First UOB, then Standard Chartered. Banks are cutting rates on their flagship savings accounts, and that means the highest interest earners are being reshuffled. Which savings account will earn you the most interest for the least effort? What about if you also get insurance or investment products with the bank?
If you don’t know what we’re talking about, we don’t blame you. Savings accounts have a simple premise, but often come with complex requirements for you to earn bonus interest.
When you open a savings account with a bank, you deposit money into it and let that money earn interest. You’ll enjoy higher interest rates on a savings account than you would on your normal account (called a checking account).
The issue is that not all savings accounts are made equal. Different banks offer different interest rates, have different minimum sums, and require you to hit different spend/transaction criteria (one of the savings accounts below has 9 types of transactions for you to fulfil!).
So to help you out with navigating savings accounts in Singapore, we’ve compiled the best savings accounts in Singapore with the highest interest rates in 2024 for different personal and financial needs.
Note: We update this article on a monthly basis with the latest rates. The rates below were updated on 15 Apr 2024.
What are the best savings accounts in Singapore with the highest interest rates in 2024?
1. At a glance: Best savings accounts in Singapore with highest interest rates (Apr 2024)
Savings account | Interest rates (effective interest rates) | Best for |
Standard Chartered Bonus Saver | Up to 7.88% (on first $100,000, fulfil 5 criteria) From 1 May 2024: Up to 7.68% (on first $100,000, fulfil 5 criteria) |
High spenders |
OCBC 360 | Up to 7.65% (on first $100,000, fulfil 5 criteria) | Lower income earners ($1,800 min. salary) |
Citi Wealth First Account | Up to 7.51% (on first $50,000-$150,000, fulfil 5 criteria) | Those with other Citibank products |
Bank of China Smart Saver | Up to 6.70% (on first $100,000, fulfil 4 criteria) | High earners & spenders |
UOB One | Up to 5% (on first $100,000, fulfil 2 criteria) From 1 May 2024: Up to 4% (on first $150,000, fulfil 2 criteria) |
Freelancers & self-employed |
Maybank Save Up | Up to 4.30% (on first S$50,000, fulfil 3 criteria) | Home, education, car loan users |
DBS Multiplier | Up to 4.10% (on first $50,000 – $100,000, fulfil 3 criteria) | Salaried workers |
CIMB FastSaver | Up to 2.67% (on first $75,000) | Young adults starting their careers |
HSBC Everyday Global Account | Up to 4.60% (fulfil 5 criteria) | Those with other HSBC products |
Most savings accounts require you to jump through a whole bunch of hoops to enjoy their best rates. But let’s be realistic here. Most of us aren’t going to be taking a home loan, buying insurance from the bank, and investing with the bank—and certainly not all at the same time. What will you earn if you only credit your salary and spend using the bank’s debit/credit card? Here’s our realistic summary:
Savings account | Effective interest rate if you only credit salary and spend | Your earnings on first $50,000 |
Citi Wealth First Account | 3.01% on first $50,000 | $1,505 per year (~$125 per month) |
Standard Chartered Bonus Saver | 3.80% on first $100,000 From 1 May 2024: 2.65% p.a. on first $100,000 |
$1,900 per year (~$158 per month) From 1 May 2024: $1,325 (~$110 per month) |
UOB One | 5.00% on first $100,000 From 1 May 2024: 4% on first $150,000 |
$2,500 per year (~$208 per month) From 1 May 2024: $2,000 (~$167 per month) |
OCBC 360 | 4.05% p.a. on first $100,000 | $2,025 per year (~$169 per month) |
Bank of China SmartSaver | 2.50% p.a. on first $100,000 | $1,250 per year (~$104 per month) |
Maybank Save Up Programme | 1.25% p.a. on first $50,000 | $625 per year (~$52 per month) |
DBS Multiplier | 1.80% p.a. on first $50,000 | $900 per year (~$75 per month) |
CIMB FastSaver | 3.00% p.a. on first $75,000 | $1,500 per year (~$125 per month) |
POSB SAYE (Save As You Earn) | 3.50% | $1,750 per year (~$146 per month) |
HSBC Everyday+ Rewards Programme | 1% bonus interest and 1% cashback (capped at $300 a month) | $500 per year (~$42 per month) |
Note: The table above assumes you earn at least $3,000 a month, spend $500 a month, and have a regular banking relationship. If you earn more, spend more, or are a premier or private banking client, you may enjoy better rates. Read the individual sections on each savings account below to find out more.
1. Citi Wealth First Account
Citibanking, Citi Priority | Citigold | Citigold Private Client | |
Deposit amount | First $50,000 | First $100,000 | First $150,000 |
Base interest rate | 0.01% p.a. | ||
Spend (min. $250/month on Citibank Debit Mastercard) | 1.5% p.a. | ||
Invest (min. $50,000/month) | 1.5% p.a. | ||
Insure (min. $50,000/month) | 1.5% p.a. | ||
Borrow (min. $500,000 home loan) | 1.5% p.a. | ||
Save (min. $3,000/month) | 1.5% p.a. | ||
TOTAL | 7.51% p.a. |
The Citi Wealth First Account has a simple mechanic for calculating its total interest rate: base interest (0.01%) + bonus interest (up to 7.50%).
Its base interest starts at 0.01% for everyone, whether you’re a Citibanking, Citi Priority, Citigold, or Citigold Private Client customer. That’s the lowest base interest rate out of all the savings accounts on this list.
Next, beef up that measly 0.01% up with bonus interest rates. You get different bonus rates depending on which of the following categories you fulfil:
- Spend (+1.5%): Spend at least $250/month on your Citibank Debit Mastercard.
- Invest (+1.5%): Purchase one or more new single lump sum investments totalling at least $50,000/month. Investments can include Unit Trust, Structured Notes and Bonds.
- Insure (+1.5%): Purchase one or more new single premium policies totalling at least $50,000/month.
- Borrow (+1.5%): Take up a new home loan of at least $500,000.
- Save (+1.5%): Deposit more money into your account, increasing your account’s average daily balance by at least $3,000 from the previous month’s.
If you fulfil all of the transaction categories above, the maximum interest rate you can get with the Citi Wealth First Account is a generous 7.51%. That’s one of the highest rates among the savings accounts this month. Plus, it applies to the first $50,000 to $150,000 in your account, and not just the first $25,000 after the $100,000 mark or something like that. That means 7.51% p.a. is the effective interest rate!
Realistically speaking, most of us can only deposit our salaries in the account, i.e. “Save“, and “Spend“. If you only fulfil these 2 criteria, you’ll earn 3.01% p.a. interest on the Citi Wealth First Account. That’s $1,505 earned per year from your first $50,000.
The only advantage to starting a Citigold or Citigold Private Client banking relationship is that the bonus interest rates can apply to a larger sum of money. For Citibanking and Citi Priority customers, bonus interest rates are applied to only the first $50,000, according to the Citi Wealth First T&Cs (Clause 7). This increases to $100,000 for Citigold and $150,000 for Citigold Private Client.
However, you’ll need to maintain $250,000 in your account for Citigold, and $1,500,000 for Citigold Private Client. If you fall below these thresholds, the bonus 7.51% will only apply to the first $50,000 just like for everyone else.
Citi Wealth First Account
- Minimum balance: $15,000
- Fall below fee: $15
- Bonus interest cap: $50,000-$150,000
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2. Standard Chartered BonusSaver account interest rates—cutting rates from 1 May 2024
The Standard Chartered BonusSaver savings account currently offers the highest maximum interest rate on a savings account: 7.88 % p.a.. This maximum rate is getting reduced to 7.68% p.a. come 1 May 2024.
Here’s a breakdown of the changes from 1 May 2024:
Transactions | Interest rates (before 1 May 2024) | Interest rates (from 1 May 2024) |
None (base interest) | 0.05% | 0.05% |
Salary credit (min. $3,000) | + 2.50% | +2.00% ↓ |
Credit card spending (min. $500 or $2,000) | + 1.25% (min. $500) OR + 2.00% (min. $2,000) | + 0.60% ↓ OR + 1.40% (min. $2,000) ↓ |
3x GIRO bill payments (min. $50) | + 0.33% | + 0.23% ↓ |
Invest in eligible unit trust (min. $30,000) | + 1.50% for 12 months | + 2.00% for 12 months ↑ |
Buy eligible insurance (min. $12,000) | + 1.50% for 12 months | + 2.00% for 12 months ↑ |
Total interest | 7.88% p.a. | 7.68% p.a. |
You’ll notice that the interest rates for investing or buying insurance with Standard Chartered are going to go up from 1 May 2024, while the rates for the salary, credit card spending and GIRO components are going to fall. Unfortunately, the latter are the lowest hanging fruit and pretty much everyone with a Standard Chartered BonusSaver is going to be disadvantaged by these changes.
But even from 1 May 2024 onwards, 7.68% p.a. is still pretty high right? Yes, but it isn’t easy to get to the maximum interest rates on the Standard Chartered BonusSaver. You’d need to fulfil all 5 requirements: credit your salary, spend on your credit card, pay 3 bills, invest, and buy insurance. These mechanics won’t change from 1 May 2024.
On the plus side, the 7.88% p.a. (7.68% p.a. from 1 May) is applied to the entire sum of $100,000, whereas accounts like the UOB One savings account are only going to give the highest interest rate to a smaller sum based on a tiered system. (Check our review of the UOB One account to see the effective interest rates on the entire $100,000 sum.)
Moreover, the Standard Chartered Bonus Saver savings account occupies a niche: It gives you pretty high bonus interest just for spending tons of money:
- Pay 3 bills online or via GIRO and you’ll get an additional 0.33% (0.23% p.a. from 1 May) interest.
- Spend at least $2,000 on your SCB Bonus$aver credit or debit card and you’ll already get 2.00% p.a. (1.40% p.a. from 1 May) bonus interest on your savings.
Not bad if your card’s main function is to pay for your kid’s tuition fees, dental checkups, condo MCST fees and what-not. But from 1 May 2024 onwards, you’ll get 1.63% p.a. bonus interest for these instead of the current 2.33% p.a.. Even though the UOB One Account is slashing their rates from 1 May 2024 too, you’ll get a higher rate of 2.25% p.a. there on your first $100,000 just for spending $500 a month on your credit card and making 3 GIRO debit transactions.
Crediting your salary will get you an additional 2.50% (2.00% p.a. from 1 May) interest. That’s not too bad a rate, but you have to be earning at least $3,000 per month to qualify for the bonus interest. The OCBC 360 savings account will give you 2.00% p.a. interest on your first $75,000 for crediting a minimum salary of $1,800.
Now let’s talk realistically. Many of us may only credit our salary and meet the requirement to spend $500 a month on a Standard Chartered credit card. If you only do these 2 things, you’ll enjoy an interest rate of 3.80% p.a. on your first $100,000. That’s a pretty good deal. If you’re gunning for this and need a Standard Chartered credit card, my top pick is the Standard Chartered Simply Cash Credit Card—I’m a fan of unlimited cashback cards with $0 minimum spend.
From 1 May 2024, the rate you’ll get at Standard Chartered for salary credit +credit card spend will fall to 2.65% p.a.. The OCBC 360 account (4.05% p.a. on first $100,000) UOB One (3.38% p.a. on first $100,000) are going to be a lot more attractive.
Standard Chartered Bonus Saver
- Minimum balance: $3,000
- Fall below fee: $5
- Bonus interest cap: $100,000
3. UOB One savings account interest rates—cutting rates from 1 May 2024
Singapore’s highest interest savings account is relinquishing its throne from 1 May 2024. The UOB One Account has been doing us all a great service since Dec 2022, offering a rate of 7.80% (EIR: 5.00% p.a.) for simply spending on a UOB credit card and crediting our salaries to the account:
UOB One savings account interest rates before 1 May 2024
Account balance | S$500 spend per month on eligible UOB Card | S$500 spend per month on eligible UOB Card + 3 GIRO/PayNow debit transactions | S$500 spend per month on eligible UOB Card + credit salary via GIRO/PayNow |
First $30,000 | 0.65% | 2.50% | 3.85% |
Next $30,000 | 0.65% | 3.00% | 3.90% |
Next $15,000 | 0.65% | 4.00% | 4.85% |
Next $25,000 | 0.05% | 7.80% | |
Above $100,000 | 0.05% |
But come 1 May 2024, UOB is introducing 2 new interest tiers and reducing its maximum interest rate to 6.00% p.a. (EIR: 4.00% p.a.):
UOB One savings account interest rates from 1 May 2024
Account balance | S$500 spend per month on eligible UOB Card | S$500 spend per month on eligible UOB Card + 3 GIRO/PayNow debit transactions | S$500 spend per month on eligible UOB Card + credit salary via GIRO/PayNow |
First $30,000 | 0.65% | 2.00% ↓ | 3.00% ↓ |
Next $30,000 | 0.65% | 2.00% ↓ | 3.00% ↓ |
Next $15,000 | 0.65% | 2.00% ↓ | 3.00% ↓ |
Next $25,000 | 0.05% | 3.00% ↑ | 4.50% ↓ |
Next $25,000 (NEW) | 0.05% | 3.00% | 4.50% |
Next $25,000 (NEW) | 0.05% | 6.00% | |
Above $150,000 | 0.05% |
The UOB One savings account is taking a hit, but it may still be worth it for you. For our full breakdown of what these new rates mean for you, read our review of the UOB One savings account, where we talk effective interest rates, spending requirements and more.
For now, I’m happy to report that at least UOB isn’t changing the mechanics of how to earn bonus interest on the UOB One. That means the winning quality of the UOB One account remains intact—its criteria to snag the highest interest rate is easy peasy. You only need to fulfil these 2 requirements:
- Credit your salary to the UOB One account via GIRO/PayNow
- Spend at least S$500 spend per month on an eligible UOB Card
The eligible cards you can hit the $500 spend on are:
- UOB One Card
- UOB Lady’s Card
- UOB EVOL Card
- UOB One Debit Visa Card
- UOB One Debit Mastercard
- UOB Lady’s Debit Card
- UOB Mighty FX Debit Card
Among these cards the UOB One Card works best with the UOB One savings account. Find out why in our full review of the UOB One account.
If you prefer a card with $0 minimum spend, the recently revamped UOB Lady’s Card is right up your alley. And yes, men can apply too!
Don’t have a fixed monthly salary? You can still get up to 4% p.a. (3.00% p.a. from 1 May 2024) with the UOB one account if you pay 3 bills by GIRO. This is great for those without a regular pay check, such as freelancers, retirees or homemakers. If you go for this option, the interest rate rises with every additional $30,000 or $15,000 in your UOB One account, up to $75,000.
UOB One Account effective interest rates (EIR)
Everyone is enticed by the 7.8% p.a. carrot (6% p.a. from 1 May 2024) that UOB dangles, but note that this is only applied on the $25,000 after your first $75,000—unlike the Standard Chartered Bonus Saver, which applies 7.88% p.a. on the full first $100,000 you bank with them.
What you need to look at is the effective interest rate—the true interest rate on the full amount you deposit in your UOB One Account. Here’s how much you’ll really earn with different account balances and with the fulfilment of different criteria:
UOB One Account Effective Interest Rate (EIR) | |||
Account Balance | S$500/month credit card spend | S$500/month credit card spend + 3 GIRO/PayNow debit transactions | S$500/month credit card spend + credit salary via GIRO/PayNow |
$30,000 | 0.65% | 2.50% | 3.85% |
$60,000 | 0.65% | 2.75% | 3.88% |
$75,000 | 0.65% | 3.00% | 4.07% |
$100,000 | 0.05% | 2.26% | 5.00% |
Simply for crediting your salary and spending $500/month on your credit card, the UOB One Account’s 5% interest rate p.a. is currently the highest out there. Comparatively, Standard Chartered will give you 3.85% p.a. to fulfil the same criteria, or 4.6% p.a. if your credit card spending is at least $2,000/month.
What about after the UOB One account cuts its rates from 1 May 2024? With salary credit and credit card spending, you’ll earn an EIR of 4.00% on the first $15o,000 or 3.38% p.a. on the first $100,000. But because Standard Chartered is also cutting its rates on its BonusSaver account from 1 May 2024, the UOB One account still beats it out.
There is one savings account that beats both—the OCBC 360 savings account. Read more about it in the next section.
UOB One savings account
- Minimum balance: $1,000
- Fall below fee: $5 (Waived for first 6 months for accounts opened online)
- Bonus interest cap: $100,000
4. OCBC 360 savings account interest rates
Transactions | Interest rate (first $75,000) | Interest rate (next $25,000) | |
None (base interest) | 0.05% | 0.05% | |
Salary credit (min. $1,800) | + 2.00% | + 4.00% | |
Increase avg. monthly balance (min. $500) | + 1.20% | + 2.40% | |
Spend (min. $500 on OCBC 365 card) | + 0.60% | ||
Insure in selected products (min $2,000) | +1.20% | + 2.40% | |
Invest in selected products (min. $20,000) | + 1.20 % | + 2.40% | |
Maintain average daily balance of min. $200,000 | 2.40% |
Thanks to UOB slashing its rates for the UOB One account, the OCBC 360 savings account will be Singapore’s highest interest savings account from 1 May 2024 onwards (until/unless it cuts its rates too…welp!).
The OCBC 360 savings account starts at a base interest of 0.05% p.a., and gives you varying bonus rates for crediting your salary, spending on your credit card (minimum of $500/month), growing your balance, insuring and investing. If you fulfil several of these requirements, this is what your maximum Effective Interest Rate (EIR) will be on your first $100,000:
- Salary + Save: 4.05% p.a.
- Salary + Save + Spend: 4.65% p.a.
- Salary + Save + Spend + Insure / Invest: 6.15% p.a.
- Salary + Save + Spend + Insure + Invest: 7.65% p.a.
The OCBC 360 is more complicated than the UOB One, but also more flexible in that there is no one mandatory requirement. 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. You’ll earn a bonus 2% for not doing much else than crediting your salary to the OCBC 360 account.
You get a bonus 1.2% every month that your account balance increases by $500 or more, so that might encourage you to save more even if you don’t hit the other criteria.
Do note that the $500 monthly spend category applies only to selected OCBC credit cards:
- OCBC 365 Credit Card
- OCBC INFINITY Cashback Card
- OCBC NXT Credit Card
- OCBC 90°N (available in both Visa and Mastercard versions)
- OCBC Rewards Card
My top pick is the OCBC 365 Credit Card for its high cashback rates:
- 5% cashback on everyday dining (including local, overseas and online food delivery)
- 6% cashback on fuel spend at all petrol service stations locally and overseas
- 3% cashback on groceries, land transport, online travel, recurring telco and electricity bills
OCBC 360
- Minimum balance: $1,000
- Fall below fee: $2. Waived for first year.
- Bonus interest cap: $100,000
5. Bank of China SmartSaver account interest rates
Transactions | Interest rate |
None (base interest) | 0.1% |
Insurance plan spending | +2.40% p.a. for 12 consecutive months |
Salary credit | + 1.90% (min. $2,000) OR 2.50% (min. $6,000) |
Credit card spending | + 0.50% (min. $500) OR 0.80% (min. $1,500) |
3x bill payments of at least S$30 each (GIRO or internet/mobile banking) | +0.9% p.a. |
The Bank of China SmartSaver account is a decently good choice for high earners. They offer probably the highest interest rates in Singapore for those who take home a monthly salary of at least $6,000. You get a cool 2.6% p.a. just for opening the account and crediting your salary to it. If raking up a bill of at least $1,500 on your Bank of China credit card is no problem for you, you’ll get an additional 0.8% bonus interest. Consider the Bank of China Sheng Siong Card for up to 6% cash rebate at Sheng Siong and 1.5% unlimited—yes, no cap!—cash rebate on your overseas spend, including online purchases.
The Bank of China SmartSaver account also awards a wealth bonus of 2.4% per annum for 12 consecutive months. However, to qualify, you’ll have to put down a pretty hefty sum on their insurance products. We’re talking a minimum of $12,000 in annual premiums with a 10-year premium term.
If you max out the bonus interest in all categories, you can enjoy a rate of up to 6.7% p.a. on your first $100,000 saved with the Bank of China. On the other hand, let’s say you only credit your salary (which is below $6,000) and spend ($500 a month). You’ll earn an interest rate of 2.5% on your first $100,000.
Bank of China SmartSaver
- Minimum balance: $200 (Maintain at least $1,500 to enjoy bonus interests)
- Fall below fee: $3
- Bonus interest cap: $100,000
6. Maybank Save Up Programme interest rates
Interest rates (applicable from 1 Jun 2023) | |||
Transactions | First S$50,000 | Next S$25,000 | Maximum Effective Interest Rate |
None (base interest) | Up to 0.25% p.a. | Up to 0.25% p.a. | |
1 x transaction | + 0.30% p.a. | + 1.00% p.a. | 0.53% p.a. |
2 x transactions | + 1.00% p.a. | + 1.50% p.a. | 1.17% p.a. |
3 x transactions | + 2.75% p.a. | + 3.75% p.a. | 3.08% p.a. |
The Maybank Save Up Programme lets you choose from 9 different Maybank products/services to get bonus interest:
- GIRO payment (min. $300) OR salary credit (min. $2,000)
- Credit card spending (min. $500) on Maybank Platinum Visa Card and/or Horizon Visa Signature Card
- Invest in structured deposit (min. $30,000)
- Invest in unit trust (min. $25,000)
- Buy insurance (min. $5,000 annually)
- Home loan (min. $200,000)
- Renovation loan (min. $10,000)
- Car loan (min. $35,000)
- Education loan (min. $10,000)
The Maybank Save Up Programme starts with a higher base interest rate than most other savings accounts. However, the bonus interest rates aren’t competitive unless you fulfil 3 transactions. Assuming you hit 3 transactions and start with a bonus interest rate of 0.25%, you’ll get 4.3% on your first $50,000 and 5.5% p.a. on the next $25,000. For comparison, the OCBC 360 account will give you 4.65% p.a. for hitting the three categories of crediting your salary, saving, and spending on your credit card.
Speaking of credit card spending, do note that Maybank only considers credit card spending on the Maybank Platinum Visa Card and Horizon Visa Signature Card. Spending on other Maybank credit cards doesn’t count. On the plus side, these cards give you good cash rebates both locally and overseas.
Maybank Save Up Programme
- Minimum balance: $1,000
- Fall below fee: $2. Waived for individuals below age 25.
- Bonus interest cap: $50,000
7. DBS Multiplier savings account interest rates
Total monthly transactions | Income + 1 category | Income + 2 categories | Income + 3 categories |
First $50,000 | First $100,000 | First $100,000 | |
$500 to $14,999 | 1.80% | 2.10% | 2.40% |
$15,000 to $29,999 | 1.90% | 2.20% | 2.50% |
$30,000 and up | 2.20% | 3.00% | 4.10% |
The rates in the table above apply to you if you credit your salary/dividends/SGFinDex to any DBS or POSB account (yes, it doesn’t need to be your DBS Multiplier account!). You need to have at least $500 worth of transactions from 1 or more of the following categories:
- Credit card or PayLah spending (no minimum)
- Home loan (cash + CPF components counted)
- Selected insurance policies (life insurance, critical illness, endowment plans and selected single premium policies)
- Selected investments (regular savings plan, unit trust, online equities trade, digiPortfolio or bonds, and structured products)
The more categories you hit, the higher bonus interest rates you get.
One thing I really like about the DBS Multiplier is that there is no minimum amount required for the credit card or DBS PayLah! spend. You can also choose either, although I would recommend the credit card route for extra cashback or miles. You can earn up to 10 miles per dollar with the DBS Altitude Visa Signature Card on your travel spend at Expedia and Kaligo, and 2.2 miles per dollar on other overseas spend.
The DBS Vantage Visa Infinite Card comes with an even bigger welcome miles bonus, although it isn’t the most accessible credit card due to its high minimum income requirement.
What if you don’t have any DBS credit card, insurance, or investments? Unfortunately, the bonus interest rates aren’t as high, at 1.5% p.a. on the first $50,000. And while you don’t need to credit your salary to a DBS/POSB account, DBS will still require you to at least use PayLah!. The good news is that there isn’t a minimum amount for PayLah! spend. Just use it to pay for anything, even if it’s a $1+ cup of kopi at your local coffeeshop. Easy!
The DBS Multiplier account makes it easy to earn bonus interest with its zero minimum spend transaction categories and the flexibility to credit your salary into any DBS account, not necessarily the DBS Multiplier.
However, DBS Multiplier account interest rates start pretty low. If you don’t credit your salary to a DBS/POSB account, your interest rates max out at 0.40% p.a..
In fact, DBS Multiplier interest rates are nowhere near even the 1% p.a. mark unless Option 1 applies to you, i.e. you have other DBS/POSB transactions. Comparatively, CIMB FastSaver’s interest rates start at 1.50% p.a. for just opening the account and depositing a minimum of $1,000.
DBS Multiplier
- Minimum balance: $3,000
- Fall below fee: $5. Waived for first-time customers & those up to age 29.
- Bonus interest cap: $100,000
8. CIMB FastSaver savings account interest rates
The CIMB FastSaver account is the easiest savings account to earn money with this month. Earn up to 4.00% p.a. (EIR= 3.00% p.a.) with a minimum deposit of $1,000 simply by increasing your month-end balance!
Account balance | Prevailing interest rate | Bonus Interest Rate on incremental balance of min. $10,000, in addition to prevailing interest / profit rate | Additional interest rate from salary crediting / incoming standing instructions (min. $1,000) | Total interest rate |
First $25,000 | 1.50% p.a. | 0.5% p.a. | 0.5% p.a. | 2.00% p.a. |
Next $25,000 | 2.50% p.a. | 0.5% p.a. | – | 3.00% p.a. |
Next $25,000 | 3.50% p.a. | 0.5% p.a. | – | 4.00% p.a. |
Above $75,000 | 0.80% p.a. | 0.5% p.a. | – | 1.30% p.a. |
Taking into account effects of compounding, here are the effective interest rates (EIR):
Account Balance | Effective interest rate |
First $25,000 | 2.00% p.a. |
First $50,000 | 2.50% p.a. |
First $75,000 | 3.00% p.a. |
First $100,000 | 2.58% p.a. |
The EIR is 3% p.a. on your first $75,000. Again, there are no conditions to hit a certain credit card spend or requirements buy insurance to enjoy this rate.
Admittedly, 3% p.a. interest is not a lot. But we have to give the CIMB FastSaver account credit where it’s due—it’s the least headache-inducing of all the savings accounts to have. Their mechanic is as simple as it gets: deposit money, earn interest. The only requirement is to maintain at least $1,000 in your account for you to earn the advertised interest rates. You can do the least with CIMB FastSaver’s account and still reap the benefits of its rather generous interest rates.
This account is also perfect for most young adults starting out their career, because of the very low “minimum” balance of $1,000 and no fall below fee.
CIMB FastSaver
- Minimum balance: $1,000
- Fall below fee: None!
- Bonus interest cap: $75,000
9. POSB SAYE savings account interest rates
What if you want to open a savings account, but don’t want to do anything but credit money into it? The best zero-effort contender is the POSB SAYE (Save As You Earn) account.
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. As a reward for your restraint, you earn 3.5% p.a..
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.
10. HSBC Everyday Global Account
The HSBC Everyday Global Account is a multi-currency account that also doubles up as a savings account…masquerading as an interest/cashback-earning hybrid. Let me explain.
Unlike the other savings accounts on this list, the HSBC Everyday Global Account doesn’t stack bonus interest the more you spend/save/borrow/invest/insure. Instead, the account works hand in hand with the HSBC Everyday+ Rewards Programme to earn you 1% bonus interest and 1% cashback per year when you qualify for the programme.
To qualify for the HSBC Everyday+ Rewards Programme, you need to:
- Deposit at least $2,000 (for Personal Banking customers) or $5,000 (for Premier customers) into the account
- Make 5 eligible transactions, with no minimum amount. These can be any combination of the following types:
- Transactions made with a HSBC personal credit card*
- Transactions made with a HSBC Everyday Global Debit Card
- GIRO bill payments
* Spending on an HSBC credit card will not count towards your eligibility for the HSBC Everyday+ Rewards Programme from 2 May 2024 onwards.
Qualifying for the Everyday+ Rewards Programme gets you:
- 1% cashback on your HSBC credit card/HSBC Everyday Global Debit Card transactions and GIRO bill payments (capped at $300/month for Personal Banking customers, $500/month for HSBC Premier customers)
- 1% bonus interest on the money you top up into your account each month (capped at $300/month)
HSBC doesn’t limit you to a select few credit cards for the (soon to be defunct) credit card spending criteria, so take your pick of the HSBC credit cards available. My personal pick is the HSBC Revolution Credit Card. Few other cards will give you 10X Reward points (equivalent to 4 miles or 2.5% cashback) on your online purchases and contactless payments! And that’s excluding the 1% cashback you’ll get from the HSBC Everyday+ Rewards Programme.
On top of the interest and cashback, HSBC will give you one-time cash bonuses of up to $150 (for Personal banking customers) when you deposit at least $100,000 (Personal banking) / $200,000 (Premier Banking) and meets the eligibility criteria above for the first 6 months.
We’ve also reviewed the Best Banking Accounts in HK. Check them out!
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About the author
Vanessa Nah is a personal finance content writer who pens articles on the ins and outs of savings accounts, the T&Cs of credit cards, and the ups and downs of alternative investments. She’s a researcher at heart and leaves no stone unturned when it comes to breaking down complex finance concepts and making them easy to understand for the everyday Singaporean. When Vanessa’s not debunking finance myths, you’ll find her attending dance classes, fingerpicking a guitar, or (most impawtently) fulfilling her life mission to make her one-eyed cat the most spoiled and loved kitty in the world.
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