending at least $500 per calendar month on an eligible UOB card, crediting your salary and making three GIRO debit transactions a month.

These three actions fulfil the two bonus interest requirements. But since you only have $10,000 in your account, the interest is capped at 1.40%.

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Other Considerations When Choosing the Best Savings Account

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

Which Bank Is Best for New Account Opening?

Don’t leave it as a kid’s savings account and earn the meagre 0.05% p.a. interest when you can upgrade to a high-interest savings account instead.

If you’re lazy to switch banks, you can at least change to the DBS Multiplier.

The application can be made online, and it’ll only take a few 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 on it
  • You will usually have to wait a while when withdrawing money as the queue for DBS or POSB ATMs is generally the longest (since almost everyone’s using them)

Some Seedly Community members have also decided to switch to other banks.

Which Bank Gives 6% Interest on Savings Account?

While interest rates are increasing, and some banks have already begun to increase their interest rates, there’s still no bank that gives the elusive 6% interest on your deposits.

Oh, before you switch your bank accounts.

Make sure to check with your company’s H.R. manager if your monthly salary GIRO credit is under the transaction code: SAL.

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

You should also note that ATMs for foreign banks like the Bank of China and Standard Chartered are usually limited.

This means that cash withdrawals are 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 has given concerning customer service and how easy it is to use their iBanking and mobile banking apps.

Is It Better To Have a Savings Account or Invest?

For reference, the Monetary Authority of Singapore (MAS) Core Inflation in Aug 2022 rose 5.3% year on year (y-o-y), much higher than what the banks offer. This means that the value of your money is still being corroded away.

If you would like to beat inflation, you can consider investing.

But before you start, be sure to get your house in order before you start investing:

How Can I Grow My Savings in Singapore?

You can consider these low-risk investments which some are also SDIC-insured, the same protection that your bank savings accounts have:

But remember to do your due diligence before parking your savings anywhere!

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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.
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