As a student, you’ve got the stress of school and exams to take care of as well as your daily expenses.
The latter probably has you broke AF.
Most of the time, anyways.
And it’s NOT because you’re spending your allowance on the latest sneakers and endless Hai Di Lao excursions.
But because you’re a responsible young adult trying to implement some form of the 50/30/20 Rule with your allowance or meagre salary, which you get from your part-time gigs.
Considering that the interest rates for most savings account are already abysmal (think 0.05% per annum).
It really sucks when your bank levies fall below fees.
Just because you failed to meet the minimum average daily balance.
I mean, c’mon bruv…
Well, to help you avoid this situation and set yourself up for a better financial future.
Let’s find out which is the best savings account for students!
TL;DR: Which Is The Best Student Savings Account?
I’ll be looking at best student savings accounts preferably with:
- Low initial deposit ($1,000 and below)
- Interest rates higher than base 0.05% per annum
- No minimum average daily balance
- No fall below fees
- No need for credit card spend, bill payments, salary crediting or investment
| CIMB Fastsaver | DBS/POSB eMySavings Account | Maybank SaveUp | OCBC 360 | OCBC Frank | OCBC Monthly Savings Account | SCB Jumpstart | UOB One | |
|---|---|---|---|---|---|---|---|---|
| Base Interest (p.a.) | 1% (first $50k) | 0.05% | 0.1875% (first $3k) | 0.05% | 0.05% | 0.05% | 2% (first $20k) | 0.05% |
| Interest (p.a.) | 1.50% (next $25k) 1.80% (next $25k) 0.60% (> $100k) | 0.2% ($300 - $790) 0.25% ($800 - $1,490) 0.25% ($1.5k to $3k) | 0.2500% (next $47k) 0.3125% (>$50k) | Add 0.3% if increase by $500 from previous month (first $35k) | 0.2% (first $10k) 0.3% (next $90k) 0.4% (next $400k) | 0.2% if deposit min $50 & no withdrawals | 0.1% (> $20k) | - |
| Total Interest (p.a.) (assuming $1k initial deposit, $500/month savings) | 1% | 0.2% | 0.1875% | 0.35% | 0.2% | 0.25% | 2% | 1.5% (if spend $500) |
| Minimum Initial Deposit | $1,000 | $500 | $500 | $1,000 | $0 | $0 | $0 | $1,000 |
| Minimum Average Daily Balance | $1,000 | $500 | $1,000 | $3,000 | $1,000 | $500 | $0 | $1,000 |
| Fall Below Fee | No | No | $2 (waived if <25 years old) | $2 (waived first year) | $2 (waived if <26 years old) | $2 (waived first year) | No | $5 |
| Early Closure Fee | $50 (<6 months) | No | $30 (<6 months) | No | No | No | No | $30 (<6 months) |
| Criteria | Singapore Citizens & PR Foreigners | Singapore Citizens & PR | Singapore Citizens & PR Foreigners | Singapore Citizens & PR Foreigners | Singapore Citizens & PR Foreigners | Singapore Citizens & PR Foreigners | Singapore Citizens & PR | Singapore Citizens & PR Foreigners |
| Age Requirement | Min 16 years old | Min 16 years old | Min 16 years old | Min 18 years old | 16 to 25 years old | Min 16 years old | 18 to 26 years old | Min 18 years old |
| ATM Card | $10 (one-time) for application of a new ATM card and/or $10 (one-time) for linking of CIMB FastSaver account to existing CIMB ATM Card | DBS/POSB ATM Card | Maybank ATM Card | QR code cash withdrawal at ATMs | FRANK Debit Card | FRANK Debit Card | Cashback Mastercard debit card - No fees | UOB Debit Card - $18 annual fee - 1st 3 years fee waived - annual fee waived with 12 transactions per year |
| ATM Availability Islandwide | 2 branches | > 100 ATMs 61 branches | 28 ATMs 19 branches | >100 ATMs 48 branches | >100 ATMs 48 branches | >100 ATMs 48 branches | > 100 ATMs 15 branches | >100 ATMs 45 branches |
| Can Apply Online? | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Once You Start Earning A Steady Salary | ||||||||
| Minimum Spend | - | - | Spend min $500: Up to add 2.75% | Spend min $500: Up to add 2% | - | - | - | Spend min $500: Up to 1.5% |
| Salary Crediting | - | - | Salary by GIRO min $2k: Up to add 2.75% | Salary by GIRO min $2k: Up to add 0.6% | - | - | - | Spend min $500 + Salary by GIRO min $2k: up to 3.88% |
| Insurance Or Investment | - | - | Insure or invest: Up to add 2.75% | Insure or invest: Up to add 1.2% | - | - | - | - |
You can also use our Savings Account Calculator to figure out which is the best savings account for yourself!
Find The Best Savings Account For Me!
What Are Fall Below Fees And What’s The Deal With Minimum Average Daily Balance?
A Fall Below Fee is what the bank charges you when your savings account’s Minimum Average Daily Balance (MADB) or Monthly Average Balance (MAB) falls below the stipulated amount.
If you’re wondering how they calculate this, it’s the total sum of your account’s daily balance divided by the total number of days in a month.
From the accounts listed above Fall Below Fees can range from $2 and up.
Let’s say your savings account minimum average daily balance is $1,000.
And you save $200 of your $500 allowance every month, which only comes in at the end of the month.
At the beginning of the month, you decided to withdraw $100 for a friend’s 21st birthday gift.
Even though you deposit $200 at the end of the month and now have $1,100 in your savings account.
You’ll still be hit with the fall below fee…
It might not sound like a lot, but it’ll definitely eat into your savings if you don’t pay attention!
So… Which Is The Best Savings Account For Students?
There isn’t really a straight answer but I’ve listed a few options depending on your situation.
Standard Chartered Bank Jumpstart Savings Account
Best For Most Students
Whether you’re a tertiary student, an undergraduate or a fresh grad looking for your first job.
It’s the only savings account which checks all of the criteria I laid out for the ideal savings account for students.
- Low initial deposit ($0)
- Interest rates higher than base 0.05% per annum (2%)
- No minimum average daily balance
- No fall below fees
- No need for credit card spend, bill payments, salary crediting or investment
It’s a shame that you have to be at least 18 years old to open an SCB Jumpstart Savings Account (would be better if they adjusted it to 16 years old).
And only the first $20,000 in your account enjoys the 2% per annum interest rate – the highest amongst the savings accounts I listed.
CIMB Fastsaver Savings Account
2nd Best For Most Students
After SCB Jumpstart, CIMB Fastsaver offers the next highest interest rate (1% per annum for the first $50,000, and up to 1.8% p.a. for balances above $75,000 to $100,000) with almost no conditions.
All it takes is an initial deposit of $1,000.
And you’ll have to deal with a Minimum Average Daily Balance of $1,000 in order to enjoy the prevailing interest for that given day.
If you fail to meet that, there’s no fall below fee.
As compared to the SCB Jumpstart Savings Account, the CIMB Fastsaver can be opened at least 2 years earlier – at 16 years old (read: more time to collect more interest).
Oh, the fact that there are only two bank branches in Singapore where you can get access to an ATM means that it’s perfect for those who do not have the discipline if they have ready access to an ATM.
DBS/POSB eMySavings Account
Best For Young Students With Small Balances
If you’re 16 years old and just starting out with a small balance.
This account might be ideal as there’s no fall below fee and you’ll earn up to 0.25% interest on balances up to $3,000.
It’s not the best in terms of interest that you can earn.
But at the very least, it’s more than the base 0.05% interest per annum.
OCBC FRANK & OCBC Monthly Savings Account
Best For A Variety Of Situations When You’re Young
Both OCBC FRANK and OCBC Monthly Savings Account are available to you when you’re 16 years old.
The interest rates for both OCBC FRANK and OCBC Monthly Savings Account are also pretty similar for an account balance that is below $10,000 (0.2% to 0.25% per annum).
If you’re looking for a savings account where you’ll never touch the money, the OCBC Monthly Savings Account is a better idea because the additional 0.2% interest per annum is credited only if you deposit a minimum of $50 and make no withdrawals for the month.
Once you have saved up more than $10,000, you can consider switching to the OCBC FRANK account to enjoy the 0.3% interest per annum (0.1% more) on your balance that is above $10,000 to $100,000.
Maybank SaveUp, OCBC 360 & UOB One
Best For Graduates Moving Onto Their First Jobs
The Maybank SaveUp savings account gives up to 0.25% interest (on first $50,000 balance)
OCBC 360 gives 0.35% interest as long as your account increases by $500 from the previous month’s balance.
While UOB One gives 1.5% interest if you can minimally meet the $500 monthly spend criteria.
Even though all three accounts give varying interest rates, their true value shines when you land your first job and start receiving a steady paycheck (minimum $2,000 a month).
That’s when you’ll probably have some discretionary income to spend (minimum $500 a month) on daily necessities.
If you can meet the various criteria, it’ll push up your savings account interest:
Maybank SaveUp goes up to 3% interest.
OCBC 360 goes up to 3.45% interest
UOB One goes up to 3.88% interest.
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