Are you looking for a way to save money in Singapore? Look no further than DBS Savings Accounts. With a variety of options to choose from, you can find the perfect account to meet your financial needs and goals.
DBS offers a range of savings accounts, including current and fixed deposit accounts, with competitive interest rates and benefits. Whether you’re looking to save for a specific goal or just want to grow your savings over time, DBS has an account that’s right for you.
With specialised savings schemes and account management features, DBS makes it easy to save and manage your money. Plus, with additional savings options and frequently asked questions available, you can find all the information you need to make the most of your savings account.
Overview of DBS Savings Accounts
If you’re looking to save money in Singapore, DBS offers a variety of savings accounts that can help you reach your financial goals. Here are some of the most popular options:
DBS Autosave (Personal)
DBS Autosave is a basic savings account that requires no minimum balance or monthly fees. You can access your money anytime through DBS/POSB ATMs, online banking, or the DBS digibank app. This account also comes with free eStatements and SMS alerts to help you keep track of your balance.
DBS Remix eSavings Plus
If you’re looking for a higher interest rate, consider DBS Remix eSavings Plus. This account offers up to 0.5% p.a. interest on your savings, with no minimum balance required. You can also enjoy perks like cashback on your debit card transactions and discounts on dining and entertainment.
DBS eAutosave
DBS eAutosave is a digital savings account that lets you earn up to 0.8% p.a. interest on your savings. You can open an account in just a few minutes through the DBS digibank app, and there are no monthly fees or minimum balances to worry about. This account also comes with free eStatements and SMS alerts.
Overall, DBS offers a range of deposit accounts that can help you save money and reach your financial goals. Whether you’re looking for a basic savings account or a higher interest rate, there’s an option that can work for you.
Interest Rates and Benefits
If you’re looking for a savings account in Singapore, DBS offers a range of options that cater to different needs. In this section, we’ll take a closer look at the interest rates and benefits of DBS savings accounts.
Interest Rate Structures
DBS savings accounts offer competitive interest rates that can help you grow your savings faster. The interest rates are usually subject to change, so it’s important to check the latest rates before opening an account.
One of the most popular DBS savings accounts is the Multiplier Account, which offers tiered interest rates based on the amount of money you deposit and the number of transactions you make. For example, if you deposit $10,000 and make one eligible transaction, you can earn up to 0.8% p.a. interest. If you deposit $50,000 and make two eligible transactions, you can earn up to 1.2% p.a. interest.
Another option is the POSB SAYE Account, which lets you save a fixed amount each month for a period of 2 or 3 years. You can earn up to 3.5% p.a. interest if you save regularly and don’t make any withdrawals during the savings period.
Cash Gift Interest
DBS also offers cash gift incentives to customers who open new savings accounts and meet certain criteria. For example, if you open a DBS Multiplier Account and deposit at least $3,000 within the first month, you can receive a cash gift of up to $100.
It’s important to note that these cash gifts are usually subject to terms and conditions, such as maintaining a certain balance or making a certain number of transactions. Be sure to read the fine print before opening an account to ensure you’re eligible for the cash gift.
Overall, DBS savings accounts offer competitive interest rates and cash gift incentives that can help you grow your savings faster. Be sure to compare different options and choose the one that best suits your needs and financial goals.
Specialised Savings Schemes
If you’re looking for a savings scheme that caters to your unique needs, POSB has a range of specialised savings schemes that may interest you. Here are some of the options available:
POSB SAYE Account
The POSB Save As You Earn (SAYE) Account is a special savings account that allows you to save a fixed amount of money every month for a fixed period of time. This account is perfect for those who want to save up for a specific goal, such as a down payment on a home or a dream vacation. With the SAYE Account, you can earn up to 2% p.a. interest on your savings, and you’ll receive a bonus interest rate if you complete your savings goal.
POSB Smiley Child Development Account (CDA)
If you’re a parent who wants to save for your child’s future, the POSB Smiley Child Development Account (CDA) is a great option. This account is designed to help you save for your child’s education and healthcare needs, and it comes with a host of benefits, such as government grants and bonus interest rates. With the CDA, you can earn up to 2% p.a. interest on your savings, and your child will receive a bonus interest rate when they turn 16.
POSB FDW Savings
If you’re an employer who has hired a foreign domestic worker (FDW), the POSB FDW Savings account is a great way to manage their salary and expenses. With this account, you can deposit your FDW’s salary directly into their account, and they can withdraw money using a POSB ATM card. This account also comes with a host of benefits, such as free remittance services and discounted insurance rates.
Overall, if you’re looking for a savings scheme that caters to your unique needs, POSB has a range of specialised savings schemes that may interest you. With competitive interest rates and a range of benefits, these accounts are a great way to save for your future.
Account Management Features
Managing your DBS savings account has never been easier. With a range of online accessibility options and features, you can easily keep track of your account balances and cards.
Online Accessibility
DBS provides you with a user-friendly online banking platform that allows you to manage your account from anywhere, at any time. With this online platform, you can view your account balances, transfer funds, pay bills, and even apply for new products and services.
You can also set up alerts to notify you of any changes to your account, such as when a new deposit is made or when a transaction is made with your card.
Account Balances and Cards
When it comes to your account balances and cards, DBS has got you covered. You can easily view your account balances online or via the DBS mobile app. You can also set up automatic transfers to ensure that your savings goals are being met.
Managing your cards is also easy with DBS. You can activate and deactivate your cards, set spending limits, and view your transaction history online.
In addition, DBS offers a range of cards to suit your needs, including debit cards, credit cards, and prepaid cards. Whether you need a card for everyday use or for travel, DBS has a card that will suit your needs.
Overall, DBS provides you with a range of account management features that make managing your savings account easy and convenient. With online accessibility and easy management of your account balances and cards, you can focus on reaching your savings goals without any hassle.
Additional Savings Options
Aside from the savings accounts that DBS Singapore offers, there are additional savings options that you can explore to maximize your savings for the future.
Expatriate Accounts
If you’re an expatriate living and working in Singapore, DBS offers two savings accounts that cater specifically to your needs: the Expatriate Autosave and the Expatriate eAutosave Plus.
The Expatriate Autosave account allows you to save in your home currency, making it easier for you to manage your finances. You can also enjoy competitive interest rates and the convenience of online banking.
On the other hand, the Expatriate eAutosave Plus account lets you save in both Singapore Dollars (SGD) and your home currency, giving you more flexibility and control over your finances. This account also offers higher interest rates than the Expatriate Autosave account.
Youth and Kids Accounts
If you want to teach your kids the importance of saving from a young age, DBS Singapore has two savings accounts that cater to children: the POSBkids account and the POSB Smart Buddy account.
The POSBkids account is designed for children aged 12 and below. It offers competitive interest rates and the convenience of online banking. Your child can also enjoy rewards and discounts with participating merchants.
The POSB Smart Buddy account, on the other hand, is designed for children aged 6 to 16. It not only offers competitive interest rates and online banking, but also comes with a wearable watch that allows your child to make contactless payments and track their spending.
Whether you’re an expatriate or a parent looking to teach your child the importance of saving, DBS Singapore has savings accounts that cater to your needs. With competitive interest rates and convenient online banking, you can be sure that your savings are in good hands.
Frequently Asked Questions
What are the latest interest rates for DBS savings accounts in Singapore?
DBS offers a variety of savings accounts with different interest rates. The interest rates vary depending on the account type and the balance amount. You can check the latest interest rates by visiting the DBS website or contacting the bank directly.
How can I find out my current DBS savings account type?
You can find out your current DBS savings account type by checking your account statements or logging into your DBS online banking account. Alternatively, you can contact the bank’s customer service hotline for assistance.
Are there any reviews that highlight the benefits of using a DBS savings account?
Yes, there are many positive reviews from customers who have used DBS savings accounts. Some of the benefits highlighted by customers include high interest rates, easy account management, and excellent customer service.
What’s the minimum balance requirement to maintain a DBS savings account?
The minimum balance requirement varies depending on the account type. For example, the minimum balance requirement for a DBS Multiplier account is S$3,000, while the minimum balance requirement for a DBS eMulti-Currency Autosave account is S$1,000. You can check the minimum balance requirement for your account by visiting the DBS website or contacting the bank directly.
Can you compare DBS savings accounts with POSB savings accounts?
DBS and POSB are both part of the same bank and offer similar savings accounts. However, there may be some differences in the interest rates, fees, and account features. You can compare the different savings accounts offered by DBS and POSB by visiting their respective websites or contacting the banks directly.
What are the current fixed deposit rates offered by DBS?
The fixed deposit rates offered by DBS vary depending on the deposit amount and tenure. You can check the latest fixed deposit rates by visiting the DBS website or contacting the bank directly. It’s important to note that fixed deposit rates are subject to change and may vary depending on market conditions.