Which Is the Best Savings Account in Singapore in 2026?

A savings account Singapore banks offer is a deposit account that earns interest while keeping your money accessible. These accounts are offered by MAS-licensed banks and may require a minimum deposit. Interest rates and the conditions needed to earn them can vary widely between banks.

Finding the best savings account in Singapore involves more than comparing the highest advertised rate. Standard Chartered Bonus$aver currently has the highest maximum rate among the accounts reviewed here at 5.85% p.a. OCBC 360 and DBS Multiplier offer stronger realistic rates for salaried savers who meet everyday banking conditions without buying qualifying insurance or investment products.

For people comparing the best interest rate for savings account Singapore options, what matters is the rate they can realistically earn. Salary crediting, monthly card spending, balance growth, account caps, and other qualifying conditions can all affect the final return.

This guide compares 10 savings accounts using the same eight metrics. These include realistic rate, maximum rate, balance cap, salary requirement, minimum monthly spend, fall-below fee, and the type of saver each account may suit. The comparison focuses on achievable returns rather than rates that may require substantial insurance or investment purchases.

Key takeaways

• Standard Chartered Bonus$aver has the highest maximum rate at 5.85% p.a., although reaching it requires several bonus conditions.
• OCBC 360 offers one of the strongest realistic rates at around 2.20% p.a. under the guide’s standard saver profile. DBS Multiplier delivers around 1.80% p.a. under the same profile.
• The most suitable account depends on your salary, spending habits, savings balance, and willingness to meet bonus conditions.
• Savers with more than S$100,000 may benefit from an account with a higher balance cap such as Trust Bank, or from spreading deposits across banks for SDIC coverage.
• Interest rates and promotional conditions can change, so check the latest requirements before switching accounts.

Savings account interest rate changes in 2025 and 2026

Savings account interest rates in Singapore changed significantly across 2025 and 2026. Several banks lowered their headline rates, while others introduced new bonuses and promotions. Even a relatively small rate change can affect annual interest, especially on a larger balance.

Some of the main changes include:

• According to OCBC, the 360 account maximum rate fell from 5.45% to 4.45% p.a. from 1 May 2026. On a S$100,000 balance, the stated reduction is approximately S$500 per year.
• According to UOB, the One Account rate was cut to 2.50% p.a. in September 2025 and then to 1.90% p.a. in December 2025.
• According to Standard Chartered, Bonus$aver now offers up to 5.85% p.a., the highest maximum rate among the accounts reviewed here.
• According to MariBank, a new-user bonus raises the rate to 2.88% p.a. for the first 30 days. The ongoing rate is 0.88% p.a.
• According to OCBC, the Save bonus was increased for the period from August to December 2026.
• According to the SDIC, Singapore’s deposit insurance limit increased from S$75,000 to S$100,000 per depositor per bank in April 2024. The limit determines how much in eligible Singapore dollar deposits is protected at each bank.

How realistic savings account interest rates are calculated

The highest advertised rate is not always the rate an everyday saver will earn. Some top tiers require customers to buy qualifying insurance or investment products, so this comparison uses one standard saver profile across all 10 accounts.

The realistic rate estimates use the following assumptions:

• Monthly salary credited of S$2,000
• Monthly card spend of S$500
• Account balance of S$50,000
• No purchase of insurance or investment products

Fall-below fees can also have a noticeable effect on smaller balances. A S$5 monthly fee costs S$60 a year. On a S$10,000 balance earning 2.20% p.a., or S$220 annually, the fee reduces the net return to about S$160. That works out to roughly 1.60% p.a.

The S$10,000 example differs from the standard S$50,000 profile to show how a fixed fee has a greater proportional impact on a smaller balance. Accounts without fall-below fees are identified in their respective sections.

Read more: How Much Cash Should You Keep in the Bank

Savings accounts in Singapore compared

The table below puts all 10 accounts side by side using the same eight metrics. It shows how realistic rates compare with headline rates and highlights the requirements, balance caps, and fees that can affect your return. All savings account interest rates shown were verified against each bank’s official product page as of 7 August 2026 and reflect the standard saver profile described above.

10 Singapore savings accounts reviewed

Each account below is assessed based on how its interest structure works, what a saver could earn under the standard profile, and who may find the account most suitable. The accounts are ordered from the highest to the lowest maximum advertised rate.

1. Standard chartered bonus$aver

Standard Chartered Bonus$aver offers up to 5.85% p.a. on the first S$100,000. Salary crediting is not compulsory for every bonus category, which gives customers more flexibility in how they build their rate.

According to Standard Chartered, interest is divided across four bonus categories. Each can be earned independently, so customers do not need to meet every condition to receive bonus interest.

Realistic earnings: A saver who credits a S$3,000 monthly salary and spends S$1,000 per month on an SC credit card can earn approximately 1.85% p.a. without buying an insurance or investment product. That works out to about S$925 a year on S$50,000.

Standard Chartered applies the following account conditions:

• Minimum balance of S$3,000
• Fall-below fee of S$5 per month
• Balance cap of S$100,000

Bonus$aver may suit people who want competitive interest without making salary crediting compulsory. It may also be relevant to customers who already hold qualifying investment products with Standard Chartered.

2. BOC SmartSaver

BOC SmartSaver offers up to 4.60% p.a. on the first S$100,000. A large part of that headline rate comes from the Wealth bonus, so the gap between the maximum and a more realistic return is substantial.

According to the Bank of China, 3.00% p.a. of the 4.60% total comes from the Wealth bonus. Qualifying requires either approximately S$12,000 in annual insurance premiums or a S$150,000 single premium.

Customers without qualifying wealth products will therefore earn a much lower rate.

Realistic earnings: A saver who credits a S$3,000 monthly salary, spends at least S$750 per month on the card, and makes three qualifying bill payments can earn approximately 1.60% p.a. without wealth products. On S$50,000, that is around S$800 per year.

BOC applies the following conditions and balance rules:

• No fall-below fee
• Balance cap of S$100,000 for the main bonus structure
• Additional interest of 0.60% p.a. on balances from S$100,000 to S$1,000,000

SmartSaver is most relevant to customers who already hold qualifying BOC insurance or investment products and may benefit from keeping their savings with the same bank.

3. OCBC 360

OCBC 360 rewards salary crediting, regular saving, and card spending. Even after its maximum rate was reduced in 2026, the OCBC 360 interest rate change remains competitive for customers who can consistently meet these conditions.

The OCBC 360 maximum rate fell from 5.45% to 4.45% p.a. from 1 May 2026. The stated difference is approximately S$500 a year on S$100,000, showing how a one-percentage-point reduction can affect a larger savings balance.

According to OCBC, the Save bonus increased for August to December 2026. Customers earn this bonus by increasing their daily average balance by at least S$500 each month.

Realistic earnings: A saver who credits at least S$1,800 per month, increases the daily average balance by S$500 each month, and spends around S$500 per month on OCBC cards can earn approximately 2.20% p.a. On S$50,000, that is about S$1,100 per year.

The Insure and Invest bonuses last for 12 months from the date of the relevant product purchase.

OCBC applies the following account conditions:

• Fall-below fee of S$2 per month, waived in the first year
• Balance cap of S$100,000

This may suit people who already save consistently each month. OCBC home loan customers can also receive a mortgage bonus linked to their existing loan relationship.

4. DBS Multiplier

DBS Multiplier rewards customers for combining income with activity across categories such as cards, insurance, investments, and home loans. It is more flexible than accounts that require a fixed minimum salary.

The DBS Multiplier interest rate reaches up to 4.10% p.a. on the first S$100,000. According to DBS, customers need three or more qualifying categories and at least S$30,000 in eligible monthly transactions to reach the maximum.

The account also accepts income from several sources, including freelance earnings and CPF contributions. This can make it useful for customers whose income does not come entirely from a fixed salary.

Qualifying categories include income credit, card spend, insurance, investments, and home loans. Savers aged 29 and below can qualify for a youth bonus of 1.50% p.a. on the first S$50,000 through card or PayLah! spend alone. On S$50,000, that is equivalent to up to S$750 per year without salary crediting.

Realistic earnings: A saver who credits S$2,000 of salary and spends S$500 on a DBS or POSB card has about S$2,500 in monthly eligible transactions. Under the guide’s standard profile, this falls within the lowest volume tier and produces an estimated rate of approximately 1.80% p.a., or around S$900 per year on S$50,000.

Reaching 2.20% p.a. requires either income plus one category with S$30,000 or more in monthly eligible transactions, or income plus two categories. The 4.10% p.a. rate requires income plus three or more categories with at least S$30,000 in monthly eligible transactions.

DBS applies the following account conditions and promotional terms:

• Fall-below fee of S$5 per month
• Balance cap of S$100,000
• New-customer promotion of S$250 cash for crediting at least S$1,600 in monthly salary for four consecutive months, valid until 31 October 2026

DBS Multiplier may suit salaried workers whose banking activity already spans several categories. Its income rules can also work for people with freelance or variable income.

5. CIMB FastSaver

CIMB FastSaver concentrates its strongest rates on the first S$25,000. With no fall-below fee and no salary requirement for the base rate, it is relatively accessible for people with smaller balances.

The CIMB FastSaver interest rate reaches up to 2.70% p.a. on the first S$25,000. According to CIMB, customers can open and use the base account without a fall-below fee or mandatory salary credit.

Realistic earnings: A saver who credits a salary or standing instruction of at least S$1,000 and spends S$800 or more per month on the CIMB Visa Signature card earns the 0.50% p.a. salary bonus and 1.00% p.a. card-spend bonus on the first S$25,000. The headline 2.70% p.a. also requires the time-limited fresh-funds top-up bonus.

Without fresh funds, the realistic rate on the first S$25,000 is around 1.50% p.a. above the base rate.

CIMB applies the following basic account conditions:

• No fall-below fee
• No minimum balance

FastSaver may suit students, fresh graduates, and savers who want fewer bonus categories and do not want to maintain a minimum balance.

Read more: How University Students Can Build Wealth Before Their First Full-Time Job

6. MariBank

MariBank has the simplest requirements in this comparison. Its ongoing base rate does not depend on salary crediting, card spending, or maintaining a minimum balance.

According to MariBank, existing users earn an ongoing base rate of 0.88% p.a. New users can receive up to 3.08% p.a. for the first 30 days.

The promotional rate includes a ShopeeVIP bonus of 0.40% p.a., which requires an active ShopeeVIP subscription.

Realistic earnings: The ongoing 0.88% p.a. rate works out to S$440 a year on S$50,000. With no account conditions, MariBank is better suited to accessible cash or an emergency fund than to maximising long-term interest.

MariBank applies the following account conditions:

• No fall-below fee
• No balance cap
• No minimum balance

The account may suit people who want immediate access to their money without having to meet monthly requirements. New Shopee users can also make use of the 30-day promotional rate before deciding where to keep their savings longer term.

7. Trust Bank

Trust Bank stands out for its much higher interest-bearing balance cap. This matters most to savers who hold more than the S$100,000 usually covered by the bonus-interest tiers of other accounts.

The Trust Bank interest rate reaches up to 2.40% p.a. on balances of up to S$1.2 million. That cap is substantially higher than the S$100,000 to S$150,000 limits used by many of the other accounts reviewed.

According to Trust Bank, customers can switch earning plans each month through the Trust app. The maximum rate was reduced to 2.40% p.a. in March 2026.

Realistic earnings: The estimated rate ranges from approximately 1.00% to 2.40% p.a., depending on the plan and the criteria met that month. A S$500,000 balance earning 2.40% p.a. would generate S$12,000 per year, showing why the higher cap matters for people with larger deposits.

Trust Bank applies the following account conditions:

• No fall-below fee
• Balance cap of S$1,200,000

The account may suit savers with more than S$100,000 who want interest to apply to a larger share of their savings.

8. UOB One

UOB One gives customers two ways to qualify for bonus interest. One uses salary crediting, while the other allows qualifying payments to take its place. This makes the account more accessible to people without a fixed monthly salary.

The UOB One account revised interest rate now has a maximum of 1.90% p.a. The rate fell from 4.00% p.a. to 2.50% p.a. in September 2025, then to 1.90% p.a. in December 2025.

Customers who cannot credit a fixed salary can instead use three GIRO or PayNow debit payments each month to qualify for bonus interest.

Realistic earnings: Depending on the qualifying route, the rate ranges from 1.40% to 1.90% p.a. on balances of up to S$150,000. On S$50,000, that is around S$700 to S$950 per year.

UOB applies the following account conditions:

• Fall-below fee of S$5 per month
• Balance cap of S$150,000, the second-highest cap in this comparison after Trust Bank

UOB One may suit self-employed individuals, freelancers, and other savers without a fixed salary who can meet the alternative transaction requirements.

9. Maybank iSAVvy

Maybank iSAVvy works differently from a typical salary-crediting savings account. Its promoted rate applies to qualifying fresh funds, so it is more useful as a short-term place to park a lump sum.

According to Maybank, the iSAVvy promotional rate of 1.68% p.a. applies only to fresh incremental funds. These are new deposits above the customer’s reference balance as at a specified date.

At least S$20,000 in fresh funds is required.

Realistic earnings: 1.68% p.a. rate applies to the qualifying fresh-fund portion for the duration of the promotion. On S$20,000, the annualised equivalent is approximately S$336.

Because the rate is promotional, iSAVvy functions more as a short-term cash-parking option than an everyday savings account. Promotional terms and expiry dates change regularly, so customers should check Maybank’s current conditions before moving funds.

The account may suit people with a lump sum of fresh funds, particularly existing Maybank customers.

10. HSBC Everyday+

HSBC Everyday+ also uses a promotional rate for fresh incremental funds. It is mainly relevant to existing HSBC customers rather than someone looking for a new everyday savings account.

According to HSBC Singapore, the promoted rate of 1.68% p.a. applies to fresh incremental funds above a reference balance. The account must have been opened by 30 April 2026, and registration for the promotion must be completed by 31 October 2026.

Realistic earnings: The account pays 1.68% p.a. on qualifying fresh funds for the remaining promotional period. It is most relevant to existing HSBC customers, particularly those already using HSBC Wealth services. Customers without an existing relationship with the bank may have less reason to switch solely for this promotional rate.

Read more: Best Bank Fixed Deposit Rates in Singapore for Savers

How to choose the best savings account in Singapore for your situation

The highest headline rate does not automatically make an account the best choice. Your salary structure, spending patterns, balance, existing banking relationships, and willingness to meet monthly conditions all affect what you can actually earn.

The accounts below may suit different types of savers.

Self-employed individuals and freelancers without a fixed salary

Self-employed customers may need an account that does not rely entirely on conventional salary crediting.

UOB One lets customers use three GIRO or PayNow payments instead of salary credit. DBS Multiplier is another option because it accepts variable income from several sources without a fixed minimum salary and does not reduce its headline rate in 2025 to 2026.

Students and fresh graduates opening their first savings account

Students and fresh graduates often have smaller balances and may not yet receive a regular salary. Fees and entry requirements therefore matter more.

CIMB FastSaver is the recommended starting point. It offers up to 2.70% p.a. on the first S$25,000, does not require salary credit for the base rate, and has no fall-below fee. Shopee users may also consider MariBank for its new-user promotional rate of 3.08% p.a. during the first 30 days.

Savers who require zero bonus conditions

For some people, simplicity and easy access to cash matter more than chasing the highest rate.

MariBank pays an ongoing 0.88% p.a. without bonus conditions. Trust Bank may suit those willing to meet some requirements in exchange for up to 2.40% p.a. and the ability to switch plans monthly.

Savers holding balances above S$100,000

Most accounts in this comparison cap bonus interest at S$100,000. Trust Bank allows balances of up to S$1.2 million under its stated interest structure, while UOB One has a S$150,000 balance cap.

SDIC coverage is another consideration. Spreading eligible deposits across different SDIC-member banks may allow a larger share of your savings to stay within the S$100,000 insurance limit per depositor per bank.

Savers who already hold qualifying insurance or investment products

Insurance and investment bonuses can make a meaningful difference when you already meet the product requirements.

BOC SmartSaver offers a Wealth bonus of 3.00% p.a. for qualifying insurance or investment holders. Standard Chartered Bonus$aver offers an Insure bonus of 2.50% p.a. and an Invest bonus of 1.50% p.a.

If you already pay qualifying premiums or hold investments with either bank, it may be worth checking whether keeping your savings there improves your overall return.

OCBC home loan holders

OCBC home loan customers can access a relationship-based bonus that is not available to customers without an OCBC mortgage.

This includes a mortgage bonus for customers who hold both an OCBC home loan and the 360 account. No additional action is required beyond maintaining both products with OCBC.

Read more: How Many Bank Accounts Do You Need To Manage Your Money?

Deposit safety and SDIC coverage for all 10 accounts

Interest rates determine what you may earn. Deposit insurance determines how much of an eligible balance is protected if a bank fails. That becomes especially relevant once you hold more than S$100,000 with one institution.

All 10 savings accounts reviewed here are covered under the Singapore Deposit Insurance Scheme administered by the Singapore Deposit Insurance Corporation (SDIC).

According to the SDIC, Singapore dollar deposits are insured for up to S$100,000 per depositor per bank. The limit increased from S$75,000 in April 2024.

A saver with up to S$100,000 in eligible deposits at one bank can therefore remain within the stated insurance limit. If the balance exceeds S$100,000, only the first S$100,000 is covered under that limit.

Spreading eligible deposits across several SDIC-member banks can increase the total amount that falls within deposit insurance limits.

SDIC coverage does not extend to foreign currency accounts, structured deposits, or investment products.

Conclusion

Choosing the best savings account in Singapore is the one whose conditions fit the way you already earn, spend, and save.

Standard Chartered Bonus$aver has the highest advertised maximum in this comparison at 5.85% p.a. OCBC 360 and DBS Multiplier offer stronger realistic rates for salaried savers who do not buy qualifying wealth products. Trust Bank stands out for its S$1.2 million balance cap, while CIMB FastSaver and MariBank may appeal to people who prefer fewer conditions.

Rates and promotions change, so check the latest bank terms before moving your savings. If you keep larger balances, consider the S$100,000 SDIC insurance limit alongside the interest rate you can earn.

Frequently asked questions

Which savings account has the highest interest rate in Singapore in 2026?

Standard Chartered Bonus$aver currently offers the highest maximum rate at 5.85% p.a. on the first S$100,000 when all four bonus categories are met. For savers who do not purchase insurance or investment products, OCBC 360 and DBS Multiplier deliver the strongest realistic rates at approximately 2.20% p.a. based on the standard saver profile used in this guide.

Can a Singapore resident hold more than one savings account?

Yes. MAS-licensed banks impose no restriction on the number of savings accounts a Singapore resident may hold. A common strategy is to maintain one account for salary crediting and bonus interest, such as OCBC 360 or DBS Multiplier, and a second no-condition account such as MariBank as an accessible emergency fund.

Is salary crediting required to earn bonus interest?

Not across all accounts. Standard Chartered Bonus$aver treats salary crediting as optional. MariBank has no salary requirement at all. UOB One accepts three GIRO or PayNow payments as an alternative to salary credit. DBS Multiplier accepts variable income from multiple sources without a fixed salary minimum.

What is a fall-below fee, and how does it affect my net return?

A fall-below fee is a monthly charge levied when an account balance drops below the bank’s stated minimum threshold. It typically ranges from S$2 to S$5 per month. A S$5 monthly fee amounts to S$60 per year, which reduces the effective net return on a S$10,000 balance earning 2.20% p.a. from S$220 to S$160, or from 2.20% to approximately 1.60% net. Accounts with no fall-below fee include CIMB FastSaver, BOC SmartSaver, MariBank, and Trust Bank.

Does the advertised interest rate reflect what I will actually earn?

In most cases, no. Banks advertise their maximum possible rate, which requires meeting all bonus conditions simultaneously, including insurance purchase and investment product holdings. The realistic rate a saver earns depends on which conditions are met each month. The realistic rate column in the comparison table in this guide reflects what a saver with the standard profile defined in the methodology section can expect to earn.

How frequently do savings account interest rates change in Singapore?

Rates change regularly, with some banks adjusting monthly and others quarterly. In 2025 to 2026, OCBC reduced the 360 account rate in May 2026, and UOB reduced the One Account rate twice within six months. Savers are advised to verify current rates directly with their bank before making any account decisions, and to review account suitability at least annually.

What is the SDIC deposit insurance limit, and does it cover all account types?

According to the SDIC, Singapore dollar deposits are insured up to S$100,000 per depositor per bank, raised from S$75,000 in April 2024. The scheme covers savings accounts, current accounts, and fixed deposits. It does not cover foreign currency accounts, structured deposits, or investment products. Savers with balances exceeding S$100,000 at a single bank should consider distributing funds across multiple SDIC-member institutions to ensure full coverage.