Best Savings Accounts in Singapore 2020 - Seedly
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UPDATED JANUARY 2020

Best Savings Accounts

Compare and read real user reviews on Savings Accounts in Singapore

21 Products Found

Most Reviewed

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

    "Was disappointed with the latest revamp of the T&C. Personally I do..." 1w ago

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

    "[Application Process] Fuss free as online application and processing was almost immediate. Like..." 15h ago

  • OCBC 360
    OCBC 360
    4.0
    69 Reviews
    Up to 3.45% p.a.
    INTEREST RATES
    $1,000
    MIN. INITIAL DEPOSIT
    $3,000
    MIN. AVG DAILY BALANCE
    S

    "They kept changing the scheme of the saving plan. The interest rate..." 4w ago

  • UOB One
    UOB One
    4.2
    49 Reviews
    Up to 3.88% p.a.
    INTEREST RATES
    $1,000
    MIN. INITIAL DEPOSIT
    $500
    MIN. AVG DAILY BALANCE
    Bryant Tan

    "First time using UOB quite impressed by the banker and support. ..." 1w ago

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

    "Easy to apply. Account is set up immediately. Easy to understand too...." 11h ago

  • Up to 0.25% p.a.
    INTEREST RATES
    None
    MIN. INITIAL DEPOSIT
    $500
    MIN. AVG DAILY BALANCE
    G

    "Good online interface. However, this is a very basic saving account with..." 3w ago

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

    "Good when it started. Then they started to change the terms and..." 3w ago

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

    "For most people, the Maybank SaveUp account is attractive *only* if you..." 8h 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..." 4mth 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..." 20mth 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
  • OCBC 360 Savings Account
  • UOB One Account
  • Maybank SaveUp
  • BOC SmartSaver
  • Standard Chartered Bonus$aver
  • CIMB FastSaver
  • Citibank InterestPlus

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.