Savings Accounts Comparison 2022

It goes without saying that savings accounts are one of the basic building blocks of managing and accumulating your wealth.

A good savings account can really maximize the interest your money can earn for you. It should also blend into your lifestyle effortlessly, requiring zero to minimal hoop-jumping to earn that dough.

With so many banks in Singapore offering savings accounts with different features, it can be quite difficult to find one that suits your routine.

We’ve compiled a list of attractive accounts with different requirements to suit you and your family members below.

Good and convenient all-rounder account with easy-to-meet requirements to get extra interest.

Max interest up to 3.00%. Realistic interest rate around 0.40% to 1.60%

Convenient, and no-frills account for salary creditors and savers. Other major categories require a degree of spending.

Max interest up to 2.38%. Realistic interest rate around 0.35% to 1.68%.

Good base interest for frequent credit card spenders. Simply credit your salary or make 3 GIRO transactions to get high interest.

Max interest up to 2.50%. Realistic interest rate around 0.50% to 1.00%.

Great for those willing to spend on Insurance and Investments. Not ideal for those who don't.

Max interest up to 2.38%. Realistic interest rate around 0.11% to 1.28%.

Good for home owners with loans. Other segments need substantial spending, or require a degree of effort to achieve.

Max interest up to 2.80%. Realistic interest rate around 0.80% to 1.20%.

Simply register for the Fastsaver account and apply for the CIMB Visa Signature card to enjoy 1% interest on your first $10,000.

Max interest up to 1.00%. Realistic interest rate around 0.30% to 1.00%.

Choice of 9 categories to gain bonus interest. Includes various loan types as well. High base interest at 0.25%

Max interest up to 3.00%. Realistic interest rate around 0.35% to 3.00%.

Reasonable interest rates without lock in periods, or fall-below fees. Little effort required. Higher deposits enjoy even more interest.

Max interest up to 0.50%. Realistic interest rate around 0.30% to 0.50%.

Ideal for larger deposits of around $60,000. Attractive interest rates at higher amounts. Little effort required.

Max interest up to 1.80%. Realistic interest rate around 0.10% to 0.80%.

Card spending, Bill payment, and Salary categories are quite attainable. Reasonable base interest of 0.20% as well.

Max interest up to 3.00%. Realistic interest rate around 0.80% to 1.30%.

We know that not everyone will have $50,000 sitting around in their bank accounts. Neither do we all have to contend with home loans or credit card spend.

After looking through the various accounts, we have selected some of the more suitable ones for the identities listed below.

Best Account For Students

DBS Multiplier Account
Great for students and young working adults, the DBS Multiplier Account provides a interest rate of 0.30% for the first $10,000 in your account as long as you spend through Paylah! as well (No minimum spend).

Furthermore, you get 0.10% more if your salary or Paylah! spend exceeds $500 a month.

Your first account with DBS has no initial deposit or minimum average daily balance. For subsequent accounts, you need to maintain your average daily balance above $3,000, or pay a $5 service charge. However, this fee is waived if you’re under 29 years old.

Other Choices For Students

CIMB Fastsaver
For deposits up to $75,000, the CIMB Fastsaver Account gives a interest rate of 0.30%. This is provided that you can keep your minimum balance at $1,000 daily.

Best Account For Salary Crediting

BOC Smartsaver Account
Credit your salary of at least $2,000 to enjoy 0.30% bonus interest in addition to the base interest of 0.20%. This means you get to collect a total of 0.50% interest for crediting your salary.

The bonus interest jumps from 0.30% to 0.50% if your salary is above $6,000.

A minimum monthly average effective balance of S$1,500 is required to enjoy bonus interests.

Other Choices For Salary Crediting

Maybank Save Up
Maybank Save Up accounts have a base interest rate pf 0.25%. By crediting your salary, you will enjoy an additional 0.10%, for a total of 0.35%.
This rate applies for the first $50,000 in deposits. There is a initial deposit of $500, with a fall-below fee of $2 if your average balance falls below $1,000.
CIMB Fastsaver
The CIMB Fastsaver Account gives a interest rate of 0.30% for the first $75,000 in your account.
The interest rate goes up to 1.00% for the first $10,000 if you register for the CIMB Visa Signature Credit Card as well.

Best Account For Credit Card Spend

Maybank Save Up Account
By crediting your salary and spending a minimum of $500 on the bank’s credit cards, you get to earn additional interest of 0.70%. Added to the base interest of 0.25% gives you a total of 0.95% interest for deposits below $50,000.

There is a initial deposit of $500, with a fall-below fee of $2 if your average balance falls below $1,000.

Other Choices For Credit Card Spend

BOC Smartsaver
Credit your salary and spend a minimum of $500 with the bank’s debit or credit cards to earn bonus interest of 0.60% for a total of 0.80% interest. The bonus interest for card spend increases from 0.30% to 0.50% if you spend above $1,500 using the bank’s cards.
A minimum monthly average effective balance of S$1,500 is required to enjoy bonus interests.
UOB One
Spend a minimum of $500 on eligible UOB credit cards to earn 0.25% interest. If you credit your salary as well, then the interest rate goes up to 0.50% for the first $15,000. This account starts to shine once you bypass the $60,000 mark as it’s interest rate steps up. The effective interest rate is 1.00% for your full deposit once you reach the $75,000 mark.
There is a initial deposit of $1,000, with a fall-below fee of $5 if your average balance falls below $1,000.

Best Accounts For Loans

Maybank Save Up Account
By taking a new home loan of at least $200,000 and also crediting your salary, account holders can receive a total interest of 0.95%. This is including the base interest of 0.25%.

Apart from home loans, the bank also considers Car*, Renovation, and Education loans above $35,000* and $10,000 as eligible products which can boost interest rates. This makes the Maybank Save Up Account great for loans in general.

There is a initial deposit of $500, with a fall-below fee of $2 if your average balance falls below $1,000.

Other Choices For Loans

DBS Multiplier Account
Monthly Installments from DBS/POSB home loans are eligible under home loan transactions for higher interest. You can expect to get 0.50% interest if the total sum of your salary credit and loan installments can reach $5,000 per month.
Your first account with DBS has no initial deposit or minimum average daily balance. For subsequent accounts, you need to maintain your average daily balance above $3,000, or pay a $5 service charge. However, this fee is waived if you’re under 29 years old.

Best Accounts For Insurance Spend

Maybank Save Up Account
Similar to the loan category, you can attain a 0.95% interest rate simply by purchasing an eligible insurance product with a annual premium of at least $5,000, and also crediting your salary.

There is a initial deposit of $500, with a fall-below fee of $2 if your average balance falls below $1,000.

Other Choices For Insurance Spend

Standard Chartered Bonus$aver Account
For those who don’t mind spending more on insurance, they could consider Standard Chartered’s Bonus$aver account. This account gives you 0.90% interest for purchasing insurance products which have a annual premium of at least $12,000.
Combining this with the salary credit bonus of 0.10%, would give you a total of 1.01% annual interest on balances up to $80,000.
Minimum balance requirements are higher at $3,000 however, with a fall-below fee of $5.

Best All-Rounder Accounts

Bank Of China Smartsaver Account
BOC’s Smartsaver account has one of the highest base interest rates, at 0.20%. Furthermore, most of it’s categories such as bill payment, salary credit, and card spend are pretty reachable.

By simply meeting any of these categories, you would increase your interest by 0.30%. Combined, they can boost your bonus interest by a whopping 0.90%!

The cherry on top is that this bonus interest starts accumulating from the first $80,000 of your deposit.

A minimum monthly average effective balance of S$1,500 is required to enjoy bonus interests.

Other All-rounder Choices

Maybank Save Up
With the Maybank Save Up account leading in most categories, we simply had to list it here as well.
This account has one of the highest base rates at 0.25%. Most categories such as card spend, and salary credit are quite attainable.
It’s eligible loans are also pretty extensive as well. Bonus interest starts from the first $50,000 in deposits.
There is a initial deposit of $500, with a fall-below fee of $2 if your average balance falls below $1,000.
DBS Multiplier Account
The DBS Multiplier account stands out with it’s easy-to-hit categories. Accumulate bonus interest by simply transacting any amount in the offered categories such as card spend, insurance, or home loans.
The downside is that interest payments are slightly lower, compared to the BOC and Maybank savings accounts.
Your first account with DBS has no initial deposit or minimum average daily balance. For subsequent accounts, you need to maintain your average daily balance above $3,000, or pay a $5 service charge. However, this fee is waived if you’re under 29 years old.

If you found yourself a better place to store your cash, then good for you! Do consider sharing this with someone who’s still lagging behind, and could use the info.

We’re definitely anticipating upcoming adjustments to interest rates in the coming months, likely towards the higher end.

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