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Singapore Bank Savings Interest Rate 2020

Which bank gives the highest interest rate in Singapore?

Tired of getting 0.05% p.a. interest? It is time to look for high-interest savings account in 2020.

There are lots of banks in Singapore offering savings account of different interest rates. We made it simpler for you by listing them below for you to compare.

As you can see, the rates being offered now are much competitive than in the past years. Even the fixed deposit rates too!

It is important to do some homework to seek out the one that offers the best interest rate so that you do not lose out on the potential interest which you could have earned. Even though it is not much, it is vital that you choose one that gives you high interest.

> Simple savings account interest calculator to calculate interest.

Currently, OCBC 360, UOB One, Standard Chartered Bonus$aver and BOC SmartSaver give you a higher interest if you meet their multiple requirements for bonus interest.

If you think it is too troublesome to meet the requirements, you still can go for CIMB FastSaver account. They offer 1.0% p.a. interest rate for the first $50,000 without any conditions.

Since your money is already sitting in the bank doing nothing, might as well make it work a bit harder by generating more interest.

Take some time to find the best savings account that is best suits your needs.

Savings Account For Young Adults

CIMB FastSaver Account

FastSaver account is considered one of the best savings accounts in the market. It gives you up to 1.80% p.a. on your balances with no multiple conditions!

Other banks do require you to fulfil multiple conditions such as credit card spend, salary crediting or any online transactions in order to enjoy a higher interest on your savings.

FastSaver gives a good 1% p.a. interest on the first S$50,000 without any conditions as long as you maintain a minimum deposit of S$1,000.

It’s probably the best savings interest rate in Singapore, with no strings attached.

Account Balance
Interest Rates
First S$50,000
1.00% p.a.
Next S$25,000
1.50% p.a.
Next S$25,000
1.80% p.a.
Above S$100,000
0.60% p.a.

CIMB StarSaver (Savings) Account

Dislike monthly interest? StarSaver will give you daily interest instead!

By maintaining a minimum of $1,000 on any given day, you get to enjoy 0.8% p.a. on the entire account.

Account Balance
Interest Rates
Min S$1,000 to earn interest
0.80% p.a.

Savings Account For Working Adults

These savings accounts give even higher interest if you can fulfill some criteria. If your company gives salary through GIRO, you can consider these types of accounts.

DBS Multiplier Account

Get up to 3.80% p.a. interest on your savings (up to S$100,000) with DBS Multiplier. You just need to achieve the total eligible transactions required per month.

They have a calculator for you to easily calculate the potential interest that you can get.

Criteria: Salary credit + one of the four categories (credit card spend, home loan installments, insurance or investments).

Pros:

  • No minimum salary credit
  • No minimum card spend

Interest rate: Up to 3.80% p.a.

Max balance applicable: S$100,000

Singapore Bank Savings Interest Rate 2020 1
Image Credit: DBS

OCBC 360 Savings Account

Get up to 3.45% p.a. bonus interest on your first S$70,000 savings balance in OCBC 360. You just need to fulfill any of the categories to achieve the bonus interest.

Criteria: Fulfill any categories

  • Salary Credit (min S$2000)
  • Spend (Min S$500 Credit Cards spend)
  • Step-up (Increase your account balance by S$500 compared to the previous month)
  • Wealth (Insure or invest with OCBC)
  • Grow (Average daily balance for the month must be at least S$200,000)
  • Boost (Increase your account balance from the previous month’s balance)

Pros:

  • Bonus interest applicable to higher savings balance

Interest rate: Up to 3.45% p.a.

Max balance applicable: S$70,000

OCBC 360 Savings Account Interest
Image Credit: OCBC

UOB One Account

Get up to 3.88% p.a. interest rate on your first S$75,000 UOB One savings balance. You just need to have a minimum of S$500 credit/debit card spend + credit your salary (min S$2,000) or make 3 GIRO debit transactions.

If you constantly spend at least $500 on credit card and your company still gives out your pay using cheques or cash, this account offers better interest because you can pair it with 3 monthly GIRO bills.

Criteria: Minimum S$500 card spend monthly + Salary credit (min S$2000) OR 3 monthly GIRO debit transactions

Pros:

  • Bonus interest applicable to higher savings balance
  • Able to achieve bonus interest without salary credit

Interest rate: Up to 3.88% p.a.

Max balance applicable: S$75,000

UOB One Account
Image Credit: UOB

Standard Chartered Bonus$aver Account

With Standard Chartered Bonus$aver, you can get up to 3.88% p.a. interest rate on your first S$100,000 savings balance. You just need to fulfill any of the categories to achieve the bonus interest.

Do you charge at least $2000 to your credit card (+1.88% p.a.) and have a salary above $3000 (+1.00% p.a.)? This account could suit you as the combined rates are pretty high (at least 2.88% p.a.)!

Criteria: Fulfill any categories

  • Salary Credit (min S$3000)
  • Bill Payment (Pay 3 bills online: min S$50 per eligible bill payment)
  • Spend (Min S$500 Credit Cards spend)
  • Insure or invest (S$12,000 annual premium for an Eligible Insurance Policy Or S$30,000 minimum subscription sum for an Eligible Unit Trust)

Pros:

  • Bonus interest applicable to higher savings balance
  • High bonus interest for credit card spend

Interest rate: Up to 3.88% p.a.

Max balance applicable: S$100,000

SCB BonusSaver Account Interest Rate
Image Credit: Standard Chartered

BOC SmartSaver Account

SmartSaver is best suited for high spender (above $1,500) and high income earner (above $6,000). Do you charge at least $1500 to your credit card and have a salary above $6000? The bonus interest rates are mouthwatering!

Get up to 3.55% p.a. interest rate on your first S$60,000 savings balance. You just need to fulfill any of the categories to achieve the bonus interest.

Criteria: Fulfill any categories

  • Salary Credit (min S$2000)
  • Payment (Pay 3 bills online: min S$30 per eligible bill payment)
  • Card Spend (Min S$500)
  • Extra Savings

Pros:

  • High bonus interest for salary credit
  • High bonus interest for credit card spend

Interest rate: Up to 3.55% p.a.

Max balance applicable: S$60,000

BOC SmartSaver Bonus Interests
Image Credit: BOC

Savings Account With Good Interest Rate

Standard Chartered e$aver Account

StandChart e$aver offers you a high bonus interest rate with no lock-in period when you bring in incremental fresh funds.

You can treat it like a short term fixed deposit :D


Maybank iSAVvy Savings Account

If your average daily balance is above S$5000, iSAVvy‘s interest-on-interest allows you to earn a higher effective interest rate.

It is much better than those regular savings account mentioned below that only offers 0.05% p.a. base interest.

Maybank iSAVvy Savings Account Interest Rate
Image Credit: Maybank

OCBC Bonus Plus Account

OCBC Bonus+ gives you better interest for not withdrawing the money.

You earn 1.45% p.a. on your entire account balance when you don’t withdraw any amount and also deposit a minimum of S$500 monthly.

2 types of bonus interest:

  • Earn a Monthly No Withdrawal bonus interest of 0.70% per year for months when you do not make any withdrawals.
  • Earn a Monthly No Withdrawal & Save bonus interest of 0.70% per year for months when you do not make any withdrawals and deposit at least S$500.

Base interest: for months when you need to access your money, you will receive the base interest of 0.05% per year.

Singapore Bank Savings Interest Rate 2020 2
Image Credit: OCBC

Base Interest Savings Account

Plus! Savings Account

Plus! Savings offer slightly better rates than POSB and UOB savings (at least 0.10% p.a.)

Account Balance
Interest Rates
First S$50,000
0.10% p.a.
Next S$450,000
0.15% p.a.
Above S$500,000
0.10% p.a.

POSB/DBS Savings Account

I bet you still have POSB/DBS savings account. It is still good for everyday use.

Account Balance
Interest Rates
First $10,000
0.05% p.a.
Next $90,000
0.05% p.a.
Next $250,000
0.15% p.a.
Next $650,000
0.255% p.a.
Remaining balance above $1,000,000
0.25% p.a.

UOB Saving Account

UOB savings is similar to POSB/DBS savings. Offering low rates.

Account Balance
Interest Rates
First $15,000
0.05% p.a.
Next $85,000
0.05% p.a.
Next $250,000
0.05% p.a.
Next $350,000
0.10% p.a.

Finding Singapore’s high-interest savings account just takes some work as the interest rate offered really differs by quite a bit across different banks.

Just choose one of the higher interest rate accounts and take the time to open that account.

If you have some spare cash, you might want to check out the fixed deposit promotions page too.

We will update this page periodically to reflect the changes in savings account interest rates offered by the banks, so bookmark us and visit us often!

The interest rates are subjected to periodic reviews at the bank’s discretion. Please check with the respective banks’ websites before committing your money to them.