Best Savings Accounts in Singapore 2023

Best Savings Accounts in Singapore 2023

What Are The Different Types of Bank Accounts?

Savings Account

Generally, a savings account is a bank account offered by banks designed to enable you to safely store your money to save up for the future. It typically pays bank account holders interest on the amount of money saved in their account, giving them a small return on their savings over time. Savings accounts often has lower minimum balance requirements and restrictions on the number of allowable transfers each month.

Having a savings account in Singapore can benefit individuals by helping them save for the short and long-term. Furthermore, savings accounts are a secure place to stash your cash since they are FDIC insured up to S$250,000 per depositor -- this means that if a bank closes, the account holder's money is protected.

Current Account

A current account is an everyday bank account often used for your daily transactions, such as holding your disposable income, daily withdrawals, and payments. It offers features like cheque-writing, debit cards, and online banking, which can be helpful for managing your everyday finances. Your debit card will most likely be tagged to your current account if you own one. It is not recommended to deposit a large amount of money into your current account as they do not offer interest rates like high-yield interest rates do, which is often used for short or long-term savings.

Business Accounts

A business account is specifically designed for corporate and offers additional services for business use such as merchant services, payroll processing, and other tools that can help business manage their finances. Business accounts may charge higher fees and minimum balance requirements than personal accounts.

Multi-Currency Account

Multi-currency accounts enable you to hold and manage your funds in different currencies, which come in handy for individuals or businesses that frequently receive or make international transactions. Designed to hold both Singapore dollars and specific currencies in your account that you can use when abroad or to make international payments, these accounts help you to save on currency conversion fees and simplify the process of transacting in foreign currencies. However, some accounts may come with additional fees or requirements, such as transaction volume limits or minimum balances.

What is a High-Yield Savings Account & How Does it Work?

As its name suggests, a high-yield savings account is a type of savings account that offers a higher interest rate compared to a traditional savings account. While they work in almost the same way as a traditional savings account, the interest rate offered by a high-yield savings account is significantly higher, often two to three times higher than that offered by a traditional savings account. Be sure to note that interest rate differs depending on the bank. However, to earn the higher interest rate, banks will often require you to deepen your banking relationship with them by purchasing investment or insurance products, or utilising certain services they offer. It is important to compare the fees and terms of the different high-yield savings accounts of your choice to find an ideal option for your needs, before opening an account with a bank.

If you are completely new to using a savings account, read these articles to find tips and important considerations when thinking about how to maximise your savings: 

• Find Our the Different Types of Savings Accounts You Should Be Having
• Still Holding On to Your First Savings Account? Find Out Why You Should Change It
• Freshly Graduated With a $36K Student Loan? Learn How to Allocate Between Savings and Repayments
• Learn How to Use the 50/30/20 as a Working Adult
• Find Out How This Cashback Hack Can Help a Couple Get $900 More Interest per Year
• Learn How Married Couples Can Manage Their Finances Together

How Do I Choose The Best Savings Account in Singapore?

With so many different savings accounts offered in Singapore, choosing the ideal one for your needs can feel overwhelming. Here are some factors and tips to consider when choosing your savings account, so you can find one that best fits your needs and help you achieve your financial goals.

We have also compiled a list of articles that shortlists some of the best savings accounts for different needs and occasions. Read them here to find out more:

• Compare the Best Savings Accounts in Singapore & Which Bank Has the Best Interest Rates
• Compare Between Digital Multi-Currency Accounts: YouTrip vs Revolut vs Instarem vs Wise vs Wirex
• Find the Best Child Development Account (CDA) You Should Open for Your Child
• Compare the Best Savings Accounts for Your Kids
• Find the Best Fuss-Free Savings Accounts With No Conditions in Singapore
• Find the Best Savings Accounts for Students
• Find the 3 Best Savings Accounts for Undergraduates

Look for High-Interest Rates

One of the first things you should be looking out for is the interest rate offered, which is the amount of money the bank will pay you for keeping your money in their account. The higher the interest rate offered, the more money you will be able to earn on your balance in your savings account. Look for a savings account with a competitive interest rate and compare interest rates across various banks.

Check Fees & Charges

Another important factor to consider is the amount and type of fees charged for the savings accounts. Some savings account charge fees such as monthly maintenance fees or may charge you additional fees when you exceed the monthly withdrawal limit. To maximise the interest earned from your savings account, look for an account that charges low to no fees.

Consider Minimum Balance Requirements

Most savings accounts typically require you to park a minimum amount of money with them to start earning interest or to avoid fees. Be sure to choose an account with a minimum balance requirement that you can qualify for and comfortably maintain.

Consider Convenience & Accessibility of Services

The accessibility and ease of use that comes with your savings account are important since you will likely use your savings account for a significant period of time. Look for a savings account that has online and mobile banking, as well as convenient ATM access across Singapore and places where you will frequent. Having these features will make it easier for you to manage your savings account and access your money when you need it.

Look for Additional Promotions & Perks

Some savings accounts may periodically offer time-limited promotions or free perks when you sign up with them. Look out for these additional benefits, such as discounts on some of their financial and banking products or free financial planning services. Consider these bonus benefits and take advantage of them when you can to get the most out of your savings account.

Read Savings Account Reviews 

Reading reviews of the savings account that you wish to open can be especially helpful when you want to learn about the quality of the features offered. Read these articles on Seedly to find out what we think about the different savings accounts below:

• Read the Standard Chartered JumpStart Account Review
• Read the Standard Chartered Bonus$aver Account Review
• Read the CIMB FastSaver Account Review
• Read the UOB One Savings Account Review
• Read the OCBC 360 Savings Account Review
• Read the DBS Multiplier Account Review
• Read the Citi Wealth First Account Review

Savings Account Interest Rate: How Much Interest Can I Earn?

How Do I Apply For a Savings Account in Singapore?

Complete Application Form

Make an appointment with the bank for an in-person appointment. Alternatively, visit their website if your bank offers the option of an online application. If you are applying in person at your nearest bank branch, clarify any questions about the qualifying criteria or doubts you may have. The bank representative will then inform you of the documents required for a successful application. Fill out the application form with personal information such as name and contact information.

Submit Necessary Documents & Completed Application Form

Prepare the necessary documents, such as a copy of your NRIC, passport, employment pass, or documents proving your residential address. Complete your application form along with the necessary documents for your application. Submit your completed application form and the documents in person at the nearest bank branch or online through the bank's online banking portal.

Wait for the Bank to Process Your Application

Finally, you only need to wait for the bank to process your application. The bank may contact you if they require any additional information or documents from you.

Receive Approval for Application

You will receive a confirmation once your application is approved. You will then receive your account details and other relevant information such as account number, online banking login credentials, and ATM card. Some banks may require a minimum deposit to activate your new account. To do so, make an initial deposit using the account information you have just received.

Best Savings Accounts in Singapore for Different Types of Users

We have listed some recommendations to make it easier for you to choose the most suitable savings account.

Best High-Yield Savings Account for Students 2023

If you are a student looking for a savings account to start growing your savings, there are a few things you should take note of. Look for an account that offers high interest rate to take advantage of the interest earned. Importantly, students should look out for the minimum deposit and balance requirements before opening an account. As students typically do not yet have a fixed income, it is important to look for an account with a minimum balance requirement that you can fulfil and comfortably maintain. Should you fall below the minimum balance in your account, most banks will typically penalise you with a fall below fee. It is thus crucial to look for for an account that have low or no balance balance requirements or one that does not charge a fall below fees/allows fee waivers for students. Here are some of the best high-yield savings account in Singapore that are suitable for students.

Best High-Yield Savings Account for Kids 2023

If you are a parent looking for a savings account for your child, there are some important considerations you need to take into account to give them a headstart in saving for their future or in helping them learn good saving habits. Generally, you should look for an account that offers competitive interest rates and low or no minimum balance requirement and fall below fees. Here are some savings account suitable for children.

Frequently Asked Questions About Savings Accounts

What is the minimum balance required for a savings account in Singapore?

The minimum balance requirement is the stipulated amount of money the bank requires you to have in the bank at any one time. This requirement varies depending on the bank and the type of account you hold. Some banks do not require a minimum balance while others may require a minimum balance of S$500 or more. Some banks may also charge a fall-below fee penalty if you do not adhere to their minimum balance requirement.

Can I withdraw money from my savings account anytime?

Yes, you can withdraw money from your savings account anytime through online banking, ATM withdrawals, or by visiting a bank branch. Do note that some banks have withdrawal restrictions and may charge penalty fees if you exceed the limit.

Is my money in a savings account insured in Singapore?

The money you deposit in your savings account is insured through the Deposit Insurance Scheme administered by the Singapore Deposit Insurance Corporation (SDIC). This insurance scheme provides a basic level of protection to deposits held in savings, fixed deposits, or current accounts. Scheme members are insured for up to S$75,000.

Can I open a savings account if I am not a Singaporean resident?

Yes, non-Singaporean residents can open a savings account in Singapore. However, non-residents will be subjected to different eligibility criteria and may require a different set of documents for a successful application. These documents could include proof of current address, a valid work pass, and passport, etc. Non-residents also have to pay additional fees and charges that Singaporean residents may not need to pay.

Can I have more than one savings account in Singapore?

Yes, you can have more than one savings account in Singapore. Having multiple savings accounts may be helpful as each account may be set aside for different purposes, such as having one for short-term saving goals for a home downpayment or one for long-term emergency savings.

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Seedly's Product Comparison Page Listing Guidelines

For Savings Accounts products to be listed on Seedly's Product Comparison Page, they have to fulfil the following criteria:

• Attainable interest rate at least 0.3%%
• Provides high liquidity (able to withdrawal and deposit anytime)