RHB High Yield Savings Account
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3.7
3 reviews
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Summary
RHB High Yield Savings Plus Account Review 2024
Account Features & Details
1) Key Features
- Base interest rate: 0.30% p.a
- Earn up to 1.50% p.a interest rate on deposit balances above S$100,000
- No minimum account balance required
- No lock-in period nor fall below fees charged
2) Interest Rates
- Base interest rate: 0.05% p.a
- Max interest rate: 1.50% p.a
- First S$50,000: 1.20% p.a interest rate
- Next S$25,000: 1.30% p.a interest rate
- Next S$25,000: 1.40% p.a interest rate
- Above S$100,000: S$1.50% p.a interest rate
3) Eligibility
- Age: 16 years old and above
- Citizenship: Singaporeans, PRs, and Foreigners
- Minimum initial deposit: S$1,000
4) Fees
- Minimum average account balance: S$0
- Fall below fee: S$0
- Early account closure: S$30 (within first 6 months of opening)
- Passbook replacement fee: S$20
5) Application Process
How to apply?
- Apply online through RHB’s website
Supporting documents
- NRIC (for Singaporeans and PRs)
- Employment Pass/ Work Permit/ Passport (for Foreigners)
- Latest original copy of bank statement, utility, or teleco bill stating proof of residential address
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Summary
RHB High Yield Savings Plus Account Review 2024
Account Features & Details
1) Key Features
- Base interest rate: 0.30% p.a
- Earn up to 1.50% p.a interest rate on deposit balances above S$100,000
- No minimum account balance required
- No lock-in period nor fall below fees charged
2) Interest Rates
- Base interest rate: 0.05% p.a
- Max interest rate: 1.50% p.a
- First S$50,000: 1.20% p.a interest rate
- Next S$25,000: 1.30% p.a interest rate
- Next S$25,000: 1.40% p.a interest rate
- Above S$100,000: S$1.50% p.a interest rate
3) Eligibility
- Age: 16 years old and above
- Citizenship: Singaporeans, PRs, and Foreigners
- Minimum initial deposit: S$1,000
4) Fees
- Minimum average account balance: S$0
- Fall below fee: S$0
- Early account closure: S$30 (within first 6 months of opening)
- Passbook replacement fee: S$20
5) Application Process
How to apply?
- Apply online through RHB’s website
Supporting documents
- NRIC (for Singaporeans and PRs)
- Employment Pass/ Work Permit/ Passport (for Foreigners)
- Latest original copy of bank statement, utility, or teleco bill stating proof of residential address
RHB High Yield Savings Account
RHB High Yield Savings Account
Up to 1% p.a.
INTEREST RATES
$1,000
MIN. INITIAL DEPOSIT
$1,000
MIN. AVG DAILY BALANCE
Reviews (3)
3.7
3 Reviews
5
0
4
2
3
1
2
0
1
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High to Low
Posted 01 Jan 2025
Purchased
RHB High Yield Savings Account
Not the highest interest rate savings account out there, but its quite straightforward. Interest rates are flat with no additional requirements. The mobile app is also much more user friendly compared to other similar banks (e.g., Maybank, CIMB, etc). Bonus that its easy to set up too!0
What are your thoughts?Posted 11 Aug 2023
Purchased
RHB High Yield Savings Account
offers higher interest rate for savings, best part: no fall below fees or need to maintain a minimum balance, recommended0
What are your thoughts?22 Apr 2020
Purchased
RHB High Yield Savings Account
The savings account on promotional offer is one of the better rates in the market. But the application process and online banking have to be improved as it is so yester-years. With no online or mobile banking application now it is hard to bank more with them.0
What are your thoughts?
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Deposit Balance Amount (S$) | Interest Rate (% p.a.) |
|---|---|
First $50,000 | 0.80% p.a. |
Next $25,000 | 0.90% p.a. |
Next $25,000 | 1.00% p.a. |
Above $100,000 | 0.40% p.a. |
Interest Rates during non-promotional periods
How to maximise the interest rate for RHB High Yield Savings Account?
To reap 1.00% p.a., just keep your account balance between S$75,000 to S$100,000.
Assuming you have an account deposit of S$100,000, you stand to earn:
the first S$50,000 at 0.80% p.a. + your next S$25,000 at 0.90% p.a. + your next $25,000 at 1.00% p.a. = which gives you a total of S$875.
Other Features of RHB High Yield
- Allows you to receive your earnings at a decent interest rate, with no lock-in period
- Enjoy convenience and accessibility to your funds
- Maintain an average balance of S$500 and RHB will waive the S$10 monthly minimum balance fee.
Is High Yield the best savings account for you in 2020?
Pros
- Simple and straightforward savings account - ideal for people looking for a fuss-free, park-and-save savings method
- Although not the best, High Yield has a pretty decent starting bonus interest rate that is easily achieveable without having to meet additional criteria.
Cons
- Not ideal for people who cannot maintain a balance of at least S$75,000 - S$100,000
- Does not incentivise spendings hence not for those who intend to spend from this account
Want to know how RHB High Yield compares with other savings accounts? Here's a compilation of The Best Savings Accounts in 2020
Terms and fees for RHB High Yield Savings Account
- Initial deposit: S$1,000 (New-to-Bank) / S$20,000 (Existing-to-Bank)
- Minimum Average Daily Balance: S$1,000
- Fall below fee: S$10 (if your average daily balance falls below S$500)
- Early closure fee: S$30 if below 6 months
Eligibility: who can apply for RHB High Yield Savings Account?
- Citizenship status: Singaporeans, PRs and foreigners
- Minimum age to open an account: 18 years old
How to apply for RHB High Yield Savings Account?
- Apply Online on RHB website or Visit RHB Singapore branches
- For Singaporeans or Singapore Permanent Residents (PR), Documents needed are Original NRIC or Passport, verified by branch.
- For Foreign individuals, documents to prepare are: Employment Pass or Work Permit, IC or Passport,
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Contact us at [email protected] should you require any assistance or spot any inaccuracies.
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