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7 Best Savings Accounts in Singapore with the Highest Interest Rates 2022

Best savings accounts with high interest rates in Singapore
Best savings accounts with high interest rates in Singapore

2021 was a pretty tough year on our finances. Not only did many of us suffer pay cuts and income losses, most of the high interest savings accounts in Singapore also got royally nerfed! Talk about adding insult to injury. You might’ve thought the end of the year meant the end to the misery…well, you thought!

2022 is shaping up to take quite the hit on our wallets. Inflation, an impending recession, yadah yadah yadah, when does the misery end?

It’s times like these when saving your money is more important than ever. While you’re at it, you want to make sure you’re earning the best interest rates.

For your convenience, we’ve compiled the best savings accounts in Singapore with the highest interest rates, updated for 2022

Contents

      1. Best Savings Accounts: Highest Interest Rates

      2. CIMB FastSaver Savings Account

      3. DBS Multiplier Account

      4. UOB One Account

      5. OCBC 360 Account

      6. Maybank SaveUp Account

      7. Standard Chartered Bonus Saver

      8. Bank of China Smart Saver

      9. POSB SAYE Account

1. Best savings accounts in Singapore with highest interest rates

Savings account

Realistic bonus interest rates

Best for

CIMB FastSaver

1.1% to 1.8% 

Young adults starting their careers

DBS Multiplier

0.05% to 0.9% 

Salaried workers

UOB One

0.25% to 0.75%

No salary credit

OCBC 360

0.05% to 0.6% 

Growing your savings

Maybank Save Up

0.1% to 0.7% 

Home, education, car loan users

SCB Bonus Saver

0.21% to 0.31%

High spenders

BOC Smart Saver

0.3% to 0.6%

High earners & spenders

Noticed I wrote “realistic” interest rates? That’s ’cause not all of us have $1 million in savings to qualify us for the highest tier of interest.

So to keep things real, I’ve projected these savings accounts interest rates for $10,000 to $25,000 in savings, without requiring you to jump through too many hoops.

best savings accounts in singapore
best savings accounts in singapore

2. CIMB FastSaver savings account interest rates

Deposit amount

FastSaver + Visa Signature Credit Card

FastSaver only

First S$10,000

1.8% p.a.

1.1% p.a.

Next S$15,000

1.1% p.a.

1.1% p.a.

Next S$25,000

1.5% p.a.

1.5% p.a.

Next S$25,000

2.0% p.a.

2.0% p.a.

Above S$75,000

0.80% p.a.

0.80% p.a.

CIMB comes through again by offering arguably the highest realistic interest rates for a savings account – the CIMB FastSaver at 1.8% p.a. – provided you also sign up with the CIMB Visa Signature credit card and spend a minimum of $300 per month.

If you just want the FastSaver account only (because you may have too many credit cards already), the interest rate will only be 1.1%. This is still higher than any of the banks listed below for simply depositing your money into the account.

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 maintain at least $1,000 balance 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.

Minimum balance: $1,000

Fall below fee: None!

Bonus interest cap: $75,000

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3. DBS Multiplier savings account interest rates

Total monthly transactions

Income + 1 category

Income + 2 categories

Income + 3 categories

<$2,000

0.05%

0.05%

0.05%

$2,000 to $2,500

0.9%

1.2%

2%

$2,500 to $5,000

0.9%

1.3%

2.2%

$5,000 to $15,000

1%

1.4%

2.4%

$15,000 to $30,000

1%

1.5%

2.5%

>$30,000

1.1%

2.5%

3.5%

While the DBS Multiplier account‘s interest rates have finally gone back up since getting slashed on 1 January 2021. The bunnies have started multiplying again! The mechanics of the DBS Multiplier account remains the same. First, you need to draw a monthly income (salary credit or investment dividends) or update your financial information on SGFinDex to qualify. Then, transact in 1 or more from 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 & structured products)

If you have a DBS home loan — worth considering since bank loan interest rates tend to be lower than HDB home loans — you can quite easily unlock a higher tier of interest. This also increases your bonus interest cap from $25,000 to $50,000.

Don’t worry if you can’t hit the minimum $2,000 in monthly transactions to qualify for 0.9% or more interest; you can earn 0.55% p.a. (capped at first $10,000) if your income + DBS Paylah retail spending add up to at least $500. If you’re below 29 years old, you will qualify for 0.4% p.a. even if you spend lesser than $500.

DBS logo
DBS logo

High Interest Rates

DBS Multiplier Account

Base Interest Rate p.a.

0.05%

Max. Interest Rate p.a.

3.8%

Min. Balance

S$3,000

Read More

More Details

Key Features

  • No minimum salary credit

  • 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. DBS Multiplier Account 2020 interest rates have been updated as of 1 August 2020

  • To enjoy bonus interest rates, you need to credit your salary or dividends via GIRO to any DBS/ POSB deposit account that you hold, and transact a minimum of S$2,000 on any DBS/ POSB credit card you hold, DBS/ POSB home loan monthly instalments, DBS/ POSB insurance regular monthly premium, or DBS investments. 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! to qualify for 0.30% bonus interest rates on your PayLah! 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. 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

Interest Rate

Bonus Interest Rate

Salary Credit + 1 transaction category

Up to 2.80% p.a.

Up to 3.80% p.a.

Highlights

Citizenship Status

S$0

S$3,000

S$5

N/A

Wide coverage of ATM islandwide (>2,000)

N/A

See all card details 

Minimum balance: $3,000

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

Bonus interest cap: $100,000

Back to top

4. UOB One savings account interest rates

Account balance

Credit card only

Credit card + GIRO / salary credit

First $15,000

0.25%

0.75%

Next $15,000

0.25%

0.80%

Next $15,000

0.25%

0.85%

Next $15,000

0.25%

0.9%

Next $15,000

0.25%

2.5%

Above $75,000

0.05%

0.05%

The easy-to-use UOB One account is one of the few higher interest savings accounts with no salary credit requirement.

Pick this account if you’re allergic to maths, because the only requirement is spending at least $500 a month on a UOB credit or debit 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

To further boost your interest, you can either credit your monthly salary or pay 3 bills by GIRO. This is great for those without a regular paycheck such as freelancers, retirees or homemakers.

The interest rate rises with every additional $15,000 in your UOB One account, capped at $75,000.

There’s also an ongoing promo where you can earn up to 3.6% p.a. interest and $50 in cash credit when you credit your salary (min. $1,600) into a UOB One Account. On top of that, you’ll also have to spend a minimum of $500 monthly on your UOB One Card. 3.6% p.a. in interest sounds like an attractive offer but if you look into the terms and conditions, you can only hit the 3.6% p.a. interest rate if you have between $75,000 to $100,000 in your account. If you’re not one of them, you don’t have much to gain from the promo. 

The promotion ends on 31 December 2022.  

UOB logo
UOB logo

UOB One Account

Base Interest Rate p.a.

0.05%

Max. Interest Rate p.a.

2.5%

Min. Balance

S$1,000

Read More

More Details

Key Features

  • Up to 2.50% p.a. interest rates

  • Up to $200 cash credit when you sign up online and sign up for a UOB credit card. T&Cs apply

  • Low initial deposit of $500

  • Withdraw cash conveniently without an ATM card using Mobile Banking

  • UOB Young Professionals Solution is a combination of UOB One Account, UOB YOLO and the unique Sweep feature that allows you to automatically invest your earned account interests and card rebate into a Unit Trust

Interest Rate

Bonus Interest Rate

Option A

Up to 2.50% p.a.

Highlights

Citizenship Status

S$500

S$1,000

S$5

N/A

See all card details 

Minimum balance: $1,000

Fall below fee: $5

Bonus interest cap: $75,000

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5. OCBC 360 savings account interest rates

Transactions

Interest rate (first $25,000)

Interest rate (next $25,000)

Interest rate (next $25,000)

None (base interest)

0.05%

0.05%

0.05%

Salary credit (min. $1,800)

+ 0.6%

+ 1.2%

+ 2.0%

Increase avg. daily balance (min. $500)

+ 0.2%

+ 0.4%

+ 0.6%

 Spend (min. $500 on OCBC 365 card)

+ 0.2%

+ 0.4%

+ 0.6%

Insure in selected products (min $2,000)

+ 0.6%

+ 1.2%

+ 2.0%

Invest in selected products (min. $20,000)

+ 0.6%

+ 1.2%

+ 2.0%

Like DBS, the OCBC 360 account interest rates were also slashed last year. However, both banks have increased their interest rate since. The OCBC 360 account has also introduced a new credit card spend category that will earn you extra 0.2% if you spend at least $500 on the OCBC 365 card

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 0.6% for not doing much else than crediting your salary to the OCBC 360 account.

You get a bonus 0.2% every month that your account balance increases by $500 or more, so that might encourage you to save more. 

OCBC logo
OCBC logo

OCBC 360 Account

Base Interest Rate p.a.

0.05%

Max. Interest Rate p.a.

4.40%

Min. Balance

S$3,000

Read More

More Details

Key Features

  • Minimum salary credit of S$1,800 via GIRO

  • OCBC 360 is a savings account with a base interest rate of 0.05% per annum on the account’s balance

  • You enjoy bonus interest rates when you credit your monthly salary, meet certain deposit amounts such as S$500 monthly increases or S$200,000 total balance, purchase insurance, or invest with OCBC

  • Increase your OCBC 360 account savings balance by S$500 monthly to enjoy 0.10% bonus interest on the first S$25,000, followed by 0.20% bonus interest for the next S$25,000, and 0.40% bonus interest for the third S$25,000

  • If your account balance is above S$200,000, you enjoy an additional 0.40% on your first S$75,000 deposited

Interest Rate

Bonus Interest Rate

Monthly Salary Credit

OCBC insurance plans

OCBC unit trusts, structured deposits, or bonds and structured products

Highlights

Citizenship Status

S$1,000

S$3,000

S$2 (waived for 1 year)

N/A

Over 1,100 ATMs in shared network in Singapore

N/A

See all card details 

Minimum balance: $1,000

Fall below fee: $2. Waived for first year

Bonus interest cap: $75,000

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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 9 different Maybank products/services to get bonus interest:

  • GIRO payment (min. $300) OR salary credit (min. $2,000)

  • Credit card spending (min. $500)

  • 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)

If you hit 2 transactions, e.g. salary credit + credit card, you can get almost 1% interest, which is one of the highest on the market.

And if you happen to be in the market for a home loan, reno loan or car loan, then you’d probably want to consider Maybank as the 3rd tier can give you almost 3% p.a. — a princely sum indeed.

Maybank logo
Maybank logo

Maybank SaveUp Programme

Base Interest Rate p.a.

0.1875%

Max. Interest Rate p.a.

3.0625%

Min. Balance

S$1,000

Read More

More Details

Key Features

  • Earn up to 3% p.a. on the first S$50,000 of your account with Save Up Programme, when you save, spend, invest, insure or borrow with Maybank.

  • Earn bonus interest based on the number of qualifying products held:

  • 1 qualifying product: 0.3% p.a. bonus interest

  • 2 qualifying products: 0.8% p.a. bonus interest

  • 3 qualifying products or more: 2.75% p.a. bonus interest

  • Choice of 9 qualifying products include salary or GIRO, home loans, car loans, investments and insurance.

Interest Rate

Bonus Interest Rate

Highlights

Citizenship Status

S$500

S$1,000

S$2

S$0

Moderate coverage of ATM islandwide (>150 including ATM5 network)

See all card details 

Minimum balance: $1,000

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

Bonus interest cap: $50,000

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7. Standard Chartered Bonus Saver account interest rates

Transactions

Interest rate

None (base interest)

0.01%

Salary credit (min. $3,000)

+ 0.1%

Credit card spending

+ 0.21% ($500) OR 0.41% ($2,000)

3 x bill payments (min. $50)

+ 0.07%

Invest in unit trust (min. $30,000)

+ 0.9% for 12 months

Buy eligible insurance (min. $12,000)

+ 0.9% for 12 months

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. Pay 3 bills and spend $2,000 on your SCB Bonus$aver World credit or debit card and you’ll already get 0.48% p.a. bonus interest on your savings. Not bad if your main function is to pay for your kids tuition fees, dental checkups, condo MCST fees and what-not.

On top of that if you credit your salary, you get an additional 0.1% interest. However, you have to be earning at least $3,000 per month to qualify for the bonus interest.

Standard Chartered logo
Standard Chartered logo

Standard Chartered Bonus$aver Account

Base Interest Rate p.a.

0.01%

Max. Interest Rate p.a.

2.38%

Min. Balance

S$3,000

Read More

More Details

Key Features

  • Standard Chartered Bonus$aver is a current savings account with a base interest rate of 0.01% per annum on your deposit amount (updated rates as of 1 October 2020)

  • Bonus interest rates range from 0.07% p.a. for bills, 0.40% p.a. for Standard Chartered debit or credit card spend, to 0.90% per annum for insurance purchase with Standard Chartered

  • Complete transactions in your Standard Chartered Bonus$aver account from any of these 5 categories to earn bonus interest: Card Spend, Salary Credit, Bill Payment, Insure or Invest.

  • Base interest will be calculated at the end of each day, and credited at the end of the month

  • Bonus interest will be calculated at the end of each calendar month, based on the average daily balance of your SGD balances in your Bonus$aver account, and credited in the following month.

  • Multi-currency feature: Access funds in up to 14 currencies with Bonus$aver account. The multi-currency feature on Bonus$aver account gives you the freedom to shop globally online or offline with S$0 overseas transactions fee*, invest in global markets with just one account and enjoy competitive foreign exchange rates when converting currencies.

Interest Rate

Bonus Interest Rate

Monthly Card Spending

0.10%

0.07%

0.90%

0.90%

Highlights

Citizenship Status

S$0

S$3,000

S$5

N/A

N/A

See all card details 

Minimum balance: $3,000

Fall below fee: $5

Bonus interest cap: $80,000

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8. Bank of China Smart Saver account interest rates

Transactions

Interest rate

None (base interest)

0.1%

Salary credit

+ 0.3% ($2,000) OR 0.5% ($6,000)

Credit card spending

+ 0.3% ($500) OR 0.5% ($1,500)

If you’re OK with the inconvenience of banking with Bank of China, their 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 1.1% p.a. without having to jump through too many hoops, assuming a credit card bill more than $1,500 is no problem for you.

Bank of China SmartSaver account also awards a wealth bonus of 1.5% per annum for 12 consecutive months. However, to qualify, you’ll have to be put down a pretty hefty sum on their insurance products. We’re talking a minimum of $12,000 in annual premiums with 10-year premium term. 

Minimum balance: $1,500

Fall below fee: $3

Bonus interest cap: $80,000

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9. POSB SAYE savings account interest rates

Back in the day, many of us nerds liked to open a second savings account. With the savings accounts interest rates picking back up, it might be a good idea again. With the CIMB FastSaver account, you can earn 1.1% p.a. for simply stashing spare money away and forgetting all about it.

Unfortunately, banks change theses interest rates all the time. So the best zero-effort contender that has remained the same for years 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 2 years. As a reward for your restraint, you earn 2% 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.

Savings-Accounts_6_POSB-SAYE
Savings-Accounts_6_POSB-SAYE

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