10 Best Savings Accounts in Singapore with the Highest Interest Rates (Jan 2025)
Savings accounts have a simple premise, but often come with complex mechanisms for you to earn bonus interest.
When you open a savings account with a bank, you deposit money into it and let that money earn interest. You’ll enjoy higher interest rates on a savings account than you would on your normal account (called a checking account).
The issue is that not all savings accounts are made equal. Different banks offer different interest rates, have different minimum sums, and require you to hit different spend/transaction criteria (one of the savings accounts below has 9 types of transactions you can choose from to fulfil!).
So to help you out with navigating savings accounts in Singapore, we’ve compiled the best savings accounts in Singapore with the highest interest rates in 2025 for different personal and financial needs.
Note: We update this article on a monthly basis with the latest rates. The rates below were updated on 16 Jan 2025.
What are the best savings accounts in Singapore with the highest interest rates in 2025?
1. At a glance: Best savings accounts in Singapore with highest interest rates (Jan 2025)
Savings account | Interest rates (effective interest rates) | Best for |
Up to 6.05% (on first $100,000, fulfil 4 criteria) | High spenders | |
Up to 7.65% (on first $100,000, fulfil 5 criteria) | Lower income earners ($1,800 min. salary) | |
Up to 7.51% (on first $50,000 – $500,000, fulfil 5 criteria) | Those with other Citibank products | |
Up to 7.00% (on first $100,000, fulfil 4 criteria) | High spenders | |
Up to 4% (on first $150,000, fulfil 2 criteria) | Freelancers & self-employed | |
Up to 4.30% (on first S$50,000, fulfil 3 criteria) | Home, education, car loan users | |
Up to 4.10% (on first $50,000 – $100,000, fulfil 3 criteria) | Salaried workers | |
4.20% (on first $50,000, no criteria to fulfil!) | Young adults starting their careers | |
3.50% (just deposit and maintain money, no criteria to fulfil!) | Students or first-jobbers | |
Up to 3.90% (register and qualify for the HSBC Everyday+ Rewards Programme) | HSBC Everyday+ Rewards Programme, HSBC Everyday Global Debit Card users |
Most savings accounts require you to jump through a whole bunch of hoops to enjoy their best rates. But let’s be realistic here. Most of us aren’t going to be taking a home loan, buying insurance from the bank, and investing with the bank—and certainly not all at the same time. What will you earn if you only fulfil 2 criteria, such as crediting your salary and spending on your credit card? Here’s our realistic summary:
Savings account and the 2 best requirements you can fulfil | Effective interest rate on first $50,000 | Your earnings on first $50,000 |
Citi Wealth First Account | 3.01% (up to first $50,000) | $1,505 per year (~$125 per month) |
Standard Chartered BonusSaver | 2.05% p.a. (up to first $100,000) | $1,025 (~$85.42 per month) |
UOB One | 3.00% (up to first $75,000) | $1,500 (~$125 per month) |
OCBC 360 | 3.20% p.a. (up to first $75,000) | $1,600 per year (~$133 per month) |
Bank of China SmartSaver | 3.40% p.a. (up to first $100,000) | $1,700 per year (~$142 per month) |
Maybank Save Up Programme | 1.25% p.a. (up to first $50,000) | $625 per year (~$52 per month) |
DBS Multiplier | 1.80% p.a. (up to first $50,000) | $900 per year (~$75 per month) |
CIMB FastSaver | 4.2% p.a. (up to first $50,000) | $2,100 per year (~$175 per month) |
POSB SAYE (Save As You Earn) | 3.50% p.a. | $1,750 per year (~$146 per month) |
HSBC Everyday+ Rewards Programme | 2.90% p.a. interest + 1% cashback (capped at $300 a month) | $1,450 per year (~$121 per month) (excludes cashback) |
Note: The table above assumes you have a regular banking relationship. If you earn more, spend more, or are a premier or private banking client, you may enjoy better rates. Read the individual sections on each savings account below to find out more.
1. Citi Wealth First Account
Citibanking, Citi Priority | Citigold | Citigold Private Client | |
Deposit amount | First $50,000 | First $250,000 | First $500,000 |
Base interest rate | 0.01% p.a. | ||
Spend (min. $250/month on Citibank Debit Mastercard) | 1.5% p.a. | ||
Invest (min. $50,000/month) | 1.5% p.a. | ||
Insure (min. $50,000/month) | 1.5% p.a. | ||
Borrow (min. $500,000 home loan) | 1.5% p.a. | ||
Save (min. $3,000/month) | 1.5% p.a. | ||
TOTAL | 7.51% p.a. | ||
The Citi Wealth First Account has a simple mechanic for calculating its total interest rate: base interest (0.01%) + bonus interest (up to 7.50%).
Its base interest starts at 0.01% for everyone, whether you’re a Citibanking, Citi Priority, Citigold, or Citigold Private Client customer. That’s the lowest base interest rate out of all the savings accounts on this list.
Next, beef up that measly 0.01% up with bonus interest rates. You get different bonus rates depending on which of the following categories you fulfil:
Spend (+1.5%): Spend at least $250/month on your Citibank Debit Mastercard.
Invest (+1.5%): Purchase one or more new single lump sum investments totalling at least $50,000/month. Investments can include Unit Trust, Structured Notes and Bonds.
Insure (+1.5%): Purchase one or more new single premium policies totalling at least $50,000/month. This excludes policies purchased using Central Provident Fund Savings or Supplementary Retirement Schemes.
Borrow (+1.5%): Take up a new home loan of at least $500,000.
Save (+1.5%): Deposit more money into your account, increasing your account’s average daily balance by at least $3,000 from the previous month’s.
If you fulfil all of the transaction categories above, the maximum interest rate you can get with the Citi Wealth First Account is a generous 7.51%. That’s one of the highest rates among the savings accounts this month. Plus, it applies to the first $50,000 to $150,000 in your account, and not just the first $25,000 after the first $100,000 or something like that (looking at you, UOB One). That means 7.51% p.a. is the effective interest rate!
Realistically speaking, most of us can only deposit our salaries in the account, i.e. “Save“, and “Spend“. If you only fulfil these 2 criteria, you’ll earn 3.01% p.a. interest on the Citi Wealth First Account. That’s $1,505 earned per year from your first $50,000.
The only advantage to starting a Citigold or Citigold Private Client banking relationship is that the bonus interest rates can apply to a larger sum of money. For Citibanking and Citi Priority customers, bonus interest rates are applied to only the first $50,000, according to the Citi Wealth First T&Cs (Clause 7). This increases to $250,000 for Citigold and $500,000 for Citigold Private Client.
Citi Wealth First Account
Minimum balance: $15,000
Fall below fee: $15
Bonus interest cap: $50,000 – $500,000
MoneySmart Exclusive
ENJOY UP TO 7.51% p.a. INTEREST
Citigold (Join and opt-in as an Accredited Investor)
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Get S$800 Cash via PayNow OR 11,250 SmartPoints when you start a Citigold relationship as an Accredited Investor, make a S$300,000 deposit within 3 months of account opening and maintain the funds until gift fulfilment. T&Cs apply. Use 11,250 SmartPoints to fully redeem a product from our Rewards Store.
Valid until 31 Jan 2025
More Details
Key Features
Enjoy up to 7.51% p.a. interest when you join Citigold and open a Wealth First account. T&Cs apply.
Complete Investment Risk Profile and Fact Find Report and get S$100 + S$188 prosperity bonus cash. T&Cs apply.
Enjoy $300 rewards + S$200 prosperity bonus when you be an accredited investor. T&Cs apply.
Multiply your rewards and enjoy S$250 cash for every S$50,000 investment and/or insurance purchase. T&Cs apply.
Hold a valid primary/main Citi Credit Card and get a S$100 bonus cash reward. T&Cs apply.
Take up a Citi Home Loan and get a S$500 bonus cash reward. T&Cs apply.
As an Accredited Investor, access a wider range of investment opportunities.
Enjoy zero foreign transaction or currency conversion fees in over 15 currencies with Citibank Global wallet when you pay with your Citigold Debit Mastercard.
Enjoy 0%* commission buy trades online for U.S. & Hong Kong markets for 6 months when you open a new Citibank Brokerage account.
Get wealth management advice and solutions from a dedicated Relationship Manager and team of wealth specialists.
Receive in-depth global market insights and research knowledge from a team of over 350+ research analysts.
Enjoy fully personalised wealth management solutions with Citigold's Total Wealth Advisor.
Enjoy Citigold Preferential Time Deposit Rates of up to 2.90%* p.a. on a 3-month SGD Time Deposit T&Cs apply.
Citigold status is maintained at Citibank branches overseas.
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2. Standard Chartered BonusSaver account interest rates
The Standard Chartered BonusSaver savings account used to offer the highest maximum interest rate on a savings account—7.88 % p.a. This maximum rate got reduced to 7.68% p.a. on 1 May 2024 following UOB’s rate cut on their flagship savings account, and then got nerfed again to 6.05% p.a. on 1 Jan 2025.
Here’s a breakdown of the changes that took effect on 1 Jan 2025:
Transactions | Current interest rates |
None (base interest) | 0.05% |
Salary credit (min. $3,000) | +1.00% |
Credit card spending (min. $1,000) | +1.00% |
Invest in eligible unit trust (min. $20,000) | + 2.00% for 6 months |
Buy eligible insurance (min. $12,000) | + 2.00% for 6 months |
Total interest | 6.05% p.a. |
Online Promo
Up to 6.05% Interest p.a.
Standard Chartered Bonus$aver Account
More Details
Key Features
Get up to 6.05% p.a. Bonus Interest per year when you spend, credit salary, invest, insure and pay bills through the account.
Earn 1.00% p.a. bonus interest with a minimum salary credit of S$3,000 per month
Earn up to 1.05% p.a. (inclusive of prevailing interest rate) with a minimum of S$1,000 on eligible spends
Earn 2.00% p.a. bonus interest for investment of eligible unit trust funds with a minimum subscription of S$20,000
Earn 2.00% p.a. bonus interest for purchase of eligible insurance policy with a minimum annual premium of S$12,000
Multi-currency feature: Access funds in up to 14 currencies with Bonus$aver account. The multi-currency feature on Bonus$aver account gives you the freedom to shop globally online or offline with S$0 overseas transactions fee*, invest in global markets with just one account and enjoy competitive foreign exchange rates when converting currencies.
Enjoy additional with The Good Life® Privileges with the use of Bonus$aver World MasterCard Credit Card.
Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$100,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.
While 6.05% p.a. sounds high, it isn’t easy to hit this maximum interest rate on the Standard Chartered BonusSaver. You’d need to fulfil all 4 requirements: credit your salary, spend on your credit card, invest, and buy insurance. Tough!
If you only catch the lowest hanging fruit, salary credit and credit card spending, you’ll only earn 2.05% p.a. Yikes. For meeting the same 2 requirements, the OCBC 360 account (4.05% p.a. on first $100,000) UOB One (3.38% p.a. on first $100,000 or 4.00% p.a. on first $150,000) are going to be a lot more attractive.
On the plus side, 6.05% p.a. is applied to the entire sum of $100,000, whereas accounts like the UOB One savings account are only going to give the highest interest rate to a smaller sum based on a tiered system. (Check our review of the UOB One account to see the effective interest rates on the entire $100,000 sum.)
Do note that you only get 1% interest for crediting your salary if you’re earning at least $3,000 per month. If you earn less, I suggest the OCBC 360 savings account instead—it’ll give you the same 2.00% p.a. interest on your first $75,000 for crediting a minimum salary of $1,800.
Standard Chartered Bonus Saver
Minimum balance: $3,000
Fall below fee: $5
Bonus interest cap: $100,000
MoneySmart Exclusive
Earn 1.5% Unlimited Cashback
Standard Chartered Simply Cash Credit Card
MoneySmart Exclusive:
Get UPSIZED S$388 Cash via PayNow or earn 5,040 SmartPoints when you apply and spend S$500 within 30 days! T&Cs apply. And stand chance to win a Porsche Taycan Base (2025) in SC Million Reasons to be Happier Lucky Draw! T&Cs apply.
Additionally, enrol in our Rollin' Rewards campaign for FREE, and stand a chance to win 6,140 SmartPoints. That’s a total of 11,180 SmartPoints, which you can use to redeem an Apple iPad Air Wi-Fi (11-inch, 128GB) (worth S$899) from our Rewards Store today!
Valid until 31 Jan 2025
More Details
Key Features
Flat 1.5% cashback rate for all eligible purchases
No cashback cap and no minimum spend
Enjoy dining and shopping discount privileges at over 3,000 outlets in Asia with Standard Chartered’s The Good Life Program
1 year annual fee waiver, no minimum spend required
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3. UOB One savings account interest rates
The UOB One Account is kinda famous. It did us all a great service from Dec 2022 to Apr 2024, offering a rate of up to 7.80% (EIR: 5.00% p.a.) back then for simply spending on a UOB credit card and crediting our salaries to the account.
But Singapore’s highest interest savings account relinquished its throne on 1 May 2024, when UOB introduced 2 new interest tiers and reduced its maximum interest rate to 6.00% p.a. (EIR: 4.00% p.a.). Here are the current rates:
UOB One savings account interest rates
Account Monthly Average Balance | $500 spend per month on eligible UOB Card | $500 spend per month on eligible UOB Card + 3 GIRO debit transactions | $500 spend per month on eligible UOB Card + credit salary via GIRO (min. salary of S$1,600) |
First $75,000 | 0.65% | 2.00% | 3.00% |
Next $50,000 | 0.05% | 3.00% | 4.50% |
Next $25,000 | 0.05% | 0.05% | 6.00% |
Above $150,000 | 0.05% | 0.05% | 0.05% |
UOB One Account
More Details
Key Features
Up to 2.50% p.a. interest rates
Up to $200 cash credit when you sign up online and sign up for a UOB credit card. T&Cs apply
Low initial deposit of $500
Withdraw cash conveniently without an ATM card using Mobile Banking
UOB Young Professionals Solution is a combination of UOB One Account, UOB YOLO and the unique Sweep feature that allows you to automatically invest your earned account interests and card rebate into a Unit Trust
The UOB One savings account no longer has the highest maximum interest rate for a savings account in Singapore, but it may still be worth it for you. I’m happy to report that at least UOB did not change the mechanics of how to earn bonus interest on the UOB One. That means the winning quality of the UOB One account remains intact—its criteria to snag the highest interest rate is easy peasy. You only need to fulfil these 2 requirements:
Credit your salary to the UOB One account via GIRO
Spend at least $500 spend per month on an eligible UOB Card
The eligible cards you can hit the $500 spend on are:
UOB Lady’s Card (all card types)
Lazada-UOB Card
UOB One Debit Visa Card
UOB One Debit Mastercard
UOB Lady’s Debit Card
UOB Mighty FX Debit Card
Among these cards, the UOB One Card is one of the best cards to pair with the UOB One savings account. Find out why in our full review of the UOB One account.
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UOB One Card
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MoneySmart Exclusive: Get S$88 Cash via PayNow when you apply, spend a min. of S$1,000 within the first month! T&Cs apply.
Additionally, enrol in our Rollin' Rewards campaign for FREE, and stand a chance to win 6,140 SmartPoints, which you can use to redeem an Apple 10.9-inch iPad 10th Gen Wi-Fi (64GB) (worth S$499) from our Rewards Store today!
UOB Online Promotion: Enjoy up to 20% cashback on daily favourites like: Shopee, Grab, McDonald's, SimplyGo & DFI Retail Group, when you are a new-to-UOB credit card customer and meet the relevant minimum spend criteria! T&Cs apply.
Valid until 22 Jan 2025
More Details
Key Features
Enjoy up to 20% cashback at DFI Retail Group, Grab, McDonald's, Shopee and SimplyGo when you successfully apply from 1 January 2025 to 31 March 2025. Other T&Cs apply.
Up to 10% cashback on McDonald's (including McDelivery®)
Up to 10% cashback at Shopee Singapore (excludes ShopeePay)
Up to 10% cashback at DFI Retail Group (Cold Storage, CS Fresh, Giant, Guardian, 7-Eleven & more)
Up to 10% cashback at Grab (including GrabFood, excludes Grab mobile wallet top-ups)
Up to 10% cashback (bus and train rides)
Up to 10% cashback on UOB Travel
Up to 4.33% cashback on Singapore Power utilities bill.
Up to 3.33% cashback on all retail spend (based on S$500, S$1,000 or S$2,000)
Fuel savings of up to 24% at Shell and SPC
Exclusions and T&Cs at uob.com.sg/onetncs
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If you prefer a card with $0 minimum spend, the recently revamped UOB Lady’s Card is right up your alley. And yes, men can apply too!
MoneySmart Exclusive
Up to 10 Miles per S$1 spent
UOB Lady's Card
MoneySmart Exclusive:
MoneySmart Exclusive: Get S$88 Cash via PayNow when you apply, spend a min. of S$1,000 within the first month! T&Cs apply.
Additionally, enrol in our Rollin' Rewards campaign for FREE, and stand a chance to win 6,140 SmartPoints, which you can use to redeem an Apple 10.9-inch iPad 10th Gen Wi-Fi (64GB) (worth S$499) from our Rewards Store today!
Valid until 22 Jan 2025
More Details
Key Features
Up to 25X UNI$ for every S$5 spend (equiv. to 10 miles per S$1) on your preferred rewards category with no minimum spend required. Choose from Beauty & Wellness, Dining, Entertainment, Family, Fashion, Transport and Travel.
10X UNI$ (4 miles per S$1) + additional up to 15X UNI$ (6 miles per S$1) when you save with UOB Lady's Savings Account
Flexibility to change your Preferred Category Spending every quarter.
UOB Lady's LuxePay Plan 6 or 12-month installment plan with no interest or processing fees
Free e-Commerce protection for online purchases up to USD$200
Earn up to 6.0% p.a. interest with UOB One Account
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Don’t have a fixed monthly salary? You can still get up to 3.00% p.a. on $50,000 after the first $75,000 with the UOB one account if you pay 3 bills by GIRO. This is great for those without a regular pay check, such as freelancers, retirees or homemakers. If you go for this option, the interest rate rises with every additional $30,000 or $15,000 in your UOB One account, up to $75,000.
For our full breakdown of the UOB One’s rates, read our review of the UOB One savings account, where we talk effective interest rates, spending requirements and more.
UOB One Account effective interest rates (EIR)
Everyone is enticed by the 6% p.a. carrot that UOB dangles, but remember that this is only applied on the $25,000 after your first $125,000—unlike the Standard Chartered Bonus Saver, which applies 7.68% p.a. on the full $100,000 you bank with them.
What you need to look at is the effective interest rate—the true interest rate on the full amount you deposit in your UOB One Account. Here’s how much you’ll really earn with different account balances and with the fulfilment of different criteria:
UOB One Account Effective Interest Rates (EIR) | |||
Account Balance | $500/month credit card spend | $500/month credit card spend + 3 GIRO debit transactions | $500/month credit card spend + credit salary via GIRO |
$75,000 | 0.65% | 2.00% | 3.00% |
$125,000 | 0.41% | 2.40% | 3.60% |
$150,000 | 0.35% | 2.01% | 4.00% |
$200,000 | 0.28% | 1.52% | 3.01% |
Simply for crediting your salary and spending $500/month on your credit card, the UOB One Account’s 4% p.a. EIR (on first $150,000) is currently one of the highest out there—second only to OCBC 360’s 4.05% p.a.. Comparatively, Standard Chartered will give you 2.65% p.a. to fulfil the same criteria, or 3.45% p.a. if your credit card spending is at least $2,000/month.
UOB One savings account
Minimum balance: $1,000
Fall below fee: $5 (Waived for first 6 months for accounts opened online)
Bonus interest cap: $100,000
4. OCBC 360 savings account interest rates
Transactions | Interest rate (first $75,000) | Interest rate (next $25,000) | |
None (base interest) | 0.05% | 0.05% | |
Salary credit (min. $1,800, GIRO/FAST/PayNow) | + 2.00% | + 4.00% | |
Increase avg. monthly balance (min. $500) | + 1.20% | + 2.40% | |
Spend (min. $500 on selected OCBC credit cards) | + 0.60% | ||
Insure in selected products (min $2,000) | +1.20% | + 2.40% | |
Invest in selected products (min. $20,000) | + 1.20 % | + 2.40% | |
Maintain average daily balance of min. $200,000 | 2.40% | ||
OCBC 360 Account
More Details
Key Features
Minimum salary credit of S$1,800 via GIRO
OCBC 360 is a savings account with a base interest rate of 0.05% per annum on the account’s balance
You enjoy bonus interest rates when you credit your monthly salary, meet certain deposit amounts such as S$500 monthly increases or S$200,000 total balance, purchase insurance, or invest with OCBC
Increase your OCBC 360 account savings balance by S$500 monthly to enjoy 1.20% bonus interest on the first S$75,000, followed by 2.40% bonus interest for the next S$25,000.
If your account balance is above S$200,000, you enjoy an additional 2.40% on your first S$100,000 deposited
The OCBC 360 savings account is currently one of Singapore’s highest interest savings accounts. It starts at a base interest of 0.05% p.a., and gives you varying bonus rates for crediting your salary, spending on your credit card (minimum of $500/month), growing your balance, insuring and investing. If you fulfil several of these requirements, this is what your maximum Effective Interest Rate (EIR) will be on your first $100,000:
Salary + Save: 4.05% p.a.
Salary + Save + Spend: 4.65% p.a.
Salary + Save + Spend + Insure / Invest: 6.15% p.a.
Salary + Save + Spend + Insure + Invest: 7.65% p.a.
To recap, the UOB One account gives you an EIR of up to 4.00% on the first $15o,000 or 3.38% p.a. on the first $100,000. While that’s a lower maximum rate than OCBC 360, don’t forget that the UOB One account rewards you with their maximum rates simply for crediting your salary and spending on your credit card.
The OCBC 360 is more complicated than the UOB One, but also more flexible in that there is no one mandatory requirement. This account is perfect for those who don’t hit the $3,000 minimum salary requirement many other savings accounts have. You’ll get a bonus 2% just for crediting your salary to the OCBC 360 account through GIRO, FAST, or PayNow. UOB only counts your salary credit if it’s via GIRO.
You also get a bonus 1.2% every month that your account balance increases by $500 or more, so that might encourage you to save more even if you don’t hit the other criteria.
Do note that the $500 monthly spend category for a bonus 0.60% p.a. interest applies only to selected OCBC credit cards:
OCBC 90°N (available in both Visa and Mastercard versions)
My top pick is the OCBC 365 Credit Card for its high cashback rates, subject to a minimum monthly spend of $800:
5% cashback on everyday dining (including local, overseas and online food delivery)
6% cashback on fuel spend at all petrol service stations locally and overseas
3% cashback on groceries, land transport, online travel, recurring telco and electricity bills
High Spend on Dining
OCBC 365 Credit Card
More Details
Key Features
6% cashback on fuel spend at all petrol service stations
5% cashback on everyday dining (including local, overseas and online food delivery)
3% cashback on groceries, land transport, recurring telco and electricity bills
3% cashback on streaming and EV charging
3% cashback at Watsons stores and Watsons Online
0.25% cashback on everything else
Min. spend of S$800 per month, with cashback capped at S$80 per month
Unlock up to S$160 cashback per month with a min. spend of S$1,600 per month
2 years fee waiver for principal card (S$196.20), subsequent years waived with min. spend of S$10,000 p.a.
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But if you’ve jumped through enough hoops for your savings account and just want a blanket 1.6% cashback rate from your credit card, the OCBC INFINITY Cashback Card is a better fit.
Earn 1.6% unlimited cashback
OCBC INFINITY Cashback Card
More Details
Key Features
Earn 1.6% in unlimited cashback on transactions made in stores or online, locally or overseas.
No minimum spending required to earn cashback
No limit to the cashback you can earn
Cashback willl be credited automatically to your card account
OCBC 360
Minimum balance: $1,000
Fall below fee: $2. Waived for first year.
Bonus interest cap: $100,000
5. Bank of China SmartSaver account interest rates
Transactions | Interest rate |
None (base interest) | 0.4% |
Insurance plan spending | + 2.40% p.a. for 12 consecutive months |
Salary credit | + 2.50% (min. $2,000) |
Credit card spending | + 0.50% (min. $500) OR 0.80% (min. $1,500) |
3x bill payments of at least S$30 each (GIRO or internet/mobile banking) | +0.9% p.a. |
With the Bank of China SmartSaver account, you get a cool 2.5% p.a. just for opening the account and crediting your salary (minimum of $2,500) to it. If raking up a monthly bill of at least $1,500 on your Bank of China credit card is no problem for you, you’ll get an additional 0.8% bonus interest.
The Bank of China SmartSaver account also awards a wealth bonus of 2.4% per annum for 12 consecutive months. However, to qualify, you’ll have to put down a pretty hefty sum on their insurance products. We’re talking a minimum of $12,000 in annual premiums with a 10-year premium term.
If you max out the bonus interest in all categories, you can enjoy a rate of up to 7.0% p.a. on your first $100,000 saved with the Bank of China. On the other hand, let’s say you only credit your salary and spend ($500 a month). Including the prevailing base interest, you’ll earn an interest rate of 2.50% + 0.50% + 0.40% = 3.40% on your first $100,000. Still quite decent for low effort on your part!
Bank of China SmartSaver
Minimum balance: $200 (Maintain at least $1,500 to enjoy bonus interests)
Fall below fee: $3
Bonus interest cap: $100,000
6. Maybank Save Up Programme interest rates
Interest rates | |||
Transactions | First S$50,000 | Next S$25,000 | Maximum Effective Interest Rate |
None (base interest) | Up to 0.25% p.a. | Up to 0.25% p.a. | |
1 x transaction | + 0.30% p.a. | + 1.00% p.a. | 0.53% p.a. |
2 x transactions | + 1.00% p.a. | + 1.50% p.a. | 1.17% p.a. |
3 x transactions | + 2.75% p.a. | + 3.75% p.a. | 3.08% p.a. |
The Maybank Save Up Programme lets you choose from 9 different Maybank products/services to get bonus interest:
GIRO payment (min. $300) OR salary credit (min. $2,000)
Credit card spending (min. $500) on Maybank Platinum Visa Card and/or Horizon Visa Signature Card
Invest in structured deposit (min. $30,000)
Invest in unit trust (min. $25,000)
Buy insurance (min. $5,000 annually)
Home loan (min. $200,000)
Renovation loan (min. $10,000)
Car loan (min. $35,000)
Education loan (min. $10,000)
The Maybank Save Up Programme starts with a higher base interest rate than most other savings accounts. However, the bonus interest rates aren’t competitive unless you fulfil 3 transactions. Assuming you hit 3 transactions and start with a bonus interest rate of 0.25%, you’ll get 4.3% on your first $50,000 and 5.5% p.a. on the next $25,000. For comparison, the OCBC 360 account will give you 4.65% p.a. for hitting the 3 categories of crediting your salary, saving, and spending on your credit card.
Speaking of credit card spending, do note that Maybank only considers credit card spending on the Maybank Platinum Visa Card and Horizon Visa Signature Card. Spending on other Maybank credit cards doesn’t count. On the plus side, these cards give you good cash rebates both locally and overseas.
Online Promo
Maybank Platinum Visa Card
More Details
Key Features
3.33% cashback on all local and foreign spend, up to S$200 per quarter
3.33% cashback on insurance payment (only 50% of each tier considered)
Complimentary Travel Insurance coverage up to S$500,000
Online Promo
Maybank Horizon Visa Signature
More Details
Key Features
Earn 2.8 air miles (7X TREATS Points) for every S$1 spent on air tickets and foreign currency transactions when you charge a min. of S$800 per calendar month
Earn 1.2 air miles (3X TREATS Points) for every S$1 spent on all local shopping, groceries, dining, hotel bookings and many more
Complimentary lounge access with minimum spend of S$1,000 in a single transaction on a retail purchase, accompanying guest(s) enjoys 20% off walk-in rates for lounge access.
Complimentary Travel Insurance up to S$1,000,000
3 years annual fee waived; spend min. S$18,000 per year to get subsequent waiver
Maybank Save Up Programme
Minimum balance: $1,000
Fall below fee: $2. Waived for individuals below age 25.
Bonus interest cap: $50,000
7. DBS Multiplier savings account interest rates
The DBS Multiplier account’s interest rates are only competitive if you hit 3 categories across credit card spending, home loan, insurance, and investment.
Total monthly transactions | Income + 1 category | Income + 2 categories | Income + 3 categories |
First $50,000 | First $100,000 | First $100,000 | |
$500 to $14,999 | 1.80% | 2.10% | 2.40% |
$15,000 to $29,999 | 1.90% | 2.20% | 2.50% |
$30,000 and up | 2.20% | 3.00% | 4.10% |
High Interest Rates
DBS Multiplier Account
More Details
Key Features
No minimum salary credit
DBS Multiplier Account is a deposit account with a base interest rate of 0.05% per annum
Bonus interest rates: 1.40% to 3.80% per annum. DBS Multiplier Account 2020 interest rates have been updated as of 1 August 2020
To enjoy bonus interest rates, you need to credit your salary or dividends via GIRO to any DBS/ POSB deposit account that you hold, and transact a minimum of S$2,000 on any DBS/ POSB credit card you hold, DBS/ POSB home loan monthly instalments, DBS/ POSB insurance regular monthly premium, or DBS investments. Your bonus interest rate increases if you transact in more of the above categories
Bonus interest rates for 29-year-olds and below: Credit your income and spend above S$500 via PayLah! to qualify for 0.30% bonus interest rates on your PayLah! retail spend
DBS Multiplier 2020 interest rate updates: As of 1 August 2020, interest rates have been revised for DBS Multiplier account holders with transactions in 1 and 2 categories. Refer to Bonus Interest Rate tab below to see the change in interest rates
Students, NSF, self-employed, salaried or retired individuals are eligible to apply
The rates in the table above apply to you if you credit your salary/dividends/SGFinDex to any DBS or POSB account (yes, it doesn’t need to be your DBS Multiplier account!). You need to have at least $500 worth of transactions from 1 or more of the following categories:
Credit card or PayLah spending (no minimum)
Home loan (cash + CPF components counted)
Selected insurance policies (life insurance, critical illness, endowment plans and selected single premium policies)
Selected investments (regular savings plan, unit trust, online equities trade, digiPortfolio or bonds, and structured products)
The more categories you hit, the higher bonus interest rates you get.
One thing I really like about the DBS Multiplier is that there is no minimum amount required for the credit card or DBS PayLah! spend. You can also choose either, although I would recommend the credit card route for extra cashback or miles. You can earn up to 10 miles per dollar with the DBS Altitude Visa Signature Card on your travel spend at Expedia and Kaligo, and 2.2 miles per dollar on other overseas spend.
Online Promo
Earn Miles That Never Expire
DBS Altitude Visa Signature Card
More Details
Key Features
From 1 Nov to 31 Dec 2024, register on DBS PayLah! and earn up to 5 miles per S$1 on foreign spend (both in-store and online).
Earn up to 4.3 miles per S$1 spend on hotel transactions at Agoda
Earn up to 2.2 miles per S$1 on overseas spend (made in foreign currency)
Earn up to 1.3 miles per S$1 on local spend
Earn Miles for Life! DBS Points earned do not expire.
Complimentary Digital Priority Pass membership
™ Enjoy first year annual fee waiver
Receive 10,000 bonus miles when you pay for your annual fee of S$196.20 (inclusive of GST)
Miles are awarded in the form of DBS Points which are awarded for every S$5 spent (1 DBS Point = 2 miles) on a per transaction basis
At MoneySmart, we strive to keep our information accurate and up to date. This information may be different from what you see when you visit a financial institution, service provider, or specific product site. MoneySmart shall not be liable to compensate the Customer should the information is not as updated as our Partner.
The DBS Vantage Visa Infinite Card comes with an even bigger welcome miles bonus, although it isn’t the most accessible credit card due to its high minimum income requirement.
Online Promo
Miles or Cashback – you decide
DBS Vantage Visa Infinite Card
More Details
Key Features
1.5 miles or 1.5% cashback for every S$1 local spend
2.2 miles or 2.2% cashback for every S$1 overseas spend
Switch your rewards flexibly between up to 2.2 miles per S$1 or 2.2% Cashback
Receive 25,000 bonus miles (in the form of 12,500 DBS Points) when you pay the annual fee of S$599.50 (inclusive of GST)
At MoneySmart, we strive to keep our information accurate and up to date. This information may be different from what you see when you visit a financial institution, service provider, or specific product site. MoneySmart shall not be liable to compensate the Customer should the information is not as updated as our Partner.
What if you don’t have any DBS credit card, insurance, or investments? If you’re 29 years old or below, you can still earn 1.5% p.a. on the first $50,000. You don’t need to credit your salary to a DBS/POSB account, but DBS will still require you to at least use PayLah!. The good news is that there isn’t a minimum amount for PayLah! spend. Just use it to pay for anything, even if it’s a $1+ cup of kopi at your local coffeeshop. Easy!
Overall, the DBS Multiplier account makes it easy to earn bonus interest with its zero minimum spend transaction categories and the flexibility to credit your salary into any DBS account, not necessarily the DBS Multiplier.
However, DBS Multiplier account interest rates start pretty low, especially if you don’t credit your salary to a DBS/POSB account. Comparatively, CIMB FastSaver’s interest rates start at 1.50% p.a. for just opening the account and depositing a minimum of $1,000.
DBS Multiplier
Minimum balance: $3,000
Fall below fee: $5. Waived for first-time customers & those up to age 29.
Bonus interest cap: $100,000
8. CIMB FastSaver savings account interest rates
The CIMB FastSaver account is the easiest savings account to earn money with this month. Open your account from now till 31 Jan 2025 and earn up to 5.20% p.a. on your first $25,000 till 31 Mar 2025!
Account balance | Prevailing interest rate | Bonus interest rate | Total interest rate | Additional interest rate from salary crediting / incoming standing instructions (min. $1,000) |
First $25,000 | 1.19% p.a. | 2.01% p.a. | 3.20% p.a. | + 0.50% p.a. when you credit your salary or schedule a recurring transfer (Standing Instruction via GIRO) of at least $1,000 |
Next $25,000 | 2.19% p.a. | 1.01% p.a. | 3.20% p.a. | – |
Next $25,000 | 3.30% p.a. | 0.00% p.a. | 3.30% p.a. | – |
Above $75,000 | 0.80% p.a. | 2.40% p.a. | 3.20% p.a. | – |
Beyond the first $25,000, you’ll still earn up to 3.30%. That’s without any conditions to hit a certain credit card spend, requirements to buy insurance, or other hoops to jump through to enjoy this rate.
Admittedly, 3.30% p.a. interest is not a lot. But we have to give the CIMB FastSaver account credit where it’s due—it’s almost zero effort required. Their mechanic is as simple as it gets: deposit money, earn interest. The only requirement is to maintain at least $5,000 in your account for you to earn the advertised interest rates. To me, it’s almost like a fixed deposit account.
If we assume you hit the requirements to earn 5.2% on your first $25,000, your effective interest rates are:
First $25,000: 5.20%
First $50,000: 4.20%
First $75,000: 3.90%
First $100,000: 3.725%
This account is also perfect for most young adults starting out their career, because of the very low minimum balance of $1,000 (note, however, that you need to maintain $5,000 for the current promotion) and no fall below fee.
CIMB FastSaver
Minimum balance: $1,000
Fall below fee: None!
Bonus interest cap: $75,000
9. POSB SAYE savings account interest rates
What if you want to open a savings account, but don’t want to do anything but credit money into it? The best zero-effort contender is the POSB SAYE (Save As You Earn) account.
You need to set up a standing order to credit a fixed amount every month (anything from $50 to $3,000) into your SAYE account, then resist the urge to touch it for 2 years. As a reward for your restraint, you earn 3.5% p.a..
Note that it’s a whole lot less liquid than any other savings account, so for the love of God, please don’t put your emergency stash in here.
10. HSBC Everyday Global Account
HSBC Everyday Global Account (Personal Banking)
More Details
Key Features
A multi-currency account that meets your transactional needs in up to 11 different currencies
No Fees, No Fuss - Shop and withdraw cash in 10 currencies at $0 fees
Send money internationally with the HSBC Global Money Transfers
Earn Cash Rewards with the HSBC Everyday+ Rewards Programme
Get 1% cashback on all eligible spends with your HSBC Everyday Global Debit Card
Get 1% cashback on all eligible GIRO bill payments
Enjoy Bonus Interest on your incremental SGD average daily balances
Make FX transactions with real-time exchange rates at your convenience.
Our last savings account on this list is the most headache-inducing, but also has the highest effective interest rate at the moment due to their ongoing promotion. The HSBC Everyday Global Account is a multi-currency account that also doubles up as a savings account…masquerading as an interest/cashback-earning hybrid. Yikes. Let me explain.
The HSBC Everyday Global Account lets you transact in 11 different currencies, but that’s probably not the reason why you’re reading this article. More importantly for our purposes today, it also functions as a savings account. But unlike the others on this list, the HSBC Everyday Global Account doesn’t stack bonus interest the more you spend/save/borrow/invest/insure. Instead, the account works hand in hand with the HSBC Everyday+ Rewards Programme to, overall between the account and the programme, earn you an extra 1% bonus interest and 1% cashback per year.
When you have an HSBC Everyday Global Account and also qualify for the HSBC Everyday+ Rewards Programme, you can earn up to 3.90% p.a. from now to 31 Jan 2025:
0.05% p.a. Everyday Global Account’s prevailing interest rate
+ Up to 2.85% p.a. Everyday Global Account Bonus Interest
1.00% p.a. when you qualify for the HSBC Everyday+ Rewards Programme
Combined, these bring your total interest to 3.90% p.a.
How do I qualify for the HSBC Everyday+ Rewards Programme?
The third component above (1% additional interest) comes from qualifying for the HSBC Everyday+ Rewards Programme. Here are the requirements:
Deposit at least $2,000 (for Personal Banking customers) or $5,000 (for Premier customers) into the account
Make 5 eligible transactions, with no minimum amount. These can be any combination of the following types:
Transactions made with a HSBC personal credit card*
Transactions made with a HSBC Everyday Global Debit Card
GIRO bill payments
Fund transfers to a non-HSBC account
What do I earn from the HSBC Everyday+ Rewards Programme?
Qualifying for the Everyday+ Rewards Programme gets you:
1% bonus interest (as we talked about) on the money you top up into your account each month (capped at $300/month)
1% cashback on your HSBC Everyday Global Debit Card transactions and GIRO bill payments (capped at $300/month for Personal Banking customers, $500/month for HSBC Premier customers)
* Note that you can use an HSBC credit card to qualify for the HSBC Everyday+ Rewards Programme, but credit card spending won’t earn you cashback once you qualify the programme. I know, I’m not a fan of this either. This change was implemented by HSBC on 2 May 2024 and is also spelled out in their updated terms and conditions.
On the plus side, HSBC doesn’t limit you to a select few credit cards for the credit card spending criteria, so take your pick of the HSBC credit cards available. My personal pick is the new HSBC Live+ Credit Card. From now till the end of the year, earn 8% cashback on this card on your dining, shopping, and entertainment spending.
MoneySmart Exclusive
Up to 8% Cashback | Instant Activation*
HSBC Live+ Card
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Get S$199 Cash via PayNow + $150 eCapita Voucher (total worth S$349) or 5,000 SmartPoints , and a Circles.Life 3-month 150GB 4G Plan + 1TB 5G Local Data (worth S$65) when you apply and spend S$800! PLUS get additional S$88 CASH BONUS when you are the first 10 to submit the claim at 2pm or 9pm daily! T&Cs apply.
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Valid until 24 Jan 2025
More Details
Key Features
Enjoy up to 8% cashback* when you dine, shop and live your life, both locally and overseas.
- 8% cashback* on dining, shopping and entertainment
- 5% cashback on fuel at Caltex and Shell gas stations in Singapore
- 0.3% cashback on other spends
- Terms and Conditions apply.
Savour sweet deals of 15% discount at over 200 restaurants through our curated Live+ Dining Programme
Enjoy 1-for-1 dining, travel and lifestyle partners through your complimentary ENTERTAINER with HSBC app
Enjoy savings when you purchase movie tickets and HSBC's Movie Cards at any Golden Village multiplexes in Singapore.
*Min. spend and other terms and conditions apply. Valid till 31 Dec 2024.
On top of the interest and cashback, HSBC will give you one-time cash bonuses of up to $150 (for Personal banking customers) / $300 (Premier customers) when you deposit at least $100,000 (Personal banking) / $200,000 (Premier Banking) and meets the eligibility criteria above for the first 6 months.
How to register for the HSBC Everyday+ Rewards Programme
To register, send an SMS to 74722 with the following format:
EGA<Space>first 9-digit of your Everyday Global Account number (e.g. EGA 123456789)
We’ve also reviewed the Best Banking Accounts in HK. Check them out!
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About the author
Vanessa Nah is a personal finance content writer who pens articles on the ins and outs of savings accounts, the T&Cs of credit cards, and the ups and downs of alternative investments. She’s a researcher at heart and leaves no stone unturned when it comes to breaking down complex finance concepts and making them easy to understand for the everyday Singaporean. When Vanessa’s not debunking finance myths, you’ll find her attending dance classes, fingerpicking a guitar, or (most impawtently) fulfilling her life mission to make her one-eyed cat the most spoiled and loved kitty in the world.
10 Best Savings Accounts in Singapore with the Highest Interest Rates (Jan 2025) was first published on the MoneySmart blog.
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