# Best Singapore Bank Savings Interest Rate 2023

**Which bank gives the highest interest rate in Singapore?**

Are you tired of getting 0.05% p.a. interest? It is time to look for the highest interest rate for your savings account in 2022.

Many banks in Singapore offer savings accounts of various interest rates. We made it simpler 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!

Taking some time to do some research will ensure that you get a high interest rate that will keep you from losing out on your possible interest payment. Even though the amount is small, choosing a high interest bank is still crucial.

**>** **Savings Account Interest Calculator**

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 **0.50% p.a. interest rate** for the first S$25,000 without any conditions.

Since your money is already sitting in the bank doing nothing, you 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 suits your needs.

## Best Savings Account For Young Adults

### CIMB FastSaver Account

Unlike many banks that require you to fulfill multiple conditions, the **1.50% p.a. interest **on the first S$10,000 without any conditions as long as there is at least a balance of S$1,000 in your CIMB FastSaver Account on any given day.

However, if you want to earn even better interest rates on your first S$10,000, you can make a minimum of S$300 card spend on CIMB Visa Signature per statement month and/or sign up with their Investment/Insurance products.

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

Interest is accrued daily and credited monthly.

**Visa Signature**: **requires a minimum of S$300 card spend per statement month**

Account Balance | FastSaver Only Interest Rate | Both FastSaver & Visa Signature Interest Rate | Both FastSaver & Investment/Insurance Interest Rate | FastSaver, Visa Signature & Investment/Insurance Interest Rate |

First S$10,000 | 1.50% p.a. | 2.20% p.a. | 3.50% p.a. | 4.20% p.a. |

Next S$15,000 | 1.50% p.a. | 1.50% p.a. | 1.50% p.a. | 1.50% p.a. |

Next S$25,000 | 2.50% p.a. | 2.50% p.a. | 2.50% p.a. | 2.50% p.a. |

Next S$25,000 | 3.50% p.a. | 3.50% p.a. | 3.50% p.a. | 3.50% p.a. |

Above S$75,000 | 0.80% p.a. | 0.80% p.a. | 0.80% p.a. | 0.80% p.a. |

### CIMB StarSaver (Savings) Account

By maintaining a minimum of S$1,000 on any given day in StarSaver, you get to enjoy **1.50% p.a. on the first $100,000 in your account**.

Interest is accrued daily and credited monthly.

Account Balance | Interest Rates |

First S$100,000 | 1.50% p.a. |

Next S$150,000 | 2.50% p.a. |

Next S$250,000 | 3.00% p.a. |

## Best Savings Account For Working Adults

These savings accounts give even higher interest if you can fulfill some criteria.

Consider using one of these accounts if your company pays salary through GIRO as you get a lot more interest on your savings.

### DBS Multiplier Account

#### Option #1

Get up to **4.10% 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.

**Criteria: **Income (*Salary/Dividends/SGFinDex*) + 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 4.10% p.a.

**Max balance applicable:** S$100,000

#### Option #2

Salary/Dividends/SGFinDex + PayLah! retail spending adds up to** S$500 or more **every month.

#### Option #3

Option #3 is only available for 29 years old and below. As long as PayLah! is used, you will earn 0.40% p.a. on your first S$10,000.

### OCBC 360 Savings Account

Get up to **7.65% p.a.** interest rate on your first **S$100,000** 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 through GIRO)**Save**(Increase your account balance by S$500 compared to the previous month)**Spend**(Charge at least S$500 to selected OCBC Credit Cards each month)**Insure**(Purchase 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 7.65% p.a.

**Max balance applicable:** S$100,000

### UOB One Account

Get up to **7.80% p.a.** **S$100,000** UOB One savings balance.

You just need to have a ** minimum of S$500 spend per month (selected cards)** +

**OR**

__credit your salary (min S$1600)____.__

**make 3 GIRO debit****transactions****Pros:**

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

**Interest rate:** Up to 7.80% p.a.

**Max balance applicable:** S$100,000

### Standard Chartered Bonus$aver Account

With Standard Chartered Bonus$aver, you can get up to **4.88% p.a.** interest rate on your first **S$100,000** Average Daily 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 Card spends)
- 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 4.88% p.a.

**Max balance applicable:** S$100,000

### BOC SmartSaver Account

SmartSaver is best suited for **high spenders** (above $1,500) and **high-income earners** (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 **7.00% 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.

**Criteria:** Fulfill any categories

1. Wealth Bonus Interest: Purchase the eligible insurance products to meet the minimum amount to enjoy the wealth bonus interest at 2.40% p.a. for 12 consecutive months.

2. Card Spend Bonus Interest: Spend at least S$500 on your Debit or Credit Cards during the calendar month to get 0.50% p.a. or above S$1500 to get 0.80% p.a.

3. Salary Crediting Bonus Interest: Salary credit of S$2,000 to S$6,000 to get 1.900% p.a. or S$6,000 and above for 2.50% p.a.

4. Payment Bonus Interest: Pay 3 bills online (min S$30 per eligible bill payment) to get 0.90% p.a.

5. Extra Savings Interest: Enjoy 0.60% p.a. extra bonus interest when you fulfill any one of the requirements for Card Spend, Salary Crediting or Payment bonus interest, only applicable to your account balance above S$100,000 up to a maximum of S$1,000,000.

Bonus Interest Categories | Criteria | Bonus Interest Rate |

1. Wealth | Purchase eligible BOC wealth products to earn this bonus interest for 12 consecutive months | 2.40% p.a. |

2. Card Spend | Spend at least S$1,500 posted in a month by using BOC Cards | 0.80% p.a. |

2. Card Spend | Spend at least S$500 posted in a month by using BOC Cards | 0.50% p.a. |

3. Salary Crediting | Monthly salary crediting of $$6,000 and above | 2.50% p.a. |

3. Salary Crediting | Monthly salary crediting of $$2,000 to $$6,000 (exclusive) | 1.90% p.a. |

4. Payment | Perform at least 3 bill payments of at least S$30 each via GIRO or BOC Internet Banking/BOC Mobile Banking Bill Payment function | 0.90% p.a. |

5. Extra Savings | Fulfill at least one of the requirements for either Card Spend, Salary Crediting or Payment bonus interest | 0.60% p.a. |

**Pros:**

- Bonus interest is applicable to the first S$100,000 instead of going by tiers

**Interest rate:** Up to 7.00% p.a.

**Max balance applicable:** S$100,000

## 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

### OCBC Bonus Plus Account

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

Get up to **2.80% p.a.** on the entire account balance.

Two types of bonus interest:

- 0.75% p.a. No-withdrawal and save bonus interest: When you do not make any withdrawals + deposit at least S$500 in the same month.
- 2.00% p.a. No-withdrawal bonus interest: When you do not make any withdrawals in a month.

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

### Maybank iSAVvy Savings Account

iSAVvy‘s base interest starts at 0.15%p.a. It’s much better than those regular savings account mentioned below that only offer 0.05% p.a. base interest.

Account Balance | Interest Rates |

Below S$5,000 | 0.15% p.a. |

S$5,000 to below S$50,000 | 0.20% p.a. |

S$50,000 to below S$100,000 | 0.20% p.a. |

S$100,000 to below S$200,000 | 0.20% p.a. |

S$200,000 and above | 0.40% p.a. |

## Base Interest Savings Account

### 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 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!