Best Joint Savings Accounts for Singapore (2022)

Priscilla Lee

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:

  • Interest rates
  • Fees and charges
  • Minimum deposits and balances
  • Any unique perks
  • Whom we think they’re best for

Quick Overview: Joint-Alternate vs Joint-All Accounts

There are two main types of joint accounts in Singapore: 

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

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

Best Joint Savings Accounts in Singapore

AccountAnnual InterestService FeeMinimum Deposit / Balance
DBS eMySavings Account with DBS Multiplier0.05% – 3.5%S$5S$0 / S$3,000
Bank of China Multi-Currency Savings Account with SmartSaver Account0.2% – 3% S$3S$1,500 / S$1,500
Maybank Save Up0.15% – 3%S$2 S$500 / S$1,000
UOB One Account0.05% to 2.5%S$5S$1,000 / S$1,000 
Standard Chartered Bonus$aver0.01% – 2.38%S$5S$0 / S$3,000 

1. DBS eMySavings Account (with DBS Multiplier)

Used in combination with the DBS Multiplier, you can earn up to 3.5% interest (3% 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 

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.

2. Bank of China (BOC) SmartSaver Account

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: S$3 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.

3. Maybank Save Up Programme

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:

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

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 S$150 cash credit 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.

4. UOB One Account

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. 

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: 

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

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

5. Standard Chartered Bonus$aver Account

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 (full review) 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.