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Joint accounts are convenient. You can forget about the hassle of transferring money to your spouse for bills. They make it easier to co-manage finances with your parents or siblings. And if you opt for a joint-all account, it can also safeguard your non-tech-savvy relatives against the many scammers running rampant these days.



Still, a savings account is a savings account, and interest rates and fees matter. Today, we’ll cover 5 recommendations for joint savings accounts, including:



<ul><li>Interest rates</li><li>Fees and charges</li><li>Minimum deposits and balances</li><li>Any unique perks</li><li>Whom we think they’re best for</li></ul>



<h2 id="h-quick-overview-joint-alternate-vs-joint-all-accounts">Quick Overview: Joint-Alternate vs Joint-All Accounts</h2>



There are two main types of joint accounts in Singapore:&nbsp;



<ol><li>With a joint account (a.k.a. joint-all account), all account holders must agree to a transaction before it’s executed.</li><li>With joint-alternate accounts, either party may execute a transaction independently of consent from all account holders.</li></ol>



The type of joint account you choose depends on the trust between account holders and the type of transactions the account is meant for.&nbsp;



<h2 id="h-best-joint-savings-accounts-in-singapore">Best Joint Savings Accounts in Singapore</h2>



<figure class="wp-block-table vertical-align-top"><table><thead><tr><th>Account</th><th>Annual Interest</th><th>Service Fee</th><th>Minimum Deposit / Balance</th></tr></thead><tbody><tr><td><a href="https://www.dbs.com.sg/personal/deposits/savings-accounts/mysavings-account?pid=sg-dbs-pweb-article-ways-joint-accounts-work-for-couples-singapore-image-textlink-mysavings-account-2" target="_blank" rel="noreferrer noopener nofollow">DBS eMySavings Account</a> with <a href="https://www.dbs.com.sg/personal/deposits/bank-earn/multiplier" target="_blank" rel="noreferrer noopener nofollow">DBS Multiplier</a></td><td>0.05% &#8211; 3%</td><td>S$5</td><td>S$0 / S$3,000</td></tr><tr><td>Bank of China <a href="https://www.bankofchina.com/sg/pbservice/pb1/201001/t20100120_955817.html" target="_blank" rel="noreferrer noopener nofollow">Multi-Currency Savings Account</a> with <a href="https://www.bankofchina.com/sg/pbservice/pb1/202007/t20200731_18212078.html" target="_blank" rel="noreferrer noopener nofollow">SmartSaver Account</a></td><td>0.2% &#8211; 3%&nbsp;</td><td>S$3</td><td>S$1,500 / S$1,500</td></tr><tr><td><a href="https://www.maybank2u.com.sg/en/personal/saveup/save-up-programme.page" target="_blank" rel="noreferrer noopener nofollow">Maybank Save Up</a></td><td>0.15% &#8211; 3%</td><td>S$2&nbsp;</td><td>S$500 / S$1,000</td></tr><tr><td><a href="https://www.uob.com.sg/onecards/uob-one-account.html" target="_blank" rel="noreferrer noopener nofollow">UOB One Account</a></td><td>0.05% to 2.5%</td><td>S$5</td><td>S$1,000 / S$1,000&nbsp;</td></tr><tr><td><a href="https://www.sc.com/sg/save/current-accounts/bonussaver/" target="_blank" rel="noreferrer noopener nofollow">Standard Chartered Bonus$aver</a></td><td>0.01% &#8211; 2.38%</td><td>S$5</td><td>S$0 / S$3,000&nbsp;</td></tr></tbody></table></figure>



<h3 id="h-1-dbs-emysavings-account-with-dbs-multiplier">1. DBS eMySavings Account (with DBS Multiplier)</h3>



Used in combination with the DBS Multiplier, you can earn up to 3% interest (2.5% effective interest) per annum on a balance of up to $100,000. This is arguably the best joint account if you’re looking to hold about that amount in idle cash (say, for a downpayment); the next best option caps the bonus interest at $80,000.



You’ll need to do all your banking, investing, insuring, and spending with DBS (accumulating $30,000 in eligible transactions) to qualify for the highest interest rates, so using this as a joint account would make it easier to hit those requirements.



Account type: Joint-Alternate



Eligibility: At least 18 years old&nbsp;



Minimum deposit: None



Fees: S$5 if average daily balance goes below S$3,000 (for DBS Multiplier)



Current promotion: None.



Whom is it best for: Dual-income families with a DBS credit card, home loan, and investment plan. Crediting both your salaries and taking a home loan through DBS will already make up a significant chunk of the eligible transaction requirement.



<h3 id="h-2-bank-of-china-boc-smartsaver-account">2. Bank of China (BOC) SmartSaver Account</h3>



BOC SmartSaver is a savings plan for its Multi-Currency Savings (MCS) account holders to earn bonus interest. You can earn up to 3% p.a. on balances up to S$80,000.



The SmartSaver is one of the few options that gives you passable interest beyond the recommended balance: you’ll get 0.60% p.a. for balances between S$80,000 and S$1,000,000. Most other accounts on this list will drop you to the base interest rate if you exceed the cap.



You’ll also get a bonus 0.4% interest on that surplus balance by fulfilling requirements for card spending, salary crediting, or making 3 bill payments of at least S$30 each.



This makes Bank of China one of the most generous with their interest, though you’ll have to meet requirements like crediting at least S$6,000 in salaries, spending above S$1,500 on a linked card, and buying an eligible insurance plan.



Account type: Joint



Eligibility: 18 years old and above



Minimum deposit: S$1,500



Fees: <a href="https://www.bankofchina.com/sg/pbservice/pb1/201001/t20100120_955817.html" target="_blank" rel="noreferrer noopener nofollow">S$3</a> if monthly balance falls below S$1,500



Current promotion: None.



Whom is it best for: Those with a large sum of idle cash (e.g. from the sale of property) that they need to keep liquid for the interim.



<h3 id="h-3-maybank-save-up-programme">3. Maybank Save Up Programme</h3>



This account offers the flexibility to spend, invest and save with as high as 3% p.a. interest (2.997% effective interest) for the first S$50,000.



Like other banks, Maybank grants you more bonus interest the more you engage with one of their products. To earn the maximum bonus interest, you’ll have to do at least 3 of the below:



<ol><li>At least S$2,000 in salary credit and/or GIRO payments of S$300 monthly</li><li>Spend at least S$500 monthly with the Maybank Platinum Visa or Horizon Visa Signature Card</li><li>Invest S$30,000 in structured deposits</li><li>Invest S$25,000 in unit trusts</li><li>Purchase insurance with an annual premium of S$5,000</li><li>Take out a home loan of at least S$200,000</li><li>Take out a car loan of at least S$35,000</li><li>Take out a renovation loan of at least S$10,000</li><li>Take out an education loan of at least S$10,000</li></ol>



The lower salary credit and spending requirements here make Maybank a good option for the more frugal.



Account type: Joint



Eligibility: At least 18 years old



Minimum deposit: S$500



Fees: S$2 if monthly balance falls below S$1,000



Current promotion: Receive<a href="https://www.maybank2u.com.sg/en/promotions/deposits/saveup.page?" target="_blank" rel="noreferrer noopener nofollow"> S$150 cash credit</a> for opening and activating a Maybank SaveUp Account online. You’ll need to deposit S$50,000 in fresh funds to be eligible.



Whom is it best for: Consistent savers and investors – especially those looking to get a Maybank Platinum Visa or Horizon Visa Signature Card.



<h3 id="h-4-uob-one-account">4. UOB One Account</h3>



The UOB One Account offers an effective interest rate of 1% for balances of S$75,000, so it isn’t the best option for those looking for the maximum bang for their buck.



But it is the best for being low-maintenance and hassle-free: you won’t have to jump through any hoops just to get the bonus interest.



All you have to do is (1) spend S$500 on your linked UOB card monthly and (2) either credit your salary (min. S$1,600) or make 3 GIRO debit transactions monthly.&nbsp;



Account type: Joint- alternate



Eligibility: At least 18 years old



Minimum deposit: S$1,000



Fees: S$5 if monthly balance falls below S$1,000



Current promotion:&nbsp;



<ul><li>Until 31 July 2022, the first 200 new online applicants per month will receive up to S$130 cash credit (Terms &amp; Conditions apply)</li><li>Until 31 Dec 2022, customers who credit at least S$1,600 in salary to their UOB account will receive S$50 cash credit</li></ul>



Whom is it best for: Those who want a fuss-free savings account with low spending requirements.



<h3 id="h-5-standard-chartered-bonus-aver-account">5. Standard Chartered Bonus$aver Account</h3>



Standard Chartered may not be the most accessible bank locally, but it makes the list because of its international reach. If you’re living abroad and need to retain access to your bank wherever you are, StanChart makes the task a lot easier.



The Standard Chartered Bonus$aver (<a href="https://moneymate.sg/standard-chartered-bonussaver-review">full review</a>) offers a 2.38% effective interest rate on your first S$80,000 – provided you fulfill all five pillars of spending, salary credit, investing, insuring, and bill payments.



Account type: Joint



Eligibility: At least 18 years old



Minimum deposit: None



Fees: S$5 if monthly balance falls below S$3,000



Current promotion: Until 31 May 2022, new applicants who deposit and maintain at least S$50,000 in the account will get an Apple AirPods Pro.



Whom is it best for:



International citizens and account holders who are ready to purchase insurance and invest in Unit Trusts with Standard Chartered.

Best Joint Savings Accounts for Singapore (2022)

Keeping enough in reserves for your loved ones is important to help sustain them should things take an unexpected turn for you. Fortunately, you’re not in this alone because Singapore offers a Dependants’ Protection Scheme (DPS) to serve as a financial cushion for citizens and PRs.



Not sure what the DPS is about? Here are answers to all the questions you may have:



<ol><li><a href="#h-1-what-is-the-dependants-protection-scheme-dps">What is the Dependants’ Protection Scheme (DPS)?</a></li><li><a href="#h-2-who-is-eligible">Who is eligible?</a></li><li><a href="#h-3-is-the-dependants-protection-scheme-compulsory">Is it compulsory?</a></li><li><a href="#h-4-who-administers-the-dps">Who administers the DPS?</a></li><li><a href="#h-5-dependants-protection-scheme-premiums-and-coverage">Dependants’ Protection Scheme: Premiums and Coverage</a></li><li><a href="#h-6-who-benefits-from-the-dps">Who benefits from the DPS?</a></li><li><a href="#h-7-can-you-supplement-the-policy">Can you supplement the policy, and is it worthwhile?</a></li><li><a href="#h-8-what-most-people-don-t-know-about-the-dps">What else should I know about the DPS?</a></li></ol>



<h2 id="h-1-what-is-the-dependants-protection-scheme-dps">1. What is the Dependants’ Protection Scheme (DPS)?</h2>



The DPS is a term life insurance policy that, as of 2022, offers $70,000 sum assured* to your dependants in the event of death, terminal illness, or total permanent disability. It was first issued by CPF in 1989, then later privatised in 2005.



* Only for those 59 and below. If you’re 60 &#8211; 64 years old this year, your sum assured is $55,000.



<h2 id="h-2-who-is-eligible">2. Who is Eligible?</h2>



All Singapore Citizens and PRs get automatic DPS coverage upon their first CPF working contribution. If you didn’t get the automatic coverage, you can <a href="https://www.greateasternlife.com/sg/en/personal-insurance/our-products/life-insurance/dependants-protection-scheme.html#howyoucanapply" target="_blank" rel="noreferrer noopener nofollow">apply to join the DPS</a> via Great Eastern Life.



<h2 id="h-3-is-the-dependants-protection-scheme-compulsory">3. Is the Dependants’ Protection Scheme Compulsory?</h2>



No, you can opt out via a form from Great Eastern Life. However, consider the termination wisely because the DPS is inexpensive (S$18 annually for those 34 and below) and paid automatically via your CPF. This amount won’t make a dent in your retirement savings and is best put into insurance when you’re young and in good health.



<h2 id="h-4-who-administers-the-dps">4. Who Administers the DPS?</h2>



Previously administered by NTUC Income, the DPS is now solely administered by Great Eastern Life with effect from 1 April 2021. This also means Great Eastern Life has taken over all obligations of DPS covers issued under NTUC Income.



<h2 id="h-5-dependants-protection-scheme-premiums-and-coverage">5. Dependants’ Protection Scheme: Premiums and Coverage</h2>



<figure class="wp-block-image size-large"><img loading="lazy" width="1024" height="704" src="https://www.moneymate.sg/wp-content/uploads/2022/05/dependants-protection-scheme-premiums-coverage-1-1024x704.png" alt="Dependants Protection Scheme Premiums and Coverage" class="wp-image-3198" srcset="https://www.moneymate.sg/wp-content/uploads/2022/05/dependants-protection-scheme-premiums-coverage-1-1024x704.png 1024w, https://www.moneymate.sg/wp-content/uploads/2022/05/dependants-protection-scheme-premiums-coverage-1-300x206.png 300w, https://www.moneymate.sg/wp-content/uploads/2022/05/dependants-protection-scheme-premiums-coverage-1-768x528.png 768w, https://www.moneymate.sg/wp-content/uploads/2022/05/dependants-protection-scheme-premiums-coverage-1.png 1028w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



You’ll pay premiums using CPF (deducted automatically every year) based on your age, for the maximum sum assured of S$70,000 up to 59 years old. Afterwards, the maximum sum assured is S$55,000 up to the end of the policy when you turn 65.



<h2 id="h-6-who-benefits-from-the-dps">6. Who Benefits From the DPS?</h2>



DPS is valuable for those who have a family and/or ageing parents who depend on them for financial support. If there’s an unexpected death or disability and the insured is no longer able to provide monetary support, DPS payouts will help to sustain the family for a while.



<h3 id="h-how-to-claim-who-is-eligible-to-claim">How To Claim &amp; Who Is Eligible To Claim?</h3>



Your next of kin can make a claim when they provide proof of your death, terminal illness, or total permanent disability. They’ll get a lump sum of S$70,000 or S$55,000 depending on your age.



If you’ve made a DPS nomination, only the beneficiary(s) you’ve nominated will receive the payout. If you haven’t nominated anyone, the benefits will go to the eligible claimant(s) such as your spouse, parent, child, or sibling.&nbsp;



<h3 id="h-make-a-nomination-with-great-eastern-nomination-form">Make a Nomination with Great Eastern Nomination Form</h3>



To nominate someone as a beneficiary, you can download the <a href="https://www.greateasternlife.com/content/dam/great-eastern/sg/homepage/dps/nomination-form-for-income-grp.pdf" target="_blank" rel="noreferrer noopener nofollow">Great Eastern Nomination Form</a> and then mail the completed form to:



<blockquote class="wp-block-quote">The Great Eastern Life Assurance Company Limited 1 Pickering Street #01-01 Great Eastern Centre Singapore 048659</blockquote>



<h2 id="h-7-can-you-supplement-the-policy">7. Can You Supplement the Policy?</h2>



In certain cases, $70,000 or $55,000 may not be enough to tide your family over – especially if your dependants don’t have an alternative source of income. You can supplement the DPS with enhanced coverage through the <a href="https://www.greateasternlife.com/sg/en/personal-insurance/our-products/life-insurance/gogreat-term-life.html" target="_blank" rel="noreferrer noopener nofollow">GoGreat Term Life</a> plan, which increases your sum assured up to $500,000 until you’re 65.&nbsp;



<h3 id="h-is-it-worthwhile">Is It Worthwhile?</h3>



It depends on your current liabilities and the cash you have to spare. The GoGreat is payable via AXS, bank transfer, PayNow, or credit card. You can’t use your CPF for it, so be prepared to pay up to $357.15 in premiums per year for the maximum sum assured.



That&#8217;s one of the lowest premiums on the market, so it could be worthwhile if your family is heavily reliant on your income.



<figure class="wp-block-image size-large"><img loading="lazy" width="1024" height="453" src="https://www.moneymate.sg/wp-content/uploads/2022/05/gogreat-term-life-plan-great-eastern-1-1024x453.png" alt="GoGreat Term Life Premiums" class="wp-image-3200" srcset="https://www.moneymate.sg/wp-content/uploads/2022/05/gogreat-term-life-plan-great-eastern-1-1024x453.png 1024w, https://www.moneymate.sg/wp-content/uploads/2022/05/gogreat-term-life-plan-great-eastern-1-300x133.png 300w, https://www.moneymate.sg/wp-content/uploads/2022/05/gogreat-term-life-plan-great-eastern-1-768x340.png 768w, https://www.moneymate.sg/wp-content/uploads/2022/05/gogreat-term-life-plan-great-eastern-1-1536x679.png 1536w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



That said, you still have to consider that the GoGreat is a term life insurance plan – meaning you can’t cash it out or surrender the policy early to recoup some of your costs. You’ll have to get a whole life insurance plan if you want that option, but those typically cost more as they also function as a savings and investment plan.



Here are a few factors to consider as you decide whether to supplement the DPS:&nbsp;



<ol><li>The living expenses your family will need to sustain themselves over the next few years</li><li>Any large expenses they’ll need help with, such as academic expenses for the kids, outstanding loans, and credit card debt</li><li>The maximum in premiums you can feasibly put in every year, after accounting for your own savings and living expenses</li></ol>



<h2 id="h-8-what-most-people-don-t-know-about-the-dps">8. What Most People Don’t Know About the DPS</h2>



<h3 id="h-dps-nomination-and-cpf-nomination-are-not-the-same">DPS Nomination and CPF Nomination Are Not the Same</h3>



DPS payouts are not distributed according to your CPF nomination. Even if you want to appoint the same beneficiaries, you’ll still have to make separate nominations for DPS and CPF.



<h3 id="h-increased-dps-coverage-with-effect-from-april-2021">Increased DPS Coverage With Effect From April 2021</h3>



Since April 2021, the DPS coverage has increased from S$46,000 to S$70,000 for those up to 59 years old. Those between 60 and 64 will also get an increased coverage of S$55,000.



<h3 id="h-what-if-there-is-not-enough-cpf-to-pay-for-dps-premiums">What if There Is Not Enough CPF To Pay for DPS Premiums</h3>



DPS premiums are automatically deducted from your CPF Ordinary Account. If there are insufficient funds, the premiums will come out of the Special Account instead. If CPF savings are not an option at all, you can also make a cash top-up directly to the DPS insurer, Great Eastern Life.



<h3 id="h-what-are-the-claim-exclusions-for-dps">What Are the Claim Exclusions for DPS?</h3>



Beneficiaries won’t get DPS payouts if the claim is caused by suicide, a criminal offence punishable by death, or an intentional criminal act. DPS claims also won’t be approved if the insured was already in poor health before the start of the coverage, provided false information, or the claim arose from wars or any warlike operations or participation in a riot.

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