Editor’s Note: Updated 4 Aug 2022 to reflect that DBS has increased the interest rates on its Multiplier account.
Locking your money in a savings account seems like a great way to curb excessive spending.
It’s not so great when the interest is a measly 0.05%.
But with a bit of planning, you might be able to get up to 3% interest per year. If you’re looking for new ways to put your idle cash to work, consider these five savings accounts with high interest rates:
5 Best Savings Accounts in Singapore
| Types of Savings Account | Interest Rates Per Annum | Fall Below Fee | Minimum Deposit / Balance |
|---|---|---|---|
| DBS Multiplier | 0.05% – 3.5% (3% for first S$100,000) | S$5 | S$0 / S$3,000 |
| Maybank Save Up | 0.15% – 3% (3% for first S$50,000) | S$2 | S$500 / S$1,000 |
| OCBC 360 | 0.05% to 2.38% (2.38% for first S$75,000) | S$2 | S$1,000 / S$3,000 |
| Standard Chartered Bonus$aver | 0.01% – 2.38% (2.38% for first S$80,000) | S$5 | S$0 / S$3,000 |
| UOB One | 0.05% to 2.5% (2.5% for first S$75,000) | S$5 | S$1,000 / S$1,000 |
Interest rates usually increase the more you save, invest, and pay using a single bank. The more you use a particular bank’s services, the higher your interest earned. It’s that simple.
We’ll detail the requirements for each account and how to maximise your earned interest:
1. DBS Multiplier Account
If you prefer to #supportlocal, the DBS Multiplier Account is an ideal option. This nets you up to a 3% Effective Interest Rate (EIR) per year if you have S$100,000 in savings.
Eligibility: Anyone age 18 and above
Minimum deposit: None
Fees: S$5 service charge if your average daily balance goes below S$3,000, waived for those aged 29 and under
How to maximise interest:
- Credit your salary/dividends or connect SGFinDex to your account
- Make transactions in any 3 of these categories:
- Credit card spend
- Home loan instalments
- Insurance premiums
- Investments
- Make sure your total eligible transactions (including salary credit) are >S$30,000 per month
- Save up to S$100,000 in the Multiplier account
Current promotion: None
Whom is it best for: Those with alternative sources of income (such as rentals or dividends). The DBS Multiplier has no minimum salary crediting requirement, so you can maximise your interest as long as you can rack up S$30,000 in eligible transactions.
2. Maybank Save Up Programme
The Maybank Save Up Programme has the lowest minimum daily balance requirement of the 5 accounts we’ve shortlisted. Even better: it’s one of only two accounts offering the highest interest (3%) on the first S$50,000 in savings.
Eligibility: Anyone age 18 and above
Minimum deposit: S$500
Fees: S$2 service charge if your average daily balance goes below S$1,000, waived for those aged 25 and under
How to maximise interest:
- Get a SaveUp Account and deposit at least S$3,000. You’ll earn 0.15% base interest p.a. on the first S$3,000 and 0.25% p.a. on the next S$47,000
- Select 3 out of the 9 banking products and services to earn 2.75% bonus interest:
- GIRO payment and/or salary crediting
- Transact with Maybank Platinum Visa Card and/or Maybank Horizon Visa Signature Card
- Structured deposits
- Unit trusts
- Regular premium insurance
- Renovation loan
- Home loan
- Study loan
- Car loan
- Save up to S$50,000 in your Maybank account
Here’s the breakdown of the bonus interest you’ll get with the Save Up Programme:
| Bonus Interest Rates | |
|---|---|
| One product or service | 0.1% |
| Two products or services | 0.7% |
| Three or more products or services | 2.75% |
This option works best if you’re planning to apply for a Maybank credit card or take up a loan, as these are the fastest ways to earn bonus interest.
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: Those who intend to take up a Maybank credit card or eligible Maybank loan.
3. OCBC 360 Account
Targeted at young working adults, the OCBC 360 Account is an upgraded version of the OCBC Frank Account. The 360 Account gives you far more bonus interest than the Frank Account, particularly if you credit your salary and increase your balance by at least S$500 every month.
Eligibility: Anyone age 18 and above
Minimum deposit: S$1,000
Fees: S$2 service charge if your average daily balance goes below S$3,000, waived for the first year
How to maximise interest:
You’ll get a base interest rate of 0.05% on your savings. With every added banking product or service, you’ll earn more interest. Here’s the breakdown:
| First S$25,000 | Next S$25,000 | Next S$25,000 | Effective Interest Rate (EIR)* | |
|---|---|---|---|---|
| Credit salary (S$1,800 or more) | 0.3% | 0.6% | 1.2% | 0.7% |
| Increase average daily balance(save S$500 or more per month) | 0.1% | 0.2% | 0.4% | 0.23% |
| Purchase an eligible insurance plan | 0.3% | 0.6% | 1.2% | 0.7% |
| Invest in an eligible product | 0.3% | 0.6% | 1.2% | 0.7% |
| Maintain an average daily balance of S$200,000 or more | 0.4% | 0.4% | 0.4% |
Let’s say you have S$75,000 in the account. Here’s how your bonus interest stacks up if you fulfil 2 to 4 requirements:
- Salary + Save: A maximum of 0.98% per year
- Salary + Save + Insure or Invest: A maximum of 1.68% a year
- Salary + Save + Insure + Invest: A maximum of 2.38% a year
Current promotion: Sign up for a new OCBC Debit Card online and spend at least S$500 in the first month to receive rebates on the first 5 transactions, capped at S$10 each.
Whom is it best for: Consistent savers who can put away at least S$500 in savings every month.
4. Standard Chartered Bonus$aver Account
With a surprisingly low 0.01% base interest rate, this savings account is designed for big users of banking products. Salary crediting, card spending, investing, insuring, and bill payments will get you up to 2.38% annual interest.
Eligibility:
- Age 18 and above for the Bonus$aver account and Debit Card
- 21 to 65 years old for the Bonus$aver account and Credit Card
Minimum deposit: None
Fees: S$5 service charge if your average daily balance goes below S$3,000
How to maximise interest:
Getting the maximum 2.38% annual interest requires you to fulfill 5 extra requirements. Here’s the bonus interest you can get on your first S$80,000:
| Bank Products and Services | Bonus Interest Rates |
|---|---|
| Spend S$500 to S$1,999 on your credit card Spend S$2,000 or more on your credit card | 0.21% 0.41% |
| Credit at least S$3,000 monthly salary | 0.1% |
| Purchase insurance with minimum S$12,000 in annual premiums | 0.9% |
| Invest at least S$30,000 in an eligible Unit Trust | 0.9% |
| Make bill payments of at least S$50 each per month via GIRO or online banking | 0.07% |
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 (worth S$379).
Whom is it best for: High earners (and spenders!) who are ready to invest, insure, and spend with Standard Chartered.
5. UOB One Account
Compared to the other 4, the UOB One Account is straightforward. You can earn up to 2.5% interest annually without having to buy insurance and investments with UOB. All it takes is spending S$500 on a UOB card and crediting your salary (or setting up GIRO payments), which you can automate at the start.
Eligibility: Anyone age 18 and above
Minimum deposit: S$1,000
Fees: S$5 service charge if your average daily balance goes below S$1,000, waived for first 6 months if account is opened online.
How to maximise interest:
To earn 2.5% interest annually, you’ll need to:
- Spend at least S$500 monthly on an eligible UOB debit or credit card
- Credit salary of at least S$1,600 per month OR make 3 GIRO transactions monthly
You’ll need at least S$75,000 to get that maximum 2.5% annual interest. Otherwise, here’s how much bonus interest you’ll get:
| Account Balance | Minimum card spend of S$500 | Minimum card spend of S$500 & credit card at least S$1,600 salary OR make 3 GIRO payments |
|---|---|---|
| First S$15,000 | 0.25% | 0.5% |
| Next S$15,000 | 0.25% | 0.55% |
| Next S$15,000 | 0.25% | 0.65% |
| Next S$15,000 | 0.25% | 0.8% |
| Next S$15,000 | 0.25% | 2.5% |
| Above S$75,000 | 0.05% | 0.05% |
Current promotion (ends 30 April 2022):
- New applicants who apply for a UOB One Account and complete a PayNow transaction via UOB TMRW will get S$10 cash credit.
- New applicants will get an extra S$50 cash credit when you deposit S$5,000 in fresh funds within the first month. Limited to the first 200 customers per calendar month.
Whom is it best for: Those who want a fuss-free savings account.
Which Savings Account Should You Go With?
Here’s a quick summary:
| Savings Account | Best For | Interest Rate |
|---|---|---|
| DBS Multiplier | Those with alternative sources of income (such as rentals or dividends) and who can rack up S$30k in eligible transactions monthly | Up to 3% on $100k |
| Maybank Save Up | Those intending to take up an eligible Maybank card or loan | Up to 3% on $50k |
| OCBC 360 | Consistent savers who can put away at least S$500 every month | Up to 2.38% on $75k |
| Standard Chartered Bonus$aver | Moderately high earners (>S$3k monthly) and spenders who are ready to invest, insure, and spend with Standard Chartered | Up to 2.38% on $80k |
| UOB One | Those who want a fuss-free savings account | Up to 2.5% on $75k |