Savings Account Singapore: Best Options for High Interest Rates
If you’re looking for a safe and easy way to grow your money, opening a savings account in Singapore is a great option. With various types of savings accounts available, you can choose one that suits your financial goals and lifestyle.
Savings accounts in Singapore typically offer interest rates that are higher than regular transactional accounts, making them an attractive option for those who want to earn some extra money on their savings. Most banks in Singapore offer savings accounts, and it’s important to compare the interest rates, fees, and features before deciding on one.
To help you get started with your savings journey, we’ve compiled some useful information about savings accounts in Singapore. From the different types of accounts available to tips on how to maximise your savings, we’ve got you covered.
Types of Savings Accounts in Singapore
When it comes to choosing a savings account in Singapore, there are several types available, each with its own unique features and benefits. Here are some of the most popular savings accounts in Singapore:
DBS Multiplier Account
The DBS Multiplier Account is an excellent choice for those who have a DBS/POSB salary account and are looking to earn bonus interest rates. To be eligible for bonus interest, you need to credit your salary into the account and fulfill at least one other category, such as credit card spend, investments, or insurance. The minimum deposit required is $3,000, and you can earn up to 3.8% p.a. in bonus interest.
OCBC 360 Account
The OCBC 360 Account is another popular savings account in Singapore, offering bonus interest rates on various categories such as salary credit, credit card spend, and bill payments. To earn bonus interest, you need to fulfill at least two categories, with a minimum deposit of $1,000. You can earn up to 3.45% p.a. in bonus interest.
UOB One Account
The UOB One Account is an excellent choice for those who are looking to earn bonus interest rates on a regular basis. To be eligible for bonus interest, you need to credit your salary into the account and make at least three GIRO debit transactions per month. The minimum deposit required is $500, and you can earn up to 2.50% p.a. in bonus interest.
Maybank Save Up Programme
The Maybank Save Up Programme is a unique savings account that allows you to earn bonus interest rates by saving and spending. To be eligible for bonus interest, you need to save a minimum of $500 per month and spend using your Maybank debit or credit card. The minimum deposit required is $500, and you can earn up to 3.00% p.a. in bonus interest.
Standard Chartered Bonus$aver Account
The Standard Chartered Bonus$aver Account is an excellent choice for those who are looking to earn bonus interest rates on their savings and credit card spend. To be eligible for bonus interest, you need to credit your salary into the account and make at least five qualifying transactions per month. The minimum deposit required is $3,000, and you can earn up to 2.38% p.a. in bonus interest.
CIMB Fastsaver Account
The CIMB Fastsaver Account is a simple savings account that offers a competitive interest rate without any fuss. To earn interest, you need to maintain a minimum balance of $1,000. The interest rate is 1.00% p.a.
Overall, when choosing a savings account in Singapore, it is important to consider your individual needs and preferences. Whether you are looking to earn bonus interest rates, save for the future, or simply want a hassle-free savings account, there is a savings account in Singapore that is right for you.
Maximising Your Savings
When it comes to maximising your savings account in Singapore, there are several strategies you can implement to make the most of your money. Here are some tips to help you earn more, transact smarter, and invest wisely.
Understanding Interest Rates
One of the most important factors to consider when choosing a savings account is the interest rate. Interest rates can vary widely between different banks and accounts, so it’s important to compare your options carefully.
Make sure you understand the difference between nominal interest rates and effective interest rates. Nominal interest rates only reflect the interest rate charged on your account, while effective interest rates take into account any bonuses or fees associated with the account. Always look for accounts with high effective interest rates to maximise your earnings.
Leveraging Salary Crediting
Many banks offer higher interest rates or cashback rewards for customers who credit their salaries into their savings accounts. This can be a great way to earn extra money without having to do anything extra.
Check with your bank to see if they offer any salary crediting promotions, and make sure you set up your account to receive your salary automatically.
Utilising Credit Card Spend
Some savings accounts offer additional interest or cashback rewards for customers who use their credit cards to make purchases. This can be a great way to earn extra money on your everyday spending.
Check with your bank to see if they offer any credit card spend promotions, and make sure you use your card for all your regular purchases.
Investment-Linked Savings Accounts
If you’re looking to invest your savings for the long-term, consider an investment-linked savings account. These accounts offer higher interest rates or cashback rewards in exchange for investing a portion of your savings in insurance or investment products.
Make sure you understand the risks and benefits of these accounts before investing, and choose a product that aligns with your financial goals and risk tolerance.
By following these tips, you can maximise your savings account in Singapore and make the most of your money. Keep an eye out for high interest rates, leverage salary crediting and credit card spend, and consider investment-linked savings accounts to earn more and invest wisely.
Frequently Asked Questions
What are the top-rated savings accounts for students in Singapore?
If you’re a student in Singapore, you can benefit from savings accounts that offer higher interest rates and lower fees. Some of the top-rated savings accounts for students in Singapore include DBS Multiplier Account, OCBC 360 Account, and UOB One Account. These accounts offer competitive interest rates and other benefits like cashback, rewards, and discounts.
How can I earn a higher interest rate on my savings account?
To earn a higher interest rate on your savings account, you can consider opening an account with a bank that offers tiered interest rates. This means that the interest rate you earn will increase as your account balance grows. You can also look for savings accounts that offer bonus interest rates for meeting certain criteria like making regular deposits or using your debit card for transactions.
Which banks offer the best interest rates without requiring a salary credit?
If you’re looking for a savings account with a high interest rate but don’t want to be required to credit your salary to the account, you can consider opening an account with banks like CIMB, Maybank, or Standard Chartered. These banks offer savings accounts with competitive interest rates and no salary credit requirement.
What are the benefits of opening a UOB One Account?
UOB One Account is a popular savings account in Singapore that offers a range of benefits. Some of the benefits of opening a UOB One Account include high interest rates, cashback on daily expenses, and discounts on dining and shopping. The account also offers bonus interest rates for meeting certain criteria like spending on a UOB credit card or making regular deposits.
How can I maximise my savings with the best account options available in 2024?
To maximise your savings in 2024, you can consider opening a savings account that offers high interest rates and other benefits like cashback, rewards, and discounts. Some of the best account options available in 2024 include DBS Multiplier Account, OCBC 360 Account, and UOB One Account. You can also consider opening a fixed deposit account or investing in a savings plan to maximise your returns.
Where can I find unbiased reviews on the best savings accounts in Singapore?
If you’re looking for unbiased reviews on the best savings accounts in Singapore, you can check out online forums, blogs, and review websites. Some of the popular review websites include MoneySmart, Seedly, and SingSaver. These websites provide detailed reviews and comparisons of different savings accounts, helping you make an informed decision.