Best Savings Account Singapore. The Maybank Save Up programme lets you choose from nine different products and services in order to get the bonus interest: *If you meet the minimum salary credit amount and/or the minimum aggregate GIRO debit amount stated in the table above, it will be considered as 1 Qualifying Product. This is currently unmatched. This savings account is amazingly simple: You start with a base interest rate of 0.01%, but if you credit your salary of at least $2,000, you earn 0.8% bonus interest. Waived for first year. on amounts under $50,000). The interest rate rises with every additional $15,000 in your UOB One account, capped at $75,000. Back in the day, many of us nerds liked to open a second savings account. The only catch? 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. — a princely sum indeed. The Standard Chartered BonusSaver account is great because it gives you extra interest if you spend more via a Standard Chartered credit card. This means that cash withdrawals are a little more tricky — although it might help you save more since you can’t withdraw your money that easily. UOB Stash Savings Account — MoneySmart Review 2021, UOB One Account — UOB Savings Account Review 2021, CIMB FastSaver Account — MoneySmart Review 2021, Are You an NSF, Tertiary Student or Retiree? PHOTO: Pexels . You get a cool 1.4% p.a. $20,000). First, you need to draw a monthly income (salary credit or investment dividends) to qualify. With an interest rate that goes as high as 3.8%, DBS Multiplier Account is the savings account to get if you want your money to increase as it sits with your bank. Waived for first-time customers & those up to age 29. With interest rates down, we wanted to identify some of the top savings accounts available in terms of their yield. on your savings. retail spend, DBS Multiplier 2020 interest rate updates: As of 1 August 2020, interest rates have been revised for DBS Multiplier account holders with transactions in 1 and 2 categories. Interest rates are calculated on a daily basis and credited on a monthly basis. To make it easier for you, we created the Seedly Savings Account Calculator which you can use for FREE! Note: you’ll have to maintain a minimum daily balance of $3,000 in your account to avoid getting charged a fall below fee of S$5 per calendar month. Waived for up to age 25. Eligibility: Children under 16, a parent is required. Such current accounts might offer higher interest than your typical savings accounts. Note: even though there is no minimum transaction required for each category, you still need to have a total transaction of at least $2,000 under the Income category to qualify for ANY bonus interest tier. Singapore Savings Account Rates blogspot dot com is pleased to update you on savings and other banking accounts in Singapore today. The Stan Chart JumpStart account is pretty straightforward. Oh, before you switch your bank accounts. That’s ’cause not all of us have $1 million in savings to qualify us for the highest tier of interest. The whole process of choosing the best savings account can be rather confusing as we all have different spending habits and incomes. The highest possible interest rate at 3.30% p.a. Then you’ll probably be able to push that interest up from 0.40% to 0.60% p.a. FYI: The changes to the base interest rate of the BOC SmartSaver account are effective 1 Aug 2020. They offer probably the highest interest rates in Singapore for those who take home a monthly salary of at least $6,000. Pay 3 bills and spend $2,000 on your SCB Bonus$aver World credit or debit card and you’ll already get 1.2% p.a. Refer to Bonus Interest Rate tab below to see the change in interest rates, Students, NSF, self-employed, salaried or retired individuals are eligible to apply. These changes will take effect on 1 Nov 2020 and the revision will be applicable to all new and existing UOB One accounts. Like most savings accounts, the DBS Multiplier savings account base interest rate is a paltry 0.05% per annum. If you’re earning a high income (at least $6,000), then BOC Smart Saver is a pretty good choice as you don’t need to jump through too many hoops to qualify for the additional interest. If you want a savings account with a decent interest rate. Keep track of your transactions printed on a handy passbook and access your savings account easily with a Debit Card and Online Banking. General Disclaimers . DBS Multiplier Account: What Are the Changes For January 2021? You get a bonus 0.1% every month that your account balance increases by $500 or more, so that might encourage you to save more. However, the results of our comparison tools which are not marked as sponsored are based on objective analysis. Earn bonus interest based on the number of qualifying products held: 1 qualifying product: 0.3% p.a. interest, when you can upgrade to high-interest savings account instead. Source: OCBC POSB My Account. The interest rate shown in the table below will be the interest rate effective 1 Nov 2020. Unlike other comparison sites, we’ve excluded short-term promos from this comparison as the perks don’t last long. Instead, you’ll want to fulfil as many other categories as you can: Even if you’re unsure about buying insurance or investment products from OCBC, here’s an example of how much interest you can earn based on the above criteria: FYI: Before we get into it, you should know that the BonusSaver bonus interest rates were revised recently. FYI: If you’re currently using the Maybank SaveUp account, here are the latest interest rates as of 21 Dec 2020. Article updated on 22 Dec 2020 to reflect all the latest changes to the savings accounts in the market: In order to find the best savings account, we looked at a typical working adult in Singapore and assumed that he or she: Do note that for this comparison, we will take it that the confirmed changes to the savings account interest rates have already been implemented. You should also note that ATMs for foreign banks like Bank of China and Standard Chartered are usually limited. You may not be eligible for the bonus interest rate if you don't increase your savings balance by at least $200 per month on balances up to $250,000. As shown in Diagram 1 below, prior to 1 May 2020, UOB One Savings Account provides 2.436% interest rate. Sign up for our newsletter for financial tips, tricks and exclusive information that can be personalised to your preferences! The Maybank Save Up Programme lets you choose from 9 different Maybank products/services to get bonus interest: If you hit 2 transactions, e.g. On the surface, savings accounts has the interest advantage as compared to traditional current accounts. UOB One Card, UOB Lady’s Card, or UOB YOLO Card). Finding the best high-interest savings accounts. The highest interest savings accounts will be offshore in emerging countries. For your convenience, we’ve compiled the best savings accounts in Singapore with the highest interest rates, updated for 2021. Here’s how much interest you can get based on the criteria we set out: FYI: From 15 Jan 2020 onwards, CIMB will be revising its interest rates for the CIMB FastSaver account. $2,000), Invest in structured deposit (min. Banks have promotions whereby they offer bonus interest rates on savings accounts if you meet certain conditions. Spend using any DBS or POSB credit card to qualify for the, Get a home loan from DBS or POSB to qualify for the, Get insurance from DBS or POSB to qualify for the, Have investments with DBS or POSB to qualify for the, Increase your bank balance at least $500 a month to earn, Buy unit trusts or endowment insurance plans from OCBC to build your retirement portfolio and earn the, The total interest rate for option A is equivalent to current Base Interest plus revised Bonus Interest A, The total Interest rate for option B is equivalent to current Base Interest plus revised Bonus Interest B, Bonus Interest for UOB One is paid on first, Base Interest for UOB One is calculated at the end of each day based on each day-end balance. You get a cool 1.4% p.a. The interest rate for the first S$50,000 is 0.1875%. Jul 15, 2020 . Based on the criteria we set out, you’ll earn 0.50% p.a. Share this article with them! It is the basic savings account with the highest interest rate in Singapore today and can provide higher interest rates and yet liquidity if you need it. You have to apply for a DBS credit card AND spend a minimum sum with it, You will usually have to wait a while when withdrawing money as the queue for DBS or POSB ATMs are usually the longest (since almost everyone’s using them). Put the lump sum in the top-paying easy-access account. The bonus interest rate you earn is influenced by: In addition to how many and how much transactions you make in the following categories: The more categories you transact in, and the higher the amount you transact in, the more interest you’ll earn. Interest rate is generally not the highest compared to the other savings accounts. bonus interest. Know someone who needs to switch savings account? The best savings account depends largely on you meeting certain criteria set by the banks. To best optimise your interest rate, you’ll basically want to fulfil at least three products and services in order to clock the maximum interest of 3.00% p.a. But based on the criteria we set out where you’re crediting your salary, spending $500 with your credit card and making three bill payments – you’ll only earn a paltry 0.35% p.a. Rates are subject to change without notice. The criterion to hit the OCBC 360 Grow Bonus interest rate is probably out of reach for most of us. $500 in a calendar month AND Credit Salary or make 3 GIRO debit transactions, The extreme left column will tell you what kind of base interest or category you need to fulfil in order to qualify for the interest, If you meet any of the categories, make a mental note of the corresponding interest rate, Add everything up to get your estimated potential interest rate, Insurance (only for the first 12 consecutive months). This includes Premier Statement Savings, Private Bank EasiSave, Private Bank Statement Savings, Premier Trade … Still have more questions after reading the article? Initial Deposit & Balance: None. 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. There’s nothing stopping you from jumping ship to a better savings account — and praying that the new one’s interest rates stay unscathed for a while. PayLah Retail Spend (29 years old and below). Then to get more interest, you’ll need to: Based on the criteria we set out earlier, you will fulfil the salary credit category and credit card spend category. * The Premier-exclusive rates set out in the table above shall apply only to account(s) which are subject to the terms and conditions governing the use of HSBC Premier Account Package. to qualify for 0.30% bonus interest rates on your PayLah! The good news is that emerging countries will require lower minimum deposits (sometimes as little as $1) and, as they are eager to attract depositors, will often be more open to foreigners (sometimes all you’ll need is a passport). They offer probably the highest interest rates in Singapore for those who take home a monthly salary of at least $6,000. To boost your interest, you can either credit your monthly salary or pay 3 bills by GIRO. one might pay 2% p.a. As a reward for your restraint, you earn 2% p.a. There are no further hoops to jump through, and no minimum balance OR fall-below fee. Best Personal Accident Insurance Policies, See All Personal Accident Insurance Articles. Premier EasiSave. If you’re lazy to switch banks, you can at least switch to the DBS Multiplier. Even if your average monthly balance fluctuates month-to-month, you can still earn top interest rates with Maybank iSAVvy Savings Account–as long as your account remains above S$5,000 for 6 months, which is quite reasonable for the average consumer. For a more universal comparison that’s applicable to most, you can refer to the table below to find out the potential interest rate you can get. Unlike other banks, it doesn’t require account holders to have a minimum salary credit or credit card spend as long as your monthly transactions amount to $2,000. Depending on the savings account and the promotion, you … Unfortunately, both savings account interest rates have been slashed to 0.3%. You can use the FREE Seedly Savings Account Calculator to help you make your decision faster! But I supposed that’s a good thing as you’ll be less likely to make withdrawals. Not bad if your main function is to pay for your kids tuition fees, dental checkups, condo MCST fees and what-not. After that, you can only go as far as Income plus transactions in 2 categories: Credit Card Spend and Home Loan Instalments. All you have to do is fill up some basic information like your: And the calculator will tell you which savings account gives you the highest interest rate! DBS Multiplier Account is a deposit account with a base interest rate of 0.05% per annum, Bonus interest rates: 1.40% to 3.80% per annum. Invest in selected products (min. bonus interest, 3 qualifying products or more: 2.75% p.a. Up to $200 cash credit when you sign up online and sign up for a UOB credit card. All financial products and services are presented without warranty. You’re probably better off looking at other savings accounts that can give you better interest rates for less. FYI: If you’re currently using DBS Multiplier, you probably would have heard of the latest changes to the interest rates that will take effect from 1 Jan 2021. for balances of … Note: looking at the number of loans available, it seems like Maybank Save Up would be ideal if you’re already planning to take a loan. since the 1 Nov 2020 changes have kicked in. for bills, 0.75% p.a. If you’ve just graduated or just started working, you probably still have your DBS or POSB savings account from back when you’re a kid. Make sure to check with your company’s HR manager if your monthly salary GIRO credit is under the transaction code: SAL. Maybank Singapore Savings Account. Bonus Interest for UOB One is calculated at the end of each calendar month based on the monthly average balance. But the minimum spend of $800 to qualify for the cashback might discourage those who don’t spend that much. on amounts over $50,000 and 0.5% p.a. with 3-mth time deposits till 31 Dec This also increases your bonus interest cap from $25,000 to $50,000. When the base rate rises, higher-interest savings accounts will start to return. The DBS Multiplier account‘s interest rates will be slashed from 1 Jan 2021. Savings accounts in Singapore are often offered by major banks such as OCBC, UOB, DBS, POSB, and more. If you don’t like reading terms and conditions, here’s our suggestion on how you can maximise your OCBC 360 Saving Account’s interest rate. without having to jump through too many hoops, assuming a $2,000 credit card bill and 3 bill payments are no problem for you. Best Savings Account With the Highest Interest Rates in Singapore 2021. Initial base rates are based on total balance size, ranging from 0.1875% p.a. Some content may be compensated through third-party advertisers. for balances below S$5,000, up to 0.50% p.a. While regular savings accounts can pay higher rates of interest, the problem with them is that it takes time to build up the amount of money you have in there. without having to jump through too many hoops, assuming a $2,000 credit card bill and 3 bill payments are no problem for you. Standard Chartered Bonus$aver is a current savings account with a base interest rate of 0.03% per annum on your deposit amount (updated rates as of 1 October 2020), Bonus interest rates range from 0.10% p.a. You can save regularly into other kinds of accounts too, so weigh up your options. If we stick with the criteria we set out — meaning you only fulfil two product or services — you only get 1.03% p.a. Noticed I wrote “realistic” interest rates? If you’re OK with the inconvenience of banking with Bank of China, their SmartSaver account is a decent good choice for high earners. Best alternatives to Savings Accounts in Singapore (2020) SingSaver.com.sg. That’s better than the DBS Multiplier’s 1.1% p.a. Fall below fee: $5. That’s better than the DBS Multiplier’s 1.1% p.a. After getting nerfed, the Standard Chartered BonusSaver savings account isn’t so great for regular folks, but it does occupy a niche: It gives you pretty high interest just for spending tons of money. On paper, the Standard Chartered Bonus$aver Account gives the highest effective interest rate in Singapore at a very impressive 2.60% p.a. Disclaimer: At MoneySmart, we aim to provide accurate, objective and up-to-date information. OCBC 360 Account — OCBC Savings Account Review. And don’t want to crack your head over complicated T&Cs…. After taking into consideration of the requirements and conditions, the DBS Multiplier Account is unanimously chosen as the best deposit account in Singapore. The OCBC 360 is more complicated than the UOB One, but also more flexible in that there is no one mandatory requirement. The OCBC 360 is more complicated than the UOB One, but also more flexible in that there is no one mandatory requirement. Your bonus interest rate increases if you transact in more of the above categories, Bonus interest rates for 29-year-olds and below: Credit your income and spend above S$500 via PayLah! for Standard Chartered debit or credit card spend, to 0.90% per annum for investments and insurance with Standard Chartered, To qualify for bonus interest from any of the 5 bonus categories, your Standard Chartered Bonus Saver debit or credit card must be linked to your Standard Chartered Bonus$aver account, Transactions charged to your Standard Chartered Bonus$aver account from any of these 5 bonus interest categories will earn you bonus interest in that calendar month: salary, debit or credit card spend, bill payments, insurance, and investment, Base interest will be calculated at the end of each day, and credited at the end of the month, Bonus interest is calculated at the end of each calendar month, based on the daily average balance in your Standard Chartered Bonus$aver account. Yet if you have a lump sum of cash, and you want to maximise its earnings, you can still take advantage. The Fed also recently announced that they will keep interest rates near zero until 2023. These variables can be mainly broken down into: Basics. Higher interest rates for higher balances: Pensioner savings accounts often have a tiered interest rate structure, paying different interest rates depending on the balance of the account (e.g. Don’t leave it in a kids savings account and earn the meagre 0.05% p.a. The interest rate shown in the table below will be the interest rate effective 1 Dec 2020. The interest rate shown in the table below will be the interest rate effective 1 Oct 2020. So if you aren’t drawing that kind of pay or looking to spend that kind of money. This is also one of the main reason we are seeing various updates that will start from January 2020 onwards. To maximise the account, you will need to be drawing at least $3,000 for a small 0.10% bump in the bonus interest rates. Singapore Savings Bond (SSB): Earn up to 0.9% p.a. Interest will be credited 1 month after the transaction upon full payment of your credit card spend, Multi-currency feature: If you are the primary Standard Chartered Bonus$aver account holder, login to Standard Chartered iBanking or SC Mobile to enable the multi-currency feature to transfer funds in foreign currencies in your other Standard Chartered accounts to your Standard Chartered Bonus$aver account. Another savings account that cannot be ignored when discussing the best savings accounts for working adults in Singapore is the Standard Chartered Bonus$aver Account. Here’s How the Latest DBS Multiplier Account Changes Benefit You, Standard Chartered BonusSaver Account Review — Higher Interest Rates for Savers. UOB One Savings Account Review 2021 + UOB Stash Account Updates, OCBC 360 Account February 2021 Revision: Will This Round of Changes B…. There’s no change to the mechanics. While this greatly benefits borrowers (e.g. Like most savings accounts, the DBS Multiplier savings account base interest rate is a paltry 0.05% per annum. CIMB FastSaver Review: What Are The Changes in January 2021? However, sticking with DBS also brings about certain disadvantages such as: Some of our Seedly Community members have also decided to switch other banks. The RHB High Yield Savings Plus Account is a no-frills savings account which offers up to 0.875% p.a. As such, we have updated this guide for 2021 to help you find the best savings account for your needs in the year ahead. You’ll notice that the bonus interest you earn on the Insurance and Investments categories is only recognised for the first 12 consecutive months. $300) OR salary credit (min. 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