• Best Savings Account in Singapore

    Savings Account
    • Earn up to 4% on your savings
    • Withdraw cash from ATMs at any time
    • Transfer funds via internet banking

    A savings account is a basic deposit account, where you can keep your money safe and withdraw cash when needed. The bank pays interest on your deposit money, which can vary from bank to bank. Some savings accounts earn low interest rates, while others attract higher interest rates. This way, you can grow your money at an accelerated rate while keeping it safe.

    A savings account can be opened by Singaporeans and foreigners. However, there will be a minimum age and a deposit requirement. The highest interest rate your account can attract in Singapore is around 4% p.a.

    There are many high interest savings accounts in the market. So, how do you know which one to choose? The answer is simple. Do your research and read this article to know in detail about all the savings accounts in Singapore.

    Types of Savings Accounts

    • Basic Savings Account: With a basic savings or deposit account, you can grow your money with high interest rate of 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.

    Features and Benefits to Look For in a Savings Account

    • 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.

    Best Interest Rate for Savings Account 2018

    Account name Minimum annual interest rate Maximum annual interest rate Minimum initial deposit
    DBS Multiplier Account 0.05% p.a. 3.5% p.a. S$0
    Perks and benefits
    • No minimum salary credit required.
    • Pay in 12 foreign currencies.
    • Keep a track on your qualifying transactions via iBanking and eStatements.
    • No foreign exchange fees when you transact through foreign currency wallets.
    Standard Chartered e$aver 0.10% p.a. 1.35% p.a. S$0
    Perks and benefits
    • Set up standing instructions for regular bill payments.
    • Register for PayNow and send/receive cash.
    • Access to phone banking, online, and mobile banking features.
    • Pay your other bank’s credit card bills at no extra costs.
    CIMB FastSaver Account 0.60% p.a. 1% p.a. S$1,000
    Perks and benefits
    • Get your account number instantly when you apply online.
    • Receive eStatements every month through CIMB Clicks.
    • Transfer funds instantly via FAST.
    • No fall-below fee.
    CIMB StarSaver (Savings) Account 0.8% p.a. 0.8% p.a. S$1,000
    Perks and benefits
    • Get access to CIMB Clicks for monthly statements.
    • No fall-below fee.
    • Enjoy zero withdrawal fee when you take out cash from a PLUS ATM overseas.
    • The monthly account fee is waived for life if you opt for eStatements.
    OCBC 360 Account 0.05% p.a. 4% p.a. S$1,000
    Perks and benefits
    • Enjoy an additional 1% interest every year, till 30 September 2018.
    • Apply for the account online or via internet banking before 30 September 2018 and enjoy a cash credit up to S$100.
    • The fall-below fee is waived for the first year.
    • No lock-in period for this savings account.
    POSB Everyday Savings Account 0.05% p.a. 1% p.a. S$0
    Perks and benefits
    • The daily interest earned will be credited at the end of each month.
    • Enjoy cashback on your POSB debit card.
    • Receive free eStatements via iBanking.
    • Fall-below fee is waived if you open your first account online.
    RHB High-Yield Savings Account 0.08% p.a. 1% p.a. S$0
    Perks and benefits
    • Withdraw cash at anytime without any lock-in period.
    • Fall-below fee of S$10 will be waived if you maintain S$500.
    • Receive monthly statements.
    Citibank InterestPlus Savings Account 0.01% p.a. 3.5% p.a. Not available
    Perks and benefits
    • Withdraw cash from Citi ATMs overseas without any processing fees.
    • Enjoy an extra 1% interest every year if you apply for a home loan of S$250,000 or more.
    • Enjoy a free chequebook and debit card.
    • Get access to online banking and phone banking.
    BOC SmartSaver Not available 3.55% p.a. Not available
    Perks and benefits
    • Enjoy an additional 1% interest per year on your balance above S$60,000 if you fulfil certain criteria.
    • Enjoy bonus interest rate depending on your card spends.
    • Earn bonus interest on paying bills.
    Maybank SaveUp Account 0.1875% p.a. 3% p.a. S$500 for Singaporeans and S$1,000 for foreigners
    Perks and benefits
    • Withdraw cash from any atm5 ATMs in the country with no withdrawal charges.
    • Get access to online banking and mobile banking.
    • Choose from 9 products/services for the Save Up programme.

    Eligibility Requirements

    • Age Requirement: Between 18 and 21 years of age.
    • Nationality: Singaporeans, Permanent Residents and foreigners.

    Fees and Charges

    • Fall-below fee: Between S$2 and S$10.
    • Account closure fee: Up to S$30.
    • Chequebook charges: Up to S$15 each.

    Documents Required

    Singapore citizens/Permanent Residents:

    • NRIC or passport.
    • Income documents:
      • Most recent payslips.
      • Income Tax NOA for up to 2 years.
    • Bank statements or utility bills for proof of address if different from NRIC.


    • Passport.
    • Employment pass/S pass/Dependent pass/work permit.
    • Utility bills or bank statement.
    • Payslips or Income Tax NOA.

    How to Open a Savings Account

    You can open a savings account at any of the banks in the following ways:

    • Online: Whether you are a new or an existing customer of the bank, you can open the account online via MyInfo. Simply log in with your SingPass and apply. You will receive your account number instantly. If you decide to apply manually, then you will receive your account number in 5 business days.
    • Over-the-counter: Visit any of the branches near you and apply for a savings account. Make sure you carry all the documents and minimum initial deposit amount (if applicable). Your account may be opened immediately.
    • Internet banking: If you are an existing customer of the bank, you can request for a savings account through your internet banking account. The account will take around 1 business day to be opened.

    Why do You Need a Savings Account?

    It is recommended to have a savings account as it keeps your money safe. A savings account also controls your expenses since you keep an amount aside for your future. If you keep cash in your hand, chances are that you will spend it easily.

    Banks pay interest on your savings in the account. Interest rates displayed by banks on their websites are per year basis.

    Since the funds in your savings accounts are insured by the Singapore Deposit Insurance Corporation for up to S$50,000, the risk of losing your savings is nil. Since the theory of a savings account is to let you grow money and not lose it, many banks do not charge any fall-below fee or cash withdrawal fee.

    How to Check Balance in Your Savings Account?

    You can check your account balance through the following methods:

    • Online banking: You can log into your internet banking account and select the account you want to check.
    • Phone banking: Dial the number mentioned on your preferred savings account’s webpage and follow the instructions to receive the balance history.
    • SMS banking: You can also send an SMS to the bank requesting for the balance. You will get the information on your total balance immediately.
    • ATMs: Visit any of the bank’s ATM, insert your card, and follow the instruction on the screen to check your balance.
    • Monthly statements: Your total savings in your account will be mentioned in your monthly statements, which you can either receive from the bank through mail or download via internet banking.

    What is the Difference Between a Current Account, a Fixed Deposit Account, and a Savings Account?

    The primary purpose of a savings account is to help you save. With such an account, you can deposit money at any point of time and withdraw at any given time as there is no lock-in period. This account can be opened by you as a sole owner or jointly with either your family member or spouse. A savings account may require you to deposit a minimum amount and maintain a minimum balance. If you fail to maintain the set minimum balance, you may have to pay a fall-below fee. These accounts attract interest rates of up to 4% p.a. on your savings. Savings accounts may or may not issue cheques.

    A current account is best suited for regular transactions and for users such as companies, firms, businessmen, and public enterprises. This account lets you carry transactions through cheques. You can make withdrawals from your current account even with an ATM or a debit card. With such accounts, you need to credit large amounts as initial deposits. Unless you own a company or a firm and need to save a large amount of cash, avoid applying for such an account. Unlike savings account, banks offer little or no interest on your current account deposits.

    With a fixed deposit account, you need to deposit a fixed amount of money for a certain tenure and the bank pays interest on the amount deposited. However, the cash deposited has a lock-in period. Meaning, you cannot withdraw the amount before the set tenure. If you break a fixed deposit before the fixed period, you may have to pay a penalty charge. Unlike a savings account, the interest rates on your fixed deposit account are higher and fixed since the rates do not depend on market risks and fluctuations. However, premature withdrawal of such accounts may lead to not incurring any interest or the interest will be paid on a pro-rata basis.

    How is the Minimum Balance for Savings Accounts Calculated?

    At first, let us understand what a Minimum Average Daily Balance (MADB) is. MADB is the minimum balance that you need to maintain in your savings account to avoid fall-below service charges. MADB is calculated by dividing the total daily balance in your account with the number of days in a month.

    Take for example, the POSB Everyday Savings Account which requires you to maintain an average daily balance of S$500.

    Mr. X opens a POSB Everyday Savings Account and maintains a day-end balance of:

    • S$300 everyday from 1 July to 10 July, totaling up to S$3,000 for 10 days.
    • S$400 daily from 11 July to 20 July, totaling up to S$4,000 for the next 10 days.
    • S$1,000 each day from 21 July to 31 July, totaling up to S$11,000 for 11 days.

    Hence, the total amount of daily balance for 31 days in the month of July is S$18,000 (S$3,000 + S$4,000 + S$11,000). So, the minimum average daily balance that Mr. X has maintained for July is S$580.64 (S$18,000/31). This is above the requirement of S$500. Hence, Mr. X will not incur a fall-below fee for the month of July.


    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. I want to apply for a savings account. Are there any banks offering joining bonuses?

    A. Currently, UOB and POSB are running promotions. To know about them, please visit our dedicated page on savings account promotions.

    Q. What are the saving account monthly fees?

    A. Currently, monthly fees for savings accounts are waived by most banks.

    Q. Is there a limit on the funds I can transfer?

    A. The daily local funds transfer limit varies from bank to bank. The limit is around S$3,000 for some banks, while other allow a transfer of close to S$1,000 per day.

    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. However, many banks waive this fee or do not have a minimum balance required to be maintained in the account.

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