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Best Saving Account Singapore (2022): Which Bank Is Best for Monthly Interest?

profileMing Feng

Which Bank Account Is Best for Savings in Singapore? Where Should I Keep My Savings?

2020 – 2021 have not been the best of years if you stashed your money away in high-interest savings accounts.

As the world reels from the impact of COVID-19, central banks worldwide have been cutting their benchmark rates after the U.S. Federal Reserve cut interest rates to near-zero.

The Fed also recently announced that it will keep interest rates near zero until 2023.

As such, interest rates from these so-called higher interest savings accounts have been slipping and falling like this penguin:

Source: Giphy

With banks changing their interest rates multiple times this year, you might find it hard to keep track of the changes.

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

Here’s all you need to know!

Note that information is accurate as of 12 February 2022.


TL;DR: Best Savings Account Singapore (2022) — Which Savings Account Earns Most Money?

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

  • Has a minimum account balance of at least $5,000 to enjoy bonus interests and to 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 debit or credit card on daily expenses (e.g. transport and food)
  • Pays at least three bills.

Note that we will take it that the confirmed changes to the savings account interest rates have already been implemented for this comparison.

Which Bank Has the Best Interest Rate in Singapore?

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

Savings AccountInterest Earned
Bank of China SmartSaver1.0% p.a.
CIMB FastSaver0.30% p.a.
DBS Multiplier0.40% p.a.
Maybank Save Up0.92% p.a.
OCBC 3600.45% p.a.
UOB One0.50% p.a.
SCB JumpStart0.40% p.a.
(If under 26 years old)
SCB BonusSaver0.28% p.a.

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

Bank of China SmartSaver will give you the highest interest of 1.03% per annum (p.a.).

If you deposit $10,000 with that account and fulfil the conditions every month for a year, you will get $100 a year.

Which Bank Account Gives the Most Interest?

For a more universal comparison that applies to most, you can refer to the table below to estimate how much interest you can potentially get with your savings and spending habits:

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 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

Unlike other comparison sites, we’ve excluded short-term promotions from this comparison as the perks don’t last long.

Because once the promo expires, you’ll be stuck with an interest rate that’s not the most ideal.

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 own due diligence and consider their financial goals before committing to any financial product and consult your financial advisor before making any decisions.


Where Should I Keep My Savings?

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

Click to Teleport

Bank of China Savings Account: BOC SmartSaver Account

BOC SmartSaver Savings Account Interest Rates (From 1 August 2020)

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 range 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% p.a. of bonus interest rates on the first $80,000 of your account balance by fulfilling any four categories of:

  • 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 is only applicable to account balances between $80,000 – $1,000,000. You will also need to fulfil any of the 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, it’s not easy to find a Bank of China ATM when you need it.

This is one inconvenience you have to deal with when using the BOC smart saver.

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

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.

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.
Card Spend
($500 a month)
0.30% p.a.
Monthly Salary Crediting
($2,000)
0.30% p.a.
Payment
(3 bills of at least $30 each)
0.30% p.a.
Total Interest1.0% p.a.

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Best CIMB Savings Account: CIMB FastSaver Account

Next up, we have the CIMB FastSaver account.

CIMB FastSaver Savings Account Interest Rate (From 1 July 2021)

Account BalanceFastSaver Only Interest RateBoth FastSaver AND Visa Signature Interest Rate
First $10,0000.30% p.a.1%*
Next $65,0000.30% p.a.0.30% p.a.
Above $75,0000.15% p.a.0.15% p.a.

*To enjoy 1% p.a. interest on the first S$10,000 in your account, simply apply for both the CIMB FastSaver savings account and the CIMB Visa Signature credit card. Note that the Promotion and bonus interest is only available from 1 July 2021 to 30 June 2022

Which Bank Has No Minimum Balance in Singapore?

Another cool thing about CIMB FastSaver is that it is one of the few accounts with no minimum monthly balance requirement. There are 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 Above Criteria

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

You basically get 0.30% p.a. interest on everything up to $75,000, and there’s no fall below fee either.

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

0.30% p.a.

See?

Simple.

But unfortunately, there are no ways to earn bonus interest.

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Best DBS Savings Account: DBS Multiplier Account

Next up, we have Singapore’s biggest bank, DBS and their 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 have the option to convert your My Account to a DBS Multiplier Account to earn higher interest – up to 3.8% p.a.!

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

If you’re currently using the DBS Multiplier account, you probably would have heard of the latest changes to the interest rates that will take effect from 1 January 2022.

Sadly, this means that the bonus interest you can earn on top of the account’s nominal base interest rate of 0.05% p.a. has dropped.

But no worries, you can still 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 <$2,5000.40% p.a.0.60% p.a.1.20% p.a.
≥$2,500 to <$5,0000.40% p.a.0.70% p.a.1.40% p.a.
≥$5,000 to <$15,0000.50% p.a.0.80% p.a.1.60% p.a.
≥$15,000 to <$30,0000.50% p.a.1% p.a.1.70% p.a.
≥$30,0000.60% p.a.2% p.a.3% 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 of $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: There is no minimum spend required for account holders aged 29 years old and below.

Here’s a table that breaks it down further:

Total Monthly Transactions  Capped at First $10,000 in DBS Multiplier Account
Salary/Dividends/SGFinDex + PayLah (Aged 30 and Above) PayLah only (Aged 29 and Below)
>$0 to <$500 0.05% 0.3%
≥$500 0.4%

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

  • 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 Above Criteria

Based on the criteria we set out earlier, you will fulfil the salary credit category, and credit card spend category. Here is how much interest you can earn after 1 January 2022:

Category
(fulfilled monthly)
Amount TransactedInterest Rate (p.a.)
Income$2,000 through GIRO (salary or dividends from CDP)0.40%
Credit Card Spend$500 through a DBS credit card
Total Interest0.40%
Source: DBS,/em>

If you take up a home mortgage loan or invest with DBS as well.

Then you’ll probably be able to push that interest up from 0.40% to 0.60% p.a.

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Best Maybank Savings Account: Maybank SaveUp Account

Maybank SaveUp Interest Rate (From 1 May 2021)

FYI: If you’re currently using the Maybank SaveUp account, here are the latest interest rates as of 1 May 2021.

 Interest (From 1 May 2021)
Base Interest0.15% p.a. (first $3,000)

0.25% p.a. (Next $47,000)

0.25% (Remaining balance above $50,000)
Bonus Interest
1 product or service 0.10% p.a.
2 products or services0.70% p.a.
3 products or services2.75% p.a.
  • 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 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
InsureRegular Premium 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 best optimise your interest rate, you’ll basically want to fulfil at least three products and services to clock the maximum interest of 3.00% p.a.

If we stick with the criteria we set out — meaning you only fulfil two products or services — you only get 0.92% p.a.

Source: Maybank

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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 2.38% p.a. and more on the first $75,000 in your account.

OCBC 360 Saving Account Interest Rates (Updated with 1 October 2020 Rates)

OCBC 360 has revised their interest rates recently.

The interest rate shown in the table below will be the interest rate effective 1 January 2022.

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.

How To Earn Bonus Interest on 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)
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 $25,0000.30%0.10%0.30%0.30%0.40%
$25,001 - $50,0000.60%0.20%0.60%0.60%
$50,001 - $75,0001.20%0.40%1.20%1.20%
Effective Interest Rate (EIR)*0.70%0.23%0.70%0.70%

*For maximum EIR illustration purposes for your first S$75,000:
Salary + Save: You will earn a maximum EIR of 0.98% a year.
Salary + Save + Insure / Invest: You will earn a maximum EIR of 1.68% a year.
Salary + Save + Insure + Invest: You will earn a maximum EIR of 2.38% a year.

In addition, here 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: $75,000

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

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.

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 at your monthly salary (Min. $1,800) through GIRO to earn the Salary Bonus
  • Increase your bank balance at least $500 a month to earn the Save 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, here’s an example of how much interest you can earn based on the above criteria with $10,000 in the bank:

Condition
(Fulfilled Monthly)
Interest Rate
Salary Bonus 0.30% p.a.
Save0.10% p.a.
Base Interest0.05% p.a.
Total Interest0.45% p.a.
Source: OCBC

Also, we thought it would be essential to mention that many OCBC bank account holders recently lost millions to phishing scams. The bank made ‘goodwill payouts’ to the victims of the scams but do note that it is a one-off gesture and does not set a general precedent for future cases.

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

Bonus$aver comprises of a Bonus$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 (Updated with 1 January 2022 Rates)

Before we get into it, you should know that the BonusSaver bonus interest rates were revised recently.

You can earn up to 2.38% p.a. interest on your savings for the first $80,000 in your Bonus$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.

The interest rate shown in the table below will be the interest rate effective 1 January 2022.

Interest CategoriesInterest Rate
Prevailing Interest Rate0.01% p.a.
Monthly Card Spend
(Inclusive of Prevailing Interest Rate)
0.21% ($500 - $1,999 a month)
0.41% (>$2,000 a month)
Monthly Salary Credit (≥$3,000)0.10% p.a.
Bill Payments (Make Min. 3 Eligible Bill Payments of $50 Each)0.07% p.a.
Invest (Invest in Eligible Products)0.90% p.a.
Insure (Buy Eligible Insurance Products)0.90% p.a.
  • Minimum Initial deposit: $0
  • Minimum daily balance: $3,000
  • Monthly fall below fee: $5
  • Bonus interest cap: $80,000

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 S$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 a paltry 0.28% p.a.

Yep.

To maximise the account, you will need to have a monthly salary credit of $3,000 and above for a small 0.10% 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 drawing that kind of pay or looking to spend that kind of money.

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

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Best Standard Chartered Savings Account: Standard Chartered (SCB) JumpStart Savings Account 

Standard Chartered JumpStart Saving Accounts Interest Rates (Updated With 1 January 2021 Rates)

FYI: From 1 January 2021, you get 0.40% p.a. interest on the Standard Chartered Jumpstart account balances up to $20,000 year-round.

And any incremental balances above $20,000 will receive 0.10% p.a.

The only catch? You need to be between 18 and 26 years old.

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

How to Maximise SCB JumpStart Savings Accounts Interest Earned?

The Stan Chart JumpStart account is pretty straightforward.

Based on the criteria we set out, you’ll earn 0.40% 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 0.10% p.a. interest.

Unfortunately, there are no ways to earn bonus interest.

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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 (From 1 January 2022)

The interest rate shown in the table below are the interest rates for the UOB One savings account as of 1 January 2022.

Account Balance in your UOB One Account (SGD)Spend Min. S$500 (Calendar Month) on Eligible UOB Card

Total interest
Spend Min. S$500 (Calendar Month) on Eligible UOB Card
AND
Credit Your Salary
OR
Make 3 Giro Debit Transactions

Total Interest
First $15,0000.25% p.a.0.50% p.a.
$15,001 - $30,0000.25% p.a.0.55% p.a.
$30,001 - $45,0000.25% p.a.0.65% p.a.
$45,001 - $60,0000.25% p.a.0.80% p.a.
$60,001 - $75,0000.25% p.a.2.50% p.a.
$75,001 - $100,0000.05% p.a.0.05% p.a.

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

  • Initial deposit: None
  • Minimum monthly balance: $1,000
  • Fall below fee: $5 if monthly average balance is less than $1,000 (Waived for first six months for accounts opened online)
  • Bonus interest cap: $75,000

Things To Note About The UOB One Savings Account

To really make the most out of the UOB One savings account, you will need to have an account balance ranging from $60,001 – $75,000 to get that 2.5% 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 0.50% 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 0.50%.

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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 were a kid.

Which Bank Is Best for New Account Opening?

Don’t leave it in a kids 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 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 on it
  • You will usually have to wait a while when withdrawing money as the queue for DBS or POSB ATMs are 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?

In a low-interest-rate environment, most banks are probably affected, resulting in changes to their consumer products. As such, there are currently no banks that offer 6% interest rates on savings accounts.

This is also one of the main reasons we see various updates that will start from January 2020 onwards.

.

.

.

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 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 December 2021 rose 2.1% year on year (y-o-y), up from 1.6% y-o-y in November 2021.

That is much higher than what the banks offer.

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?

Once you are ready, you can refer to our beginner’s guide to investing and start growing your savings:

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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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