The 6 Best Savings Accounts in Singapore

Best Savings Account Singapore

Looking for a good savings account in which to bank your cash for a rainy day? Then we suggest that you try the best savings accounts in Singapore.

Saving money isn’t easy, but when you’re protected by the best savings accounts in Singapore, you will be more motivated to manage your expenses wisely. With the best accounts, you get a decent interest rate, easy application, and other perks.

If you don’t know where to find such savings accounts, you’ve come to the right place. Today, we’re listing down the ones we think are worthy of everyone’s attention.

 

1.  DBS My Account

DBS My Account's Page

BEST FOR  First time account holders
INTEREST RATE 3.8%
INITIAL DEPOSIT No initial deposit required
MINIMUM BALANCE No minimum balance
WEBSITE https://www.dbs.com.sg/personal/deposits/savings-accounts/my-account#

If you want a savings account that can be customised according to your preference, then the DBS My Account would be an ideal match for you. It’s pretty easy to apply for this savings account as there’s no age requirement or minimum deposit.

Ideal for parents, it enables you to connect your account to your child’s savings account, allowing them to save their unused allowance. In addition, having access to your account has never been easier with their over 150 digital banking services.

If there’s one thing we love about this saving account, it is the daily interest feature. As long as you regularly insert money into your account, your savings can increase almost every day!

Highlights

  • No minimum balance
  • No age requirement
  • Online banking
  • Daily interest rate

 

2.  OCBC 360 Account

OCBC 360 Account's Page

BEST FOR  Working adults
INTEREST RATE 3.45%
INITIAL DEPOSIT $1,000
MINIMUM BALANCE $3,000
WEBSITE https://www.ocbc.com/personal-banking/accounts/360-account.html

If you have extra cash on hand, then you should definitely consider getting an OCBC 360 Account. 

If you deposit more than $35,000 in cash, then you get to enjoy a higher interest rate. This is because of its tiered interest system, which benefits people who deposit large amounts of cash.

Applying for this one is as easy as counting to three too. As long you’re 18 and above and can prove that you’re a Singapore resident, then you’re pretty much good to go.

Highlights

  • High interest rate
  • Great bonus rates
  • Easy application process

 

3.  Standard Chartered Bonus Saver

Standard Chartered Bonus Saver's Page

BEST FOR  High interest rates
INTEREST RATE 3.88%
INITIAL DEPOSIT $3,000
MINIMUM BALANCE $3,000
WEBSITE https://www.sc.com/sg/save/current-accounts/bonussaver/

Like the previous option, Standard Chartered Bonus Saver offers higher interest rates to larger depositors. 

If you deposit an amount not less than $100,000, you can earn up to 3.88% interest while you consolidate your expenses, bills, and salary credit using this account.

If you don’t like having to use different cards in shopping and paying your dues, then the Standard Chartered Bonus Saver is the ideal account for you. 

Every time you have a transaction using this card, you receive a bonus to your interest rate. This increases, the more transactions you have.

Singapore residents and even foreigners can easily apply for this savings account. As long as you’re 21 and above and can provide proof of stable income, then applying wouldn’t be a hassle.

Highlights

  • Easy application process
  • Online banking
  • Convenient withdrawals
  • Easy account management

 

4.  Bank of China Smart Saver

Bank of China Smart Saver's Page

BEST FOR  Bonus interest rates
INTEREST RATE 3.4%
INITIAL DEPOSIT $1,500
MINIMUM BALANCE $1,500
WEBSITE https://www.bankofchina.com/sg/pbservice/pb1/201611/t20161130_8271280.html

Bank of China may be known as a bank with inconvenient services sometimes… but if you really want a bank that offers interest rates higher than most banks in Singapore, then they might be the one for you. 

You can earn an interest rate of up to 3.55% when you use your account to pay your bills and credit your salary.

There aren’t a lot of special features that go along with this card, but it frequently rewards users with bonus interest rates. For example, you can enjoy a 0.60% bonus interest rate when you’ve accomplished at least one of their requirements for card spending.

If you complete at least 3 bill payments amounting to $30 each, you’re entitled to another bonus to your interest rate of 0.35%. And those are just a fraction of the rewards given to their account holders!

Highlights

  • Frequent rewards
  • High interest rates
  • Extra savings interest

 

5.  Citi MaxiGain Savings Account

Citi MaxiGain Savings Account's Page

BEST FOR  Exclusive privileges
MAXIMUM INTEREST RATE 2.2%
INITIAL DEPOSIT $10,000
MINIMUM BALANCE Not stated on its website
WEBSITE https://www.citibank.com.sg/gcb/landing_page/deposits/interestplus-account-maxgain.htm?ecid=AFMSDSGMGAENLIAP

As one of the leading banks on the island, Citibank has various saving accounts but we think that its MaxiGain is the best. It may have a higher initial deposit compared to other banks, but you will get to enjoy a handful of bonus interests and privileges once your account has been completely settled.

Every savings account also comes with a convenient mobile banking app that allows you to monitor your account and do transactions with just a click on your phone. 

One of the things we love about this savings account is that every account holder has global banking benefits too. This means they get to transfer money anywhere in the world and use Citibank’s ATMs around the world.

In addition, every account holder is also entitled to various perks and privileges such as discounts to chosen items and restaurants.

Highlights

  • Easy application
  • With perks and privileges
  • Convenient mobile banking

 

6.  DBS Multiplier Account

DBS Multiplier Account's Page

BEST FOR  Foreign transactions
MAXIMUM INTEREST RATE 3.8%
INITIAL DEPOSIT $3,000
MINIMUM BALANCE $3,000
WEBSITE https://www.dbs.com.sg/personal/deposits/bank-earn/multiplier

With an interest rate that goes as high as 3.8%, DBS Multiplier Account is the savings account to get if you want your money to increase as it sits with your bank. 

Unlike other banks, it doesn’t require account holders to have a minimum salary credit or credit card spend as long as your monthly transactions amount to $2,000.

It’s also the most convenient savings account to have when making regular transactions overseas. Account holders can save, invest, remit, and transfer funds overseas at zero or lower fees — what’s not to love about this savings account?

Highlights

  • Easy overseas transaction
  • Zero to low overseas fees
  • No foreign exchange fees

 

And that’s it for our list of the best savings accounts in Singapore worth checking out. Saving money is now going to be easy when you have any of these savings accounts to help you manage your expenses. 

Do you think that there’s another savings account that deserves to be on our list? If so, tell us its name and what makes it a great savings account by leaving a comment below.

Oh, and if you travel regularly and want to keep your savings intact, then you should avail yourself of the best travel insurance in Singapore. As long as you’re protected by any of these insurance companies, you don’t have to worry about spending beyond your means when something unexpected happens while you’re travelling. 

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