Best savings accounts in Singapore with highest interest rates (2023)

So far, 2023 is shaping up to be pretty hard on our bank accounts. Between inflation and an impending recession, it looks like our wallets are going to take quite a hit this year, even with the cash payouts announced during Budget 2023. 

It's times like these when saving your money is more important than ever. One easy way to do this is through a savings account. When you open a savings account with a bank, you deposit money into it and let that money earn interest. You'll enjoy higher interest rates on a savings account than you would on your normal account (called a checking account). 

However, not all savings accounts are made equal. Different banks offer different interest rates and different minimum sums. So to help you out, we've compiled the best savings accounts in Singapore with the highest interest rates in 2023 for different personal and financial needs.

At a glance: Best savings accounts in Singapore with highest interest rates (May 2023)

Note: The maximum interest rates given above are for regular banking customers. Many banks offer higher rates for their private clients. The maximum interest rates above only apply to a certain sum, such as the first $50,000.

The HSBC Everyday Global Account is a multi-currency account that also doubles up as a savings account. Looking at it from a savings perspective, it's a good option for those who have cash they can afford to dump fresh funds into an account and leave it alone for four months. It's also really easy to unlock the first tier of bonus interest rates-all you have to do is deposit money.

The maximum interest rate you can earn with the HSBC Everyday Global Account is 5.30 per cent for Personal Banking customers and 5.45 per cent for Premier customers applied on your top-up amount (more on how that's applied later!). Here's how to get there:

1. Open the account with an initial minimum deposit amount of $100. At this point, your base interest rate is 0.05 per cent.
2. Deposit more money into the account to get a bonus interest of 4.25 per cent (for Personal Banking customers) or 4.40 per cent (for Premier customers). Hooray, no hoops to jump through here! There's no need to hit a minimum credit card spend or buy their insurance to unlock this bonus tier-all HSBC wants is fresh funds.
3. Qualify for the HSBC Everyday+ Rewards Programme to get an additional one per cent bonus interest. To qualify, you need to deposit at least $2,000 (for Personal Banking customers) or $5,000 (for Premier customers) into the account and make five eligible transactions.

The 5 eligible transactions have no minimum amount requirements and can be any combination of the following types:

1. Transactions made with a HSBC personal credit card
2. Transactions made with a HSBC Everyday Global Debit Card
3. GIRO bill payments
4. Fund transfers

If you do everything in steps one to three above, you'll get an interest rate of 5.45 per cent as a Premier customer or 5.30 per cent as a Personal Banking customer on your top-up amount.

How are the HSBC Everyday Global Account bonus interest rates applied?

The HSBC Everyday Global Account works a little differently from other savings accounts on this list. Bonus interest rates aren't applied on the entire sum of money in your account, but only on the additional, new money you pump into it.

Think of it this way: HSBC is mainly interested in fresh funds, i.e. money from outside HSBC. So if you pump "new" money into your HSBC Everyday Global Account, HSBC will reward you with bonus interest rates. On the other hand, if you don't deposit any additional cash with HSBC, you get no bonus interest rates even if you already had $1 million in your account.

HSBC measures the fresh funds top-up amount for each month by comparing that month's average daily balance (ADB) against the ADB in the first reference month, Feb 2023. If you just opened the account in Mar 2023, your reference month's ADB is $0. Effectively, your top-up amount is the same as the entire sum in your account.

Example

Let's say you had $50,000 in your HSBC Everyday Global Account in March 2023.

In Apr, you sign up for the bonus interest promotion, but don't deposit any money into your account. You don't get any bonus interest, but do get a base interest of 0.05 per cent on your existing $50,000.

At the start of May, you top up $100,000 into your account. As a Personal Banking customer, you get an interest rate of 0.05 per cent plus 4.25 per cent equal to 4.30 per cent for the month of April, but only on the $100,000 top-up amount.

At the start of Jun, you top up another $100,000 and also qualify for the HSBC Everyday+ Rewards Programme, which gets you an additional one per cent bonus interest. For Jun, you get 0.05 per cent plus 4.25 per cent plus 1.00 per cent equal to 5.30 per cent interest on the $200,000 you've deposited into the account since Mar.

However, let's say you then take out $50,000 on July 1. Since HSBC decides on the top-up amount by comparing Jul's average daily balance (ADB) against the first month's as a reference, you will only get 5.30 per cent interest on $150,000. So the best thing to do is not withdraw any cash during the promotional period once you've put it in.

Do note that these current HSBC Everyday Global Account bonus interest rates are only for a promotional period. Sign up by May 31, 2023 to get paid ​​bonus interest on your top-up amounts for the months May, June, July, and August 2023.

After August 2023, these bonus interest rates won't apply. HSBC will probably have another promotion by then for their Everyday Global Account, but it'll likely involve more fresh funds. If you've no more spare cash to pump into your account, it may be time to take your money elsewhere.

2. Citi Wealth First Account

The Citi Wealth First Account has a simple mechanic for calculating its total interest rate: base interest + bonus interest.

Its base interest starts at 0.01 per cent for everyone, whether you're a Citibanking, Citi Priority, Citigold, or Citigold Private Client customer. That's the lowest base interest rate out of all the savings accounts on this list.

Next, beef that measly 0.01 per cent up with bonus interest rates. You get different bonus rates depending on which of the following categories you fulfil:

Spend (+1.5 per cent): Spend at least $250/month on your Citibank Debit Mastercard.

Invest (+1.5 per cent): Purchase one or more new single lump sum investments totalling at least $50,000/month. Investments can include Unit Trust, Structured Notes and Bonds.

Insure (+1.5 per cent): Purchase one or more new single premium policies totalling at least $50,000/month.

Borrow (+1.5 per cent): Take up a new home loan of at least $500,000.

Save (+1.5 per cent): Deposit more money into your account, increasing your account's average daily balance by at least $3,000 from the previous month's.

If you fulfil all of the transaction categories above, the maximum interest rate you can get with the Citi Wealth First Account is a generous 7.51 per cent. That's one of the highest rates among the savings accounts this month. Plus, it applies to the first $50,000 to $150,000 in your account, and not just the first $25,000 after the $100,000 mark or something.

The only advantage to starting a Citigold or Citigold Private Client banking relationship is that the bonus interest rates can apply to a larger sum of money. For Citibanking or Citi Priority customers, bonus interest rates are applied to only the first $50,000. This increases to $100,000 for Citigold and $150,000 for Citigold Private Client.

However, you'll need to maintain $250,000 in your account for Citigold, and $1,500,000 for Citigold Private Client. If you fall below these thresholds, the bonus 7.5 per cent will only apply to the first $50,000 just like for everyone else.

All in all, the Citi Wealth First Account doesn't impress us with their interest rates. Looking at your interest earnings alone, you're better off practically anywhere else.

We can imagine the Citi Wealth First Account might appeal to loyal Citi customers, those who already had their hearts set on purchasing a $50,000/month Citi investment or insurance product, or those who already planned on taking a $500,000 Citi home loan. But otherwise, check out the other savings accounts in this list.

Citi Wealth First Account

Minimum balance: $15,000

Fall below fee: $15

Bonus interest cap: $50,000-$150,000

3. CIMB FastSaver savings account interest rates

The CIMB FastSaver starts at a base interest rate of 1.50 per cent p.a. for the first $25,000 if you only open the savings account with CIMB. This is still higher than any of the banks listed below for simply depositing your money into the account.

Interest rates increase by one per cent p.a. for each additional $25,000 until you hit $75,000. As far as base interest rates go, the CIMB FastSaver is a good savings account!

The CIMB FastSaver offers bonus interest rates if you apply for:

• The CIMB Visa Signature credit card and spend a minimum of $300 per month
• A CIMB investment product with a certain minimum spend OR CIMB life insurance purchase with minimum S$50,000 in Single Premium (SP) or S$2,000 in Annual Regular Premium (RP)

However, these bonus interest rates apply only to the first $10,000. You'll get a bonus 0.7 per cent p.a. for having the CIMB Visa Signature credit card, and a bonus 2.0 per cent p.a. if you purchase an investment or insurance product with CIMB.

If you get both credit card and investment/insurance, you can unlock the maximum interest rate the CIMB FastSaver can offer: 4.20 per centp.a. for the first $10,000.

This account will be perfect for most young adults starting out their career, because of the very low "minimum" balance of $1,000, no fall below fee.

It's also the least headache-inducing of all the savings accounts to have because the only requirement is to maintain at least $1,000 in your account for you to earn the advertised interest rates. You can do the least with CIMB FastSaver's account and still reap the benefits of its rather generous interest rates.

CIMB FastSaver

Minimum balance: $1,000

Fall below fee: None!

Bonus interest cap: $75,000

4. DBS Multiplier savings account interest rates

The rates in the table above apply to you if you credit your salary/dividends/SGFinDex to any DBS or POSB account (yes, it doesn't need to be your DBS Multiplier account!). You need to have $2,000 worth of transactions moving in and out of your DBS Multiplier account from your salary credit and one or more of the following categories:

• Credit card spending (no minimum)
• Home loan (cash + CPF components counted)
• Selected insurance policies (life insurance, critical illness, endowment plans and selected single premium policies)
• Selected investments (regular savings plan, unit trust, online equities trade, digiPortfolio or bonds, and structured products)

The more categories you hit, the higher bonus interest rates you get.

What if you don't have any DBS credit card, insurance, or investments? Unfortunately, the bonus interest rates aren't as high. And while you have the option to not credit your salary to a DBS/POSB account, DBS will still require you to at least use PayLah!.

The good news is that there isn't a minimum amount for PayLah! spend. Just use it to pay for anything, even if it's a $1+ cup of kopi at your local coffeeshop. Easy!

The DBS Multiplier account makes it easy to earn bonus interest with its zero minimum spend transaction categories and the flexibility to credit your salary into any DBS account, not necessarily the DBS Multiplier.

However, DBS Multiplier account interest rates start pretty low. If you don't credit your salary to a DBS/POSB account, your interest rates max out at 0.40 per cent p.a..

In fact, DBS Multiplier interest rates are nowhere near even the one per cent p.a. mark unless Option one applies to you, i.e. you have other DBS/POSB transactions. Comparatively, CIMB FastSaver's interest rates start at 1.50 per cent p.a. for just opening the account and depositing a minimum of $1,000.

DBS Multiplier

Minimum balance: $3,000

Fall below fee: $5. Waived for first-time customers & those up to age 29.

Bonus interest cap: $100,000

5. UOB One savings account interest rates

The easy-to-use UOB One account currently offers one of the highest maximum interest rates out there, at 7.8 per cent p.a. You'll get to enjoy this rate on your next $25,000 after depositing $75,000 once you fulfil these requirements:

Credit your salary to the UOB One account via GIRO/PayNow

Spend at least S$500 spend per month on an eligible UOB Card

The eligible cards are:

• UOB One Card
• UOB Lady's Card
• UOB EVOL Card
• UOB One Debit Visa Card
• UOB One Debit Mastercard
• UOB Lady's Debit Card
• UOB Mighty FX Debit Card

Don't have a fixed monthly salary? You can still get up to four per cent p.a. with the UOB one account if you pay three bills by GIRO. This is great for those without a regular paycheck such as freelancers, retirees or homemakers. If you go for this option, the interest rate rises with every additional $30,000 or $15,000 in your UOB One account, up to $75,000.

UOB One savings account

Minimum balance: $1,000

Fall below fee: $5 (Waived for first six months for accounts opened online)

Bonus interest cap: $100,000

6. OCBC 360 savings account interest rates

The OCBC 360 savings account starts at a base interest of 0.05 per cent p.a., and gives you varying bonus rates for crediting your salary, spending, growing your balance, insuring and investing. If you fulfil several of these requirements, this is what your maximum Effective Interest Rate (EIR) will be on your first $100,000:

• Salary + Save: 4.05 per cent p.a.
• Salary + Save + Spend: 4.65 per cent p.a.
• Salary + Save + Spend + Insure / Invest: 6.15 per cent p.a.
• Salary + Save + Spend + Insure + Invest: 7.65 per cent p.a.

The OCBC 360 is more complicated than the UOB One, but also more flexible in that there is no one mandatory requirement. This account makes sense if you're earning just enough to meet the $1,800 minimum, and don't want to jump through any further hoops. You'll earn a bonus two per cent for not doing much else than crediting your salary to the OCBC 360 account.

You get a bonus 1.2 per cent every month that your account balance increases by $500 or more, so that might encourage you to save more.

OCBC 360

Minimum balance: $1,000

Fall below fee: $2. Waived for first year

Bonus interest cap: $100,000

7. Maybank Save Up Programme interest rates

The Maybank Save Up Programme lets you choose from 9 different Maybank products/services to get bonus interest:

• GIRO payment (min. $300) OR salary credit (min. $2,000)
• Credit card spending (min. $500) on Maybank Platinum Visa Card and/or Horizon Visa Signature Card
• Invest in structured deposit (min. $30,000)
• Invest in unit trust (min. $25,000)
• Buy insurance (min. $5,000 annually)
• Home loan (min. $200,000)
• Renovation loan (min. $10,000)
• Car loan (min. $35,000)
• Education loan (min. $10,000)

The Maybank Save Up Programme starts with a higher base interest rate than most other savings accounts. However, the bonus interest rates aren't competitive unless you fulfil three transactions. Assuming you hit three transactions and start with a bonus interest rate of 0.25 per cent, you'll get 4.3 per cent on your first $50,000 and 5.5 per cent p.a. on the next $25,000. For comparison, the OCBC 360 account will give you 4.65 per cent p.a. for hitting the three categories of crediting your salary, saving, and spending on your credit card.

Maybank Save Up Programme

Minimum balance: $1,000

Fall below fee: $2. Waived for up to age 25.

Bonus interest cap: $50,000

8. Standard Chartered Bonus Saver account interest rates

The Standard Chartered Bonus Saver savings account currently offers the highest maximum interest rate on a savings account: 7.88 per cent p.a. It isn't easy to get there-you'd need to fulfil these five requirements: credit your salary, spend on your credit card, pay three bills, invest, and buy insurance.

However, the Standard Chartered Bonus Saver savings account does occupy a niche: It gives you pretty high bonus interest just for spending tons of money.

Pay three bills online or via GIRO and you'll get an additional 0.33 per cent interest. Spend at least $2,000 on your SCB Bonus$aver credit or debit card and you'll already get 2.05 per cent p.a. bonus interest on your savings. Not bad if your card's main function is to pay for your kid's tuition fees, dental checkups, condo MCST fees and what-not.

On top of that, crediting your salary will get you an additional 2.50 per cent interest. However, you have to be earning at least $3,000 per month to qualify for the bonus interest.

Standard Chartered Bonus Saver

Minimum balance: $3,000

Fall below fee: $5

Bonus interest cap: $100,000

9. Bank of China Smart Saver account interest rates

The Bank of China SmartSaver account is a decently good choice for high earners. They offer probably the highest interest rates in Singapore for those who take home a monthly salary of at least $6,000. You get a cool 2.6 per cent per cent p.a. just for opening the account and crediting your salary to it. If raking up a credit card bill of at least $1,500 is no problem for you, you'll get an additional 0.8 per cent bonus interest.

The Bank of China SmartSaver account also awards a wealth bonus of 2.4 per cent per annum for 12 consecutive months. However, to qualify, you'll have to put down a pretty hefty sum on their insurance products. We're talking a minimum of $12,000 in annual premiums with a 10-year premium term.

If you max out the bonus interest in all categories, you can enjoy a rate of up to 6.7 per cent p.a. with the Bank of China.

Bank of China Smart Saver

Minimum balance: $200

Fall below fee: $3

Bonus interest cap: $100,000

10. POSB SAYE savings account interest rates

What if you want to open a savings account, but don't want to do anything but credit money into it? The best zero-effort contender s is the POSB SAYE (Save As You Earn) account.

You need to set up a standing order to credit a fixed amount every month (anything from $50 to $3,000) into your SAYE account, then resist the urge to touch it for two years. As a reward for your restraint, you earn 3.5 per cent p.a.

Note that it's a whole lot less liquid than any other savings account, so for the love of God, please don't put your emergency stash in here.

ALSO READ: Credit card annual fees: Annual fee cost and how to get annual fee waivers

This article was first published in MoneySmart.