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3.8/5.0 (5 Reviews)1. Which Bank in Singapore has Highest Interest Rates for Savings Accounts?
2. Highest Interest Rates for Current Accounts Savings Accounts
3. Best Savings Account in Singapore Without Salary Credit
4. Which Bank Account is Best in Singapore?
There is no particular bank in Singapore that has consistently offered highest interest rates for savings accounts as banks often tweak their interest rates for their deposit accounts every now and then according to their needs.
However, 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, credit salary 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.
| Bank and Deposit Account | Minimum Requirements / Conditions | Interest Rate |
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- Earn up to an extra 0.40% p.a. bonus interest when you spend on your Bonu$aver World MasterCard Credit Card |
Highest possible interest rate of 3.38% |
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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 3.25% |
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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 2.99% |
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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 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 max effective rate of 0.70% p.a. bonus interest when you credit your salary |
Highest possible interest rate of 2.38% |
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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 1.30% p.a. on deposit balance of between $10,000 and $20,000 |
Highest possible effective interest rate of 1.30% |
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- Earn an extra 1% p.a. bonus interest on incremental amount when you make 5 transactions and deposit $2,000 in fresh funds every month |
Highest possible interest rate of 1.05% |
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- Earn 0.25% p.a. when you spend on selected UOB Credit Cards |
Highest possible interest rate of 1.00% |
The relatively unknown Singapoura Finance Vivid Savings Account offers a decent interest rate of 1.30% p.a. for a deposit balance of between $10,000 to $20,000 and is the best savings account for depositors who are looking for a deposit account that do not require crediting salary to earn the stated interest. 1.30% p.a. is attractive as compared to most savings accounts that only offer an interest rate of around 0.05% p.a. Those who are uncomfortable in placing their deposits in a finance company instead of a bank will be glad to know that deposits of up to $75,000 in any finance company are also insured by the government-linked Singapore Deposit Insurance Corporation.
After taking into consideration of the requirements and conditions, the UOB One Account is unanimously chosen as the best bank account in Singapore. The highest possible interest rate at 1.00% p.a. might be lower than most other accounts listed here but the requirements of crediting minimum $2,000 salary or 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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