Quick answer: The accounts worth a serious look right now are the DBS Multiplier (up to 4.10% p.a.), OCBC 360 (up to 6.30% p.a. effective interest), UOB One (up to 5.30% p.a.), and Standard Chartered Bonus$aver (up to 8.05% p.a.). For a fully digital, no-hoops option, GXS Bank gives 1.98% p.a. base with daily crediting and zero conditions.
You check your balance on a Tuesday morning and the number has quietly topped up again – that’s the saving interest rate doing its thing while you sleep. These accounts don’t ask for heroic effort. They take your salary, your card taps, your bill payments, and stitch them into a rate that rises with your routine. The real decision isn’t the account; it’s which rhythm matches your month.
Want to compare across the whole category? That is what Best Bank Accounts & Savings in Singapore is for — 21 guides in total.
A little extra interest each month feels shiok – that kopi-money-turned-holiday-fund kind of shiok. These seven accounts each take a different path to get you there. Some reward you for making them your main bank; one just pays out with no questions asked. The right pick depends on whether you enjoy playing the game or prefer things quiet and automatic.
DBS Bank
DBS runs its Multiplier Account out of its island-wide branch network and a 24/7 app that many Singaporeans already have on their phone. The account pays up to 4.10% p.a. on balances up to S$100,000, but the rate scales with how many banking activities you consolidate here – salary credit, credit card spend, home loan instalments, investments and insurance all count.
The real draw is the multiplier effect. Tick off one category and you get a base rate; hit three or four and the interest jumps meaningfully. For someone whose salary already flows into DBS and who pays bills through their app, the higher tiers can be reached without much extra effort. If you like seeing everything in one place and your life already revolves around the DBS ecosystem, this is a natural fit.
DBS has picked up global banking awards repeatedly, and customers consistently mention the app’s reliability when they talk about why they stay. The bank operates Monday to Friday, 8:30am to 4:30pm at branches, though most people will never need to visit one.
The Multiplier Account suits the all-in household: salary lands here, credit card lives in the same app, home loan debits from the same dashboard. Come month-end, you watch the rate tick upward as each activity box turns green. No separate logins, no forgotten passwords – just one screen that reflects your entire money month.
Address: 712A Ang Mo Kio Ave 6, #01-4066, Singapore 561712
Phone: 1800 111 1111
Website: DBS Bank
This round-up is editorial. Suggestions are welcome – tell us what you offer and where.
OCBC Bank
The OCBC 360 Account hits up to 6.30% p.a. effective interest on the first S$100,000, built from several bonus layers you activate with everyday actions.
Salary crediting of at least S$1,800 opens the first door. On top of that, increasing your average daily balance from the previous month, making regular investments, and holding OCBC insurance or wealth products each push the rate higher. The account rewards people who let OCBC handle more of their financial picture – banking, protection and growth under one roof. If you have been thinking about consolidating your scattered accounts anyway, the interest bonus here gives you a proper reason.
Customers often point out that the rate structure is clear once you spend ten minutes mapping your monthly flow against the bonus categories. The Asian Banker has recognised OCBC for how it manages the whole client relationship, which matters when you hand over more than just a savings balance.
OCBC has branches across the island – use their locator online to find the one nearest you. Phone support runs at +65 6538 1111 for business banking, while regular hours at branches are Monday to Friday, 9:00am to 4:30pm.
The 360 Account feels like a gentle game: each month, you nudge your average balance a little higher, you let the GIRO for insurance run, you invest a modest sum. The rate stacks in the background. It’s the account for someone who likes seeing progress bars fill up, who treats incremental gains as wins. Friday-afternoon login reveals a little more interest than last month.
Website: OCBC Bank
UOB Bank
UOB keeps the conditions refreshingly simple with the One Account. S$500 of monthly card spend and salary crediting of S$1,600 or more unlocks up to 5.30% p.a. on the first S$150,000.
Two things stand out. The rate cap at S$150,000 gives you more room to earn before the interest tapers, and the qualifying criteria are the kind you can set and forget – if you are already spending S$500 on groceries and transport each month and your company GIROs your pay to UOB, you are done. No tracking investments, no insurance ladder. For people who want a high ceiling without a long checklist, this account is steady.
The bank hangs its hat at 80 Raffles Place, UOB Plaza, with branches open Monday to Friday 9:30am to 4:00pm and 24/7 digital banking. Their phone line at 1800 222 2121 runs round the clock too.
The One Account runs on autopilot once you’ve set it up. Salary comes in, card spend drifts past S$500 without you watching, and the rate sits at its peak. The S$150,000 cap gives breathing room for a couple’s joint savings or a renovation fund. Log in after payday: no hoops, no sudden reminders – just interest that landed on schedule.
Website: UOB Bank
If you are also exploring sheltered ways to park lump sums, our SGD Fixed Deposit Rates in Singapore guide pairs well with these high-interest savings accounts.
Standard Chartered Bank
Standard Chartered’s Bonus$aver account dangles up to 8.05% p.a. on the first S$100,000, and the headline number is the draw here. Salary crediting of S$3,000 or more is the base requirement, layered with card spending, bill payments, and optional investments or insurance.
The salary floor is higher than some, so this account naturally suits mid-to-senior earners whose monthly pay comfortably clears that mark. Beyond that, the mechanics are familiar – the more you channel through the bank, the closer you get to the top rate. Standard Chartered also brings an international lens, which helps if you move money between Singapore and overseas accounts or travel frequently for work.
You will find the main branch at Marina Bay Financial Centre Tower 1, 8 Marina Boulevard, open Monday to Friday 10:00am to 5:00pm. The general line at +65 6747 7000 operates 8am to 8pm.
Bonus$aver asks for a S$3,000 salary credit, which means it feels designed for professionals who hit that mark naturally. The 8.05% headline sits at the top of the comparison sheet, but the rhythm is calm: card spend, a few GIRO bills, and perhaps an investment you’d hold anyway. It rewards the month when everything aligns.
Website: Standard Chartered Bank
Citibank
Citibank structures its Citi Wealth First Account around relationship tiers, with the highest rate reaching 7.51% p.a. for Citigold Private Clients holding up to S$500,000. Spending, investments, home loans and insurance all feed the bonus rate.
This is the account for someone already working with a relationship manager, or someone who is ready to. The rates are genuinely competitive, but they sit behind a gate of assets and activity that makes the most sense if you are treating Citibank as your main wealth hub rather than just a savings parking spot. The tiered structure means your interest grows alongside the relationship, and Citigold clients get perks that go beyond the monthly statement.
Branches operate Monday to Friday 9:30am to 3:30pm, with the main office at Asia Square Tower 1, 8 Marina View, #21-00. The self-service phone line at +65 6224 5757 runs 24/7.
The Wealth First Account draws you into a relationship, not just a transaction. You sit down with a relationship manager once, and after that the rate rises with the tiers you occupy – spending, home loan, investments. It’s the account for someone whose wealth picture spans products, who likes a single view. The rate is the visible reward of that deeper link.
Website: Citibank
Bank of China
The Bank of China SmartSaver yields up to 6.00% p.a. on the first S$100,000, with additional bonuses on higher balances. Salary credit, three bill payments a month, and holding an eligible insurance or investment product build the rate.
Where it carves out a niche is the RMB linkage. If you or your family regularly deal in renminbi – trade, property, frequent travel – having a savings account that understands that currency corridor is quietly useful. The bill payment criterion is also one of the more accessible triggers; three GIRO deductions a month is something many households hit without thinking.
The main branch sits at 4 Battery Road in the Bank of China Building, open Monday to Friday 9:00am to 4:00pm. Customer service runs at 1800 669 5566.
SmartSaver works quietly for households with cross-border money. When you receive CNY from family or send funds for property, the account’s RMB linkage doesn’t flinch. The three bill payments each month become muscle memory. Log in on a Sunday evening and the rate sits there, matter-of-fact, acknowledging that your finances move between currencies.
Website: Bank of China
This round-up is editorial. Suggestions are welcome – tell us what you offer and where.
GXS Bank
GXS Bank takes the opposite approach to everyone else on this list. The GXS Savings Account gives a flat base rate of 1.98% p.a. with no salary requirement, no card spend, no minimum balance, and no branch visits – because there are no branches. This is a fully digital bank, Singapore-licensed, run through an app.
You can create up to eight savings pockets inside the account, each earning that same base rate, and interest is credited daily. Watching your balance tick up every morning is a small but satisfying habit. For someone who finds bonus categories sian and just wants a clean, transparent return on idle cash, GXS is the answer. It also works brilliantly as a secondary account – park your emergency fund here and let the main account chase the high-tier bonuses elsewhere.
Support runs on app and email at [email protected], with a phone line at +65 3105 2055. Everything is 24/7 because there is no counter to close.
The GXS Savings Account lives entirely on your phone. No branch, no queues – just eight savings pockets earning a flat 1.98%. You open it during a lunch break, create a pocket for the holiday fund, another for the emergency stash, and interest ticks daily. It’s the account for the person who wants banking to feel as light as a chat notification.
Website: GXS Bank
If you are comfortable managing money purely on your phone, our Online Savings Accounts in Singapore round-up covers more digital-first options worth a look alongside GXS.
How to choose
Start with an honest look at your monthly habits. If your salary already lands in one of these banks, check what else you would need to trigger and whether you would hit it without reshaping your spending. Some people get a kick out of optimising every category. Others want to set it and forget it – and will happily trade a few basis points for that peace.
The highest advertised rate on any account is almost always the ceiling, reached by combining multiple bonus layers. Ask yourself which of those layers you will actually activate month after month. Also note where your balance sits. Rates on the DBS Multiplier and OCBC 360 taper above S$100,000; UOB One lets you earn on up to S$150,000, and Citibank’s higher tiers go much further if your balance is substantial.
A fair way to think about it: an account delivering 3-5% effective interest on balances under S$100,000, with conditions you meet organically, is a strong result in the current Singapore savings landscape. For no-strings simplicity, a base rate around 2% from a digital bank is still better than leaving cash in a basic account earning a fraction of a percent. If you are balancing a joint household, our Joint Accounts in Singapore guide covers how couples can structure things together.
| Account | Headline Rate (p.a.) | Max Balance for Top Rate | Key Hoops to Jump |
|---|---|---|---|
| DBS Multiplier | Up to 4.10% | S$100,000 | Salary credit, card spend, loans, investments, insurance |
| OCBC 360 | Up to 6.30% effective | S$100,000 | Salary credit (S$1,800+), save more than last month, investments, insurance |
| UOB One | Up to 5.30% | S$150,000 | Salary credit (S$1,600+), S$500 monthly card spend |
| Standard Chartered Bonus$aver | Up to 8.05% | S$100,000 | Salary credit (S$3,000+), card spend, bill payments, investments or insurance |
| Citibank Wealth First | Up to 7.51% | Up to S$500,000 (tiered) | Relationship tier, card spend, investments, loans, insurance |
| Bank of China SmartSaver | Up to 6.00% | S$100,000 | Salary credit, 3 bill payments, eligible insurance or investment |
| GXS Savings | 1.98% base | No cap stated | None |
Summary
DBS, OCBC and UOB reward you for making them your main banking relationship, each with a slightly different combination of triggers. Standard Chartered and Citibank push the top rates high but ask for bigger commitments. Bank of China is the quiet specialist for RMB-linked lives, and GXS gives you a clean, no-conditions rate that credits daily. The best account is the one whose conditions you will actually meet this month, and the next, without it feeling like a chore.
Details and rates can change. Please confirm directly with the bank before opening an account.
Frequently asked questions
Which savings account in Singapore gives the highest interest rate?
The Standard Chartered Bonus$aver advertises up to 8.05% p.a. on the first S$100,000, but reaching the top rate requires salary crediting of S$3,000 or more plus card spend, bill payments, and optional investments or insurance. The effective rate you get depends on which bonus layers you activate.
Are there any savings accounts with no conditions at all?
GXS Bank offers a flat base rate of 1.98% p.a. with no minimum balance, no salary requirement and no card spend. Interest is credited daily and you can split your savings into up to eight pockets, all earning the same rate.
How do the DBS Multiplier bonus categories work?
The DBS Multiplier rewards you for consolidating your financial activities. Salary credit, credit card spending, home loan instalments, investments and insurance each count as a category. The more categories you fulfil in a month, the higher your interest rate climbs, up to 4.10% p.a. on the first S$100,000.
What is a normal “good” savings rate in Singapore right now?
Most high-interest accounts sit in the 3% to 5% p.a. range on the first S$100,000 once you meet their conditions. A no-strings rate around 2% from a digital bank is fair for cash you want to keep liquid without jumping through hoops.
Does the UOB One Account have a higher balance cap than other banks?
Yes, the UOB One Account pays its top rate on the first S$150,000, which is higher than the S$100,000 cap on many comparable accounts like DBS Multiplier and OCBC 360.
Can I open a GXS Bank account if I already have a DBS or OCBC account?
Yes. Many people use a digital account like GXS as a secondary savings pot for emergency funds or sinking funds, while keeping their main salary-crediting account with a traditional bank to chase the higher conditional rates.
