for balances below S$5,000, up to 0.50% p.a. Earn bonus interest based on the number of qualifying products held: 1 qualifying product: 0.3% p.a. Best Savings Account With the Highest Interest Rates in Singapore 2021. This is currently unmatched. Fret not, ask our community here! So if you aren’t drawing that kind of pay or looking to spend that kind of money. Talk about adding insult to injury. For your convenience, we’ve compiled the best savings accounts in Singapore with the highest interest rates, updated for 2021. 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! Which begs the question: which savings account should you stash your cash in now? FYI: The changes to the base interest rate of the BOC SmartSaver account are effective 1 Aug 2020. DBS Multiplier Account: What Are the Changes For January 2021? Still have more questions after reading the article? in the latest bond – Apply by 28 December 2020; HSBC: Enjoy a promotional rate up to 0.55% on 3-mth / 6-mth / 12-mth SGD Time Deposits till 31 Dec; Standard Chartered: Earn 0.45% p.a. New year, new interest rates: The OCBC 360 account is also slashing interest rates from 1 Feb 2021. Article updated on 22 Dec 2020 to reflect all the latest changes to the savings accounts in the market: In order to find the best savings account, we looked at a typical working adult in Singapore and assumed that he or she: Do note that for this comparison, we will take it that the confirmed changes to the savings account interest rates have already been implemented. However, the results of our comparison tools which are not marked as sponsored are based on objective analysis. Here are the best online savings account interest rates. 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. 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. on amounts under $50,000). DBS Multiplier Account Review — Should You Switch Savings Account in 2021? On the surface, savings accounts has the interest advantage as compared to traditional current accounts. FYI: From 1 Jan 2021, you get 0.4% p.a. *Additional interest capped at first $50,000 of your account balance. 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. 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. When the base rate rises, higher-interest savings accounts will start to return. 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. 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. Bank account balance From 1 May 2020, this interest rate reduces to 1.796%. Sign up for our newsletter for financial tips, tricks and exclusive information that can be personalised to your preferences! © 2009-2020 MoneySmart. Rates are subject to change without notice. home loan or insurance). As such, we have updated this guide for 2021 to help you find the best savings account for your needs in the year ahead. $2,000), Invest in structured deposit (min. However, sticking with DBS also brings about certain disadvantages such as: Some of our Seedly Community members have also decided to switch other banks. Bonus Interest for UOB One is calculated at the end of each calendar month based on the monthly average balance. OCBC 360 Account — OCBC Savings Account Review. 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 $500 a month to earn, Buy unit trusts or endowment insurance plans from OCBC to build your retirement portfolio and earn the, The total interest rate for option A is equivalent to current Base Interest plus revised Bonus Interest A, The total Interest rate for option B is equivalent to current Base Interest plus revised Bonus Interest B, Bonus Interest for UOB One is paid on first, Base Interest for UOB One is calculated at the end of each day based on each day-end balance. with 3-mth time deposits till 31 Dec OCBC unit trusts, structured deposits, or bonds and structured products, Over 1,100 ATMs in shared network in Singapore, The Maybank Save Up Programme lets you choose from 9 different Maybank products/services to get bonus interest, GIRO payment (min. Because once the promo expires, you’ll be stuck with an interest rate that’s not the most ideal. Earn up to 3% p.a. And if you happen to be in the market for a home loan, reno loan or car loan, then you’d probably want to consider Maybank as the 3rd tier can give you almost 3% p.a. On paper, the Standard Chartered Bonus$aver Account gives the highest effective interest rate in Singapore at a very impressive 2.60% p.a. And any incremental balances above $20,000 will receive 0.1% p.a. The details you see on our site may be different from others. without having to jump through too many hoops, assuming a $2,000 credit card bill and 3 bill payments are no problem for you. * 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. Some banks offer tiered interest rates. Note: the Base Interest for Standard Chartered BonusSaver has also been revised to 0.03% p.a. 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? Fixed-rate accounts can pay higher interest in return for keeping your money in an account for a set period of time. That’s better than the DBS Multiplier’s 1.1% p.a. The highest possible interest rate at 3.30% p.a. is higher than most other accounts listed here. Considering that most savings account require you to credit your salary in order to get the bonus interest, this is extremely important! The cut in interest rate by UOB on its One Account is the steepest compared to the other banks. The application can be done online and it’ll only take you a couple of minutes. FYI: If you’re currently using the Maybank SaveUp account, here are the latest interest rates as of 21 Dec 2020. 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. Ultimate guides to kickstart your finances, You can contribute your thoughts like Ming Feng. After taking into consideration of the requirements and conditions, the DBS Multiplier Account is unanimously chosen as the best deposit account in Singapore. Happy new year, guys. Here are a few things to think about: How much you have to invest: If you only have a little spare money, a long-term fixed-rate account probably won’t make sense. 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). This is also one of the main reason we are seeing various updates that will start from January 2020 onwards. Best Savings Account Singapore. All rights reserved. You get a cool 1.4% p.a. FYI: The interest rates for UOB One were revised recently. Interest rate is generally not the highest compared to the other savings accounts. 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. 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. 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. 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. The RHB High Yield Savings Plus Account is a no-frills savings account which offers up to 0.875% p.a. OCBC Mighty Savers. The Maybank Save Up programme lets you choose from nine different products and services in order to get the bonus interest: *If you meet the minimum salary credit amount and/or the minimum aggregate GIRO debit amount stated in the table above, it will be considered as 1 Qualifying Product. 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. If you’re lazy to switch banks, you can at least switch to the DBS Multiplier. UOB One Card, UOB Lady’s Card, or UOB YOLO Card). interest. Changes in interest rate (percentage point), $2,000 through GIRO (salary or dividends from CDP), Total On First $100,000 Eligible Deposit Balance (prior to 1 July 2020), Account Balance in your UOB One Account (SGD), Spend min. 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. But based on the criteria we set out where you’re crediting your salary, spending $500 with your credit card and making three bill payments – you’ll only earn a paltry 0.35% p.a. Standard Chartered Bonus$aver is a current savings account with a base interest rate of 0.03% per annum on your deposit amount (updated rates as of 1 October 2020), Bonus interest rates range from 0.10% 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. 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. Last Updated: 2020-11-10. The only catch? Fall below fee: $2. Know someone who needs to switch savings account? Waived for first-time customers & those up to age 29. Receive annual interest income of $3,475 or an effective blended interest rate of 2.04% on … 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. This means that cash withdrawals are a little more tricky — although it might help you save more since you can’t withdraw your money that easily. The base interest rate for savings accounts are pretty low, starting from 0.05% p.a. Unless you choose to buy EVEN more insurance and make MORE investments…. interest. Other notable benefits: Enjoy priority queue service on Sundays at all Sunday Banking branches. The interest rate shown in the table below will be the interest rate effective 1 Dec 2020. Waived for first year. interest on the Standard Chartered Jumpstart account on balances up to $20,000 year-round. Note: the Extra Savings interest is only applicable to account balances above $80,000 (previously $60,000). 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! Such current accounts might offer higher interest than your typical savings accounts. Finding the best high-interest savings accounts. Bonus interest cap: $25,000 for salary + 1 category; $50,000 for salary + 2 categories. $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). And if you can transact more than $15,000 a month, then that pushes it up from 0.60% to 1.0% p.a…. The criterion to hit the OCBC 360 Grow Bonus interest rate is probably out of reach for most of us. bonus interest, 3 qualifying products or more: 2.75% p.a. You can save regularly into other kinds of accounts too, so weigh up your options. While this greatly benefits borrowers (e.g. You’ll notice that the bonus interest you earn on the Insurance and Investments categories is only recognised for the first 12 consecutive months. Disclaimer: At MoneySmart, we aim to provide accurate, objective and up-to-date information. for Standard Chartered debit or credit card spend, to 0.90% per annum for investments and insurance with Standard Chartered, To qualify for bonus interest from any of the 5 bonus categories, your Standard Chartered Bonus Saver debit or credit card must be linked to your Standard Chartered Bonus$aver account, Transactions charged to your Standard Chartered Bonus$aver account from any of these 5 bonus interest categories will earn you bonus interest in that calendar month: salary, debit or credit card spend, bill payments, insurance, and investment, Base interest will be calculated at the end of each day, and credited at the end of the month, Bonus interest is calculated at the end of each calendar month, based on the daily average balance in your Standard Chartered Bonus$aver account. Like seriously, who has $200k lying around in the bank?! Savings accounts in Singapore are often offered by major banks such as OCBC, UOB, DBS, POSB, and more. 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. The whole process of choosing the best savings account can be rather confusing as we all have different spending habits and incomes. 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. Li Chun 2021 (3 Feb) – When is the Best Date & Time to Deposit Money? one might pay 2% p.a. Put the lump sum in the top-paying easy-access account. They offer probably the highest interest rates in Singapore for those who take home a monthly salary of at least $6,000. All financial products and services are presented without warranty. This includes Premier Statement Savings, Private Bank EasiSave, Private Bank Statement Savings, Premier Trade … 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. 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. Depending on the savings account and the promotion, you … These variables can be mainly broken down into: Basics. 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. Or you could clock the Invest or Insure category to really see a boost in your bonus interest rate. Interest Rate: Earn up to 0.2% per annum. 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. 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. As a reward for your restraint, you earn 2% p.a. 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. Keep track of your transactions printed on a handy passbook and access your savings account easily with a Debit Card and Online Banking. Like most savings accounts, the DBS Multiplier savings account base interest rate is a paltry 0.05% per annum. The interest rate for the first S$50,000 is 0.1875%. Singapore Savings Account Rates blogspot dot com is pleased to update you on savings and other banking accounts in Singapore today. without having to jump through too many hoops, assuming a $2,000 credit card bill and 3 bill payments are no problem for you. Fulfilling these criteria will offer you tiers of interest rates for your account balances. You can use the FREE Seedly Savings Account Calculator to help you make your decision faster! But if you’re moving that kind of money a month, you’re probably don’t really care about finding the best savings account. Not bad if your main function is to pay for your kids tuition fees, dental checkups, condo MCST fees and what-not. Back in the day, many of us nerds liked to open a second savings account. $20,000). You’re probably better off looking at other savings accounts that can give you better interest rates for less. Make sure to check with your company’s HR manager if your monthly salary GIRO credit is under the transaction code: SAL. 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. Stay updated with the latest finance tips! With interest rates down, we wanted to identify some of the top savings accounts available in terms of their yield. 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. Best alternatives to Savings Accounts in Singapore (2020) Initial Deposit & Balance: None. As shown in Diagram 1 below, prior to 1 May 2020, UOB One Savings Account provides 2.436% interest rate. PHOTO: Pexels . Interest rates are calculated on a daily basis and credited on a monthly basis. The interest rate rises with every additional $15,000 in your UOB One account, capped at $75,000. From 15 Jan 2021, you basically get 0.30% p.a. Jul 15, 2020 . However, note that banks have progressively introduced bonus-tiered interest accounts which are current accounts too. 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. In a low-interest-rate environment, most of the banks are probably affected which resulted in the changes to their consumer products. The easy-to-use UOB One account is one of the few higher interest savings accounts with no salary credit requirement. If you’re OK with the inconvenience of banking with Bank of China, their SmartSaver account is a decent good choice for high earners. These changes will take effect on 1 Nov 2020 and the revision will be applicable to all new and existing UOB One accounts. Banks have promotions whereby they offer bonus interest rates on savings accounts if you meet certain conditions. 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 $100,000). DBS Multiplier Account is a deposit account with a base interest rate of 0.05% per annum, Bonus interest rates: 1.40% to 3.80% per annum. There’s no change to the mechanics. Then, pick 1 or more from the following categories: If you have a DBS home loan — worth considering since home loan interest rates are low — you can quite easily unlock a higher tier of interest. FYI: OCBC 360 has revised their interest rates recently. Maybank Singapore Savings Account. FYI: If you’re currently using DBS Multiplier, you probably would have heard of the latest changes to the interest rates that will take effect from 1 Jan 2021. A lesser-known option is the HSBC eFlexi savings account. Here’s a look at the 10 best savings account with the highest APYs of 2020. To best optimise your interest rate, you’ll basically want to fulfil at least three products and services in order to clock the maximum interest of 3.00% p.a. Disclaimer: Banks sorted in descending order according to highest advertised interest rates on savings accounts … Interest will be credited 1 month after the transaction upon full payment of your credit card spend, Multi-currency feature: If you are the primary Standard Chartered Bonus$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. on your savings. Choice of 9 qualifying products include salary or GIRO, home loans, car loans, investments and insurance. But I supposed that’s a good thing as you’ll be less likely to make withdrawals. If you’re one of those victims, you don’t have to suffer this injustice. Investments (only for the first 12 consecutive months). General Disclaimers . Rate indicated is based on the Savings Account product and is for the remaining balance above S$50,000. (Ah 2019, we miss you so.). on amounts over $50,000 and 0.5% p.a. The OCBC 360 is more complicated than the UOB One, but also more flexible in that there is no one mandatory requirement. 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. Best Personal Accident Insurance Policies, See All Personal Accident Insurance Articles. 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. 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). Fall below fee: $5. Yet if you have a lump sum of cash, and you want to maximise its earnings, you can still take advantage. 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. There are no further hoops to jump through, and no minimum balance OR fall-below fee. You should also note that ATMs for foreign banks like Bank of China and Standard Chartered are usually limited. P.S. since the 1 Nov 2020 changes have kicked in. Noticed I wrote “realistic” interest rates? interest on everything up to $50,000 and there’s no fall below fee either. Based on the criteria we set out, you’ll earn 0.50% p.a. This is great for those without a regular paycheck such as freelancers, retirees or homemakers. to qualify for 0.30% bonus interest rates on your PayLah! 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. 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! To maximise the account, you will need to be drawing at least $3,000 for a small 0.10% bump in the bonus interest rates. Share this article with them! Premier EasiSave. 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. 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). If you want a savings account with a decent interest rate. Advertised interest rates for savings accounts in Singapore often reflect the highest available rate for one component within a larger, more complex savings plan. To make it easier for you, we created the Seedly Savings Account Calculator which you can use for FREE! bonus interest, 2 qualifying products: 0.8% p.a. Some content may be compensated through third-party advertisers. Even with “over 200 ATMs” located around Singapore, it’s not easy to find a Bank of China ATM when you need it. Use of this site constitutes acceptance of our. Let’s look at some of the most popular savings account for children in Singapore. For example, the CIMB FastSaver and UOB Stash accounts gave us up to 1% p.a. 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. The Stan Chart JumpStart account is pretty straightforward. So the best zero-effort contender right now is the POSB SAYE (Save As You Earn) account. salary credit + credit card, you can get almost 1% interest, which is one of the highest on the market. However, the latter is better if you’re eligible for one more transaction (e.g. Generally, savings account earns you interest while current accounts do not. UOB One Savings Account Review 2021 + UOB Stash Account Updates, OCBC 360 Account February 2021 Revision: Will This Round of Changes B…. With an interest rate that goes as high as 3.8%, DBS Multiplier Account is the savings account to get if you want your money to increase as it sits with your bank. 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. Like most savings accounts, the DBS Multiplier savings account base interest rate is a paltry 0.05% per annum. 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. This account makes sense if you’re earning just enough to meet the $1,800 minimum, and don’t want to jump through any further hoops. 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 . And don’t want to crack your head over complicated T&Cs…. 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. To 0.2 % per annum of years if you ’ ll be stuck an!, investments and insurance, investments and insurance our team at Singapore savings Bond ( SSB:... However highest interest rate for savings account singapore the results of our comparison tools which are current accounts Aug... Is 0.1875 % p.a Feb highest interest rate for savings account singapore – when is the best zero-effort contender right now is the POSB SAYE save. The CIMB FastSaver Review: What are the Latest DBS Multiplier you 0.4.: OCBC 360 Grow bonus interest rate by UOB on its One account is a 0.05... About it t drawing that kind of pay or looking to spend that much on 1 Nov 2020 that for... Suffer this injustice easy-access account Review — should you switch savings account in.... 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