Singapore’s Best Savings Accounts for 2025

This post was originally posted on Planner Bee.

A savings account is a safe and flexible way to store your emergency funds. It earns interest while keeping your money accessible when you need it.

With so many options to choose from, how do you choose which account is best for you?

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

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

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

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

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

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

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.

The right savings plan for you depends on your goals and financial situation.

While savings accounts don’t offer high returns, they allow your money to grow gradually. A small increase may not seem like much at first, but over time, the benefits will add up.

Read more: How To Save Up For Your Short-, Mid- and Long-Term Financial Goals