Looking for the best savings account in Singapore? 2021 choices

Want to make your money work harder for you? You’ll need a savings account with a decent savings rate.

If you live, work or study in Singapore, we’ve put together a rundown of the best savings accounts in Singapore, updated for 2021.

Following a difficult year for financial markets during COVID-hit 2020, interest rates are certainly lower than previously. But there are still some good deals to be had if you know where to look, and you can meet the eligibility requirements.

And remember – there are other ways to get more for your money in Singapore, as well as squeezing every last % on your savings interest rate.

If you send or receive money internationally, you can save money with Wise. Open a free multi-currency Wise account and you’re guaranteed low fees, the real exchange rate and easy, reliable international transfers.

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Table of contents:
A guide to savings accounts in Singapore Best savings account in Singapore: Some great options Best children’s savings account Singapore Best savings account for students Singapore Best joint savings account Singapore

A guide to savings accounts in Singapore

Before we start looking at the different savings accounts on offer in Singapore, just a quick note of caution. Some of the savings products offered by Singaporean banks and financial institutions can seem a little complicated at first.

Accounts tend to have different interest rates depending on your income and the amount of monthly transactions you make. These rates may also only apply to the first S$50,000 or so of your savings.

You may also need to jump through other hoops to qualify for bonus interest. For example, buying insurance or spending using your credit card.

To make it easier to choose the right savings account for you, we’ve laid out all the essential info you need to know in an at-a-glance guide. This means you can see the different rates and work out which applies to you.

So, let’s dive in.

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Best savings account in Singapore: Some great options

The average person in Singapore earns around S$4,500 a month (before CPF), and after covering expenses manages to save around S$730 a month if we assume they save about 20%¹. Using these figures as our guide, let’s look at some of the best savings accounts in Singapore.

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DBS Multiplier

One of the biggest banks in Southeast Asia, DBS offers a range of personal current and savings accounts.

Its DBS Multiplier² is one of the most popular, made famous by its ‘bunny’ advertising campaign. The account has a base interest rate of 0.05%, but you can earn bonus interest if you earn more or spend more each month.

There’s no initial deposit required to open the account, but you’ll need to maintain a balance of at least S$3,000 or you’ll pay a S$5 service fee.

Here’s a rundown of the interest rates on offer with the DBS Multiplier savings account:

Monthly transactions	Option 1 – First S$25,000Transactions in 1 category	Option 2 –First S$50,000Transactions in 2 categories	Option 3 –Next S$50,000Transactions in 3+ categories
Under S$2000	0.05%	0.05%	0.05%
S$2,000 to S$2,500	0.4%	0.6%	1.2%
S$2,500 to S$5000	0.4%	0.7%	1.4%
S$5000 to S$15,000	0.5%	0.8%	1.6%
S$15,000 to S$30,000	0.5%	1%	1.7%
Over S$30,000	0.6%	2%	3%

In relation to categories, the means that DBS requires you to spend via a number of different methods. For example, credit card spending, insurance, investment and home loan instalments, plus PayLah! retail spend. The more categories you spend in, the better your interest rate.

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UOB One Account

This is one of the few savings accounts in Singapore that doesn’t require a minimum salary credit. However, you can boost your savings rate if you do pay in a salary, or pay your bills using GIRO. You must maintain a minimum monthly balance of S$1,000 or pay a S$5 fall below fee.³

UOB One is also known to be easy-to-use, with straightforward terms compared to other banks. Let’s take a look at the interest rates on offer with the UOB One Account:³

Account balance	Spend at least S$500 a month via UOB credit card	Spend at least S$500 a month via UOB credit card AND pay in salaryOR make 3 GIRO debit transactions
First S$15,000	0.25%	0.50%
Next S$15,000	0.25%	0.55%
Next S$15,000	0.25%	0.65%
Next S$15,000	0.25%	0.80%
Next S$15,000	0.25%	2.5%
S$75,000+	0.05%	0.05%

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OCBC 360

If you’re earning S$1,800 a month and want an incentive to save more, the OCBC 360 account⁴ could be the one for you. You’ll get a rate of 0.4% on your first S$25,000 without having to do more than pay in your salary, but you can also boost your rate if you’re able to save more.

You’ll need to make an initial deposit of $1,000 to open the OCBC 360 account and maintain an average daily balance of S$3,000.

Transaction requirements	First S$25,000	Next S$25,000	Next S$25,000
SALARY -Pay in S$1,800 salary via GIRO	0.4%	0.8%	1.2%
SAVE – increase av. daily balance by S$500 monthly	0.1%	0.2%	0.4%
INSURE – buy an eligible OCBC insurance product	0.4%	0.8%	1.2%
INVEST – buy an eligible OCBC investment product	0.4%	0.8%	1.2%
GROW – maintain av. Daily balance of S$200,000	0.4%	0.4%	0.4%

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Maybank Save Up Programme

From the one savings account, you’ll have the flexibility to save, spend and invest. Once you open an account and link to a Maybank debit card, you can start earning up to 3% on the first S$50,000 of your money.

Interest rates with the Maybank Save Up Programme⁵ are blessedly straightforward. Everyone gets a base rate of up to 0.3125% p.a, then all you need to do is make a minimum number of transactions in relevant categories to add on extra interest. You can get the bonus interest through salary credit, GIRO payments, credit card spending, home or car loans, or investments.

If you’re a citizen or permanent resident of Singapore, you’ll only need to make an initial deposit of S$500. All account holders will need to meet a minimum average daily balance of S$1,000.

No of monthly transactions	Interest rate
None	Base rate up to 0.3125% p.a
1 qualifying transaction	+0.3%
2 qualifying transactions	+0.8%
3 qualifying transactions	+2.75%

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Standard Chartered Bonus$aver

If you’re a big spender or have lots of bills to pay, this could be the account for you. Everyone gets a base interest of 0.01% which increases up to 2.38% for the first S$80,000 based on average balance and activities such as using your card and paying bills. There’s no monthly fee provided you meet a minimum average daily balance of S$3,000.⁶

You can then top up your interest rate by paying in your salary and spending in a number of eligible categories:⁶

Transactions	Interest rate
None	Base rate of 0.01%
Pay in at least S$3,000 salary credit	+0.1%
Credit card spendingUp to S$500Up to S$2,000	+0.2%+0.4%
3 bill payments	+0.07%
Unit trust investment of min. S$30,000	+0.9 for 12 months
Eligible insurance policy (min S$12,000)	+0.9% for 12 months

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POSB SAYE

If you’re prepared to lock your money away for a couple of years, you can earn 2% interest on your savings with the POSB SAYE account.⁷ You’ll need to set up a standing order to pay in your salary or a deposit of between S$50 to S$3,000 every month. Make no withdrawals for 2 years and you’ll get the interest.

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Bank of China Smart Saver

If you’re a high earner, you can get more for your money at Bank of China. Its Smart Saver account⁸ offers one of the highest interest rates in Singapore at 3% if you can meet all of its conditions. You’ll need to meet a minimum average daily balance of S$1,500 and the bonus interest is capped at S$80,000.

Here’s what you’ll need to do to get the best rates:

Transactions	Interest rate
None	Base rate of 0.01%
Participate in eligible insurance products	1.5%
Pay in salary credit of:At least S$2,000At least S$6,000	+0.3%+0.5%
Credit card spendingUp to S$500Up to S$1,500	+0.3%+0.5%
3 bill payments of a min. S$30	+0.3%

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Best savings account Singapore without salary credit

If you want to earn an interest rate on your savings without paying in a salary, your best bet is the UOB One Account.

It’s user-friendly and straightforward, and you can earn 0.25%³ without having to meet a minimum salary credit. But if you do want to pay in your salary, you can earn bonus interest.

Another decent option is the CIMB Fastsaver Account⁹. This is an online savings account with an interest rate of 0.3% on up to S$75,000. You can exceed this limit, but the interest rate drops to 0.15% for balances over S$75,000.

There’s no need to pay in a salary, simply keep at least S$1,000 in the account to meet the minimum average daily balance requirement.

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Best children’s savings account Singapore

Planning to help your kids to start saving? There are plenty of children’s accounts to choose from in Singapore, including:

• OCBC Mighty Savers¹⁰– there’s no minimum balance requirement or no coin deposit fee, and a 0.20% annual interest.
• POSB My Account¹¹ – a children’s account designed for easy management by parents, with a daily interest rate of 0.050%¹² and no coin deposit fee.
• Maybank Youngstarz¹³ – a feature-backed savings account that can earn you up to 0.3750%¹⁴, bonus interest through the Maybank Family Plus promotion, free insurance policies, birthday privileges and a S$20 Bookstore voucher when you open the account.

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Best savings account for students Singapore

One of the best savings accounts for students in Singapore is the Standard Chartered JumpStart Account¹⁵. It’s a simple savings account for young people aged 18 to 26 years old, offering 0.4% on balances up to S$20,000. There are no fees and no minimum deposit balance, plus you can get 1% cashback on eligible debit card transactions.

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Best joint savings account Singapore

The good news is that many banks in Singapore will let you open its savings account as joint accounts. For example, you can open an UOB One Account and an POSB Savings Account with your partner. With combined savings, you could potentially save more and unlock higher interest rates.

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So, there you have it – a handy, at-a-glance guide to the best savings accounts available in Singapore in 2021. Some are more complicated than others, but it’s good to know there are at least a few fuss-free options out there. And Singapore’s financial market offers solutions for all earners, learners and families, with dedicated accounts for students, kids, big spenders and couples with high monthly salaries. So you should be able to find the right account for you.

And if you’re looking to make your money go even further, switch to Wise for your international payments. It can be cheaper and easier to send money abroad compared to using your bank.

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Sources used:

1. SingSaver - How Much Savings Should I Have At 35 In Singapore?
2. DBS Singapore - DBS Multiplier
3. UOB Singapore - One Account | Savings Account
4. OCBC Singapore - 360 Account
5. Maybank Singapore - Save Up Programme
6. Standard Chartered Singapore - Bonus$aver account
7. DBS Singapore - POSB SAYE Account
8. Bank of China Singapore - BOC SmartSaver
9. CIMB SG - CIMB FastSaver
10. OCBC Singapore - Mighty Savers Kids Savings Account | OCBC Singapore
11. POSB - My Account for kids
12. POSB Singapore - Interest rates
13. Maybank-Youngstarz Savings Account
14. MayBank - Savings accounts rates
15. Standard Chartered - JumpStart savings account

Sources checked on 18 January 2021