I'm an undergrad who has no savings and would like to start saving by chucking a portion of my allowance into a new bank account every month. Which savings account would be the best?

You can explore Singapore Savings Bond now since interest rate going up.

I think reading this seedly article will help.

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cimb would be the best if you hit the min amount

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Click here

For your starting amount, perhaps look at POSB's eMySavings account for a start to build up the savings base. You can set a date every month to automatically deduct a fixed amount from another bank account.

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Once you have S$1,000, open a CIMB FastSaver and transfer the funds over. You can then set a standing instruction to transfer the funds over every month

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Hope this helps.

Cimb fastsaver! Put in 1k in it to enjoy 1% interest. Accumulate every 500 and put in SSB!