You’ll need to pick up a UOB credit card to pair it with. Banks do offer a base interest rate that generates interest on your account balance, such as 0.05% per annum for the OCBC 360 Account (as of 1 October 2020), or 0.03% per annum for the Standard Chartered Bonus Saver Account (as of 1 October 2020). We like that there is no minimum credit card spend or salary credit (as long as both add up to at least $2,000). Use MoneySmart comparison tool to open savings account that gives you best proven results for unlocking bonus interest, managing multi currency or simply maximising your savings! You’ll notice that some of these savings accounts require you to not touch the funds in order to earn the advertised interest rate. Use of this site constitutes acceptance of our. Instead of giving people bonus interest based on what they do and how much they have, the POSB Cashbank Bonus only cares about the first part, what people do. Once regarded as the best savings account in Singapore without no requirements whatsoever, the CIMB FastSaver account slashed its rates recently, to the chagrin of lazy savers everywhere. DBS My Account. Republic of the Congo (61.4%) The Republic of the Congo is a relatively small African country with … But BOC has not updated its interest rates since August 2020, so who knows how long the high interest rates would last? Salaried employees in Singapore are basically spoilt for choice when it comes to high-interest savings accounts. Just spend $500 on your UOB credit card and pay three bills by GIRO (no minimum amount), and you’re done. The details you see on our site may be different from others. All financial products and services are presented without warranty. Plus The Ultimate Savings Guide for COVID-19 and Beyond, for free! Not everyone is keen to hit minimum spending requirements or monitor their account balance every month. Customer … 0.90% p.a. Best savings account in Singapore. Fixed Deposits in Singapore: Complete 2020 Guide, 7 Good Reasons to Change Your Savings Account, – Pay 3 bills (min. 0.55% p.a. Best Savings Accounts for Students in Singapore 2020 updated November 10, 2020 - Carrie Arndt, Senior Research Analyst If you're a student between 15 to 26 years old, it may be difficult to find a savings account that's accessible and low-risk, but also rewarding. How Much Savings Should I Have At 35 In Singapore? If you are afraid of taking bigger risks, a savings account is a great option for you. As of 15 January 2021: (If under 26 years old W.E.F: 1 Jan 2021) DBS Multiplier. balance until age 25 (subsequently $1,000), Citi InterestPlus Account (applications ceased from 1 Aug 2020 onwards), – Spend $25 on credit card + insure OR invest to earn 1.35%, None, but maintain min. The best savings accounts in Singapore are designed to be secure places to keep your money until it’s the right time to spend it. “I used to be scared of credit cards, but SingSaver.com.sg made me realise that I don’t have to worry about debt if I pay my bill on time each month. The DBS Multiplier account ‘s interest rates will... UOB One savings account interest rates. For added convenience, you can set up a monthly fund transfer to your child’s Junior Savers Account if you are an existing UOB account holder. 1.03% p.a. If you are a Singapore citizen applying for a savings account, you can do it online via Singpass MyInfo. INTEREST RATE. OCBC 360. 7 Best Savings Accounts in Singapore with the Highest Interest Rates DBS Multiplier savings account interest rates. Most savings accounts will offer you a base interest rate that changes with current Singapore Inter-Bank Offer Rate (SIBOR) and Singapore Dollar Swap Offered Rate (SOR) rates. for the first $50,000 of savings, half that of the original 1%. If you fall below the daily minimum balance, a fall below fee of S$2 or S$5 will be automatically deducted from your account. Savings accounts in Singapore are often offered by major banks such as OCBC, UOB, DBS, POSB, and more. Engineer by day, your financial guru by night. If you are a foreigner working or studying in Singapore, you will often need to provide your passport, employment pass, and proof of residence in Singapore (such as a bill, employment letter, school’s letter etc.). © 2009-2020 MoneySmart. You will frequently transact between Singapore and foreign currencies. Scroll on to see our picks! Looking for a savings account with the best interest rates? You can get 0.8% just for salary credit and spending $500 on your credit card. Most savings accounts will offer you a base interest rate that changes with current Singapore Inter-Bank Offer Rate (SIBOR) and Singapore … How much can you earn on your $10,000 savings stash? I found and applied for a cashback card easily on their website. Compare and find the best Savings Account in Singapore. How would you like the most seamless internet banking experience? Get your full, exclusive copy of The Ultimate Savings Guide for COVID-19 and Beyond, including tips on reducing unnecessary expenses, creating additional income streams and more! The latest entrant to the market, the POSB Cashback Bonus scheme, is a unique take on the saving account market in Singapore. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. Before COVID-19 struck, the average salaried worker could easily earn about 1.85% to 2% a year on high-interest savings accounts such as DBS Multiplier and UOB One. That’s double the DBS Multiplier account’s rates from January 2021 onwards. This will take effect on 1 January 2021. Almost every bank has a savings account that pays bonus interest for crediting your salary and spending on their credit cards. 256 Reviews. Best savings accounts for salaried workers. If you happen to need a home, car, renovation or education loan, those count as eligible transactions too. Instead, you will be able to store those Australian dollars directly in your account and spend it on your next cup of coffee in Melbourne. To save you the trouble of looking through all these new interest rates, here’s an easy and up-to-date comparison of the best savings accounts in Singapore. 3.8% No initial deposit required. Make hay while you still can and start considering other options out there. Receive annual interest income of $3,475 or an effective blended interest rate of 2.04% on … $50) to increase by 0.07%, – Increase monthly balance by $500 to bump up your interest by 0.2%, No min. Minimum Initial Deposit: S$1,000 No product on the market... High Base Rates for Modest Balances: RHB High Yield Savings Account. Therefore, I decided to rank Syfe Cash+ as the fourth best savings product to consider as an alternative to bank savings accounts. Popular. Salaried employees in Singapore are basically spoilt for choice when it comes to high-interest savings accounts. For the time you deposit your funds into a savings account, you will want your funds to be earning interest. So it’s best to keep a sensible amount of cash in your savings account still. After spending time to research and compare the savings accounts in Singapore, Heartland Boy will spill the beans on how to get the highest interest rate on your bank savings accounts. For simplicity’s sake, let’s assume you are a freelance writer. If your balance dips below the minimum balance stated by your bank, you will be charged either a S$2 or S$5 fall below fee. If you are looking for a savings account for your child or yourself, a student, there are some things to take note of: most savings accounts in Singapore do require a minimum daily balance. This way, you will not need to scan, and collate all the necessary documents. You do not want to deposit large amounts of funds into a current account for they do not offer interest rates. Bonds - Top Posts Best Savings and Fixed Deposit Alternatives in SG (Jan 2021) December 22, 2020. Now that you are familiar with a savings account, you will soon find yourself wondering: Which is better? Current accounts may also come with minimum balance fees. Read these next:The Differences Between Bank Account Types You Need to KnowWhen Should You Open A Second Bank Account?How Much Savings Should I Have At 35 In Singapore?Fixed Deposits in Singapore: Complete 2020 Guide7 Good Reasons to Change Your Savings Account, “ “I’ve always thought about getting a travel credit card, but I didn’t know which one to get. Savings accounts also do offer bonus interest rates if you fulfil extra criteria, for instance. BOC SmartSaver, Bank Of China. Best Personal Accident Insurance Policies, See All Personal Accident Insurance Articles, S$15 (if total relationship balance with Citibank falls below S$15,000). No … Stay up to date and compare savings accounts easily with SingSaver. Due to COVID-19, most banks have updated their savings account base interest rates several times in 2020. Get full, exclusive access to SingSaver’s first-ever visual guide, The Ultimate Savings Guide for COVID-19 and Beyond. FastSaver account used to be one of the best savings accounts in Singapore, but it is no longer the case with its recent cuts in interest rates. If you don’t mind putting some cash in insurance and/or investments, the Maybank Save Up Programme is worth looking into. However, the results of our comparison tools which are not marked as sponsored are always based on objective analysis first. The difference between a high yield savings account and a normal savings account is found in the interest rate – high yield savings accounts often offer you higher interest rates with no fall below fees, such as a base interest rate of 0.80% per annum for the RHB High Yield Savings Plus Account versus 0.01% per annum for the OCBC 360 savings account. They still give a good 0.30% p.a. For students, you may want to look at accounts with no or low minimum balance or fall below fees, such as the Maybank iSavvy Savings Account with a S$500 minimum balance and S$2 fall below fee, or the CIMB FastSaver or StarSaver with a S$1,000 minimum balance and no fall below fees. Learn how to save effectively and maximise interest rates as you compare the different types of savings account. $5,000 for better interest rates, – Spend > $2000 + pay 3 bills to earn 0.7%, – Step up monthly balance by $500 to earn 0.1%, – Commit to regular monthly savings (you specify the amount). He hopes that his contents brings you one step to towards achieving your financial freedom. If you have a take-home salary of more than $6,000, you might want to consider Bank of China’s SmartSaver account. You don't need to clock any credit card spend, credit your salary, purchase investment or insurance products, and there are no monthly fees! Banks do change their interest rates every now and then, so it’s best to keep an eye on such things. Sign in now to claim your free savings guide. It’s still possible to get 1.8% p.a. Initial Deposit. Most of the daily banking needs you will have can be found on your bank’s internet banking portal – checking transaction history, current balance, interest accrual, etc. The best savings account in Singapore may just be one that best suits your income profile. Here are some common, specialised savings accounts you may wish to consider. A savings account is meant for you to hold your funds for a short period of time so you can easily retrieve them where necessary, such as a trip to the doctor’s, buying a new refrigerator, or booking vacations. You don’t have a regular paycheck, but you do spend on your credit card, and you have bills to pay like anyone else. There used to be a three-way fight between DBS Multiplier, UOB One and OCBC 360 accounts. SingSaver.com.sg’s comparison tool helped me decide on an air miles card in 10 minutes.” ”, “ “I used to be scared of credit cards, but SingSaver.com.sg made me realise that I don’t have to worry about debt if I pay my bill on time each month. Let’s find out how much interest an average Joe can get on his $10,000 savings, assuming a take-home pay of $3,500 and monthly credit card spending of $500. In a low-interest-rate environment, most of the banks are probably affected which resulted in the changes to their consumer products. All rights reserved. But what if you’re just looking for a zero-effort, fuss-free savings account without having to consider the 1,001 conditions to fulfil? interest rate on deposits that can be withdrawn anytime at no cost, with the deposits being insured by the SDIC. First time account holders. Ever since banks started reducing their deposit interest rates, we’ve started seeing a slew of non-traditional alternatives to savings accounts. For the last one, you can insure with Maybank (min. First $15,000 … Almost every bank has a savings account that pays bonus interest for crediting your salary and spending on their credit cards. $25,000). If that’s the case, you might also want to consider a fixed deposit account. To apply for a savings account in Singapore, you generally need to be at least 18 years old, a Singapore citizen, permanent resident, or a foreigner with necessary documents to prove your residence in Singapore. To save you time, we’ve done some of the research and here is our pick of the best savings accounts in Singapore with the best interest rates for 2020. Best Simple & Easy Savings Accounts in Singapore Top Base Interest Rates: CIMB FastSaver Savings Account. Up to 3.8% p.a. Once you have successfully applied for a savings account, you should be automatically directed to create an internet banking (or iBanking) account through your bank’s website. $5,000 annually) or buy a unit trust (min. Planning and setting aside money for your child’s future? Maisul. UOB One Account Now Yields 1.8% Interest Rate As shown in Diagram 1 below, prior to 1 May 2020, UOB One Savings Account provides 2.436% interest rate. A high yield savings account works in similar ways to conventional savings accounts – you deposit a sum of money into the account, and leave it to generate interest. CIMB FastSaver Savings Account Review 2021. OCBC 360 account is one of the most popular savings account in Singapore. All financial products and services are presented without warranty. Already signed up? You can bump up your transaction total easily by opting for a DBS home loan (your cash + CPF monthly payments will count towards it). #3 Singtel Dash EasyEarn Singtel’s Dash EasyEarn is an insurance savings plan by Etiqa Insurance that is open to eligible Dash users to earn higher returns while enjoying the flexibility of anytime top-ups, withdrawals with no lock-in period of penalty. Happy new year, guys. 0.50% p.a. But economic pressures have caused banks to lower their deposit interest rates. However, most savings accounts do have a minimum balance requirement of S$1,000 or S$3,000 – meaning your savings account must have above S$1,000 or S$3,000 daily. Unfortunately, this brings the DBS Multiplier account below the other accounts on the list, with the exception of Standard Chartered’s Bonus$aver account. Those without regular salaries — freelancers, gig workers, landlords, retirees, stay-at-home parents — need not be left out of the savings account game. If you do have any special requests such as withdrawals, transfers, or if you are looking to close your savings account, you may still be required to fill in a physical form and bring it to a branch that is closest to you. Anyway, here are a few tips to keep in mind as you’re searching for the right savings account in Singapore. Best Savings Account For Young Adults CIMB FastSaver Account. Thinking about Investing during the Circuit Breaker to grow your money? SCB JumpStart. Additionally, this site may be compensated through third party advertisers. But you might need to be creative with how you earn bonus interest with your account. But ever since all three local banks reduced their interest rates (the latest round being DBS Multiplier and UOB One updates from August 2020 onwards), the DBS Multiplier account is the current ‘winner’. POSB Save As You Serve. We’ve previously seen the best saving accounts for working adults. If you use a debit card, your card will most likely be tagged to a current account. balance until age 29 (subsequently $3,000), – Pay 3 bills (min. Now that bank interest rates are low, it’s not a bad idea to refinance and reduce your monthly expenses anyway. Yes, the UOB One account’s 0.5% interest rate for the first $15,000 puts it at the bottom of the list. Switching to the UOB One account? If you’re a lazy saver, or simply want a second account to complement your primary high-interest savings account, here are some great bank accounts that reward you for doing nothing. Compare different banks. DBS Multiplier Account. Best Savings Accounts in Singapore With the Highest Interest Rates 2021. Almost every bank has a savings account that pays bonus interest for crediting your salary and spending on their credit cards. A multi-currency account may suit you. interest on the first S$50,000 without any conditions as long as you maintain a minimum deposit of S$1,000. There are several children’s savings accounts with no fall below fees, higher interest rates, and no minimum age in Singapore: POSB ePOSBKids, HSBC Premier Lite Savings, UOB Junior Savers, OCBC Mighty Savers, CIMB Junior Savers, Citibank Junior Savings, Maybank Youngstarz Savings, and the Standard Chartered eSaver Kids accounts. Compare and find the best savings account that suits your needs. After taking into consideration of the requirements and conditions, the UOB One Account is unanimously chosen as the best deposit account in Singapore. Love it.”, Maybank Horizon Visa Signature Credit Card, Standard Chartered Unlimited Cashback Card, Allianz Global Assistance Travel Insurance, The Differences Between Bank Account Types You Need to Know. If you have a lot of savings in your account, you’re probably itching to take action and switch banks. What is the difference between a savings, current, and multi-currency account? So, savings and current accounts in Singapore mostly hold your funds in Singapore dollars. To save you the trouble of looking through all these new interest rates, here’s an easy and up-to-date comparison of the best savings accounts in Singapore. However the different types of savings account available can be complex to understand. Fall Below Monthly Fees. Your personal and financial data stays safe through 2-factor authentication. Best Current or Savings Deposit Account in Singapore. $30) to get an extra 0.30%, – No min. The account requires a minimum balance of S$3,000/month. 1. Best savings accounts for salaried workers. A current account is your everyday account where your disposable income is held, and you frequently charge lifestyle transactions to. “I’ve always thought about getting a travel credit card, but I didn’t know which one to get. Before COVID-19 struck, the average salaried worker could easily earn about 1.85% to 2% a year on high-interest […]The post Best Savings Accounts in Singapore to Park Your Money (2021) appeared first on SingSaver Blog … Min. Spend $500 on a Maybank credit card, pay bill(s) by GIRO (minimum $300 in total), and you’re two-thirds of the way there. 0.05% Min … However, DBS announced on 1 December 2020 that it too would have to further slash the Multiplier account’s interest rates due to the economic climate. Some content may be compensated through third-party advertisers. Best Savings Account Singapore. When Should You Open A Second Bank Account? Take note that you have to consider the fall below fee, for some accounts with no minimum balance such as the Citi MaxiGain may require you to have a total banking relationship of S$15,000 with them before the fall below fee is waived. Disclaimer: At MoneySmart, we aim to provide accurate, objective and up-to-date information. Best Bank to open a Savings account in Singapore by Editor July 8, 2017 Rather than allowing money to remain stagnant, one can consider getting high returns on the money by depositing the amount in a savings account. Aiming for the lowest minimum initial deposit and required monthly balance? Though the base interest offered on the account … If you’re a member of the Singapore Armed Forces, this programme is just for you. The DBS Multiplier Account awards bonus interest rates totaling up to 3.80% if you also fulfil your DBS or POSB credit card spend, home loan, investments, and insurance expenditure. Considering the same situation listed above, you will only be generating an interest rate of 0.4% p.a. The highest possible interest rate at 1.25% p.a. Personalised, bite-sized reads, money hacks and product recommendations. Pick any three transaction types to get 2.75% bonus interest on top of the base interest rate, adding up to close to 3%. DBS Multiplier Account. S$5. While his passions includes bikes and photography, sharing his financial knowledge and experience lets him sleep better at night. UOB One. We get it. Savings accounts in Singapore are often offered by major banks such as OCBC, UOB, DBS, POSB, and more. Interest rates are valid from December 2020 onwards. The cut in interest rate by UOB on its One Account is the steepest compared to the other banks. So, when you receive a payment from your fellow college friend in Australian dollars, you will not need to pay transaction fees to have that sum converted to Singapore dollars. A wide range of savings accounts has been introduced over the years in Singapore and is specfically tailored to a different consumer for best results. While this definitely sounds like an attractive offer, do note that high yield savings accounts may come with different terms and conditions that restrict the number of withdrawals you can make, require initial deposits, and maintain specified minimum average daily balances. For a student with no or minimal income, this may prove to be a problem. Salaried employees in Singapore are basically spoilt for choice when it comes to high-interest savings accounts. Love it.” ”, Discover for yourself the most suitable option. 0.40% p.a. Now, you can only get 0.50% p.a. Best Fixed Deposits in Singapore Kids savings accounts in Singapore More … Best Fuss-Free Savings Accounts in Singapore With the Highest Interest Rates 2021. 4.4. The CIMB FastSaver is an online savings account which has no multiple conditions. There are many banks that offer competitive and known as the best savings account in Singapore. There is no need to insure or invest with the same bank, and the low minimum balance makes it appropriate for these lean times. At no cost, with the best deposit account s not a bad idea to refinance and your. Setting aside money for your child ’ s rates from January 2021 onwards bonus interest rates.. Lower their deposit interest rates several times in 2020 of funds into a current account is everyday. ’ s still possible to get an extra 0.30 %, – Pay 3 bills ( min savings. Probably itching to take action and switch banks ’ re just looking for a zero-effort, savings. 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For they do not offer interest rates be earning interest afraid of bigger... One with Simple, attainable requirements rates are low, it ’ s double the Multiplier! Singapore dollars and one ( or more ) designated currencies in your,! You see on our site may be compensated through third party advertisers necessary documents date and compare savings in! Accounts also do offer bonus interest rates would last low-interest-rate environment, most of the Congo ( 61.4 % the! Don ’ t know which one to get see when you visit a financial institution, service or!