Best Savings Accounts in Singapore 2020 - Seedly
Ā 
UPDATED FEBRUARY 2020

Best Savings Accounts

Compare and read real user reviews on Savings Accounts in Singapore

25 Products Found

Most Popular

  • Most Popular
  • Most Reviewed
  • Highest Rating
  • A-Z
Most Popular
Most ReviewedHighest RatingA-Z
  • Up to 3.8% p.a.
    INTEREST RATES
    $3,000
    MIN. INITIAL DEPOSIT
    $3,000
    MIN. AVG DAILY BALANCE
    JL

    "No min spending of CC & investment counted as criteria are the..." 15h ago

  • Up to 1.8% p.a.
    INTEREST RATES
    $1,000
    MIN. INITIAL DEPOSIT
    $1,000
    MIN. AVG DAILY BALANCE
    JL

    "My go to when i have cash overflow from my DBS Mutiplier..." 15h ago

  • Up to 2% p.a.
    INTEREST RATES
    None
    MIN. INITIAL DEPOSIT
    None
    MIN. AVG DAILY BALANCE
    Chiam Min

    "[Application Process] The application process was really easy. Just head to the SC..." 6d ago

  • Up to 3.45% p.a.
    INTEREST RATES
    $1,000
    MIN. INITIAL DEPOSIT
    $3,000
    MIN. AVG DAILY BALANCE
    GL

    "[Customer Service] Very accessible with multiple branches across Singapore, and with some locations..." 10h ago

  • Up to 3.88% p.a.
    INTEREST RATES
    $1,000
    MIN. INITIAL DEPOSIT
    $500
    MIN. AVG DAILY BALANCE
    Jian Hui Wong

    "[Customer Service] Have been using uob for the past 10 years of my..." 2w ago

  • Up to 3% p.a.
    INTEREST RATES
    $500
    MIN. INITIAL DEPOSIT
    $1,000
    MIN. AVG DAILY BALANCE
    B

    "For most people, the Maybank SaveUp account is attractive *only* if you..." 1mth ago

  • Up to 3.88% p.a.
    INTEREST RATES
    None
    MIN. INITIAL DEPOSIT
    $3,000
    MIN. AVG DAILY BALANCE
    B

    "Despite its name, the SCB Bonus$aver awards higher bonus interest to those..." 1mth ago

  • Up to 2% p.a.
    INTEREST RATES
    None
    MIN. INITIAL DEPOSIT
    $50
    MIN. AVG DAILY BALANCE
    Wong Ming Yao

    "[Interest] Interest is decent and allows me to park my money somewhere. [Salary Crediting] I..." 2mth ago

  • Up to 0.4% p.a.
    INTEREST RATES
    None
    MIN. INITIAL DEPOSIT
    None
    MIN. AVG DAILY BALANCE
    Valerie

    "I love my Frank OCBC Debit Card šŸ’• I think it's a..." 5mth ago

  • Up to 3.55% p.a.
    INTEREST RATES
    $1,500
    MIN. INITIAL DEPOSIT
    $1,500
    MIN. AVG DAILY BALANCE
    ZhanQing Koh

    "switched over for a few months between the transition between 360 and..." 21mth ago

What is a Savings Account?

A savings account is an interest-bearing deposit account.

Deposits are held at a bank or financial institution and provides principal security and interest rates in return.

How to choose the best Savings Account with the highest interest rate for you?

Currently there are a few popular savings accounts in Singapore which provide the highest interest rates.

They are mainly:

  • DBS Multiplier Account
  • OCBC 360 Savings Account
  • UOB One Account
  • Maybank SaveUp Account
  • BOC SmartSaver
  • Standard Chartered Bonus$aver Account
  • CIMB FastSaver Account
  • Citibank InterestPlus Account

The best savings account for one depends mainly on meeting criteria set by the banks.

These variables can be mainly broken down into:

Basic Information

  • Bank balance
  • Monthly salary to be credited into the savings account
  • Monthly credit card spend

Bills Spending

  • Monthly bill amount
  • Number of bills per month

Unit Trust Investment

  • Annual lump sum with the bank
  • Monthly investment with the bank

Home Loan

  • Monthly instalment of home loan from the bank

Insurance

  • Annual insurance spend with the bank

The Pros and Cons of Savings Accounts

Advantages of Savings Accounts

There are a few benefits to parking your excess cash in a savings account:

  • Money in a savings account gives interest as compared to that in a checking account.
  • Money in a savings account can be easily accessible and gives one more liquidity as compared to stocks, bonds or other possible financial products.

Disadvantages of Savings Accounts

  • Liquidity of savings account can discourage one from saving since the money is readily available for one to spend.
  • Interest rates of savings accounts are usually lower than most of the financial products available.
  • Savings accounts that provides high interest rates in Singapore usually comes with certain terms and conditions.

How to apply for a Savings Account?

If you are an existing customer with a bank, most banks allow you to open your Savings Account through their online iBanking system.

New customers can do so online by filling up an online application or simply head down to any of the bank's branch to do so.

Documents required to apply for a Savings Account:

  • The initial deposit in form of cash or cheque
    (Assuming the savings account requires a minimum deposit)
  • NRIC
    (For Singaporeans)
  • Passport/ Employment Pass/ S Pass/ company letter/ proof of residential address
    (For foreigners)

Depending on the bank, application for a savings account can be done within a week.

Tools to help you choose a Savings Account with the highest interest rate?

To help Singaporeans make smarter personal finance decision, here are some tools to help you:

One can read up our article on what all the banks have to offer when it comes to savings account:

or simply use the Best Savings Account Calculator to help you decide on the best savings account.

If there are still questions after reading Real User Reviews on the savings account, ask the community at Seedly QnA.