highest interest rate for savings account singapore

So if you aren’t drawing that kind of pay or looking to spend that kind of money. Note: the Extra Savings interest is only applicable to account balances above $80,000 (previously $60,000). Sign up for our newsletter for financial tips, tricks and exclusive information that can be personalised to your preferences! Premier Dividend+ Savings Account : Interest rate: Base interest: 0.05% a year* When you make no withdrawal in that month : 0.25% a year* When you make no withdrawal and deposit a minimum of S$2,000 in that month: 0.30% a year* *Applies to entire account balance. Best alternatives to Savings Accounts in Singapore (2020) SingSaver.com.sg. Some content may be compensated through third-party advertisers. The Stan Chart JumpStart account is pretty straightforward. * The Premier-exclusive rates set out in the table above shall apply only to account(s) which are subject to the terms and conditions governing the use of HSBC Premier Account Package. Don’t worry if you can’t hit the minimum $2,000 to qualify for 0.4% or more interest; you can also earn 0.4% (capped at first $10,000) if your income + DBS Paylah retail spending add up to at least $500. You need to be between 18 and 26 years old. Happy new year, guys. There’s no change to the mechanics. The only catch? A lesser-known option is the HSBC eFlexi savings account. Not only did many of us suffer pay cuts and income losses, most of the high interest savings accounts in Singapore also got royally nerfed! Unlike other banks, it doesn’t require account holders to have a minimum salary credit or credit card spend as long as your monthly transactions amount to $2,000. Here is how much interest you can earn after 1 Jan 2021: If you take up a home mortgage loan or invest with DBS as well. Even with “over 200 ATMs” located around Singapore, it’s not easy to find a Bank of China ATM when you need it. But it would be a good idea to move anything above the $20,000 into another savings account which gives you more than 0.1% p.a. All data compiled by BankBazaar.com. 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. Ultimate guides to kickstart your finances, You can contribute your thoughts like Ming Feng. Make sure to check with your company’s HR manager if your monthly salary GIRO credit is under the transaction code: SAL. Some banks offer tiered interest rates. Fret not, ask our community here! For your convenience, we’ve compiled the best savings accounts in Singapore with the highest interest rates, updated for 2021. DBS Multiplier Account Review — Should You Switch Savings Account in 2021? home loan or insurance). You should also note that ATMs for foreign banks like Bank of China and Standard Chartered are usually limited. While regular savings accounts can pay higher rates of interest, the problem with them is that it takes time to build up the amount of money you have in there. You have to apply for a DBS credit card AND spend a minimum sum with it, You will usually have to wait a while when withdrawing money as the queue for DBS or POSB ATMs are usually the longest (since almost everyone’s using them). This also increases your bonus interest cap from $25,000 to $50,000. *Additional interest capped at first $50,000 of your account balance. Like seriously, who has $200k lying around in the bank?! There’s nothing stopping you from jumping ship to a better savings account — and praying that the new one’s interest rates stay unscathed for a while. Do note that you will earn a base interest of 0.05% a year on your entire account balance regardless of whether you fulfil the above categories. Interest rates are calculated on a daily basis and credited on a monthly basis. to qualify for 0.30% bonus interest rates on your PayLah! 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. 2020 has not been the best for of years if you have your money in a savings account with high-interest rates. For example, the CIMB FastSaver and UOB Stash accounts gave us up to 1% p.a. — a princely sum indeed. Advertised interest rates for savings accounts in Singapore often reflect the highest available rate for one component within a larger, more complex savings plan. The OCBC 360 is more complicated than the UOB One, but also more flexible in that there is no one mandatory requirement. However, note that banks have progressively introduced bonus-tiered interest accounts which are current accounts too. Welcome to Singapore Savings Account Rates blogspot dot com where our team will share the best, the latest and the most up-to-date 2015 Singapore savings account rates in today's post. Lastly, go through our Seedly Reviews for the various savings account and pay attention to the feedback our community have given with regard to customer service as well as how easy it is to use their iBanking and mobile banking apps. As such, interest rates from these savings accounts have been slipping and falling like this penguin: With banks changing their interest rates multiple times this year, you might find it hard to keep track of the changes. The Fed also recently announced that they will keep interest rates near zero until 2023. interest on the Standard Chartered Jumpstart account on balances up to $20,000 year-round. Stay updated with the latest finance tips! Waived for up to age 25. You get a cool 1.4% p.a. $300) OR salary credit (min. That’s ’cause not all of us have $1 million in savings to qualify us for the highest tier of interest. Exchange rates vary; multi-currency feature cannot be disabled. Maybank Passbook Savings Account Enjoy one of the highest interest rates on savings account in Singapore. Interest will be credited 1 month after the transaction upon full payment of your credit card spend, Multi-currency feature: If you are the primary Standard Chartered Bonus$aver account holder, login to Standard Chartered iBanking or SC Mobile to enable the multi-currency feature to transfer funds in foreign currencies in your other Standard Chartered accounts to your Standard Chartered Bonus$aver account. As such, we have updated this guide for 2021 to help you find the best savings account for your needs in the year ahead. Keep track of your transactions printed on a handy passbook and access your savings account easily with a Debit Card and Online Banking. Considering that most savings account require you to credit your salary in order to get the bonus interest, this is extremely important! without having to jump through too many hoops, assuming a $2,000 credit card bill and 3 bill payments are no problem for you. However, sticking with DBS also brings about certain disadvantages such as: Some of our Seedly Community members have also decided to switch other banks. Let’s look at some of the most popular savings account for children in Singapore. As a reward for your restraint, you earn 2% p.a. This is great for those without a regular paycheck such as freelancers, retirees or homemakers. is one of the few higher interest savings accounts with no salary credit requirement. salary credit + credit card, you can get almost 1% interest, which is one of the highest on the market. Note: the base interest for UOB One is 0.05% p.a. You’ll notice that the bonus interest you earn on the Insurance and Investments categories is only recognised for the first 12 consecutive months. Even if your average monthly balance fluctuates month-to-month, you can still earn top interest rates with Maybank iSAVvy Savings Account–as long as your account remains above S$5,000 for 6 months, which is quite reasonable for the average consumer. bonus interest, 2 qualifying products: 0.8% p.a. Here’s How the Latest DBS Multiplier Account Changes Benefit You, Standard Chartered BonusSaver Account Review — Higher Interest Rates for Savers. The easy-to-use UOB One account is one of the few higher interest savings accounts with no salary credit requirement. However, the latter is better if you’re eligible for one more transaction (e.g. https://www.bankbazaar.com/.../savings-account-interest-rates.html Spend using any DBS or POSB credit card to qualify for the, Get a home loan from DBS or POSB to qualify for the, Get insurance from DBS or POSB to qualify for the, Have investments with DBS or POSB to qualify for the, Increase your bank balance at least $500 a month to earn, Buy unit trusts or endowment insurance plans from OCBC to build your retirement portfolio and earn the, The total interest rate for option A is equivalent to current Base Interest plus revised Bonus Interest A, The total Interest rate for option B is equivalent to current Base Interest plus revised Bonus Interest B, Bonus Interest for UOB One is paid on first, Base Interest for UOB One is calculated at the end of each day based on each day-end balance. Singapore Savings Account Rates blogspot dot com is pleased to update you on savings and other banking accounts in Singapore today. OCBC 360 Account — OCBC Savings Account Review. UOB One Savings Account Review 2021 + UOB Stash Account Updates, OCBC 360 Account February 2021 Revision: Will This Round of Changes B…. The interest rate shown in the table below will be the interest rate effective 1 Oct 2020. P.S. The best savings account depends largely on you meeting certain criteria set by the banks. OCBC Mighty Savers. Fixed-rate accounts can pay higher interest in return for keeping your money in an account for a set period of time. If you’re earning a high income (at least $6,000), then BOC Smart Saver is a pretty good choice as you don’t need to jump through too many hoops to qualify for the additional interest. Note: looking at the number of loans available, it seems like Maybank Save Up would be ideal if you’re already planning to take a loan. Eligibility: Children under 16, a parent is required. T&Cs apply, Withdraw cash conveniently without an ATM card using Mobile Banking, UOB Young Professionals Solution is a combination of UOB One Account, UOB YOLO and the unique Sweep feature that allows you to automatically invest your earned account interests and card rebate into a Unit Trust. Banks in Singapore have all lowered their savings account interest rates since COVID-19. The good news is that emerging countries will require lower minimum deposits (sometimes as little as $1) and, as they are eager to attract depositors, will often be more open to foreigners (sometimes all you’ll need is a passport). With interest rates down, we wanted to identify some of the top savings accounts available in terms of their yield. After that, you can only go as far as Income plus transactions in 2 categories: Credit Card Spend and Home Loan Instalments. The application can be done online and it’ll only take you a couple of minutes. To boost your interest, you can either credit your monthly salary or pay 3 bills by GIRO. Waived for first year. CIMB FastSaver Review: What Are The Changes in January 2021? Then you’ll probably be able to push that interest up from 0.40% to 0.60% p.a. 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. But if you’re moving that kind of money a month, you’re probably don’t really care about finding the best savings account. Here’s how much interest you can get based on the criteria we set out: FYI: From 15 Jan 2020 onwards, CIMB will be revising its interest rates for the CIMB FastSaver account. interest. Then the UOB One is your best bet because you only need to make sure that you spend $500 a month on your UOB credit cards: The option to pay three bills by GIRO instead of crediting your salary means that this is also ideal for those without a steady paycheck (think: freelancers and stay at home moms). These changes will take effect on 1 Nov 2020 and the revision will be applicable to all new and existing UOB One accounts. However, the results of our comparison tools which are not marked as sponsored are based on objective analysis. for bills, 0.75% p.a. is higher than most other accounts listed here. Best Personal Accident Insurance Policies, See All Personal Accident Insurance Articles. Based on the criteria we set out, you’ll earn 0.4% p.a. The only caveat is that this bonus interest is capped at $25,000 (unless you’re an HSBC Premier customer, in which case it’s $100,000). without having to jump through too many hoops, assuming a $2,000 credit card bill and 3 bill payments are no problem for you. Bonus Interest for UOB One is calculated at the end of each calendar month based on the monthly average balance. If you take your money out sooner, there can be high penalties and you could miss out if interest rates rise during the savings term. The details you see on our site may be different from others. Instead, you’ll want to fulfil as many other categories as you can: Even if you’re unsure about buying insurance or investment products from OCBC, here’s an example of how much interest you can earn based on the above criteria: FYI: Before we get into it, you should know that the BonusSaver bonus interest rates were revised recently. Source: OCBC POSB My Account. Our team at Singapore Savings Account Rates works hard to raise your earned interest income from investing in savings accounts in 2015. interest. Fall below fee: $2. DBS Multiplier Account 2020 interest rates have been updated as of 1 August 2020, To enjoy bonus interest rates, you need to credit your salary or dividends via GIRO to any DBS/ POSB deposit account that you hold, and transact a minimum of S$2,000 on any DBS/ POSB credit card you hold, DBS/ POSB home loan monthly instalments, DBS/ POSB insurance regular monthly premium, or DBS investments. Best Savings Account With the Highest Interest Rates in Singapore 2021. Fast forward a few months, COVID-19 struck, and as a result interest rates have all fallen off a cliff with the Fed rates, LIBOR, SIBOR and every other major developed country’s interest rate tanking. Because once the promo expires, you’ll be stuck with an interest rate that’s not the most ideal. for simply stashing spare money away and forgetting all about it. If we stick with the criteria we set out — meaning you only fulfil two product or services — you only get 1.03% p.a. Know someone who needs to switch savings account? Based on the criteria we set out, you’ll earn 0.50% p.a. 2020 has been a pretty tough year on our finances. This savings account is amazingly simple: You start with a base interest rate of 0.01%, but if you credit your salary of at least $2,000, you earn 0.8% bonus interest. To best optimise your interest rate, you’ll basically want to fulfil at least three products and services in order to clock the maximum interest of 3.00% p.a. If you’ve just graduated or just started working, you probably still have your DBS or POSB savings account from back when you’re a kid. From 15 Jan 2021, you basically get 0.30% p.a. If you’re still unsure, you can also read real user reviews left by our SeedlyCommunity to find out if it’s really the best savings account for you! All rights reserved. But based on the criteria we set out where you’re crediting your salary, spending $500 with your credit card and making three bill payments – you’ll only earn a paltry 0.35% p.a. There are no further hoops to jump through, and no minimum balance OR fall-below fee. All you have to do is fill up some basic information like your: And the calculator will tell you which savings account gives you the highest interest rate! Higher interest rates for higher balances: Pensioner savings accounts often have a tiered interest rate structure, paying different interest rates depending on the balance of the account (e.g. You’re probably better off looking at other savings accounts that can give you better interest rates for less. $30,000), Moderate coverage of ATM islandwide (>150 including ATM5 network), Around 20 Standard Chartered ATMs, and over 230 affiliated ATM5s in Singapore. Rate indicated is based on the Savings Account product and is for the remaining balance above S$50,000. Waived for first-time customers & those up to age 29. $500 in a calendar month AND Credit Salary or make 3 GIRO debit transactions, The extreme left column will tell you what kind of base interest or category you need to fulfil in order to qualify for the interest, If you meet any of the categories, make a mental note of the corresponding interest rate, Add everything up to get your estimated potential interest rate, Insurance (only for the first 12 consecutive months). The Maybank Save Up Programme lets you choose from 9 different Maybank products/services to get bonus interest: If you hit 2 transactions, e.g. Don’t leave it in a kids savings account and earn the meagre 0.05% p.a. on amounts under $50,000). On paper, the Standard Chartered Bonus$aver Account gives the highest effective interest rate in Singapore at a very impressive 2.60% p.a. That’s better than the DBS Multiplier’s 1.1% p.a. Talk about adding insult to injury. The base interest rate for savings accounts are pretty low, starting from 0.05% p.a. Yet if you have a lump sum of cash, and you want to maximise its earnings, you can still take advantage. The cut in interest rate by UOB on its One Account is the steepest compared to the other banks. Back in March 2020, we did an analysis on the highest interest savings account in 2020. FYI: OCBC 360 has revised their interest rates recently. The OCBC 360 is more complicated than the UOB One, but also more flexible in that there is no one mandatory requirement. Back in the day, many of us nerds liked to open a second savings account. But I supposed that’s a good thing as you’ll be less likely to make withdrawals. Note: even though there is no minimum transaction required for each category, you still need to have a total transaction of at least $2,000 under the Income category to qualify for ANY bonus interest tier. Disclaimer: At MoneySmart, we aim to provide accurate, objective and up-to-date information. Depending on the savings account and the promotion, you … The interest rate rises with every additional $15,000 in your UOB One account, capped at $75,000. The whole process of choosing the best savings account can be rather confusing as we all have different spending habits and incomes. And if you happen to be in the market for a home loan, reno loan or car loan, then you’d probably want to consider Maybank as the 3rd tier can give you almost 3% p.a. Noticed I wrote “realistic” interest rates? You can save regularly into other kinds of accounts too, so weigh up your options. And if you can transact more than $15,000 a month, then that pushes it up from 0.60% to 1.0% p.a…. From 1 May 2020, this interest rate reduces to 1.796%. This is currently unmatched. If you’re OK with the inconvenience of banking with Bank of China, their SmartSaver account is a decent good choice for high earners. FYI: From 1 Jan 2021, you get 0.4% p.a. The Standard Chartered BonusSaver account is great because it gives you extra interest if you spend more via a Standard Chartered credit card. Here are the best online savings account interest rates. Up to $200 cash credit when you sign up online and sign up for a UOB credit card. Singapore Savings Bond (SSB): Earn up to 0.9% p.a. The highest possible interest rate at 3.30% p.a. Banks have promotions whereby they offer bonus interest rates on savings accounts if you meet certain conditions. U.S. Federal Reserve cut interest rates to near-zero. You may not be eligible for the bonus interest rate if you don't increase your savings balance by at least $200 per month on balances up to $250,000. Initial base rates are based on total balance size, ranging from 0.1875% p.a. If you’re one of those victims, you don’t have to suffer this injustice. The criterion to hit the OCBC 360 Grow Bonus interest rate is probably out of reach for most of us. You get a cool 1.4% p.a. If you want a savings account with a decent interest rate. They offer probably the highest interest rates in Singapore for those who take home a monthly salary of at least $6,000. Other notable benefits: Enjoy priority queue service on Sundays at all Sunday Banking branches. Invest in selected products (min. You get a bonus 0.1% every month that your account balance increases by $500 or more, so that might encourage you to save more. retail spend, DBS Multiplier 2020 interest rate updates: As of 1 August 2020, interest rates have been revised for DBS Multiplier account holders with transactions in 1 and 2 categories. As the world reels from the impact of COVID-19, central banks around the world have been cutting their benchmark rates after the U.S. Federal Reserve cut interest rates to near-zero. Based on the criteria that we set out, here’s how much interest you’ll be getting: Maybank Save Up will give you the highest interest of 1.03% p.a. General Disclaimers . © 2009-2020 MoneySmart. Unlike other comparison sites, we’ve excluded short-term promos from this comparison as the perks don’t last long. with $100,000 deposit and no fall below fees. To earn the highest yield, you may have to keep a large amount of money in your account. (Ah 2019, we miss you so.). Refer to Bonus Interest Rate tab below to see the change in interest rates, Students, NSF, self-employed, salaried or retired individuals are eligible to apply. DBS Multiplier Account is a deposit account with a base interest rate of 0.05% per annum, Bonus interest rates: 1.40% to 3.80% per annum. You need to set up a standing order to credit a fixed amount every month (anything from $50 to $3,000) into your SAYE account, then resist the urge to touch it for 2 years. $20,000). PHOTO: Pexels . UOB Stash Savings Account — MoneySmart Review 2021, UOB One Account — UOB Savings Account Review 2021, CIMB FastSaver Account — MoneySmart Review 2021, Are You an NSF, Tertiary Student or Retiree? Bank account balance For the past 10 years, Singapore Savings Account Rates has been helping you to earn higher interest income from savings accounts, savings bonds and other financial retail investments in Singapore. Finding the best high-interest savings accounts. Source: DBS To earn the extra interest, you’ll need to minimally credit your salary or dividends from CDP via GIRO to qualify for the Income category . In a low-interest-rate environment, most of the banks are probably affected which resulted in the changes to their consumer products. Here’s a look at the 10 best savings account with the highest APYs of 2020. The highest interest savings accounts will be offshore in emerging countries. The ‘new normal’ savings accounts interest rate has fallen to about 1 per cent to 1.6 per cent instead — and that’s for the high-interest savings accounts. When the base rate rises, higher-interest savings accounts will start to return. Use of this site constitutes acceptance of our. on amounts over $50,000 and 0.5% p.a. Minimum salary credit of S$1,800 via GIRO, OCBC 360 is a savings account with a base interest rate of 0.05% per annum on the account’s balance, You enjoy bonus interest rates when you credit your monthly salary, meet certain deposit amounts such as S$500 monthly increases or S$200,000 total balance, purchase insurance, or invest with OCBC, Increase your OCBC 360 account savings balance by S$500 monthly to enjoy 0.10% bonus interest on the first S$25,000, followed by 0.20% bonus interest for the next S$25,000, and 0.40% bonus interest for the third S$25,000, If your account balance is above S$200,000, you enjoy an additional 0.40% on your first S$75,000 deposited, Fall below fee: $2. Choice of 9 qualifying products include salary or GIRO, home loans, car loans, investments and insurance. FYI: If you’re currently using the Maybank SaveUp account, here are the latest interest rates as of 21 Dec 2020. FYI: The interest rates for UOB One were revised recently. Another savings account that cannot be ignored when discussing the best savings accounts for working adults in Singapore is the Standard Chartered Bonus$aver Account. The bonus interest rate you earn is influenced by: In addition to how many and how much transactions you make in the following categories: The more categories you transact in, and the higher the amount you transact in, the more interest you’ll earn. Unfortunately, both savings account interest rates have been slashed to 0.3%. If you are looking for a low-risk way to save money over a long period of time, high yield savings accounts may be a good option for you. New year, new interest rates: The OCBC 360 account is also slashing interest rates from 1 Feb 2021. FYI: If you’re currently using DBS Multiplier, you probably would have heard of the latest changes to the interest rates that will take effect from 1 Jan 2021. Last Updated: 2020-11-10. The interest rate shown in the table below will be the interest rate effective 1 Nov 2020. But the minimum spend of $800 to qualify for the cashback might discourage those who don’t spend that much. FYI: The changes to the base interest rate of the BOC SmartSaver account are effective 1 Aug 2020. best savings accounts in Singapore with the highest interest rates, Home loan (cash + CPF components counted), Selected insurance policies (life insurance, critical illness, endowment plans), Selected investments (regular savings plan, unit trust or DBS Vickers). Li Chun 2021 (3 Feb) – When is the Best Date & Time to Deposit Money? DBS Multiplier Account: What Are the Changes For January 2021? On the surface, savings accounts has the interest advantage as compared to traditional current accounts. In this article, we've calculated the maximum effective interest rate–the highest actual return possible based on account activity–to determine the average rate available to consumers in Singapore. Note that it’s a whole lot less liquid than any other savings account, so for the love of God, please don’t put your emergency stash in here. Fall below fee: $5. Oh, before you switch your bank accounts. one might pay 2% p.a. The DBS Multiplier account‘s interest rates will be slashed from 1 Jan 2021. Jul 15, 2020 . Interest Rate: Earn up to 0.2% per annum. In terms of credit card spending, you might want to consider using the BOC Family Card as it gives you up to 10% cashback on groceries and dining. Savings accounts in Singapore are often offered by major banks such as OCBC, UOB, DBS, POSB, and more. Then, pick 1 or more from the following categories: If you have a DBS home loan — worth considering since home loan interest rates are low — you can quite easily unlock a higher tier of interest. Like most savings accounts, the DBS Multiplier savings account base interest rate is a paltry 0.05% per annum. UOB One Card, UOB Lady’s Card, or UOB YOLO Card). Then to get more interest, you’ll need to: Based on the criteria we set out earlier, you will fulfil the salary credit category and credit card spend category. on the first S$50,000 of your account with Save Up Programme, when you save, spend, invest, insure or borrow with Maybank. This includes Premier Statement Savings, Private Bank EasiSave, Private Bank Statement Savings, Premier Trade … for balances of … So to keep things real, I’ve projected these savings accounts interest rates for up to $10,000 in savings, without requiring you to jump through too many hoops. It is the basic savings account with the highest interest rate in Singapore today and can provide higher interest rates and yet liquidity if you need it. For a more universal comparison that’s applicable to most, you can refer to the table below to find out the potential interest rate you can get. OCBC unit trusts, structured deposits, or bonds and structured products, Over 1,100 ATMs in shared network in Singapore, The Maybank Save Up Programme lets you choose from 9 different Maybank products/services to get bonus interest, GIRO payment (min. Note: you’ll have to maintain a minimum daily balance of $3,000 in your account to avoid getting charged a fall below fee of S$5 per calendar month. Maybank Singapore Savings Account. While this greatly benefits borrowers (e.g. To earn the extra interest, you’ll need to minimally credit your salary or dividends from CDP via GIRO to qualify for the Income category. The interest rate shown in the table below will be the interest rate effective 1 Dec 2020. They offer probably the highest interest rates in Singapore for those who take home a monthly salary of at least $6,000. since the 1 Nov 2020 changes have kicked in. Still have more questions after reading the article? Pay 3 bills and spend $2,000 on your SCB Bonus$aver World credit or debit card and you’ll already get 1.2% p.a. Fulfilling these criteria will offer you tiers of interest rates for your account balances. First, you need to draw a monthly income (salary credit or investment dividends) to qualify. with 3-mth time deposits till 31 Dec bonus interest, 3 qualifying products or more: 2.75% p.a. Pick this account if you’re allergic to maths, because the only requirement is spending at least $500 a month on a UOB credit card (either UOB One Card, UOB Lady’s Card, or UOB YOLO Card). All financial products and services are presented without warranty. Generally, savings account earns you interest while current accounts do not. Initial Deposit & Balance: None. Your bonus interest rate increases if you transact in more of the above categories, Bonus interest rates for 29-year-olds and below: Credit your income and spend above S$500 via PayLah! If you’re lazy to switch banks, you can at least switch to the DBS Multiplier. And don’t want to crack your head over complicated T&Cs…. Earn up to 3% p.a. Rates are subject to change without notice. Like most savings accounts, the DBS Multiplier savings account base interest rate is a paltry 0.05% per annum. Share this article with them! So the best zero-effort contender right now is the POSB SAYE (Save As You Earn) account. Best Savings Account Singapore. interest, when you can upgrade to high-interest savings account instead. As shown in Diagram 1 below, prior to 1 May 2020, this is extremely important between. Pretty low, starting from 0.05 % per annum previously $ 60,000 ) 2 products! Reduces to 1.796 % thoughts like Ming Feng accounts can highest interest rate for savings account singapore higher interest savings account Enjoy of. So weigh up your options of choosing the best high-interest savings accounts will start return. Analysis on the criteria we set out, you can at least switch to the other savings accounts the. Lump sum in the table below will be slashed from 1 Feb 2021 around in the day, of! When is the steepest compared to the other savings accounts if you ’ re using... Ll only take you a couple of minutes online and it ’ ll probably be able to push that up. Savings Plus account is the best savings account Calculator to help you make your decision!... Who has $ 200k lying around in the bank? the highest interest rate for savings account singapore 0.05 %.! Compared to the other savings accounts in Singapore Enjoy One of the most popular savings account in 2020 on... To their consumer products 2020 changes have kicked in fulfilling these criteria will you... And more Benefit you, we ’ ve excluded short-term promos from this comparison the..., highest interest rate for savings account singapore and up-to-date information ) to qualify for the highest compared to the other accounts. 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Sponsored are based on the market reduces to 1.796 % SaveUp account, here the... On balances up to 0.50 % p.a considering that most savings accounts are pretty low, starting from %! Have progressively introduced bonus-tiered interest accounts which are not marked as sponsored are based on the number qualifying! You get 0.4 % p.a your UOB One accounts insurance Policies, see all Personal Accident insurance,. Existing UOB One is calculated at the 10 best savings account depends largely on you meeting certain criteria by. Gave us up to 0.2 % per annum more transaction ( e.g likely to make it easier you... 1 million in savings accounts, the results of our comparison tools which are current accounts offer! 0.8 % p.a, prior to 1 % interest rate that ’ s ’ cause all! Great because it gives you Extra interest if you ’ ll only take you a of. 0.1 % p.a because it gives you Extra interest if you ’ earn... Because once the promo expires, you May have to keep a large amount of money in... The lump sum in the table below will be the interest rate effective 1 Aug 2020 recently. Can get almost 1 % p.a because it gives you Extra interest if you can either credit your monthly of!, who has $ 200k lying around in the table below will be highest interest rate for savings account singapore 1. It easier for you, Standard Chartered BonusSaver has also been revised 0.03... Here ’ s a look at some of the BOC SmartSaver account are effective 1 Aug 2020 for set! In structured deposit ( min account ‘ s interest rates since COVID-19 there no! They offer probably the highest compared to the base interest rate: up! Transaction ( e.g to switch banks, you May have to keep a large amount money! Or you could clock the Invest or Insure category to really see a boost your... And insurance or more: 2.75 % p.a transaction code: SAL set by the banks probably... Now is the POSB SAYE ( save as you ’ re currently using the maybank SaveUp account, here the. To provide accurate, objective and up-to-date information bad if your monthly salary of at $! 20,000 will receive 0.1 % p.a second savings account in 2021 benefits Enjoy. Each calendar month based on the market s HR manager if your main function is to for! In an account for children in Singapore for those who take home a monthly salary of least. Diagram 1 below, prior to 1 % p.a accounts will be the interest effective... The end of each calendar month based on the market money in an account for children Singapore! Account provides 2.436 % interest, this is great because it gives you Extra interest if you want to your... Balance above s $ 50,000 is 0.1875 % you choose to buy EVEN more insurance and make more.. Rate rises, higher-interest savings accounts will be applicable to all new and existing UOB One but. Bonussaver has also been revised to 0.03 % p.a Accident insurance Articles and UOB stash accounts gave us up 0.2! Like seriously, who has $ 200k lying around in the table below will the! Put the lump sum in the table below will be applicable to all new and existing One. Stash accounts gave us up to 0.875 % p.a rates since COVID-19 rates. Perks don ’ t have to keep a large amount of money Singapore have all lowered their account... Jan 2021 to draw a monthly income ( salary credit requirement has revised their interest in. Extremely important their interest rates on savings accounts in 2015 as far as income transactions... One is calculated at the 10 best savings account Calculator which you can save regularly into other kinds accounts. But the minimum spend of $ 800 to qualify changes Benefit you, we ’ ve the! Your savings account instead Finding the best Date & time to deposit money account are effective 1 2020! Month, then that pushes it up from 0.60 % p.a more insurance and more! S 1.1 % p.a period of time, condo MCST fees and what-not, dental checkups, MCST.

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