A savings account is a basic deposit account which allows you to deposit and withdraw funds as and when required. A savings account will earn you interest depending on how much money you’ve deposited plus the type of savings account you’ve opted for. The interest you’ll earn will vary from one bank to another.
Key Features & Benefits
- You can enjoy attractive interest rates of up to 4% p.a. on your deposit amount.
- The initial deposit amount can range between S$500 to S$2,000.
- Some banks do not have a set amount for deposit. The moment you credit your account, you start earning interest.
- With a savings account, you will get online and SMS banking features. You can check your account balance via these features.
- Banks may also send you SMS reminders to pay bills on time.
- Savings accounts can come with debit cards, where you can earn rewards when you use it.
- You can withdraw cash from your savings account at any ATMs in Singapore and overseas. You can even transfer cash through the internet banking facility.
Compare Best Savings Account Rates in Singapore
|Savings Accounts||Minimum Interest Rates||Maximum Interest Rates||Minimum Balance|
|DBS Multiplier Account||0.05% p.a.||3.5% p.a.||S$0|
|Standard Chartered e$aver||0.10% p.a.||1.35% p.a.||S$0|
|UOB One Account||0.05% p.a.||3.33% p.a.||Not available|
|CIMB FastSaver Account||0.60% p.a.||1% p.a.||S$1,000|
|CIMB StarSaver (Savings) Account||0.8% p.a.||0.8% p.a.||S$1,000|
|OCBC 360 Account||0.05% p.a.||4% p.a.||S$1,000|
|POSB Everyday Savings Account||0.05% p.a.||1% p.a.||S$0|
|RHB High-Yield Savings Account||0.08% p.a.||1% p.a.||S$0|
|Citibank InterestPlus Savings Account||0.01% p.a.||3.5% p.a.||Not available|
|BOC SmartSaver||Not available||3.55% p.a.||Not available|
|Maybank SaveUp Account||0.1875% p.a.||3% p.a.||S$500 for Singaporeans
S$1,000 for foreigners
DBS Multiplier Savings Account
- Earn up to 3.5% per annum.
- Multiple currency options in one account (SGD + 12 foreign currencies).
- You are not liable to pay a foreign exchange fee when you make a transaction via your foreign currency wallet directly.
- You can make fund transfers involving foreign currency overseas via your account directly at a lower fee or at times, for no fees at all (terms and conditions are applicable).
DBS Multi-Currency Savings Account
- A foreign exchange fee is not applicable.
- You’ll have access to Singapore dollar (SGD) plus 12 other foreign currency options.
- Buy & save currencies at rates of your preference.
- You can lock-in the foreign exchange rate.
- Sign up for FX alerts. On digibank, you can set up a currency of your choice along with your preferred rate. The bank professionals will notify you as soon as your preferred rate hits.
- Make overseas fund transfers at either zero or a lower fee.
DBS eMySavings Account
- A savings account that comes with a preset crediting date as well as a monthly preset savings amount. You can save any amount that ranges between S$50 and S$3,000 (in multiples of S$10). You can save on any date that falls from 1st to 25th of every month.
- You’ll accrue interest based on your monthly savings amount.
- You can alter your credit date as well as savings amount at any given point of time through iBanking.
- It is a foreign currency savings account and offers you 10 foreign currency options.
- This account can be managed 24/7 via phone/mobile/online banking.
- The interest you earn will depend on the currency you choose and also on the amount you deposit.
- At present, USD (United States Dollar), GBP (Great Britain Pound), AUD (Australian Dollar), NZD (New Zealand Dollar), and CNH (Chinese Yuan) currencies allow you to earn interest on your deposit amount.
- You can open this account by making an initial deposit of USD 2,000 or equivalent.
e$aver Savings Account
- You’ll be able to withdraw funds at any given point of time since there is no lock-in period.
- You can get cash via the Standard Chartered Mobile Banking app (powered by soCash). Using the app, you can access cash at more than 300 participating merchants. This option is helpful when you’re unable to find an ATM close by.
- Using this account you can set up a standing instruction and automate your regular payments.
SCB MyWay Saving Account
- No lock-in period.
- No minimum-spend criterion is applicable.
- No salary credit requirement.
- This account provides you with a MyWay Debit Card (no annual or monthly charges). With this debit card, you can make use of several privileges in categories like dining, lifestyle, healthcare, and travel.
SCB Basic Bank Savings Account
- One of the ideal options in Singapore for citizens with low income.
- No initial deposit needs to be made.
- Access to banking services (basic) such as free cash withdrawals via ATM’s, perform NETS payments using your ATM card island wide, set up standing instructions,
- Make your local bill payments via your account directly.
SCB e$aver Kids Savings Account
- You can opt for this savings account in order to save for your children.
- You need not make a minimum deposit in the beginning.
- You need not maintain a minimum balance.
- No lock-in period.
- A monthly fee is not applicable.
UOB Stash Account:
- A savings account that rewards you in the form of bonus interest when you either increase or maintain your Monthly Average Balance (MAB).
- The total interest you will earn on this account will comprise of a base interest & a bonus interest.
- If MAB of the 2nd month is greater or equal to MAB of the 1st month, you will qualify for bonus interest.
- If MAB of the 2nd month is lesser than MAB of the 1st month, you will not get any bonus interest.
UOB Uniplus Savings Account:
- This is a statement-based savings account.
- In addition to accruing daily interest rates, you will also receive monthly statements.
- With this account, you can either opt for a free global ATM Card or get your fee waived off on your UOB Debit Card for 3 years.
- You can access this account 24/7 via UOB Phone Banking and UOB Personal Internet Banking.
- Comes with free life insurance coverage.
- When your child turns 16 years of age, you can convert this account into a regular savings account (statement-based).
- Comes with a free UOB ATM Card which has PLUS and NETS options.
UOB Global Currency Premium Account
- 8 foreign currency options - United States Dollar (USD), Australian Dollar (AUD), Great British Pound (GBP), Canadian Dollar (CAD), New Zealand Dollar (NZD), Euro (EUR), Chinese Renminbi (CNH), and Japanese Yen (JPY).
- A monthly fee is not applicable.
- You will have access to electronic statements of up to 5 years starting from the time you subscribed to the account.
- Interest rates will vary depending on the currency you choose and the deposit you make.
UOB Passbook Savings Account
- A savings account that offers you a wide range of banking facilities and also lets you accrue daily interest rates.
- With this account, you can either opt for a free ATM Card (global) or get your fee waived off for your UOB Debit Card for 3 years.
- 24/7 access via UOB Phone Banking and Internet Banking services.
CIMB FastSaver Account
- You can register for this account online and an account number will be given to you immediately.
- A fall-below fee is not applicable.
- You need not pay any monthly servicing fee to maintain this account.
- You will receive complimentary e-Statements on a monthly basis through CIMB Clicks.
CIMB FastSaver-i Account
- It is the first online savings account in Singapore which is Shariah-compliant.
- Upon registering successfully, you’ll get your account number instantly.
- No fall-below fee is applicable.
- You can transfer funds to and from qualifying banks in Singapore through FAST.
- No service charge will be applicable when you transfer funds to a few selected CIMB accounts (Malaysia).
CIMB StarSaver (Savings) Account
- No fall-below charges are applicable.
- You will accrue interest on a daily basis, you can deposit funds at any given point of time and your interest will be paid to you towards the end of the month.
- When you opt out of paper statements and sign up for e-Statements, you need not pay a monthly account fee.
CIMB StarSaver (Savings)-i Account
- You will earn a profit on a daily basis and this profit will be given to you at the end of the month.
- This is a savings account which is entirely Shariah-compliant.
- Register for e-Statements and enjoy a waiver on your monthly account fee.
- No fall-below fees.
CIMB Junior Saver Account
- A savings account specifically meant for children who are 12 years of age and below.
- A fall-below fee does not apply.
- Your monthly account fee will be waived if you opt for e-Statements.
POSB Everyday Savings Account
- Accrue interest on a daily basis.
- Interest accrued will be credited to you by the end of the month.
- You can either opt for paper statements or for e-Statements on a monthly basis.
POSB eMySavings Account
- A savings account that comes with a preset crediting date as well as savings amount (monthly).
- You will have the flexibility to save funds that are worth between S$50 and S$3,000 (in multiples of S$10), and you can save on a date that falls from the 1st to 25th of the month.
- You will accrue interest based on your savings amount (monthly).
- You can alter your crediting date as well as your savings amount through iBanking at any given point of time.
- No fees and charges are applicable to this savings account.
POSB SAYE Savings Account
- Choose this account for your monthly salary credit as well as a debiting account for making your savings contribution on a monthly basis.
- Fix a savings amount on a monthly basis that ranges between S$50 and S$3,000 (amount needs to be in multiples of S$10).
- Select a savings date on a monthly basis and ensure the date you’ve chosen is between 1st & 25th day of the month.
- Do not make any withdrawal from this account.
- You will accrue interest based on your monthly savings amount.
Maybank SaveUp Account
- It is a statement savings account.
- 24/7 access to this account via mobile banking and online banking.
- You can make cash withdrawals for free from any of the Maybank ATMs in Singapore.
- You will qualify for various promotions when you sign up for the Save Up Programme.
Maybank iSAVvy Savings Account
- To help you save better, you’ll have an option to make sub-accounts through online banking.
- If you maintain at least S$500 as your average daily balance, a monthly service fee of S$2 will be waived.
- You will be eligible for a wide range of promotions.
- You need to make an initial deposit of at least S$500.
Maybank iSAVvy Savings Plus Account
- You will earn a bonus interest when there is an increase in your account’s average daily balance.
- You can add sub-accounts through the online banking option.
- You need to be a Singapore citizen, permanent resident, or a foreigner to sign up for this account.
Maybank Youngstarz Account
- Comes with free personal accident insurance coverage (Coverage is for you as well as your child).
- A complimentary insurance policy that covers Hand, Foot & Mouth disease (Outpatient and hospitalisation insurance)
- Exclusive offers will be given during your child’s birthday month.
- A fall-below fee is not applicable.
Maybank Passbook Savings Account
- This account is open for societies and clubs too.
- You can make payments using your Maybank Platinum Debit Card at all FlashPay and NETS acceptance points.
- You can make free cash withdrawals at all Maybank ATMs.
- You will be liable to pay a fall-below fee when your average balance for a month becomes less than S$1,000.
Maybank Privilege Plus Savings Account
- You need to be 50 years of age and above to open this account.
- Special privileges will be given to you during your birthday month.
- This account comes with free Personal Accident Insurance + Permanent Disablement Benefits + Accidental Medical Reimbursement.
RHB High-Yield Savings Account
- A lock-in period is not applicable.
- If you maintain S$500 as your average balance, a minimum balance fee of S$10 will be waived monthly.
- You’ll enjoy flexibility with your funds, you can make a deposit or a withdrawal at any given point of time since there is no lock-in period applicable.
Citi MaxiGain Savings Account
- The interest you will accrue will include base interest and bonus interest. To earn bonus interest you need to meet certain criteria.
- Other benefits of this account include:
- Phone banking
- Online banking
- Checking facilities
- Citibank Debit Card
Citibank InterestPlus Savings Account
- This savings account lets you earn when you insure, spend, or invest.
- You can also earn bonus interest when you meet specific criteria.
- You can instantly make fund transfers.
- You can make cash withdrawals at any of the Citibank ATMs overseas. A processing fee will not be applicable.
- If you succeed in maintaining a balance that is more than S$70,000, along with a Citi Priority relationship, you’ll also qualify for financial advice from personal bankers.
- Other privileges of this account are – checking facilities, phone banking, online banking, and Citibank Debit Card.
Citibank Junior Savings Account
- Accessible via online banking by parents or children who are 15 years old and above.
- This account will also come with phone banking and an international ATM card.
- A child can opt to open this account jointly either with 1 or 2 applicants (adult) only.
Citi Basic Banking Account
- A basic savings account.
- You can track your funds conveniently with the help of monthly statements.
- You will have access to online banking and 24-Hour CitiPhone Banking.
- You’ll get a complimentary international ATM card.
- If you’re part of the Government's Public Assistance Scheme or the Special Grant Scheme, a monthly service fee is not applicable.
Types of Savings Accounts
- Basic Savings Account: With a basic savings or deposit account, you can grow your money at approximately 3.88% p.a. The initial deposit may vary from bank to bank, after which, you will start earning interest rates on the amount. The savings account also offers bonus interest rates if you credit your salary to the account or spend on your credit card from the same bank. If you open a savings account, you can withdraw cash from ATMs or POS terminals and receive a cheque book.
- Money Market Account (MMA): This type of savings account earns higher interest rates than a basic savings account. The minimum balance and deposit amount is also higher than a regular savings account. Once you deposit the amount, the banks utilise it to make investments or for loans. The interest on such an account is paid on either a monthly or quarterly basis. You can deposit funds to your MMA via direct deposit, online banking or cheque.
- Child Development Account (CDA): This scheme is a component of the Baby Bonus Scheme by the Ministry of Social and Family Development. CDA is a special savings account, where you can save for your child’s educational and healthcare expenses. In 2016, the Government decided to credit S$3,000 into your CDA account to help you save.
- Singpost MaxSaver: MaxSaver by Singapore Post is a savings account that lets you make the most of your savings. This savings account guarantees returns upon maturity. The payment does not depend on the performance of the investment market. In order to apply, you only need a health declaration. You can also enjoy flexible saving options like if you save for 8 years, then you will get back your savings after 15 years.
- High Interest Savings Account: This kind of savings account attracts high interest rates on your deposit amount. This way, you can maximise your savings. The minimum deposit amount maybe higher than a regular savings account.
- Joint Savings Account: A joint savings account can be held by two or more applicants. If you have a joint account, the household expenses can get shared between you and your spouse or a family member. You and your spouse/family member can fix the amount you want to save in this account.
How Do I Apply for a Savings Account in Singapore?
- By calling on the bank’s hotline
- By sending across an email with the mandatory documents as mentioned by the bank.
- By visiting any of the bank’s branches.
Other Questions You Might HaveQ. Do I have to maintain a minimum balance in my savings account?
A. Yes, you will need to maintain a minimum balance in your savings account as prescribed by your bank. This amount will vary from bank to bank and is called Minimum Average Daily Balance (MADB). It is the minimum balance you need to maintain in your savings account so that you’re not charged with a fall-below fee.Q. How is the Minimum Average Daily Balance (MADB) calculated?
A. MADB is calculated by dividing the total daily balance in your account by the number of days in a month.Q. Is the interest earned on savings account taxable?
A. According to the IRAS, interests earned on your savings from banks are not taxable.Q. What is the maximum deposit limit for a savings account?
A. The maximum amount you can deposit in a savings account is approximately S$1 million. However, please contact the respective bank/s to know the exact limit.Q. What happens if the minimum balance is not maintained?
A. You may incur a fall-below fee for maintaining the required balance in your account.