The government will match dollar for dollar, the amount you save, up to a certain limit. It’s pretty easy to apply for this savings account as there’s no age requirement or minimum deposit. As long as you’re protected by any of these insurance companies, you don’t have to worry about spending beyond your means when something unexpected happens while you’re travelling. Here is how much interest you can earn after 1 Jan 2021: If you take up a home mortgage loan or invest with DBS as well. There aren’t a lot of special features that go along with this card, but it frequently rewards users with bonus interest rates. For example, you can enjoy a 0.60% bonus interest rate when you’ve accomplished at least one of their requirements for card spending. As long as you’re protected by any of these insurance companies, you don’t have to worry about spending beyond your means when something unexpected happens while you’re travelling. Every time you have a transaction using this card, you receive a bonus to your interest rate. UOB One Account Now Yields 1.8% Interest Rate As shown in Diagram 1 below, prior to 1 May 2020, UOB One Savings Account provides 2.436% interest rate. The interest rate shown in the table below will be the interest rate effective 1 Dec 2020. You can earn an interest rate of up to 3.55% when you use your account to pay your bills and credit your salary. Other notes: Account will be converted to a regular statement-based savings account … DBS Multiplier Account. Here’s how much interest you can get based on the criteria we set out: FYI: From 15 Jan 2020 onwards, CIMB will be revising its interest rates for the CIMB FastSaver account. Then we suggest that you try the best savings accounts in Singapore. Fixed Deposit: Singapore Savings Bonds (SSB) Savings Account Interest rates (December 2020) 0.2 per cent – 1.3 per cent p.a: 0.27 per cent – 1.64 per cent p.a. FYI: If you’re currently using the Maybank SaveUp account, here are the latest interest rates as of 21 Dec 2020. This means that cash withdrawals are a little more tricky — although it might help you save more since you can’t withdraw your money that easily. But based on the criteria we set out where you’re crediting your salary, spending $500 with your credit card and making three bill payments – you’ll only earn a paltry 0.35% p.a. Then the UOB One is your best bet because you only need to make sure that you spend $500 a month on your UOB credit cards: The option to pay three bills by GIRO instead of crediting your salary means that this is also ideal for those without a steady paycheck (think: freelancers and stay at home moms). Based on the criteria we set out, you’ll earn 0.50% p.a. Curious about how you can take better advantage of what all the banks have to offer and look for a savings account with higher interest rates? interest. Interest rates for savings … BOC SmartSaver, Bank Of China. DBS My Account. Unless you choose to buy EVEN more insurance and make MORE investments…. However, some accounts … What is a high interest savings account? In a low-interest-rate environment, most of the banks are probably affected which resulted in the changes to their consumer products. 3.8% No initial deposit required. But the minimum spend of $800 to qualify for the cashback might discourage those who don’t spend that much. Note: the base interest for UOB One is 0.05% p.a. And don’t want to crack your head over complicated T&Cs…. These changes will take effect on 1 Nov 2020 and the revision will be applicable to all new and existing UOB One accounts. Oh, before you switch your bank accounts. ... Deposit Insurance Scheme Singapore dollar deposits of non-bank depositors and monies and deposits denominated in Singapore dollars under the Supplementary Retirement Scheme are insured by the Singapore … If you have extra cash on hand, then you should definitely consider getting an OCBC 360 Account. So if you aren’t drawing that kind of pay or looking to spend that kind of money. Customer … And those are just a fraction of the rewards given to their account holders! Ideal for parents, it enables you to connect your account to your child’s savings account, allowing them to save their unused allowance. Banks in Singapore have all lowered their savings account interest rates since COVID-19. After that, you can only go as far as Income plus transactions in 2 categories: Credit Card Spend and Home Loan Instalments. FYI: From 1 Jan 2021, you get 0.4% p.a. Ultimate guides to kickstart your finances, You can contribute your thoughts like Ming Feng. The only catch? Unlike other banks, it doesn’t require account holders to have a minimum salary credit or credit card spend as long as your monthly transactions amount to $2,000. Applying for this one is as easy as counting to three too. If you deposit more than $35,000 in cash, then you get to enjoy a higher interest rate. interest. And if you can transact more than $15,000 a month, then that pushes it up from 0.60% to 1.0% p.a…. As one of the leading banks on the island, Citibank has various saving accounts but we think that its MaxiGain is the best. Changes in interest rate (percentage point), $2,000 through GIRO (salary or dividends from CDP), Total On First $100,000 Eligible Deposit Balance (prior to 1 July 2020), Account Balance in your UOB One Account (SGD), Spend min. This is because of its tiered interest system, which benefits people who deposit large amounts of cash. The Standard Chartered BonusSaver account is great because it gives you extra interest if you spend more via a Standard Chartered credit card. Considering that most savings account require you to credit your salary in order to get the bonus interest, this is extremely important! Before COVID-19 struck, the average salaried worker could easily earn about 1.85% to 2% a year on high-interest […]The post Best Savings Accounts in Singapore … In terms of credit card spending, you might want to consider using the BOC Family Card as it gives you up to 10% cashback on groceries and dining. Based on the criteria we set out, you’ll earn 0.4% p.a. As such, interest rates from these savings accounts have been slipping and falling like this penguin: With banks changing their interest rates multiple times this year, you might find it hard to keep track of the changes. You should also note that ATMs for foreign banks like Bank of China and Standard Chartered are usually limited. All you have to do is fill up some basic information like your: And the calculator will tell you which savings account gives you the highest interest rate! From 1 May 2020, this interest rate reduces to … Saving money is now going to be easy when you have any of these savings accounts to help you manage your expenses. It’s also the most convenient savings account to have when making regular transactions overseas. Like the previous option, Standard Chartered Bonus Saver offers higher interest rates to larger depositors. This increases, the more transactions you have. This means they get to transfer money anywhere in the world and use Citibank’s ATMs around the world. The interest rate shown in the table below will be the interest rate effective 1 Oct 2020. Up to 3.8% p.a. To best optimise your interest rate, you’ll basically want to fulfil at least three products and services in order to clock the maximum interest of 3.00% p.a. Competitive Rates. Account holders can save, invest, remit, and transfer funds overseas at zero or lower fees — what’s not to love about this savings account? As long as you regularly insert money into your account, your savings can increase almost every day! If you deposit an amount not less than $100,000, you can earn up to 3.88% interest while you consolidate your expenses, bills, and salary credit using this account. Still have more questions after reading the article? To make it easier for you, we created the Seedly Savings Account Calculator which you can use for FREE! INTEREST RATES $0 $3,000. Best savings accounts for salaried workers. P.S. Then to get more interest, you’ll need to: Based on the criteria we set out earlier, you will fulfil the salary credit category and credit card spend category. Every savings account also comes with a convenient mobile banking app that allows you to monitor your account and do transactions with just a click on your phone. Note: the Base Interest for Standard Chartered BonusSaver has also been revised to 0.03% p.a. First time account holders. No … We once said the BOC SmartSaver had the best savings account in … As such, we have updated this guide for 2021 to help you find the best savings account for your needs in the year ahead. . If so, tell us its name and what makes it a great savings account by leaving a comment below. Earn up to 1% p.a. Today, we’re listing down the ones we think are worthy of everyone’s attention. Note: the Extra Savings interest is only applicable to account balances above $80,000 (previously $60,000). DBS Multiplier Account: What Are the Changes For January 2021? Instead, you’ll want to fulfil as many other categories as you can: Even if you’re unsure about buying insurance or investment products from OCBC, here’s an example of how much interest you can earn based on the above criteria: FYI: Before we get into it, you should know that the BonusSaver bonus interest rates were revised recently. 4.4. From 15 Jan 2021, you basically get 0.30% p.a. https://www.dbs.com.sg/personal/deposits/savings-accounts/my-account#, https://www.ocbc.com/personal-banking/accounts/360-account.html, https://www.sc.com/sg/save/current-accounts/bonussaver/, https://www.bankofchina.com/sg/pbservice/pb1/201611/t20161130_8271280.html, https://www.citibank.com.sg/gcb/landing_page/deposits/interestplus-account-maxgain.htm?ecid=AFMSDSGMGAENLIAP, https://www.dbs.com.sg/personal/deposits/bank-earn/multiplier. Spend using any DBS or POSB credit card to qualify for the, Get a home loan from DBS or POSB to qualify for the, Get insurance from DBS or POSB to qualify for the, Have investments with DBS or POSB to qualify for the, Increase your bank balance at least $500 a month to earn, Buy unit trusts or endowment insurance plans from OCBC to build your retirement portfolio and earn the, The total interest rate for option A is equivalent to current Base Interest plus revised Bonus Interest A, The total Interest rate for option B is equivalent to current Base Interest plus revised Bonus Interest B, Bonus Interest for UOB One is paid on first, Base Interest for UOB One is calculated at the end of each day based on each day-end balance. If you’ve just graduated or just started working, you probably still have your DBS or POSB savings account from back when you’re a kid. The bonus interest rate you earn is influenced by: In addition to how many and how much transactions you make in the following categories: The more categories you transact in, and the higher the amount you transact in, the more interest you’ll earn. The most basic type of bank account is a savings account which allows you to deposit money and let it sit in the bank for safekeeping. Best Fuss-Free Savings Accounts With No Conditions in Singapore 2021, UOB One Savings Account Review 2021 + UOB Stash Account Updates, OCBC 360 Account February 2021 Revision: Will This Round of Changes B…. Unlike other comparison sites, we’ve excluded short-term promos from this comparison as the perks don’t last long. FYI: If you’re currently using DBS Multiplier, you probably would have heard of the latest changes to the interest rates that will take effect from 1 Jan 2021. Foreign … And that’s it for our list of the best savings accounts in Singapore worth checking out. Minimum Deposit: S$1,000. 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