What’s the second most difficult task on earth after earning money? Handling it! As the lifestyles are getting more complex and hectic, many services and products have come to the surface meant to facilitate people. Banks are one such service, helping people protect their hard-earned money and even grow it through investments. Different banks provide different facilities to their customers and to choose the best of them can be a strenuous task.   

The savings accounts allow people to beat economic inflation by getting interest rates on the money in their bank accounts. Although it sounds pretty simple, the serving banks put some terms and conditions that may make the work a little complex. To save you from trouble, we have shortlisted the top 7 savings accounts that you can go for in Singapore.  

Updated August 2020

1. STANDARD CHARTERED BONUS$AVER ACCOUNT  

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With zero initial deposit and no application fee, Standard Chartered Bonus$aver Account is the best to start your savings journey. It also provides its customers with bonus interest rates of up to 3.88% annually, the minimum being 0.05% per annum. The customers can earn these interests according to their will and needs. By spending through their credit cards, crediting their salary, or even paying their bills.  

You need to maintain a minimum balance of S$3,000 or else a fine of S$5 will be charged. An early-closure fee of $30 can also be levied on you in case you close your account within the first 6 months of its opening. There is no requirement for minimum monthly income. Also, you need to be at least 18 years of age to be eligible to open the account.  

For further details, click on the website.  

2. DBS MULTIPLIER ACCOUNT  

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DBS Multiplier Account allows you to open your account without any initial deposits and monthly account fees. The annual interest rates range from 0.05% to 3.8%. You get interest money at the rate of 3.5% per annum if you make above S$30,000 transactions a month through your salary credits. In addition, you can make more than two transactions in form of investments, insurance, credit card spendings. It also allows you to make international transactions at a very low fee or even for free!  

If you close your account within the first 6 months, the charges will be $30 and the fall-below fee is $5 for an average daily balance below $3,000. To be eligible to open this account, you need to be at least 18 years old.  

For further details, click on the website.  

3. POSB MULTIPLIER ACCOUNT  

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You can open your POSB Multiplier Account without any initial deposit or account fees just like the DBS Multiplier Account. The other features of this account are also similar to the DBS Account. You can increase your interest rates by up to 3.80% annually by increasing your transactions in various categories along with crediting your salary. This savings account also allows you to transfer funds internationally and that also for free or for very low charges.  

Along with the requirement of being 18 years old, you need to maintain a bank balance of S$3,000 on average to avoid the fall-below fees of S$5. In case you wish to withdraw your savings account within 6 months, you’ll be fined a fee of 30 Singaporean Dollars.   

For further details, click on the website.  

4. BOC SMARTSAVER  

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Presented by the Bank of China, this savings account allows you to maintain your interest with a minimum fall-below fee of S$3. If your bank balance falls below the amount of S$1,500 a month on an average basis. With an initial deposit of S$1,500, you can earn an interest of up to 3.55% annually. To gain these interests, you can fulfil the requirements of spending through the card, crediting your salary, and paying your bills according to your wish. The minimum annual interest rate is 0.25% which can increase to 1% by maintaining an account balance of above S$60,000 and fulfilling one of the requirements of transactions.  

Although there is no restriction for a minimum monthly income, one needs to be 18 years of age or above to be able to get hold of this savings account.  

For further details, click on the website.  

5. CITIBANK INTERESTPLUS SAVINGS ACCOUNT  

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With an initial deposit of S$2,000, one can open up their Citibank InterestPlus Savings Account. The minimum interest rate provided is 0.01% annually and the maximum is 3.5% p.a. You can get a bonus interest of 1.2% by getting insurance for yourself and your loved ones. You can also get an additional 1.2% bonus interest by investing S$250 monthly for 12 months or S$25,000 at once. Bonus interests are also awarded when you take up loans or spend through credit cards.  

In comparison to other bank’s saving accounts, Citibank InterestPlus Savings Account’s fee charges are a bit high. An early-closure fee of S$50 is levied upon you if you wish to close your account before the completion of a 6-month time. You also have to make sure that you have a minimum monthly balance of S$15,000 or else a fee of S$15 will be charged.  

For further details, click on the website.  

6. MAYBANK SAVE UP PROGRAMME  

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MayBank is providing this savings account program to facilitate its customer that requires a minimum initial deposit of just S$500. The annual interest rate ranges from 0.19% to 3%. The program offers you several products and services to choose from according to your needs and wants. For each product or service, you get additional bonus interest on top of the basic interest rate of 0.3125% per annum.  

On the initial deposit of S$50,000, a capped interest rate is applied. The early-closure fee is S$30 for the closing of the account within the first 6 months of its opening. If the daily bank balance falls below S$1,000, a fall-below fee of S$2 is charged.   

For further details, click on the website.  

7. POSB SAYE ACCOUNT  

best saving account in singapore

On top of zero initial deposit, POSB offers a welcome gift of S$200 to its new customers. Not only there is no monthly account fee, but there is also no limitation for the minimum account balance. Starting from an annual interest rate of 0.05%, the rate can be increased by up to 2% per annum. To avail the interest rates, you need to credit your monthly salary as well as fix a certain amount as your savings. You are also required to make no withdrawals from your account or else the additional interests will be forfeited. The minimum age limit to open this account is 16 years and there is no requirement for a minimum monthly salary.  

For further details, click on the website.  

Now that you have gone through the best 7 savings bank accounts in Singapore, you can choose the best suitable for you. The bank accounts have been provided with their overviews so that it is easy for you to pinpoint your favourites. Also, we have mentioned external links to each bank where you can learn further details about their features and apply them to get your accounts open. It’s the perfect opportunity to make more money from your savings. So, no more waiting and dreaming! Open your perfect savings account now and start availing of their services to the fullest.  

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