Best Savings Accounts in Singapore 2023

Complete Guide to Savings Account: Reviews And Comparison of The Best Savings Accounts in Singapore

If you are thinking of opening a new savings account or changing your savings account, look no further – this ultimate savings accounts guide is just for you! Compiled to help you navigate all the information you need to know before you commit to a savings account, this complete guide contains information about savings accounts you need to know. From your frequently asked questions, hacks, savings account comparisons, to savings account reviews, this complete guide has got you covered. Read on to learn more about savings account before opening one

A Beginner’s Guide to Savings Accounts in Singapore

This beginner’s guide covers basics to understanding how savings account work in Singapore, as well as savings account tips you need to know to power up 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

What is a Savings Account?

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.

What Are the Different Types of Bank Accounts?

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.

What Is a High-Yield Savings Account?

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.

Comparison of The Best Savings Account in Singapore

With so many savings accounts offered on the market, choosing the best match for your needs can feel overwhelming. Here are comparisons of the best savings accounts in Singapore for different occasions and needs: 

• 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

Other Things to Consider When Choosing a Savings Account

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:

1. Interest Rates: The interest rates are what's going to help your savings grow. Since you are already parking your cash in the bank, the least you can do is find one with a reasonable interest rate to help you grow your wealth.
2. Monthly Salary Credit: Do you have a stable income to earn the bonus interest rates?
3. Benefits of Bill Payments: What are your bill expenses every month? Is it enough to earn bonus interest rates?
4. Monthly Card Spend: It is generally better to own a debit or credit card from the same bank as your savings account as you are more likely to earn bonus interest on monthly card spending.
5. Investments Bonus: Do the products you invest in qualify for bonus interest rates?
6. Insurance Bonus: Do the insurance you own or plan to buy qualify for bonus interest rates?
7. Loan Bonus: Are you looking to get or service a loan? If yes, do the loans qualify you for bonus interest rates?'

Base Interest Rate and Bonus Interest Rate: Comparison of Savings Accounts Interest Rates in Singapore

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 Savings Accounts in Singapore: Recommendations for Different Types of Users

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

Savings Account with the Highest Interest Rates: Bank of China Smartsaver 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.

Best Savings Account with No Minimum Balance: CIMB FastSaver Savings Accounts

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 Most Flexible Savings Accounts for Earning Bonus Interests: DBS Multiplier Savings Account

The DBS Multiplier Savings Account offers 3 different options for users to earn bonus interests:

1. Option 1: You can earn bonus interest via Salary Credit, Dividends Credit or by connecting SGFinDex to Nav Planner on top of 2 of these categories Credit Card Spend, Home Loan Instalments, Insurance (for the first 12 consecutive months) and Investments (for the first 12 consecutive months) of spend.
2. Option 2: Only applicable for ages 30 and above, this option allows you to earn bonus interest from Salary Credit, Dividends Credit or connecting SGFinDex to Nav Planner plus a minimum spend of $500 or more.
3. Option 3: Only applicable for ages 29 and below. This option allows you to earn bonus interest from Salary Credit, Dividends Credit or connecting SGFinDex to Nav Planner. There are no minimum spend requirements for this option.

Best Savings Account for Personal Loans: Maybank SaveUp Account

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.

Best Savings Account for Young Adults: Standard Chartered Jumpstart Savings Account

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.

Best Savings Account for Unsteady Income Earners: UOB One Account

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.

Read Reviews of Savings Accounts in Singapore

Want a deeper dive of individual savings account before you make a decision? Read on to find out what we think about the different savings accounts and their different features in our savings accounts review 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

Joint Account in Singapore

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

Frequently Asked Questions

How much interest will I get on $1000 a year in 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%).

How much money should you have in your savings account?

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.

How much should I be saving a month?

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.

Does your money grow in a savings account?

Yes, your money grows with time since you earn interest from depositing your money in a savings account.

What should I look for when choosing 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:

• Interest rates
• Minimum balance or deposit requirements
• Account fees
• Convenience and ease of us
• Rate tiers

How long does it take to open a bank account?

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.

• Completing the application. This can be completed within the day. An online application can be made as quickly as within 15 minutes.
• Processing of application. This may differ between banks. However, it will typically take one to three working days to process your application.
• Activate your debit card. Expect to receive your debit card by mail within three to seven working days. Activate your card, and your savings account is now ready for use!

What does interest on incremental balance mean?

Interest on incremental balance refers to the interest earned from the difference between your account's present and the previous month's balance.

Is it possible to open a savings account online?

Yes, completing an online application is a fast and hassle-free option to open a savings account.

Can you get a Debit Card with your 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.

How do I close my savings account?

Like opening a savings account, most banks offer online and in-person options to close your savings account.

1. You may submit a closure request online or visit your local bank branch to complete a closure request form.
2. Ensure that all remaining funds are transferred out of your account before submitting your closure request. Otherwise, you may be unable to proceed with the account closure.
3. All facilities and services linked to the closed account (such as your ATM/debit card, passbook etc) will be terminated from the date of your account closure request.

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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)