You’ve worked hard for your monthly paycheck. While you save up, you want your money to grow faster with little risks while still being accessible whenever you might need it.
High interest saving accounts are a good way for you to store your funds and earn an extra interest on them. Here, I compared the best savings accounts offered by Singapore banks:
Best Bank Saving Accounts in Singapore
| Bank | Saving Account | Achievable interest rates* (p.a.) | (Lowest) Base Interest (p.a.) | Max interest rate (p.a.) | Minimum Deposit | Minimum balance |
|---|---|---|---|---|---|---|
| OCBC | 360 Account | 3.85% / 2.75% (After 1 May’25) | 0.05% | 7.65% / 6.3% (After 1 May’25) | S$1,000 | S$3,000. Fall below fee: $2 |
| Bank of China | SmartSaver | 3.4% | 0.4% | 7% | S$1,500 | S$1,500. Fall below fee: $3 |
| UOB | UOB ONE | 3.0% | 0.05% | 6.0% (EIR ~4%) | S$1,000 | S$1,000. Fall below fee: $5 |
| CIMB | FastSaver | 2.44% | 0.8% | 3.19% | S$1,000 | S$1,000 to earn interest. No fall below fee. |
| Standard Chartered | Bonus$aver | 2.05% | 0.05% | 7.65% / 6.3% | $0 | S$3,000. Fall below fee: $5 |
| DBS | Multiplier | 1.8% | 0.05% | 4.1% | $0 | S$3,000. Fall below fee: $5 |
| Maybank | Save Up | 1.25% | 0.25% | 4% | S$500 | S$1,000. Fall below fee: $2 |
*this is based off Xiao Qiang’s example
For the ease of comparison, I calculated the estimated achievable interest rate for each bank savings account using Xiao Qiang’s financials as our case study:
Xiao Qiang is a hardworking 30 year old white collared employee in Singapore. He is looking for the best bank saving account that’ll help him grow his money faster as he saves. He has:
- A lump sum saving of $50,000,
- Gross income of $4,500, which is about $3,600 take home, and
- spends about $1,000 per month on his credit card
For the sake of my sanity, I’ll assume his insurance payments, investments and other loans will not be transferred to his brand new bank savings account.
Quick note: with exception of CIMB, the high interest rates bank accounts listed here are hurdle accounts, which means you’ll need to fulfill certain banking tasks every month to unlock the higher interest.
Some of the interest rates are allocated on certain balance tiers, so you’ll need to work out the effective interest rates (EIR) separately!
Now that we’re on the same page, let’s take a look at what each savings account offers:
OCBC 360 Account
OCBC 360 Account encourages its users to save by rewarding them with higher interest rates for growing their average daily balance each month. You can also unlock higher interest rates by fulfilling the following criteria:
OCBC 360 account interest rates
OCBC offers a 0.05% base interest rate for all balances. You can unlock additional bonus interest depending on the criteria you qualify for, with varying rates for different balance tiers.
| OCBC 360 Balance Tiers | Base Interest Rate | Credit salary (at least S$1,800) through GIRO | Increase average daily balance by at least S$500 every month | Spend at least S$500 with OCBC Credit Cards | Purchase eligible insurance product from OCBC | Invest in eligible investment product from OCBC | Maintain average daily balance of at least S$200,000* |
|---|---|---|---|---|---|---|---|
| First S$75,000 | 0.05% | 2% | 1.2% | 0.6% | 1.2% | 1.2% | 2.4%* |
| Next S$25,000 | 0.05% | 4% | 2.4% | 0.6% | 2.4% | 2.4% | 2.4%* |
| Effective interest rates | 0.05% | 2.5% | 1.5% | 0.6% | 1.5% | 1.5% | 2.4%* |
From 1 May 2025, OCBC will be revising the interest rates for the 360 account.
| OCBC 360 Balance Tiers | Base Interest Rate | Credit salary (at least S$1,800) through GIRO/ FAST/ PayNow | Increase average daily balance by at least S$500 every month | Spend at least S$500 with OCBC Credit Cards | Purchase eligible insurance product from OCBC | Invest in eligible investment product from OCBC | Maintain average daily balance of at least S$250,000* |
|---|---|---|---|---|---|---|---|
| First S$75,000 | 0.05% | 1.6% | 0.6% | 0.5% | 1.2% | 1.2% | 2.2%* |
| Next S$25,000 | 0.05% | 3.2% | 1.2% | 0.5% | 2.4% | 2.4% | 2.2%* |
| Effective interest rates | 0.05% | 2.0% | 0.75% | 0.5% | 1.5% | 1.5% | 2.2%* |
How much would Xiao Qiang get with OCBC 360?
In Xiao Qiang’s case, he should be able to get an effective interest rate of up to 3.85% with his $50,000 savings, salary crediting and monthly credit card spend of $1,000. From 1 May 2025, Xiao Qiang will be able to get an effective interest rate of 2.75%.
OCBC 360 account eligibility
You need to be at least 18 years old to open an OCBC 360 account and will require a minimum deposit of S$1,000.
How to open an OCBC 360 account?
Existing customers can apply online by logging into their OCBC Internet Banking account.
New customers can apply online using Singpass to retrieve their information via MyInfo. Foreigners will need to visit an OCBC branch with their passport, proof of residential address and supporting documents such as a proof of employment, long term visit pass, or proof of study in Singapore.
Additional Costs / Fees to note
- Fall below fee: $2 monthly if average daily balance falls below $3,000. Waived for 1st year.
- Early account closure fee: $30 (if you close within 6 months of opening)
- Cheque Book: S$10 per cheque book (upon request)
- The interest rates are only applicable to the first $100,000
BOC SmartSaver
Bank of China’s SmartSaver is a multi-currency savings account where you can earn a high base interest of 0.1% and additional bonus interest when you fulfil additional criteria.
As of 1 Nov 2024, BOC is offering the following rate.
BOC SmartSaver interest rates
Here, you add the base interest rate with the eligible interest rate based on the criteria you qualify for:
| BOC Balance Tiers | Base Interest Rate | Credit salary (at least S$2,000) through GIRO | Purchase BOC’s Insurance products for 12 consecutive months | Eligible monthly Spend on BOC Credit / Debit Cards | Pay 3 unique bills (of at least S$30) online or via GIRO | Have >S$100,000 balance and fulfill any one of the requirements |
|---|---|---|---|---|---|---|
| First $100,000 | 0.4% | 2.5% | 2.4% | 0.5% (S$500 – < S$1,500) 0.8% (S$1,500 and more) |
0.9% | – |
| S$100,000 – S$1 million | 0.4% | – | – | – | – | 0.6% |
You can check BOC’s latest base or prevailing interest rates here.
How much would Xiao Qiang get with the BOC SmartSaver?
In Xiao Qiang’s case, he gets around 3.4% via:
- the prevailing rate of 0.4% on his lump sum S$50,000 deposit,
- 2.5% for crediting his salary and another
- 0.5% for spending $1,000 on his BOC credit card each month.
BOC SmartSaver account eligibility
You need to be at least 18 years old to be eligible for Bonus$aver. You’ll require a minimum initial deposit of S$200.
How to open a BOC SmartSaver account?
You can either apply online via Singpass or visit a branch.
If you’re visiting BOC’s branch, do bring along your ID. Foreigners will need to bring their passport, proof of residential address and supporting documents such as a proof of employment, long term visit pass, or proof of study in Singapore.
Additional Costs / Fees to note
- Minimum monthly average effective balance to enjoy the bonus interest: S$1,500
- Fall below fee: $3 monthly if average daily balance falls below $200
UOB One
UOB One allows you to earn higher interest rates either by coupling your credit card expenses with your salary or with GIRO transactions:
Hold your horses…let’s take a look at the breakdown:
UOB One account interest rates
| UOB One Balance Tiers | Spend at least $500 on eligible UOB card | Spend min. S$500 (calendar month) on eligible UOB Card + make 3 GIRO debit transactions | Spend at least $500 on eligible UOB card + credit Salary via GIRO |
|---|---|---|---|
| First S$75,000 | 0.65% | 2.0% | 3.0% |
| Next S$50,000 | 0.05% | 3.0% | 4.5% |
| Next S$25,000 | 0.05% | 0.05% | 6.0% |
| Above S$150,000 | 0.05% | 0.05% | 0.05% |
As the interest is calculated by tiers, even if you fulfill the criteria of having S$150,000, spend $$500 on UOB card and credit your Salary (min amount $1,600) via Giro, your effective interest rate is about 4%:
How much would Xiao Qiang get with UOB One?
Using the One Account calculator, Xiao Qiang would enjoy an effective interest rate of 3.0% p.a. interest. If we include the additional cash rebates of $400 on the transactions made on his UOB One credit card as part of the interest, it would be about 3.8%.
UOB One account eligibility
You need to be at least 18 years old to open a UOB One account and will require a minimum deposit of S$1,000.
How to open a UOB One account?
Existing UOB customers can apply online by logging into their UOB personal banking account.
New customers can apply online using Singpass to retrieve their information via MyInfo. Foreigners will need to visit a UOB branch with their passport, proof of residential address and supporting documents such as a proof of employment, long term visit pass, or proof of study in Singapore.
Additional Costs / Fees to note
- Fall below fee: $5 monthly if average daily balance falls below $1,000. Waived for 1st 6 months if you open the account online.
- Early account closure fee: $30 (if you close within 6 months of opening)
- Cheque Book: S$10 per cheque book (upon request)
- Bonus interest rates are only applicable to first S$150,000
CIMB FastSaver
CIMB FastSaver is a no frills savings account – all you need to do is deposit your cash for higher interest rates. They do offer the option to earn additional interest on the first S$25,000 of your account balance if you credit your salary / set up a scheduled recurring transfer, and spend on your CIMB Visa Signature Card.
CIMB FastSaver savings account interest rates
| FastSaver Balance Tiers | FastSaver Promo Rate (for new-to-Bank customers only) |
Credit salary (at least S$1,000) through GIRO/PayNow OR Schedule a recurring transfer (via GIRO) of S$1,000 |
Spend at least S$300 with CIMB Visa Signature Credit Card |
|---|---|---|---|
| First S$25,000 | 1.19% | 0.5% | 1.0% (S$300 – < S$800) 1.5% (S$800 and more |
| Next S$25,000 | 2.19% | ||
| Next S$25,000 | 3.3% | ||
| Above S$75,000 | 0.8% |
How much would Xiao Qiang get with CIMB FastSaver?
In Xiao Qiang’s case, he would unlock an interest rate of about 2.44% based on his circumstances.
CIMB FastSaver eligibility
You need to be at least 16 years old to open a CIMB FastSaver account, and would require to deposit a minimum of S$1,000.
How to open a CIMB FastSaver account?
Existing CIMB customers can apply by logging into their customer portal.
New customers will need to prepare a copy of their NRIC or Passport (for foreigners), a proof of residential address (such as your latest telephone bill, bank statement or government issued letter). Foreigners also need to provide supporting documents such as an employment pass, work permit, dependent’s pass or student pass.
You can either apply for a CIMB FastSaver account online using your Singpass or visit a branch.
Additional Costs / Fees to note
- Fall below fee: none
- Counter Transactions: $5
- Linking of CIMB ATM to FastSaver account: $10
- Early account closure fee: $50 (if you close within 6 months of opening)
Standard Chartered Bank’s Bonus$aver Account
The Standard Chartered Bonus$aver account helps users grow their money with higher interest rates through 4 different options – salary credit, investments and insurance.
Standard Chartered’s Bonus$aver account interest rates
Here, you add the base interest rate with the eligible interest rate based on the criteria you qualify for:
| Base Interest Rate | Credit salary (at least S$3,000) through GIRO | Spend min S$1,000 on Bonus$aver Credit Card | Purchase eligible unit trust (at least S$20,000) | Purchase eligible insurance product (Annual premium of S$12,000) | |
| First S$100,000 | 0.05% | 1.0% | 1.0% | 2.0% | 2.0% |
| Above S$100,000 | 0.05% | – | – | – | – |
Balances above S$100,000 are not eligible for bonus interest, but will receive prevailing interest rates.
How much would Xiao Qiang get with Bonus$aver programme?
Using the calculator provided by Standard Chartered, Xiao Qiang would enjoy an effective interest rate of about 2.05% p.a. interest.
If he chooses to invest or insure using Standard Chartered’s products, he could unlock another 2-4% quickly:
Standard Chartered’s Bonus$aver account eligibility
You need to be at least 21 years old to be eligible for Bonus$aver. There is no minimum deposit, however you’ll need to apply for the Bonus$aver credit card.
How to open a Bonus$aver account?
Existing customers can apply online by logging into Standard Chartered account.
New customers can apply online using Singpass to retrieve their information via MyInfo or visit a branch. Foreigners can either apply through SingPass or visit a branch with their passport, proof of residential address and supporting documents such as a proof of employment, long term visit pass, or proof of study in Singapore.
Additional Costs / Fees to note
- Fall below fee: $5 monthly if average daily balance falls below $3,000.
- Early account closure fee: $30 (if you close within 6 months of opening)
- Cheque book: $10 (upon request)
- Credit card annual fee: $218 (waived for first 2 years)
DBS Multiplier
The DBS Multiplier offers a low entry of barrier while rewarding high earners and spenders.
DBS Multiplier savings account interest rates
In their attempt to provide max flexibility for consumers, the DBS Multiplier account comes with a wide range of ways you can unlock higher interest rates:
DBS Multiplier Balance Tiers
| Value of Eligible Transactions | >$499 to < S$15,000 | >$14,999 – |
S$30,000 and more |
| First S$50,000 (Salary + Transaction in 1 category) |
1.8% | 1.9% | 2.2% |
| First S$100,000 (Salary + Transaction in 2 categories) |
2.1% | 2.2% | 3% |
| First S$100,000 (Salary + Transaction in 3 categories) |
2.4% | 2.5% | 4.1% |
The interest rate you get are based of two tiers that you need to take note of here;
- Balance Tier
- Total value of your eligible transactions
To estimate your possible interest rate, you can use the interest calculator provided by DBS here.
How much would Xiao Qiang get with DBS Multiplier?
Based on the DBS interest calculator, Xiao Qiang would unlock 1.8% p.a. interest with his initial deposit of S$50,000, salary crediting of S$3,600 and monthly credit card spend of S$1,000.
DBS Multiplier account eligibility
You need to be at least 18 years old to open a DBS Multiplier account.
There is no minimum initial deposit.
How to open a DBS Multiplier account?
Existing DBS customers can apply by logging into their iBanking account.
New customers will need to prepare a copy of their NRIC or Passport (for foreigners), a proof of residential address (such as the back of your NRIC, latest telephone bill, bank statement or government issued letter). Foreigners also need to provide supporting documents such as a proof of employment, long term visit pass, or proof of study in Singapore.
You can either apply for a DBS Multiplier account online or visit a branch.
Additional Costs / Fees to note
- Fall below fee: $5 monthly if average daily balance falls below $3,000
- Early account closure fee: $30 (if you close within 6 months of opening)
Maybank Save Up
Maybank’s Save Up program rewards users for banking with them – the more Maybank products you use, the higher interest rates you’ll get.
Maybank Save Up programme interest rates
Here, you add the corresponding base interest rate with the eligible interest rate based on the criteria you qualify for:
| Maybank Save Up Balance Tiers | Base Interest Rate | Use 1 Maybank product / service | Use 2 Maybank product / service | Use 3 Maybank product / service |
|---|---|---|---|---|
| First S$50,000 | 0.25% | 0.3% | 1.0% | 2.75% |
| Next S$25,000 | 0.25% | 1% | 1.5% | 3.75% |
| Max Effective Interest Rate | 0.25% | 0.53% | 1.17% | 3.08% |
How much would Xiao Qiang get with Maybank’s Save Up programme?
In Xiao Qiang’s case, he gets 0.25% for his lump sum S$50,000 deposit and an additional 1.0% for his salary crediting and credit card spend.
To unlock the full 3%, Xiao Qiang can consider the following qualifying Maybank products:
Maybank Save Up account eligibility
You need to be at least 18 years old to open a Maybank Save Up account and will require a minimum deposit of S$500.
How to open a Maybank Save Up account?
Existing customers can apply online by logging into their Maybank2u SG app or their Maybank account.
New customers can apply online using Singpass to retrieve their information via MyInfo or visit a branch. Foreigners will need to visit a UOB branch with their passport, proof of residential address and supporting documents such as a proof of employment, long term visit pass, or proof of study in Singapore.
Additional Costs / Fees to note
- Fall below fee: $2 monthly if average daily balance falls below $1,000. Waived for 1st year.
- Early account closure fee: $30 (if you close within 6 months of opening)
Which bank has the best interest rate in Singapore?
In Xiao Qiang’s case, currently OCBC 360 offers the best interest rate at ~3.85% p.a. This drops to 2.75% after 1 May 2025. Bank of China will offer the best interest rate with 3.4% after May 2025.
If your financial situation is similar to Xiao Qiang’s, you may want to refer to the achievable interest rate provided in the table above to narrow your selection.
To get a better estimate of your possible interest rates, you can also use the interest calculator provided by each bank (with exception of BOC and CIMB).
Thinking of capturing the best bank saving account rates?
Depending on your financial situation, some of the bank saving accounts may still offer competitive interest rates while keeping your funds highly accessible.
However, with the lowering of the Federal Reserve interest rates, banks may drop the rates on high-interest saving accounts even further. If you’re looking for more sustainable alternatives, here are some options to consider:
- Dividend Investing: By selecting the right stocks, you could earn sustainable dividend yields of 7% or more—outpacing what banks offer, even in a high-interest environment.
- Singapore Savings Bonds: have dropped below 3%, offering 2.85% on the April 2025 tranche, but you are able to lock in the rate for 10 years, providing capital safety and predictable returns.
For those looking to build a steady income stream through investing, Christopher Ng—our Early Retirement Mastery trainer—shares how he selects high-quality dividend stocks to grow a second income. You can learn more about his strategy here.