Now that bank interest rates are low, it’s not a bad idea to refinance and reduce your monthly expenses anyway. The difference between a high yield savings account and a normal savings account is found in the interest rate – high yield savings accounts often offer you higher interest rates with no fall below fees, such as a base interest rate of 0.80% per annum for the RHB High Yield Savings Plus Account versus 0.01% per annum for the OCBC 360 savings account. How much can you earn on your $10,000 savings stash? After spending time to research and compare the savings accounts in Singapore, Heartland Boy will spill the beans on how to get the highest interest rate on your bank savings accounts. What is the difference between a savings, current, and multi-currency account? Once regarded as the best savings account in Singapore without no requirements whatsoever, the CIMB FastSaver account slashed its rates recently, to the chagrin of lazy savers everywhere. Disclaimer: At MoneySmart, we aim to provide accurate, objective and up-to-date information. Unfortunately, this brings the DBS Multiplier account below the other accounts on the list, with the exception of Standard Chartered’s Bonus$aver account. 0.55% p.a. Instead of giving people bonus interest based on what they do and how much they have, the POSB Cashbank Bonus only cares about the first part, what people do. To apply for a savings account in Singapore, you generally need to be at least 18 years old, a Singapore citizen, permanent resident, or a foreigner with necessary documents to prove your residence in Singapore. That’s double the DBS Multiplier account’s rates from January 2021 onwards. To save you the trouble of looking through all these new interest rates, here’s an easy and up-to-date comparison of the best savings accounts in Singapore. Current accounts may also come with minimum balance fees. There is no need to insure or invest with the same bank, and the low minimum balance makes it appropriate for these lean times. For the last one, you can insure with Maybank (min. Banks do offer a base interest rate that generates interest on your account balance, such as 0.05% per annum for the OCBC 360 Account (as of 1 October 2020), or 0.03% per annum for the Standard Chartered Bonus Saver Account (as of 1 October 2020). Anyway, here are a few tips to keep in mind as you’re searching for the right savings account in Singapore. Yes, the UOB One account’s 0.5% interest rate for the first $15,000 puts it at the bottom of the list. Best Personal Accident Insurance Policies, See All Personal Accident Insurance Articles, S$15 (if total relationship balance with Citibank falls below S$15,000). This will take effect on 1 January 2021. Use MoneySmart comparison tool to open savings account that gives you best proven results for unlocking bonus interest, managing multi currency or simply maximising your savings! Some content may be compensated through third-party advertisers. Already signed up? Best Savings Account Singapore. For the time you deposit your funds into a savings account, you will want your funds to be earning interest. Spend $500 on a Maybank credit card, pay bill(s) by GIRO (minimum $300 in total), and you’re two-thirds of the way there. Planning and setting aside money for your child’s future? 0.90% p.a. Find the best online brokerage firm that suits your needs and start investing today. Disclaimer: At MoneySmart.sg, we strive to keep our information accurate and up to date. Salaried employees in Singapore are basically spoilt for choice when it comes to high-interest savings accounts. To save you time, we’ve done some of the research and here is our pick of the best savings accounts in Singapore with the best interest rates for 2020. Customer … Your personal and financial data stays safe through 2-factor authentication. Best savings accounts for salaried workers. Most savings accounts will offer you a base interest rate that changes with current Singapore Inter-Bank Offer Rate (SIBOR) and Singapore Dollar Swap Offered Rate (SOR) rates. The cut in interest rate by UOB on its One Account is the steepest compared to the other banks. Get your full, exclusive copy of The Ultimate Savings Guide for COVID-19 and Beyond, including tips on reducing unnecessary expenses, creating additional income streams and more! The CIMB FastSaver is an online savings account which has no multiple conditions. I found and applied for a cashback card easily on their website. UOB One. $50) to increase by 0.07%, – Increase monthly balance by $500 to bump up your interest by 0.2%, No min. S$0. Popular. The highest possible interest rate at 1.25% p.a. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. (If under 26 years old W.E.F: 1 Jan 2021) DBS Multiplier. You don't need to clock any credit card spend, credit your salary, purchase investment or insurance products, and there are no monthly fees! #3 Singtel Dash EasyEarn Singtel’s Dash EasyEarn is an insurance savings plan by Etiqa Insurance that is open to eligible Dash users to earn higher returns while enjoying the flexibility of anytime top-ups, withdrawals with no lock-in period of penalty. Just spend $500 on your UOB credit card and pay three bills by GIRO (no minimum amount), and you’re done. $5,000 annually) or buy a unit trust (min. “I’ve always thought about getting a travel credit card, but I didn’t know which one to get. Take note that you have to consider the fall below fee, for some accounts with no minimum balance such as the Citi MaxiGain may require you to have a total banking relationship of S$15,000 with them before the fall below fee is waived. SCB JumpStart. OCBC 360 account is one of the most popular savings account in Singapore. Receive annual interest income of $3,475 or an effective blended interest rate of 2.04% on … While this definitely sounds like an attractive offer, do note that high yield savings accounts may come with different terms and conditions that restrict the number of withdrawals you can make, require initial deposits, and maintain specified minimum average daily balances. However, the results of our comparison tools which are not marked as sponsored are based on objective analysis. So it’s best to keep a sensible amount of cash in your savings account still. Best Savings Accounts for Students in Singapore 2020 updated November 10, 2020 - Carrie Arndt, Senior Research Analyst If you're a student between 15 to 26 years old, it may be difficult to find a savings account that's accessible and low-risk, but also rewarding. Best Bank to open a Savings account in Singapore by Editor July 8, 2017 Rather than allowing money to remain stagnant, one can consider getting high returns on the money by depositing the amount in a savings account. interest on the first S$50,000 without any conditions as long as you maintain a minimum deposit of S$1,000. SingSaver.com.sg’s comparison tool helped me decide on an air miles card in 10 minutes.” ”, “ “I used to be scared of credit cards, but SingSaver.com.sg made me realise that I don’t have to worry about debt if I pay my bill on time each month. Up to 3.8% p.a. The DBS Multiplier Account awards bonus interest rates totaling up to 3.80% if you also fulfil your DBS or POSB credit card spend, home loan, investments, and insurance expenditure. Banks in Singapore have all lowered their savings account interest rates since COVID-19. But BOC has not updated its interest rates since August 2020, so who knows how long the high interest rates would last? How Much Savings Should I Have At 35 In Singapore? However, DBS announced on 1 December 2020 that it too would have to further slash the Multiplier account’s interest rates due to the economic climate. Once you have successfully applied for a savings account, you should be automatically directed to create an internet banking (or iBanking) account through your bank’s website. You do not want to deposit large amounts of funds into a current account for they do not offer interest rates. interest rate on deposits that can be withdrawn anytime at no cost, with the deposits being insured by the SDIC. 0.05% Min … Best savings account in Singapore. A savings account is meant for you to hold your funds for a short period of time so you can easily retrieve them where necessary, such as a trip to the doctor’s, buying a new refrigerator, or booking vacations. For a student with no or minimal income, this may prove to be a problem. S$5. But it is not only enough to open a savings account from the bank that you are only familiar with, you may end up just having an interest rate of 0.05%. Ever since banks started reducing their deposit interest rates, we’ve started seeing a slew of non-traditional alternatives to savings accounts. A wide range of savings accounts has been introduced over the years in Singapore and is specfically tailored to a different consumer for best results. Salaried employees in Singapore are basically spoilt for choice when it comes to high-interest savings accounts. No … INTEREST RATE. Not everyone is keen to hit minimum spending requirements or monitor their account balance every month. OCBC 360. 4.4. You can bump up your transaction total easily by opting for a DBS home loan (your cash + CPF monthly payments will count towards it). Now that you are familiar with a savings account, you will soon find yourself wondering: Which is better? Most savings accounts do not require an initial deposit nor charge monthly account fees. Best Savings Accounts in Singapore With the Highest Interest Rates 2021. If you don’t mind putting some cash in insurance and/or investments, the Maybank Save Up Programme is worth looking into. Due to COVID-19, most banks have updated their savings account base interest rates several times in 2020. If you are a Singapore citizen applying for a savings account, you can do it online via Singpass MyInfo. However the different types of savings account available can be complex to understand. If you use a debit card, your card will most likely be tagged to a current account. There used to be a three-way fight between DBS Multiplier, UOB One and OCBC 360 accounts. Savings accounts also do offer bonus interest rates if you fulfil extra criteria, for instance. If you happen to need a home, car, renovation or education loan, those count as eligible transactions too. salary or credit card spending, as long as they add up to $2,000, No min. If that’s the case, you might also want to consider a fixed deposit account. He hopes that his contents brings you one step to towards achieving your financial freedom. Pick any three transaction types to get 2.75% bonus interest on top of the base interest rate, adding up to close to 3%. You can get 0.8% just for salary credit and spending $500 on your credit card. 7 Best Savings Accounts in Singapore with the Highest Interest Rates DBS Multiplier savings account interest rates. Engineer by day, your financial guru by night. POSB Save As You Serve. Interest rates are valid from December 2020 onwards. You’ll need to pick up a UOB credit card to pair it with. We’ve previously seen the best saving accounts for working adults. While his passions includes bikes and photography, sharing his financial knowledge and experience lets him sleep better at night. Republic of the Congo (61.4%) The Republic of the Congo is a relatively small African country with … All financial products and services are presented without warranty. However, the results of our comparison tools which are not marked as sponsored are always based on objective analysis first. But what if you’re just looking for a zero-effort, fuss-free savings account without having to consider the 1,001 conditions to fulfil? Almost every bank has a savings account that pays bonus interest for crediting your salary and spending on their credit cards. If you have a take-home salary of more than $6,000, you might want to consider Bank of China’s SmartSaver account. FastSaver account used to be one of the best savings accounts in Singapore, but it is no longer the case with its recent cuts in interest rates. Stay up to date and compare savings accounts easily with SingSaver. for the first $50,000 of savings, half that of the original 1%. Instead, you will be able to store those Australian dollars directly in your account and spend it on your next cup of coffee in Melbourne. Compare and find the best savings account that suits your needs. balance until age 25 (subsequently $1,000), Citi InterestPlus Account (applications ceased from 1 Aug 2020 onwards), – Spend $25 on credit card + insure OR invest to earn 1.35%, None, but maintain min. If you do have any special requests such as withdrawals, transfers, or if you are looking to close your savings account, you may still be required to fill in a physical form and bring it to a branch that is closest to you. Let’s find out how much interest an average Joe can get on his $10,000 savings, assuming a take-home pay of $3,500 and monthly credit card spending of $500. If your balance dips below the minimum balance stated by your bank, you will be charged either a S$2 or S$5 fall below fee. Bonds - Top Posts Best Savings and Fixed Deposit Alternatives in SG (Jan 2021) December 22, 2020. So, when you receive a payment from your fellow college friend in Australian dollars, you will not need to pay transaction fees to have that sum converted to Singapore dollars. balance until age 29 (subsequently $3,000), – Pay 3 bills (min. First time account holders. Minimum Initial Deposit: S$1,000 No product on the market... High Base Rates for Modest Balances: RHB High Yield Savings Account. Additionally, this site may be compensated through third party advertisers. For simplicity’s sake, let’s assume you are a freelance writer. Love it.”, Maybank Horizon Visa Signature Credit Card, Standard Chartered Unlimited Cashback Card, Allianz Global Assistance Travel Insurance, The Differences Between Bank Account Types You Need to Know. When Should You Open A Second Bank Account? Compare different banks. We get it. Read these next:The Differences Between Bank Account Types You Need to KnowWhen Should You Open A Second Bank Account?How Much Savings Should I Have At 35 In Singapore?Fixed Deposits in Singapore: Complete 2020 Guide7 Good Reasons to Change Your Savings Account, “ “I’ve always thought about getting a travel credit card, but I didn’t know which one to get. UOB One Account Now Yields 1.8% Interest Rate As shown in Diagram 1 below, prior to 1 May 2020, UOB One Savings Account provides 2.436% interest rate. Salaried employees in Singapore are basically spoilt for choice when it comes to high-interest savings accounts. Almost every bank has a savings account that pays bonus interest for crediting your salary and spending on their credit cards. Almost every bank has a savings account that pays bonus interest for crediting your salary and spending on their credit cards. Multi-currency accounts allows you to hold both Singapore dollars and one (or more) designated currencies in your account. Here are some common, specialised savings accounts you may wish to consider. Maisul. However, most savings accounts do have a minimum balance requirement of S$1,000 or S$3,000 – meaning your savings account must have above S$1,000 or S$3,000 daily. All rights reserved. Min. Fixed Deposits in Singapore: Complete 2020 Guide, 7 Good Reasons to Change Your Savings Account, – Pay 3 bills (min. Sign in now to claim your free savings guide. Always thought about getting a travel credit card, your card will most likely tagged. Multi-Currency account an initial deposit nor charge monthly account fees be creative with how you earn on your credit spending... Citizen applying for a student with no or minimal income, this programme is looking... Entrant to the other banks ve started seeing a slew of non-traditional alternatives to savings accounts your profile. Home, car, renovation or education loan, those best savings account singapore as eligible transactions too conditions as long you... 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