Earning high interest rates on stagnant money is a dream of every investor. An average savings account in Singapore earns you an interest rate of just around 0.05%, which is paltry as an investment. To encourage savings, however, several banks in Singapore offer higher interest rates provided you meet the conditions set by them. If you are a risk-averse individual who does not want to play with their money, the easiest way to earn more on the money you’ve parked in a savings account is to apply for one of the best high-interest savings accounts and follow the terms and conditions prescribed. Here we’ll discuss some savings accounts that give the best interest rates in Singapore, and is ideal for people with large amounts of money lying around.

## Top Savings Accounts for Best Interest Rates in Singapore

### OCBC 360 Account

This savings account promises you a 360° acceleration to your savings. The bank claims that you can earn up to 4% interest rate on your OCBC savings account. But there are several terms and conditions to earn that highest interest.

**Advantages **

The following are the benefits of keeping your money in this account:

**Higher interest earnings:**You earn an interest rate of 1.2% p.a. on your savings if your salary – of not less than S$2,000 – is credited through GIRO transfer to the account. An additional interest of 0.3% is given if you pay at least 3 different bills worth S$150 or more, either online or through GIRO. Another 0.3% interest is credited if you spend at least S$500 on an OCBC credit card linked to your savings account. If you buy an insurance plan or invest in an OCBC product, you can earn up to 1.2% more in interest. Additionally, if the average daily balance of your account is S$200,000 or more, you get an extra 1% p.a. on the first S$70,000 of your account balance. In total, the OCBC 360 Account gives you an opportunity to earn a maximum of 4% interest p.a. The maximum amount you can earn as interest per month if you meet all conditions and have an average daily balance of over S$200,000, is S$246.28, which is a pretty good sum.

**Disadvantages**

The account also has some disadvantages, the most important of which is:

**Low base interest rate:**The base interest rate is just 0.05% per year. So unless you meet all the conditions allowing you to earn a higher interest, your savings will hardly grow. It’s as good as keeping your money in a safe and adding a few cents to it every month.

### BOC SmartSaver Account

This program is for holders of the BOC Multi-Currency Savings Account. You can get a maximum of 3.55% p.a. as interest on the first S$60,000 in your account.

Check for all BOC Savings Accounts

**Advantages **

Here are some of the plus-points of having this account:

**Higher interest earning:**You earn an interest of 0.8% if your BOC credit card spend per month is between S$500 and S$1,499 and 1.6% if your monthly BOC credit card spending is S$1,500 or more. If you are crediting your salary of S$2,000 to S$5,999 through GIRO to the BOC SmartSaver Account, you get an interest of 0.8% and for salary credits of S$6,000 and above gives you 1.6%. If you pay at least 3 separate bills of minimum S$30 each using GIRO or BOC Internet or Mobile Banking, you get an additional interest of 0.35% p.a. All this extra interest is available to the first S$60,000 of your account balance. On top of it all, if you do at least one of the three – 3 bill payments, credit card spend or salary credit – you will earn an extra 0.6% interest on any amount S$60,000 that you have in your account.

**Disadvantages **

A shortcoming of this savings account is:

**Limited availability:**This program is available only to those who have a BOC Multi-Currency Savings Account.**Fall-below fee:**If your account balance is lower than S$1,500, a maintenance fee of S$3 will be charged.

### UOB One Account

This account comes under UOB savings account, claims to provide interest of up to 3.33% to its account holders. The UOB One Account is ideal for people who have a large amount of money to be kept safe.

**Advantages **

Here are some advantages of putting your money in the UOB One Account:

**Higher interest earnings:**If you want to earn an interest of 3.33% p.a. you need to spend S$500 or more on your UOB One, UOB Yolo, UOB Lady’s Card, UOB Debit Card or UOB Direct Visa Debit Card, AND do one of the following: a). Credit your salary of S$2,000 or more through GIRO, OR b). Make 3 GIRO debit transfers every month. If you’re only spending at least S$500 on the designated credit cards, you can still earn an interest of 2% p.a. The interest you earn is 1% p.a. for the first S$10,000, 1.5% p.a. for the next S$20,000 and 2% on the next S$20,000 in case of you’re only spending on credit cards. In the scenario that you’re crediting salary, plus spending on credit card and/or making 3 GIRO transfers, you will get 1.5% p.a. on the first S$10,000, 2% on the next S$20,000 and 3.33% on the next S$20,000. The maximum amount you can earn as interest per month if you meet all conditions is S$118 per month.

**Disadvantages **

The major disadvantage of this account is given below:

**Low base interest rate:**The base interest rate on the UOB One Account is 0.05% so it doesn’t make sense to have this account if you are unable to meet the other conditions set by the bank.

### Maybank SaveUp Programme

Maybank SaveUp Account allows you to increase your savings by up to 3% p.a. You have the choice to spend or invest in up to 9 products of Maybank to help increase your wealth.

**Advantages **

Here’s why you should choose this savings account:

**Higher interest earnings:**On the first S$60,000 in your account, you can earn up to 3% interest instead of the base rate of 0.3125% p.a. If you choose to spend or invest in 1 product or service, you can get an extra 0.3% interest; if you choose 2 products or services you will earn an additional 0.8%; and over 3 products or services will give you 2.75% more as interest rate, leading to a maximum interest of 3.0625% p.a.**Lost list of available products:**The products available are – use of Maybank Platinum Visa Card or Horizon Visa Signature Card for at least S$500 per month, GIRO bill payments of at least S$300 per month, salary credit of at least S$2,000, an Education Loan of at least S$10,000, a Hire Purchase Loan of at least S$35,000, a Home Loan of at least S$200,000, an Etiqa Life Insurance policy with a yearly premium of a minimum of S$5,000, a Renovation Loan of S$10,000, and a Unit Trust investment of S$30,000 annually or S$300 per month.**Low minimum balance:**You need to maintain a minimum balance of just S$1,000.

**Disadvantages **

Here’s why you might not be interested in this account:

**Too many conditions:**While there are 9 products and services to choose from, the requirements for each product needs a lot of understanding. Additionally, the account gives much less interest than some of the other extra-saving accounts in this list.**Fall-below fee:**There is a charge of S$2 if you do not maintain the minimum account balance.

### POSB Cashback Bonus Account

This is a POSB savings account plan that allows you to increase your savings in the form of cashback rather than as interest earnings. You can nominate an existing POSB account – except foreign currency accounts, SAYE account or corporate accounts – to the POSB Cashback Bonus program, and you don’t need to open a separate savings account.

**Advantages **

With this account, you get the following benefits:

**Cashback:**You get 0.3% cashback if your salary of at least S$2,500 is being credited to the POSB Cashback Bonus Account, and another 0.3% cashback if you spend using the POSB Everyday Credit Card. You get 3% cashback each for paying home loan Equated Monthly Instalments (EMIs), insurance premiums and making unit trust investments through this account. You need to spend/make transactions on at least three of the above five categories to become eligible for cashback.**No minimum balance:**This account does not need you to maintain a minimum balance in your account to get the benefits of the cashback.**No minimum spends required:**There are no requirements for a minimum spend on credit card, home loan repayments, insurance premiums or unit trust investments. The more you spend, the more you earn as cashback.

**Disadvantages **

If this account has any limitation, it is this:

**Cashback caps:**You can only earn cashback of S$20 per month for each of salary credit and credit card spends, and S$30 each for home loan EMIs, insurance payments and unit trust investments. The total cap, therefore, is S$130 per month.**Limitations:**For insurance and investment payments, you can claim cashback only on the purchases made after opening the account.

## Compare & Review Best Interest Rates for Savings Accounts in Singapore

Here’s a brief summary of the features and earning rate of the interest you can earn through the best savings accounts in Singapore:

Minimum interest rate | Maximum interest rate | Conditions | |

OCBC 360 Account | 0.05% p.a. | 4% p.a. | 1.2% if your salary of at least S$2,000 is credited through GIRO 0.3% if you pay at least 3 different bills worth at least S$150 0.3% if you spend at least S$500 on an OCBC credit card 1.2% if you buy an insurance plan or invest in an OCBC product 1% on the first S$70,000 if the average daily balance is S$200,000 or more |

BOC SmartSaver Account | 0.05% | 3.55% | 0.8% if BOC credit card monthly spend is between S$500 and S$1,499 and 1.6% if your BOC credit card monthly spend is S$1,500-plus 0.8% if your credited salary is S$2,000 to S$5,999 and 1.6% for salary credits of S$6,000 and above 0.35% if you pay at least 3 separate bills of S$30 or more each using GIRO or BOC Internet or Mobile Banking 0.6% interest on amounts above S$60,000 if you do at least one of the three conditions |

UOB One Account | 0.05% | 3.33% | 3.33% if you spend S$500 or more on UOB credit cards AND either credit salary of at least S$2,000 through GIRO OR make 3 GIRO transfers every month – 1.5% p.a. on the first S$10,000, 2% on the next S$20,000 and 3.33% on the next S$20,000 2% if you spend at least S$500 on UOB credit cards – 1% p.a. for the first S$10,000, 1.5% p.a. for the next S$20,000 and 2% on the next S$20,000 |

Maybank SaveUp Programme | 0.3125% | 3% | 0.6125% if you spend or invest in 1 product 1.1125% if you choose 2 products 0.3125% if you choose over 3 products |

POSB Cashback Bonus Account | NA | S$130 cashback | 0.3% cashback for salary of S$2,500 or above credited to the POSB linked account 0.3% cashback if you spend using the POSB Everyday Credit Card 3% cashback for paying home loan EMIs 3% cashback for paying insurance premiums 3% cashback for making unit trust investments Spend on at least three of the categories to get the cashback. Cashback capped at S$130 per month. |

## How to choose the best interest rates for savings accounts

Before you select a high-interest earning savings account, you need to ask yourself the following questions:

- Do you have large amounts of money that you want to remain in a savings account?
- Are you sure you don’t want to invest that money in other instruments with a higher yield?
- Can you meet all the spending requirements for earning higher interest rates consistently?

If your answers to all of the above questions are a ‘Yes’, then you can go for one of the savings accounts listed in this article and other ones similar to this. Other savings accounts with higher interest rates that you can consider are:

- Standard Chartered Bonus$aver Account
- DBS Multiplier Programme
- Citibank InterestPlus Savings Account
- Citi MaxiGain Savings Account
- POSB SAYE Account
- Maybank iSAVvy Savings Plus Account
- DBS Cashback Bonus Account