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Here is a comparison of the best savings accounts in Singapore to help you enjoy the most benefit when you're looking to park your money.
A savings account is an interest-bearing deposit account used to store funds you wish to access easily. This makes savings accounts a good option for holding emergency funds or short-term savings.
Not all bank accounts are the same. Different bank accounts serve different purposes. There are 3 main types of bank accounts: Savings Account, Current Accounts and Fixed Deposit Accounts.
Type of Savings Account
A current account is a type of bank account that is typically used for daily transactions. As they usually come with a debit card, this makes them a convenient mode of payment or to perform online payments or transfers. Since current accounts do not offer interest rates, it is not ideal for keeping a large sum of money.
Fixed deposit accounts
Fixed deposit (FD) accounts are a type of bank account that lets account holders save a fixed amount for a fixed period, at an agreed interest rate. FD accounts are usually regarded as an investment instrument because of the higher interest rate offered. FD tenure can last from a month to several years. Note that an early withdrawal fee may be imposed should you decide to withdraw your funds prematurely.
Apart from being a secure alternative to holding your spare cash in biscuit tins, most savings accounts offer a base interest rate of about 0.05% per annum. This means that you get ‘rewarded’ for placing your cash in a savings account. There are also ways to increase the interest earned by placing your cash in high-yield savings accounts.
The Different Types of Savings Account For Different Purposes
How does a high-yield savings account work? As its name suggests, a high-yield savings account is essentially a savings account that offers a higher interest rate than the expected base rate of interest. Most banks offer bonus interest rates when you fulfil certain criteria or categories, such as depositing a minimum required sum of money or spending a stipulated amount on your bank’s credit card.
Looking to choose the best savings account in Singapore? When choosing the best savings account most suitable for you, the base savings account interest rate is the essential factor to consider. However, there are plenty of other questions that you may ask. To help you answer these questions, here are some articles to help you figure them out:
Apart from the base savings account interest rate, you would need to consider numerous factors when choosing a savings account that best suits your lifestyle and personal spending habits. Here are some things you need to also consider when applying for a savings account:
The benefit you stand to earn is not only from the base interest rates, but an account-holder can also earn bonus interest rates when you’ve fulfilled certain criteria.
Best Interest Rates Comparison of Savings Accounts in Singapore
We have listed some recommendations to make it easier for you to choose the most suitable savings account.
Bank of China Smartsaver account provides the highest base interest rates at 0.10%, but you have to be aware of the $1500 minimum initial deposit, which is one of the highest (though not by much) around for a savings account of its calibre.
The CIMB FastSaver Account requires no minimum balance. Therefore, you won't get charged a monthly fall-below fee even if your savings account balance is $0. Do take note that, to earn interest, you will have to have a balance of $1000.
The DBS Multiplier Savings Account offers 3 different options for users to earn bonus interests:
The Maybank SaveUp Account allows you to earn bonus interest from a total of 4 types of loans (Home Loan excluding Equity Loan, Car Loan, Renovation Loan and Education Loan), on top of the other qualifying products.
The Standard Chartered Jumpstart Savings Account is only available to those aged 18 to 26, but it allows you to earn 0.40 p.a. interest on your balances up to $20,000, with any incremental balance above that amount receiving only 0.10% p.a.
If you do not have a steady income to credit your monthly salary, you need to only make 3 Giro Debit Transactions a month to enjoy bonus interest rates.
A joint account works similarly to a typical bank account, with the only difference being that two or more people will be named as holders of the account. Prior to opening a joint account, you’d have to decide between either a joint-all account or joint-alternate account. In a joint-all account, instructions for transactions must be approved and given by all account holders. Conversely, joint-all accounts allow account holders to transact individually apart from the other party.
Here are 11 joint accounts that you can open in Singapore
0.15% to 0.30%
Still unsure which is the best savings account for you or whether you should even open one? Here is a curated list of guides to help you master all the ins and outs of a savings account:
The interest that you will accrue annually is dependent on the interest rate offered by your savings account. To calculate the interest earned on $1000 after a year of depositing your money with a financial institution, simply multiply the principle sum by the offered interest rate ($1000 x 0.3%).
There is no hard rule for how much money you should keep in your savings account. While most financial experts recommend having enough to tide you through three to six months of expenses, this will eventually vary depending on your goals and situation.
While there isn't a hard amount on how much you should be saving monthly, an often recommended 50/30/20 rule is a good guideline. That is, allocate: 50% of your salary for expenses, 30% for wealth accumulation, and 20% for savings.
Yes, your money grows with time since you earn interest from depositing your money in a savings account.
With so many savings accounts, it can be easy to feel overwhelmed. Features of savings accounts vary and so do their requirements. To find a savings account that matches your needs, it may be prudent to start by considering the following features to figure out what's right for you:
Now that you have gotten over the difficult part of choosing your preferred savings account, opening one is pretty simple! You can do so online or in-person to open a bank account. To ensure that the process is hassle-free, prepare the necessary documents ahead of time.
Interest on incremental balance refers to the interest earned from the difference between your account's present and the previous month's balance.
Yes, completing an online application is a fast and hassle-free option to open a savings account.
Yes, most savings account comes with a debit card to allow easy cash withdrawal. The debit card will usually be mailed to your address.
Like opening a savings account, most banks offer online and in-person options to close your savings account.
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