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Guide to Best Savings Accounts with Highest Interest Rate in Singapore 2024

In seeking the best savings accounts with the highest interest rates in Singapore, I’ve conducted thorough research to identify which financial institutions offer the most competitive returns on deposits. With the economic landscape constantly shifting and the multitude of bank offerings, it’s imperative to stay informed about where one can maximise their savings. High-interest savings accounts are a prudent choice for individuals looking to grow their wealth steadily while maintaining access to their funds.

As interest rates vary with market conditions and banks’ internal policies, I have examined the latest rates and account features. I’ve considered factors such as minimum deposit requirements, ease of access, and additional benefits that accompany each savings account. This guide is centred on providing a clear understanding of which accounts stand out in the current market, allowing you to make an informed decision.

The landscape of high-interest savings accounts in Singapore is competitive, with banks frequently updating their offerings to attract savers. By comparing these accounts side by side, I will highlight the key differences and what they mean for your savings goals. Through this analysis, individuals can identify which institutions align best with their financial objectives, ensuring that their hard-earned money works as efficiently as possible for them.

Here are some of our top picks on:

Interest Rates Across Best Savings Accounts in Singapore

Savings AccountMaximum Effective Interest Rate (p.a.)
Standard Chartered Bonus Saver7.88%
OCBC 3607.65%
UOB One5.00%
DBS Multiplier4.10%
Standard Chartered eSaver3.60%
Maybank iSAVvy3.50%
UOB Stash3.00%
Trust Bank3.00%
UOB LockAway2.92%
Standard Chartered JumpStart2.50%
CIMB FastSaver3.50%
DBS DigiVault1.80%
OCBC Frank0.15%
Savings Account Rate as of 12 January 2024

Understanding Savings Accounts in Singapore

In Singapore, savings accounts are a cornerstone of financial planning, aiding individuals in managing their everyday transactions while earning interest. There are several banks to choose from, each offering unique features tailored to diverse financial needs.

Types of Savings Accounts:

  • Basic Savings Accounts: Ideal for primary banking needs with minimal fees.
  • High-Interest Savings Accounts: Provide higher interest rates based on specific conditions such as salary crediting.
  • Multi-Currency Accounts: Allow holding multiple currencies, beneficial for frequent travellers or those dealing with foreign currencies.

Interest Rates: Interest rates on savings accounts in Singapore can vary considerably, and often banks implement tiered interest systems. The rates might increase with larger account balances or specific account activity such as credit card spending or investment holdings.

Fees and Minimum Requirements: It’s imperative to be mindful of potential fees and minimum balance requirements. These can erode earnings from interest if not managed properly. Some accounts may require a minimum balance to avoid a monthly fee or to qualify for better interest rates.

Digital Banking Platforms: My observations on digital banking services have been positive. They usually offer seamless online and mobile banking experiences, which is crucial in the current digital age.

Insurance Protection: Savings accounts in Singapore are protected under the Singapore Deposit Insurance Corporation (SDIC), ensuring the safety of deposits up to SGD 75,000.

Bank Comparison:

Bank NameInterest RatesMinimum Balance
UOB OneUp to 5.0%$1,000
Standard Chartered Bonus SaverUp to 7.88%$3,000
OCBC 360Up to 7.65%$3,000

Before opening an account, I definitely scrutinise the terms and interest earning potential to ensure it aligns with my financial goals.

Comparing High-Interest Savings Accounts

When investigating high-interest savings accounts in Singapore, I analyse several key factors that influence returns. One primary consideration is the base interest rate, which is the guaranteed rate you earn. Equally important is the bonus interest, often tied to certain conditions like credit card spending, salary crediting, or meeting minimum balance requirements.

Here’s a simplified comparison of select high-interest savings accounts:

Bank NameBase Interest RateMaximum Interest RateConditions for Bonus Interest
DBS0.05%up to 4.1%Salary credit, credit card spend, investment or insurance purchase
OCBC0.05%up to 7.65%Salary credit, Increasing account balance, spending on OCBC credit cards, investment or insurance purchase
UOB0.05%up to 5.0%Monthly salary credit, minimum spending on UOB cards

Note: The rates and conditions are subject to change and typically valid as of the last update.

To maximise returns, I assess total relationship balances or the funds pooled across savings, current accounts, and other qualifying financial products. I must also scrutinise the tiered interest structure, as higher balances could unlock elevated rates.

Another aspect I consider is the bank’s digital tools and services, which can simplify meeting bonus criteria and tracking my account’s performance.

I do not account for sign-up promotions that may skew the actual yield in the long term. My focus remains on sustainable features that provide ongoing value.

For a thorough comparison, I evaluate the historical performance and reliability of the bank, preferential rates for specific customer segments, and the seamless integration of accounts into my everyday finances.

Maximising Savings Account Potential

To ensure you’re getting the most out of your savings account in Singapore, it’s crucial to focus on the mechanics that can significantly boost your interest earnings. Here’s how I make sure I’m getting the highest interest rate possible from my savings account.

Optimising Salary Crediting

My first step is always to credit my monthly salary directly into the account. This is a common prerequisite for earning higher interest rates with high-yield savings accounts. Here’s a quick breakdown of how salary crediting can impact interest rates:

  • Salary range: Accounts may offer tiered interest rates based on the amount of salary credited.
  • Direct crediting: It’s usually required that the salary is credited via GIRO to be eligible for bonus interest.

By ensuring my salary is credited into the right account, I am often able to unlock higher interest rates offered by my bank.

Credit Card Spending and Bonuses

I pay attention to any credit card spending requirements linked to my savings account, which can lead to additional bonus interest.

  • Monthly spending tiers: Banks often have tiers that increase the interest rate incrementally based on how much I spend on their credit cards.
  • Specific categories: Sometimes, higher rates apply to spending in specific categories, such as dining or online purchases.

I make sure to use the bank’s credit card for my regular expenses to meet these criteria without overspending.

Meeting Transaction Requirements

Finally, I assess the transaction requirements that might be necessary to maximise the interest on my savings. This could include:

  • Number of transactions: A minimum number of transactions per month can be necessary to qualify for the highest rates.
  • Transaction types: These can range from bill payments, fund transfers, to investment transactions.

I carefully plan my monthly transactions to meet these requirements, using my savings account to handle as many of my financial activities as possible.

Digital Banks Versus Traditional Banks

In comparing digital banks to traditional banks in Singapore, it’s important to consider the distinct advantages each offers, especially regarding savings account interest rates.

Digital Bank Advantages

Digital banks in Singapore, such as Revolut and Standard Chartered’s SC Digital, typically offer higher interest rates for savings accounts compared to traditional banks. Here’s why:

  • Lower operational costs: Digital banks have no physical branches, saving them significant overhead costs, which often translates into better interest rates for their customers.
  • Targeted Services: Focusing on online banking services allows them to streamline their offerings and pass on the benefits, such as higher interest rates, to their customers.

Traditional Bank Benefits

However, traditional banks such as DBS, OCBC, and UOB also bring valuable benefits that should not be overlooked:

  • Established trust: With their long-standing presence, these banks have built a strong reputation and customer trust.
  • Physical branches: They provide face-to-face customer service, which can be crucial for more complex financial inquiries or issues.
  • Wider range of products: Traditional banks typically offer a more comprehensive suite of financial products, catering to diverse needs beyond just savings accounts.

Benefits of High-Interest Savings Accounts

When I consider where to park my savings, high-interest savings accounts stand out due to their several advantages. Enhanced Earnings are one of the primary benefits I notice; the higher the interest rate, the more income generated from my savings without taking on additional risk. This is especially crucial in outpacing inflation, which erodes the value of money over time.

Another advantage is that these accounts offer flexibility. Unlike fixed deposits, I can access my money when needed while still enjoying a higher yield. I find this feature to be fantastic for emergency funds or short-term savings goals.

Motivation to Save increases with high-interest savings accounts, as the prospect of earning more interest encourages me to deposit more money. It’s rewarding to see my savings grow faster, which reinforces my saving habits.

Lastly, high-interest savings accounts often come with perks and bonuses. Banks might offer cashback, rewards points, or preferential rates on loans. To efficiently compare these accounts, here’s a simplified table of benefits:

Enhanced EarningsHigher interest rates lead to more income from savings.
FlexibilityEasy access to funds without sacrificing interest earnings.
Motivation to SaveAttractive interest rates encourage saving more money.
Perks and BonusesAdditional rewards that may come with opening and maintaining an account.

My recommendations always include reviewing the account terms and considering personal financial goals to choose the best high-interest savings account.

Risks and Considerations of Savings Accounts

When considering the best savings accounts for high interest rates in Singapore, I must be mindful of various risks and limitations. These factors can significantly affect the performance and suitability of these accounts to my financial goals.

Interest Rate Fluctuations

Interest rates on savings accounts are subject to change and are often influenced by the monetary policy decisions of the Monetary Authority of Singapore (MAS). I should be aware that the initial high rates advertised may not be permanent. For instance:

  • A promotional rate may apply for a limited period, after which the rate may drop.
  • Tiered interest rates mean that I could earn different rates depending on my account balance.

Monitoring these variations is crucial to ensure that I’m optimising my savings growth continually.

Inflation Impact

The actual purchasing power of my savings can be eroded by inflation. If the interest rate on my savings account is lower than the inflation rate, I effectively lose value over time. Here’s an example:

  • If the savings account interest rate is 1.5% per annum, but the inflation rate is 2% per annum, I’m losing 0.5% in real terms each year.

Being vigilant about the current inflation rate and anticipating changes is important for maintaining the real value of my savings.

Account Limitations

Savings accounts often come with certain restrictions and limitations:

  1. Minimum balance requirements
    • Failure to maintain these can result in penalty fees or a loss of interest earnings.
  2. Withdrawal limits
    • Excessive withdrawals could lead to fees or affect the interest rate tier I fall into.
  3. Deposits criteria
    • Some accounts offer higher rates if I commit to regular monthly deposits.

Understanding these terms and conditions thoroughly is paramount to ensure I’m using the savings account effectively without incurring unforeseen costs.

Application Process for Savings Accounts

In Singapore, applying for a savings account with a high interest rate typically involves several straightforward steps. Eligibility varies by bank, but generally, I must be at least 18 years of age and either a Singaporean citizen, permanent resident, or foreigner with relevant passes.

Firstly, Documentation. Here’s what I’ll usually need:

  • NRIC for citizens and PRs; Passport and Employment Pass/S Pass/Dependent Pass for foreigners
  • Proof of address (e.g., utility bill or bank statement)

Next, the Selection of Account Type. I choose a savings account that aligns with my financial goals and offers the highest interest rate. I consider the various tiered interest rates and whether I can meet the criteria to earn those rates.

Following that, I initiate the Online Application on the bank’s website, which is the most convenient method. I fill out the application form, upload necessary documents, and submit it for approval.

For some banks, I might need to visit a branch to Verify My Documents in person. An appointment may be required, which I can usually book online.

The bank will then Process My Application; this may take a few days. Upon approval, I’ll receive notifications via email or SMS, and my new account details and banking facilities, such as a debit card and online banking access, will be mailed to me or I’ll arrange to pick them up in person.

Future Trends in Savings Accounts

In the landscape of savings accounts in Singapore, I observe two significant trends shaping their future: technological advancements and regulatory changes. These are pivotal as they will influence both the functionality of savings accounts and the opportunities for consumers.

Technological Advancements

Technological innovations are continuously altering the financial sector, with banks in Singapore at the forefront. Open banking has paved the way for more personalised savings products, allowing customers to manage their finances across multiple platforms seamlessly. I anticipate further developments in artificial intelligence (AI) and machine learning, leading to more intuitive savings account features that can predict personal savings habits and recommend optimised savings strategies. Meanwhile, blockchain technology is set to increase security and transparency in transactions, which could translate into more trust in online savings options.

Regulatory Changes

Regulatory frameworks in Singapore are evolving to keep pace with the rapid technological growth in the financial sector. I expect modifications in KYC (Know Your Customer) requirements that could streamline account opening processes. This will likely result in speedier onboarding experiences for savings accounts. Additionally, the focus on financial inclusion is prompting regulators to lower barriers to entry, which may give rise to a broader range of high-interest savings options catered to underbanked segments of the population. It’s also crucial to monitor data protection laws, as they will tighten to secure personal financial data further, impacting how banks handle customer information.


I’ve presented the key factors to consider when searching for the best savings accounts with the highest interest rates in Singapore. It’s crucial to assess:

  • Initial Deposit Requirements
  • Interest Rate Offerings
  • Account Fees
  • Accessibility and Digital Banking Features.

Remember, finding a suitable savings account depends largely on individual financial circumstances and saving goals.

  • Look for accounts offering competitive interest rates that can maximise returns.
  • Be aware of any potential fees that might affect overall savings.
  • Take advantage of digital banking for managing accounts efficiently.

Always read the terms and conditions carefully and stay informed about any changes in interest rates or account features. By keeping these points in mind, I trust you’ll be able to find a savings account that serves your financial needs effectively.