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Best Savings Accounts Interest Rates Promotions in Singapore

Best Current Account Savings Account Interest Rates Promotion in Singapore
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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

DBS Multiplier Account

- Earn interest rate based on transaction amount in your account and fulfilling at least 1 transaction out of 4 categories + Crediting income
- Cateogries include credit card spending, home loan instalments, insurance premiums and investments
- Earn extra interest of up to 3.80% p.a. with monthly financial transactions of minimum $2,000
- Extra interest is only applicable on first $100,000 deposit

Highest possible interest rate of 3.30%

Maybank Premier SaveUp Account

- Earn up to 3% p.a. bonus interest when you take up 3 financial products from Maybank
- Earn up to 0.3125% p.a.base interest
- Extra interest is only applicable on first $150,000 deposit
- Only for Maybank Premier Clients

Highest possible interest rate of 3.30%

Maybank SaveUp Account Programme

- Earn up to 2.75% p.a. bonus interest when you take up 3 financial products from Maybank
- Earn up to 0.3125% p.a.base interest
- Extra interest is only applicable on first $50,000 deposit

Highest possible interest rate of 3.00%

Standard Chartered Bonu$aver Current Account

- Earn up to an extra 0.70% p.a. bonus interest when you spend on your Bonu$aver World MasterCard Credit Card
- Earn extra 0.40% p.a. bonus interest when you credit your salary
- Earn extra 0.85% p.a. bonus interest when you insure with Standard Chartered
- Earn extra 0.85% p.a. bonus interest when you invest with Standard Chartered
- Earn extra 0.10% p.a. bonus interest when you pay 3 bills
- Extra interest is only applicable on first $80,000 deposit
- Earn 0.10% base interest

Highest possible interest rate of 3.00%

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
- Earn extra 0.30% p.a. when you pay 3 bills
- Earn up to extra 0.5% p.a. when you credit your salary
Earn up to extra 0.5% p.a. when you spend on your Bank of China Credit Cards
- Earn extra 1.50% p.a. when you purchase eligible wealth products
- Extra interest is only applicable on first $80,000 deposit
- Earn 0.40% bonus interest on top of base interest for account balance in excess of $80,000 up to $1,000,000

Highest possible interest rate of 2.95%

Citi Wealth First Account

- Earn 0.2% p.a. bonus interest when you spend with Citi Debit Mastercard
- Earn 0.8% p.a. bonus interest when you invest with Citibank
- Earn 0.8% p.a. bonus interest when you insure with Citibank
- Earn 0.8% p.a. bonus interest when you take up a Citibank Home Loan
- Earn 0.2% p.a. bonus interest when you have at least $3,000 in incremental balance as compared to previous month
- Earn 0.01% base interest
- Bonus interest is only applicable on first $50,000 / $150,000 deposit for Citi Private Client and CitiGold / Citi Priority and Citibank clients

Highest possible interest rate of 2.81%

OCBC 360 Account

- Earn max effective rate of 0.90% p.a. bonus interest when you credit your salary
- Earn max effective rate of 0.90% p.a. bonus interest when you insure or invest with OCBC
- Earn max effective rate of 0.30% p.a. bonus interest when you have at least $500 in incremental balance as compared to previous month
- Earn 0.05% base interest

Highest possible interest rate of 2.15%

POSB SAYE Savings Account

- Earn extra 2.00% p.a. on monthly savings when you credit your salary
- Earn 0.05% base interest
- Extra interest will be on fixed monthly savings ranging from $50 to $3,000

Highest possible interest rate of 2.05%

UOB One Account

- Earn 0.25% p.a. when you spend on selected UOB Credit Cards
- Earn up to 0.95% p.a. extra when you credit salary / make 3 GIRO debit transactions
- Extra interest is only applicable on first $75,000 deposit

Highest possible interest rate of 1.20%

RHB High Yield Savings Plus Account

- Earn up to 0.80% / 0.90% / 1.00% p.a. on first $50k / next $25k / next $25k
- No minimum balance required and no fall below fees

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 DBS Multiplier Account is unanimously chosen as the best deposit account in Singapore. The highest possible interest rate at 3.30% p.a. is higher than most other accounts listed here. This account is ideal for borrowers who already have a DBS home loan or investors who trade using DBS Vickers as this would be very useful in helping depositors fulfill income + 2 categories requirements which would mean at least 1.50% p.a. for deposits assuming a minimum $2,500 monthly transactional amount through the account.

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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