Looking for the best savings accounts in Singapore?
A savings account is one of the safest and most flexible ways to grow your money. Not only does it earn interest, but it also keeps your funds accessible whenever you need them.
With so many options available, finding the right account that balances high interest rates, low fees, and practical bonus features can feel overwhelming. This guide breaks down Singapore’s top savings accounts so you can make an informed choice.
Realistic interest rate vs. Maximum interest rate
Banks often advertise their highest possible interest rates, but not everyone qualifies for them. To give a clearer picture, we’ll use a more realistic interest rate based on these assumptions:
- A minimum savings balance of S$10,000 (to avoid fall-below fees)
- A monthly salary of at least S$2,000
- At least S$500 in monthly spending
OCBC 360 Savings Account
The OCBC 360 Savings Account is a good choice if you save regularly. While the highest bonus interest rate requires a S$100,000 balance—unrealistic for many—the base rate, plus a bonus for salary crediting, offers a decent 2.00% interest.
Unlike other banks that reward spending, OCBC encourages you to save by offering you up to 2.40% p.a. bonus interest rates if you increase your average daily balance by at least S$500 monthly.
Account details and interest rate structure
| Account details | Description |
| Minimum initial deposit | S$1,000 |
| Minimum average daily balance | S$3,000 |
| Fees | Fall below fee: S$2 (Waived for the first year) |
| Interest rates (p.a.) | Realistic interest rate: 0.05% (No requirements) Maximum interest rate: 7.65% (at least S$100,000 balance) |
| Rates breakdown (p.a.) | Base rate: 0.05% (No requirements) Salary bonus: up to 2.00% (Credit salary of at least S$1,800 through GIRO)
Save bonus: up to 1.20% (Increase average daily balance by at least S$500 monthly)
Spend bonus: 0.60% (Charge at least S$500 monthly to an OCBC 365 Credit Card) Insure bonus: Up to 1.20% (Purchase an eligible insurance product from OCBC)
Invest bonus: Up to 1.20% (Purchase an eligible investment product from OCBC)
Grow bonus: 2.40% (Maintain an average daily balance of at least S$200,000) |
DBS Multiplier Account
The DBS Multiplier Account is a great fit for high spenders who use multiple DBS financial products and services. It offers an effective interest rate of 4.10% p.a., one of the highest in Singapore. Effective interest rates reflect the actual returns on a savings account after factoring in compound interest.
This account is also suitable for students and young adults under 29 who may struggle to meet transaction requirements. Customers in this group receive an additional interest rate of 1.50% without needing to spend anything.
Account details and interest rate structure
| Account details | Description |
| Minimum initial deposit | Not required |
| Minimum average daily balance | S$3,000 |
| Fees | Fall below fee: S$5 (Waived if 29 years old or below, or if it’s the applicant’s first DBS account) |
| Interest rates (p.a.) | Realistic interest rate: 0.05% – 1.80% Maximum interest rate: 4.10% (at least S$100,000 balance) |
| Rates breakdown (Income with spending / p.a.) | Total eligible transactions per month and its rates: Below S$500
S$500 to S$15,000
S$15,000 to S$30,000
Above S$30,000
*Category 1: Income + one transaction (First S$50,000) *Category 2: Income + two transactions (First S$100,000) *Category 3: Income + three transactions (First S$100,000) |
| Rates breakdown (Income and PayLah! / p.a.) | Total eligible transactions per month and its rates: Below S$500: 0.05% (First S$10,000) Above S$500: 1.80% (First S$10,000) |
| Rates breakdown (PayLah! only / p.a.) | Total eligible transactions per month and its rates: No minimum spend: 1.50% (First S$50,000)
|
Read more: 5 Ways To Kick Start The Savings Habit
Maybank Save Up Account
Consider the Maybank Save Up Account if you plan to take out a loan.
Consumers who use at least three Maybank products or services can get an effective interest rate of 3.08%. Meeting this requirement is simple, as the programme includes 9 eligible products.
Account details and interest rate structure
| Account details | Description |
| Minimum initial deposit | Singaporeans & Permanent Residents: S$500 Foreigners: S$1,000 |
| Minimum average daily balance | S$1,000 |
| Fees | Fall below fee: S$2 (Waived if under 25 years old) |
| Interest rates (p.a.) | Realistic interest rate: 0.19% – 1.17% Maximum interest rate: 3.33% (Requires at least S$50,000 balance) |
| Rates breakdown (p.a.) | Base rate:
Bonus rate:
|
UOB One Account
The UOB One Account is a strong option for savers who do not have a fixed salary requirement.
It offers a higher interest rate if customers make three GIRO payments, not just when a salary is credited. This makes it especially useful for those without a steady monthly income.
Account details and interest rate structure
| Account details | Description |
| Minimum initial deposit | S$1,000 |
| Minimum average daily balance | S$1,000 |
| Fees | Fall below fee: S$5 (Waived for first 6 months for online accounts) Early account closure fee: S$30 (Within 6 months from opening) |
| Interest rates (p.a.) | Realistic interest rate: 0.65 – 2.01% Maximum interest rate: 4.00% |
| Rates breakdown (p.a.) | Account balance: First S$75,000
Next S$50,000
Next S$25,000
Above S$150,000
*Category 1: Minimum spending with an eligible UOB card *Category 2: Minimum spending with an eligible UOB card + make three GIRO debit transactions *Category 3: Minimum spending with an eligible UOB card + credit salary via GIRO |
CIMB FastSaver Account
The CIMB FastSaver Account is a great option for savers in Singapore due to its high base interest rate. Simply depositing your money earns you a 1.19% interest rate on the first S$25,000.
It also has a low minimum deposit of S$1,000 and no fall-below fee, making it a good choice for students or young adults who are just starting to save.
Account details and interest rate structure
| Account details | Description |
| Minimum initial deposit | S$1,000 |
| Minimum average daily balance | None |
| Fees | None |
| Interest rates (p.a.) | Realistic interest rate: 1.69% – 3.19% Maximum interest rate: 3.19% (Minimum S$10,000 balance) |
| Rates breakdown (p.a.) | FastSaver balance: First S$25,000: 1.19% Bonus rates:
Next S$25,000: 2.19% Next S$25,000: 3.30% Above S$75,000: 0.80% |
BOC SmartSaver
The BOC SmartSaver offers one of the highest interest rates, up to 7.00%, helping you maximise your savings with bonus interest. It has no fall-below fees and competitive rates, making it a good choice for those who want to grow their savings while using their account for daily transactions.
Account details and interest rate structure
| Account details | Description |
| Minimum initial deposit | S$200 |
| Minimum average daily balance | S$1,500 (to earn bonus interest) |
| Fees | S$3 (If monthly average balance falls below S$200) |
| Interest rates (p.a.) | Realistic interest rate: 2.50% – 4.30% Maximum interest rate: 7.00% (for first S$100,000) |
| Rates breakdown (p.a.) | Salary crediting bonus: 2.50% (at least S$2,000) Card spend bonus:
Wealth bonus interest: 2.40% (With eligible insurance purchase) Payment bonus interest: 2.50% (Three bill payments of ≥S$30 via GIRO / internet banking) Extra savings bonus (above S$100,000): 0.60% (If any one requirement is met) |
TLDR: Summary
Feeling overwhelmed? No need to worry. Here’s a simple guide of the different savings accounts, what they offer, and who they are best for.
| Savings account | Realistic interest rates | Maximum interest rates | Suitable for |
| OCBC 360 | 0.05% – 3.80% | 7.65% | Consistent wealth growth |
| DBS Multiplier | 0.05% – 1.80% | 4.10% | Salaried worker |
| Maybank Save Up | 0.19% – 1.17% | 3.33% | Users planning to take out loans |
| UOB One | 0.65% – 2.01% | 4.00% | Those without a fixed salary |
| CIMB FastSaver | 1.69% – 3.19% | 3.19% | Students and young adults |
| BOC SmartSaver | 2.50% – 4.30% | 7.00% | Maximising interest rates |
Choosing the right savings account can make a real difference in growing your money over time.
While savings accounts typically don’t offer the high returns of investments, they provide a safe and accessible way to earn interest on your funds. By selecting an account that matches your financial goals, whether it’s maximising interest, avoiding fees, or leveraging bonus features, you can steadily grow your savings and make your money work harder for you.
Read more: How To Save Up For Your Short-, Mid- and Long-Term Financial Goals
