Introduction
When it comes to saving money, finding the right savings account with the best interest rate is crucial. A savings account is a secure and accessible way to save your money, and a high-interest savings account can help you earn more on your savings. In Singapore, there are many savings accounts available, and finding the best one can be time-consuming and overwhelming.
Understanding Savings Account Basics in Singapore
Before choosing a savings account, it is important to understand the basics of savings accounts in Singapore. Most savings accounts in Singapore offer interest rates that are calculated daily and paid monthly. Some savings accounts require a minimum deposit or balance to earn interest, while others offer tiered interest rates that increase as your balance grows. Additionally, some savings accounts offer bonus interest rates or cashback rewards for meeting certain requirements, such as making a minimum number of transactions per month.
Top Savings Accounts for Higher Returns
To help you find the best savings account for your needs, we’ve compiled a list of the top savings accounts in Singapore that offer higher returns. These accounts offer competitive interest rates, low or no fees, and other features that can help you maximise your savings. Whether you’re looking for a basic savings account or one with special features and promotions, our list has something for everyone.
Key Takeaways
- Understanding the basics of savings accounts in Singapore is important before choosing a savings account.
- The top savings accounts in Singapore offer competitive interest rates, low or no fees, and other features to help you maximise your savings.
- By choosing the right savings account, you can earn more on your savings and achieve your financial goals faster.
Understanding Savings Account Basics in Singapore
When it comes to saving money, opening a savings account is a great way to start. Savings accounts are a type of bank account that allow you to deposit money and earn interest on the balance. In Singapore, savings accounts are offered by various banks and financial institutions. Here’s what you need to know about savings accounts in Singapore.
Interest Rates and How They Work
One of the most important things to consider when opening a savings account is the interest rate. The interest rate is the percentage of the balance that the bank pays you for keeping your money in the account. In Singapore, savings accounts have both a base interest rate and an effective interest rate.
The base interest rate is the interest rate that the bank pays you without any conditions. The effective interest rate is the interest rate that you actually earn on your savings, taking into account any bonus interest that you may be eligible for. Bonus interest is usually offered if you meet certain conditions, such as making a minimum deposit or maintaining a certain balance.
Types of Savings Accounts
There are several types of savings accounts available in Singapore, each with its own features and benefits. Here are some of the most common types:
- Basic Savings Account: This is a simple savings account that usually offers a low interest rate and no frills.
- High Interest Savings Account: This type of account offers a higher interest rate than a basic savings account, but may require you to meet certain conditions to earn the bonus interest.
- Fixed Deposit Savings Account: This type of account requires you to deposit a fixed amount of money for a fixed period of time, in exchange for a higher interest rate.
- Children’s Savings Account: This type of account is designed for children under the age of 16, and may offer special features such as no minimum balance requirement or higher interest rates.
When choosing a savings account, it’s important to consider your financial goals and needs. Look for an account that offers a competitive interest rate, low fees, and convenient access to your money. With the right savings account, you can watch your money grow and achieve your financial goals.
Top Savings Accounts for Higher Returns
When it comes to finding the best savings accounts in Singapore with high-interest rates, there are a few options that stand out. Here are some of the top savings accounts to consider if you’re looking for higher returns on your savings.
DBS Multiplier Account
The DBS Multiplier Account is a great option for those who can maintain a minimum balance of $2,000. With this account, you can earn up to 3.8% p.a. bonus interest on your savings. The bonus interest is calculated based on your average daily balance and the number of categories you fulfil, such as salary crediting, credit card spend, home loan instalment, and more. The bonus interest cap is $50,000.