Best 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 the highest interest rate for 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 Singapore bank 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.

> Savings Account Interest Calculator

Note: As central banks globally have reduced their interest rates significantly to prevent a slowdown in economic growth due to the outbreak of COVID-19, local banks have also revised their interest rates accordingly.

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.

So, which bank has the highest interest? Take some time to find the best savings account that best suits your needs.

Best 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 1.50% 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 0.50% 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.

🖩FastSaver Calculator

Account Balance
Interest Rates
First S$50,000
0.50% p.a.
Next S$25,000
0.80% p.a.
Next S$25,000
1.50% p.a.
Above S$100,000
0.40% p.a.

CIMB StarSaver (Savings) Account

Dislike monthly interest? StarSaver accrued interest daily!

By maintaining a minimum of $1,000 on any given day, you get to enjoy 0.40% p.a. on the first $200,000 in your account.

Account Balance
Interest Rates
First S$200,000
0.40% p.a.
Next S$800,000
0.70% p.a.
Above S$1,000,000
0.40% p.a.

Best 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: Income (Salary Credit and/or Dividends) + one of the four categories (Credit Card Spend, Home Loan Installments, Insurance, Investments).

Pros:

  • No minimum salary credit
  • No minimum card spend

Interest rate: Up to 3.80% p.a.

Max balance applicable: S$100,000

DBS Multiplier Account Interest Rate
Image Credit: DBS

DBS Multiplier PayLah is now available for younger customers to earn higher interest rates (0.30% p.a. to 0.50% p.a.) on their first S$10,000.

DBS Multiplier Paylah retail spends
Image Credit: DBS

OCBC 360 Savings Account

Earn up to 2.68% p.a. effective interest rate on your first S$75,000 savings balance in OCBC 360. You just need to fulfill any of the categories to achieve the bonus interest.

Criteria: Fulfill any categories

  • Salary (min S$1800)
  • Save (Increase your account balance by S$500 compared to the previous month)
  • Insure (Have an eligible insurance product from OCBC)
  • Invest (Invest in eligible OCBC investment products)
  • Grow (Average daily balance for the month must be at least S$200,000)

Pros:

  • Bonus interest applicable to higher savings balance

Interest rate: Up to 2.68% p.a.

Max balance applicable: S$75,000

OCBC 360 Interest Rate
Image Credit: OCBC

UOB One Account

Get up to 2.50% p.a. interest rate on your first S$75,000 UOB One savings balance. You just need to have a minimum of S$500 spend per month (selected cards) + 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 to earn even higher interest.

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 2.50% p.a.

Max balance applicable: S$75,000

UOB One Account Interest Rate
Image Credit: UOB

Standard Chartered Bonus$aver Account

With Standard Chartered Bonus$aver, you can get up to 2.88% p.a. interest rate on your first S$80,000 savings balance. You just need to fulfill any of the categories to achieve the bonus interest.

Unlike others mentioned, the interest rate for Bonus$saver is applicable to the whole savings sum instead of by tranches.

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)
  • Invest (Min. S$30,000 subscription sum for an Eligible Unit Trust)
  • Insure (Min. S$12,000 annual premium for an Eligible Insurance Policy)

Pros:

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

Interest rate: Up to 2.88% p.a.

Max balance applicable: S$80,000

Standard Chartered BonusSaver Account October 2020
Image Credit: Standard Chartered

BOC SmartSaver Account

SmartSaver is best suited for high spender (above $1,500) and high income earner (above $6,000).

You can consider this account if you charge at least $1500 to your credit card and have a salary above $6000.

Get up to 3.00% p.a. interest rate on your first S$80,000 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 3.00% p.a.

Max balance applicable: S$80,000

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 0.70% 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:

  • 0.35% p.a. Savings bonus interest: When you do not make any withdrawals + deposit at least S$500.
  • 0.30% p.a. No-withdrawal bonus interest: When you do not make any withdrawals.

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

OCBC Bonus Plus Account Interest Rate
Image Credit: OCBC

Base Interest Savings Account

Plus! Savings Account

Plus! Savings used to offer slightly better rates than POSB and UOB savings, but it too has reduced their interest.

Account Balance
Interest Rates
First S$50,000
0.05% p.a.
Next S$450,000
0.05% p.a.
Above S$500,000
0.05% 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
0.05% p.a.
Next $650,000
0.05% p.a.
Remaining balance above $1,000,000
0.05% p.a.

UOB Saving Account

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

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

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