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3.8/5.0 (5 Reviews)Deposit Accounts in Singapore
There are several current and savings accounts in Singapore that offer a higher interest rate as compared to your basic deposit account. Certain requirements or conditions have to be fulfilled before the higher interest rates are applicable. The requirements and conditions vary between deposit accounts but generally require depositors to invest, insure, spend or save a minimum amount of money each month. Financial institutions could also throw in promotional gifts to new accountholders to attract new customers. The deposit accounts with the best interest rates are listed below.
Current and Savings Account Comparison Table
| Bank and Deposit Account | Minimum Requirements / Conditions | Interest Rate |
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- Earn up to 3% p.a. bonus interest when you take up 3 financial products from Maybank |
Highest possible interest rate of 3.30% |
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- Earn up to 2.75% p.a. bonus interest when you take up 3 financial products from Maybank |
Highest possible interest rate of 3.00% |
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Bank of China Multi Currency Savings Account with Bank of China SmartSaver Plan |
- Earn up to 0.15% base interest on first $80,000 deposit |
Highest possible interest rate of 2.95% |
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- Earn 0.2% p.a. bonus interest when you spend with Citi Debit Mastercard |
Highest possible interest rate of 2.81% |
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- Earn max effective rate of 0.80% p.a. bonus interest when you credit your salary |
Highest possible interest rate of 2.68% |
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- Earn up to an extra 0.60% p.a. bonus interest when you spend on your Bonu$aver World MasterCard Credit Card |
Highest possible interest rate of 2.60% |
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- Earn interest rate based on transaction amount in your account and fulfilling at least 1 transaction out of 4 categories + Crediting income |
Highest possible interest rate of 2.50% |
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- Earn extra 2.00% p.a. on monthly savings when you credit your salary |
Highest possible interest rate of 2.05% |
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| - Earn an extra 1.00% p.a. bonus interest on top up amount - Earn up to an extra 0.34% p.a. bonus interest when you convert currencies - Earn up to an extra 0.34% p.a. bonus interest when you spend with HSBC Global Debit Card - Extra interest is only applicable on first $100,000 deposit |
Highest possible interest rate of 1.68% |
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- Earn 0.25% p.a. when you spend on selected UOB Credit Cards |
Highest possible interest rate of 1.25% |
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- Earn up to 0.80% / 0.90% / 1.00% p.a. on first $50k / next $25k / next $25k |
Highest possible effective interest rate of 0.875% |
Best Current or Savings Deposit Account
in Singapore
After taking into consideration of the requirements and conditions, the UOB One Account is unanimously chosen as the best deposit account in Singapore. The highest possible interest rate at 1.25% p.a. might be lower than most other accounts listed here but the requirements of crediting minimum $2,000 salary, 3 GIRO debi transactions and $500 spend on selected UOB Credit Cards are easy to fulfill as compared to other requirements by other bank accounts which usually require some investments or purchase of insurance so as to receive bonus interest.
Alternatively, depositors can also consider the POSB SAYE Savings Account which is a form of forced savings as monthly deposits into the account cannot be withdrawn but will be accumulated to earn a high interest of 2.05% p.a. for 2 years.The returns are higher than a fixed deposit with no monthly credit cards spending requirements.
Lastly, Money Lobang will like to remind depositors that financial institutions can revise the interest rates and requirements at their own discretion at any point in time. In fact the interest rates and conditions for all accounts listed here were revised multiple times this year to disadvantage account holders. A depositor should be alert to the changes as the benefits could be vastly different from the initial benefits that he/she signed up for initially.
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