I am a working adult with a monthly salary, and I use my credit card quite heavily. With the upcoming changes, what are the savings accounts with bonus interests that I can consider? - Seedly
Seedly logo
Seedly logo
 

Savings

Savings Accounts

Interest Rates

COVID-19

Anonymous

Asked on 27 Jul 2020

I am a working adult with a monthly salary, and I use my credit card quite heavily. With the upcoming changes, what are the savings accounts with bonus interests that I can consider?

0 comments

3 answers

Answer Now

Answers (3)

Sort By

Lim Qin Da

Lim Qin Da

Level 6. Master

Updated on 27 Jul 2020

Hey Anon!

With the recent changes in interest rates, many people have been asking about the best savings account available in the market. So here are the community top picks for salary crediting savings accounts! Note that only salary crediting savings accounts are covered here; if you want to take a look at other great options that are available in the market to park your savings or emergency funds, here’s another compilation!

Information accurate as of 21 Jul 2020 with updated changes to take effect from 1 Aug 2020.

TL;DR: Assuming you

  • Have starting minimum $10k savings account balance

  • Have at least $2k in salary credited after CPF contribution

  • Spend a minimum of $500 a month via credit card on daily expenses

Based on these criteria, here’s a summary of the interest you will get from these savings accounts:

Maybank SaveUp Account will give you the highest interest rate of 1.03% p.a. However, if your salary credited is higher and if you are able to fulfil more bonus interest components, the savings account that will give you the highest interest rate may vary. Take a look at the breakdown below to understand more!

Bank of China (BOC) SmartSaver Account (Read More // Reviews)

  1. Base interest rates
  • 0.1% for the first $20k

  • 0.15% for the next $80k

  • 0.2% for $100k and above

  1. Bonus interest rates

  1. Bonus interest components
  • Wealth: Purchase any eligible BOC wealth products to earn this bonus interest for 12 months

  • Card spend: At least $500

  • Salary crediting: At least $2k

  • Payment: Have at least 3 bill payments of at least $30 each through GIRO and BOC internet/mobile banking bill payment function

  • Extra savings: Fulfil at least one of the requirements for card spend, salary crediting or payment. Only applicable for account balances from $80k to $1M

  1. Restrictions
  • Initial deposit: $1.5k

  • Minimum monthly balance: $1.5k

  • Bonus interest cap: $80k

DBS Multiplier Account (Read More // Reviews)

  1. Base interest rates
  • 0.05% p.a.
  1. Bonus interest rates

  1. Bonus interest components
  • Income: At least $2k compulsory from salary credit and/or dividends credited via GIRO from CDP)

  • Card spend

  • Home loan instalments

  • Insurance: Recognized for first 12 consecutive months

  • Investments: Recognized for first 12 consecutive months

  1. Restrictions
  • Initial deposit: $0

  • Minimum monthly balance: $3k

  • Bonus interest cap: $25k

  • Fall-below fee of $5 waived till 29 years old

  • After insurance and investments categories are recognized for 12 months, maximum interests are only up to Income + 2 categories

Maybank SaveUp Account (Reviews)

  1. Base interest rates
  • 0.1875% p.a. for the first $30k

  • 0.25% p.a. for the next $47k

  • 0.3125% p.a. for $50k and above

  1. Bonus interest rates

  1. Bonus interest components
  • GIRO payment and/or salary crediting

  • Card spend

  • Investing in structured deposits

  • Investing in unit trusts

  • Buying regular premium insurance

  • Getting a home loan

  • Getting a car loan

  • Getting a renovation loan

  • Getting an education loan

  1. Restrictions
  • Initial deposit: $500

  • Minimum monthly balance: $1k

  • Bonus interest cap: $50k

OCBC 360 Account (Read More // Reviews)

  1. Base interest rates
  • 0.05% p.a.
  1. Bonus interest rates

  1. Bonus interest components
  • Salary crediting: At least $1.8k through GIRO

  • Step-Up: Increase account balance by $500 compared to previous month

  • Wealth: Insure or invest with OCBC and earn for 12 months

  • Grow: Extra interest on the first $70k if account balance is at least $200k

  1. Restrictions
  • Initial deposit: $1k

  • Minimum monthly balance: $3k

  • Bonus interest cap: $70k

  • Fall-below fee of $2 waived for first year

Standard Chartered Bonus$aver Account (Read More // Reviews)

  1. Base interest rates
  • 0.05% p.a.
  1. Bonus interest rates

  1. Bonus interest components
  • Card spend: At least $500

  • Salary crediting: At least $3k

  • Invest: Buy an eligible insurance policy with minimum annual premium of $12k

  • Insure: Buy at least $30k worth of unit trusts

  • Payment: Pay 3 bills of at least $50 each

  1. Restrictions
  • Initial deposit: $3k

  • Minimum monthly balance: $3k

  • Bonus interest cap: $100k

UOB One Account (Read More // Reviews)

  1. Base interest rates
  • 0.05% p.a.
  1. Bonus interest rates

  1. Bonus interest components
  • Category A: At least $500 card spend

  • Category B: At least $500 card spend AND at least $2k salary credit via GIRO or 3 GIRO debit transactions

  1. Restrictions
  • Initial deposit: $0

  • Minimum monthly balance: $1k

  • Bonus interest cap: $75k

Still having difficulties or too much work for you? Try out the FREE Seedly Savings Account Calculator! After filling up some basic information, the calculator will tell you which savings account gives you the highest interest rate. Easy peasy!

References were made to a Seedly Article written in Jul 2020. Click here to read more!

0
👍
3
Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about
Post
Mike Teng

Mike Teng

Level 3. Wonderkid

Answered on 30 Jul 2020

No need to waste time with all these banks now. All their interest rate is pathetic w numerous conditions to fulfil.

Go take a look at SINGLIFE account.... 2.5% for 1st $10k & 1% thereafter with no stupid condition to fulfil​​​

0
👍
0
Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about
Post
CL

Chuan lee

Level 6. Master

Answered on 29 Jul 2020

There is 2 choices:

1) If your card spend+salary is really high(15-30k), DBS multiplier typically has higher interest if you pay attention on hitting their category.

2) Consider parking your money into higher yield endowment like singlife, dash easyearn and elastiq 1.8%. Use POSB cashback bonus programme and you can earn some cashback with zero in account.

0
👍
0
Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about
Post