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Singapore Bank Savings Interest Rate 2019

Which bank gives highest interest rate in Singapore?

Tired of getting 0.05% p.a. interest? It is time to look for high-interest savings account Singapore in 2019.

There are lots of banks in Singapore offering savings account of different interest rates. We made it simpler for you by listing them below for you to compare.

As you can see, the rates being offered now are much competitive than in the past years. Even the fixed deposit rates too!

It is important to do some homework to seek out the one that offers the best interest rate so that you do not lose out on the potential interest which you could have earned. Even though it is not much, it is vital that you choose one that gives you high interest.

Currently, OCBC 360, UOB One, Standard Chartered Bonus$aver and BOC SmartSaver gives you a higher interest if you meet their multiple requirements for bonus interest.

If you think it is too troublesome to meet the requirements, you still can go for CIMB FastSaver account. They offer 1.0% p.a. interest rate for the first $50,000 without any conditions.

Since your money is already sitting in the bank doing nothing, might as well make it work a bit harder by generating more interest.

Take some time to find the best savings account that is best suits your needs.

Savings Account For Young Adults

CIMB FastSaver Account

FastSaver account gives a good 1% p.a. interest on the first S$50,000 without any conditions as long as you maintain a minimum deposit of S$1,000.

Probably the best savings interest rate in Singapore, with no strings attached.


CIMB StarSaver (Savings) Account

Dislike monthly interest? StarSaver will give you daily interest instead!

By maintaining a minimum of $1,000 on any given day, you get to enjoy 0.8% p.a. on the entire account.


Savings Account For Working Adults

These savings accounts give even higher interest if you can fulfill some criteria. If your company gives salary through GIRO, you can consider these types of accounts.

DBS Multiplier Account

Get up to 3.50% p.a. interest on your first S$50,000 savings in Multiplier. You just need to achieve the total eligible transactions required per month.

They have a calculator for you to easily calculate the potential interest that you can get.

Daniel who earns S$2500 monthly and salary credit into his DBS multiplier account, just need to spend S$1 with his DBS/POSB credit card to achieve 1.85% p.a. interest rate on his savings.

In order to achieve 3.50% p.a., he will need to participate in 1 more category and increase his total eligible transactions per month to at least S$30,000.

Criteria: Salary credit + one of the four categories (credit card spend, home loan installments, insurance or investments).

Pros:

  • No minimum salary credit
  • No minimum card spend

Interest rate: Up to 3.50% p.a.

Max balance applicable: S$50,000

DBS Multiplier Account
Image Credit: DBS

OCBC 360 Savings Account

Get up to 3.40% p.a. bonus interest on your first S$70,000 savings balance in 360. You just need to fulfill any of the categories to achieve the bonus interest.

Oscar GIRO his salary of S$2500 into his OCBC 360 account. He also spends about S$600 on his OCBC credit card. He is able to achieve 1.85% p.a. interest on his S$30,000 savings.

Criteria: Fulfill any categories

  • Salary Credit (min S$2000)
  • Spend (Min S$500 Credit Cards spend)
  • Step-up (Increase your account balance by S$500 compared to the previous month)
  • Wealth (Insure or invest with OCBC)
  • Grow (Average daily balance for the month must be at least S$200,000)
  • Boost (Increase your account balance from the previous month’s balance)

Pros:

  • Bonus interest applicable to higher savings balance

Interest rate: Up to 3.40% p.a.

Max balance applicable: S$70,000

OCBC 360 Savings Account Interest
Image Credit: OCBC

UOB One Account

Get up to 3.88% p.a. interest rate on your first S$75,000 UOB One savings balance. You just need to have a minimum of S$500 credit/debit card spend + credit your salary (min S$2,000) or make 3 GIRO debit transactions.

If you constantly spend at least $500 on credit card and your company still gives out your pay using cheques or cash, this account offers better interest because you can pair it with 3 monthly bills GIRO.

Ulfred’s company still gives out his pay using a cheque. He regularly spends above S$500 on his card. He also pays 3 of his bills through his UOB One account with GIRO. With a savings balance of S$30,000, Ulfred is able to achieve 2.00% p.a. interest rate on his savings.

Criteria: Minimum S$500 card spend monthly + Salary credit (min S$2000) OR 3 monthly GIRO debit transactions

Pros:

  • Bonus interest applicable to higher savings balance
  • Able to achieve bonus interest without salary credit

Interest rate: Up to 3.88% p.a.

Max balance applicable: S$75,000

UOB One Account
Image Credit: UOB

Standard Chartered Bonus$aver Account

Get up to 3.88% p.a. interest rate on your first S$100,000 savings balance. You just need to fulfill any of the categories to achieve the bonus interest.

Do you charge at least $2000 to your credit card and have a salary above $3000? This account could suit you as the combined rates is pretty high!

Standy draws a salary of S$4000 which he GIRO into Bonus$aver. He usually spends half of his salary with his Bonus$aver Card. Standy is able to achieve 2.88% p.a. interest rate on his savings.

Criteria: Fulfill any categories

  • Salary Credit (min S$3000)
  • Bill Payment (Pay 3 bills online: min S$50 per eligible bill payment)
  • Spend (Min S$500 Credit Cards spend)
  • Insure or invest (S$12,000 annual premium for an Eligible Insurance Policy Or S$30,000 minimum subscription sum for an Eligible Unit Trust)

Pros:

  • Bonus interest applicable to higher savings balance
  • High bonus interest for credit card spend

Interest rate: Up to 3.88% p.a.

Max balance applicable: S$100,000

SCB BonusSaver Account Interest Rate
Image Credit: Standard Chartered

BOC SmartSaver Account

SmartSaver is best suited for high spender (above $1,500) and high income earner (above $6,000). Do you charge at least $1500 to your credit card and have a salary above $6000? The bonus interest rates is mouthwatering!

Get up to 3.55% p.a. interest rate on your first S$60,000 savings balance. You just need to fulfill any of the categories to achieve the bonus interest.

Bill’s salary of S$6000 is GIRO-ed into SmartSaver. He usually spends 1/3 of his salary with his BOC Card. Bill enjoys 2.80% p.a. bonus interest on his savings.

Criteria: Fulfill any categories

  • Salary Credit (min S$2000)
  • Payment (Pay 3 bills online: min S$30 per eligible bill payment)
  • Card Spend (Min S$500)
  • Extra Savings

Pros:

  • High bonus interest for salary credit
  • High bonus interest for credit card spend

Interest rate: Up to 3.55% p.a.

Max balance applicable: S$60,000

BOC SmartSaver Bonus Interests
Image Credit: BOC

Savings Account With Good Interest Rate

Standard Chartered e$aver Account

e$aver offers you high bonus interest rate with no lock-in period when you bring in incremental fresh funds.


Maybank iSAVvy Savings Account

iSAVvy‘s interest-on-interest allows you to earn higher effective interest rate.

Maybank iSAVvy Savings Account Interest Rate
Image Credit: Maybank

OCBC Bonus Plus Account

Bonus+ gives you better interest for not withdrawing the money.

Singapore Bank Savings Interest Rate 2019 1
Image Credit: OCBC

Old-School Savings Account

Plus! Savings Account

Plus! Savings offers slightly better rates than POSB and UOB savings.


POSB/DBS Savings Account

I bet you still have POSB/DBS savings account. It is still good for everyday use.


UOB Saving Account

UOB savings is similar to POSB/DBS savings. Offering low rates.


Finding Singapore high interest savings account just take some work as the interest rate offered really differs by quite a bit across different banks.

Just choose one of the higher interest rate accounts and take the time to open that account.

If you have some spare cash, you might want to check out the fixed deposit promotions page too.

We will update this page periodically to reflect the changes in savings account interest rate offered by the banks, so bookmark us and visit us often!

The interest rates are subjected to periodic reviews at the bank’s discretion. Please check with the respective banks’ website before committing your money to them.