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.
1. At a glance: Best savings accounts in Singapore with highest interest rates (2023)
| Savings account | Interest rates | Best for |
| CIMB FastSaver | 1.50% to 3.50% | Young adults starting their careers |
| DBS Multiplier | 0.05% to 4.10% | Salaried workers |
| UOB One | 0.65% to 7.80% | Freelancers & self-employed |
| OCBC 360 | 0.05% to 7.65% | Growing your savings |
| Maybank Save Up | 0.15% to 3.00% | Home, education, car loan users |
| SCB Bonus Saver | 0.05% to 7.88% | High spenders |
| BOC Smart Saver | 0.10% to 5.90% | High earners & spenders |
2. CIMB FastSaver savings account interest rates
| Deposit amount | FastSaver only | FastSaver + Visa Signature Credit Card | FastSaver + Investment/Insurance |
| First S$10,000 | 1.50% p.a. | 2.20% p.a. | 3.50% p.a. |
| Next S$15,000 | 1.50% p.a. | ||
| Next S$25,000 | 2.50% p.a. | ||
| Next S$25,000 | 3.50% p.a. | ||
| Above S$75,000 | 0.80% p.a. | ||
The CIMB FastSaver starts at a base interest rate of 1.5 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 two 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 cent p.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
3. DBS Multiplier savings account interest rates
| Total monthly transactions | Income + 1 category | Income + 2 categories | Income + 3 categories |
| First $50,000 | First $100,000 | First $100,000 | |
| <$2,000 | 0.05% | 0.05% | 0.05% |
| $2,000 to $2,500 | 0.90% | 1.70% | 2.00% |
| $2,500 to $5,000 | 1.50% | 1.80% | 2.20% |
| $5,000 to $15,000 | 1.80% | 2.10% | 2.40% |
| $15,000 to $30,000 | 1.90% | 2.20% | 2.50% |
| >$30,000 | 2.20% | 3.00% | 4.10% |
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!). Additionally, you also need to have $2,000 worth of transactions in 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)
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!
| Total monthly transactions | PayLah! spend only (29 years old and below) | Income + PayLah! spend |
| First $10,000 | ||
| >$0 to $500 | 0.40% p.a. | 0.05% |
| $500 and above | 0.55% p.a. | |
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
4. UOB One savings account interest rates
| Account balance | S$500 spend per month on eligible UOB Card | S$500 spend per month on eligible UOB Card + 3 Giro/PayNow debit transactions | S$500 spend per month on eligible UOB Card + credit salary via Giro/PayNow |
| First $30,000 | 0.65% | 2.50% | 3.85% |
| Next $30,000 | 0.65% | 3.00% | 3.90% |
| Next $15,000 | 0.65% | 4.00% | 4.85% |
| Next $25,000 | 0.05% | 7.80% | |
| Above $100,000 | 0.05% | ||
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
- Minimum balance: $1,000
- Fall below fee: $5 (Waived for first six months for accounts opened online)
- Bonus interest cap: $100,000
5. OCBC 360 savings account interest rates
| Transactions | Interest rate (first $75,000) | Interest rate (next $25,000) |
| None (base interest) | 0.05% | 0.05% |
| Salary credit (min. $1,800) | + 2.00% | + 4.00% |
| Increase avg. monthly balance (min. $500) | + 1.20% | + 2.40% |
| Spend (min. $500 on OCBC 365 card) | + 0.60% | |
| Insure in selected products (min $2,000) | +1.20% | + 2.40% |
| Invest in selected products (min. $20,000) | + 1.20 % | + 2.40% |
| Maintain average daily balance of min. $200,000 | 2.40% | |
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
6. Maybank Save Up Programme interest rates
| Transactions | Interest rate |
| None (base interest) | 0.15% to 0.25% |
| 1 x transaction | + 0.1% |
| 2 x transactions | + 0.7% |
| 3 x transactions | + 2.75% |
The Maybank Save Up Programme lets you choose from nine 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)
While the Maybank Save Up Programme starts with a higher base interest rate than most other savings accounts, the maximum bonus interest rates aren't as competitive.
Assuming you hit three transactions and start with a bonus interest rate of 0.25 per cent, you'll get three per cent. 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
7. Standard Chartered Bonus Saver account interest rates
| Transactions | Interest rate |
| None (base interest) | 0.05% |
| Salary credit (min. $3,000) | + 2.50% |
| Credit card spending (min. $500 or $2,000) | + 1.30% (min. $500) OR 2.05% (min. $2,000) |
| 3 x bill payments (min. $50) | + 0.33% |
| Invest in eligible unit trust (min. $30,000) | + 1.50% for 12 months |
| Buy eligible insurance (min. $12,000) | + 1.50% for 12 months |
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
8. Bank of China Smart Saver account interest rates
| Transactions | Interest rate |
| None (base interest) | 0.1% |
| Salary credit | + 1.90% (min. $2,000) OR 2.50% (min. $6,000) |
| Credit card spending | + 0.50% (min. $500) OR 0.90% (min. $1,500) |
| Insurance plan spending | +2.40% p.a. for 12 consecutive months |
The Bank of China SmartSaver account is a decent 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 0.9 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.
Bank of China Smart Saver
- Minimum balance: $200
- Fall below fee: $3
- Bonus interest cap: $100,000
9. 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.
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This article was first published in MoneySmart.