SINGAPORE: As the year 2023 went through economic challenges such as inflation and an impending recession, many Singaporeans continue to feel the strain on their wallets. In the face of these difficulties, the importance of saving money has become more crucial than ever. One effective avenue for saving is through a well-chosen savings account. With varying interest rates and minimum sums across many banks in Singapore, it’s essential to identify the best fit for your individual needs. MoneySmart shares Singapore’s best savings accounts for Dec 2023 as of Dec 15, 2023.
1. Citi Wealth First Account
- Interest Rates (Effective Interest Rates): Up to 7.51%
- Best for: Those with other Citibank products
The Citi Wealth First Account offers a base interest of 0.01%, with bonus interest rates achievable through various categories such as spending, investing, insuring, borrowing, and saving.
2. Standard Chartered Bonus Saver
- Interest Rates: Up to 7.88% (on the first $100,000, fulfilling 5 criteria)
- Best for: High spenders
Achieving the highest interest rate of 7.88% requires meeting five criteria, including salary credit, credit card spending, bill payments, investments, and insurance purchases.
3. UOB One Account
- Interest Rates: Up to 5% (on the first $100,000, fulfilling 2 criteria)
- Best for: Freelancers and self-employed
The UOB One Account offers simplicity, requiring only salary credit and a minimum monthly spend on an eligible UOB card to reach the highest interest rate of 5%.
4. OCBC 360 Account
- Interest Rates: Up to 7.65% (on the first $100,000, fulfilling 5 criteria)
- Best for: Growing your savings
The OCBC 360 Account provides a tiered approach to interest rates, with different bonus rates for salary credit, spending, balance increase, insurance, and investment.
5. Bank of China Smart Saver
- Interest Rates: Up to 6.70% (on the first $100,000, fulfilling 4 criteria)
- Best for: High earners and spenders
This account caters to high earners, offering bonus interest for insurance plan spending, salary credit, credit card spending, and bill payments.
6. Maybank SaveUp Programme
- Interest Rates: Up to 3.06%
- Best for: Flexible options with various transactions
Maybank’s SaveUp Programme offers bonus interest based on transactions such as GIRO payments, credit card spending, investments, insurance purchases, and loans.
7. DBS Multiplier Account
- Interest Rates: Up to 4.10% (on the first $100,000, fulfilling 3 categories)
- Best for: Salaried workers
DBS Multiplier offers flexibility, allowing customers to earn bonus interest by crediting salary, spending on credit cards, taking loans, investing, and insuring.
8. CIMB FastSaver Savings Account
- Interest Rates:50% (promo rate)
- Best for: Young adults starting their careers
CIMB FastSaver offers a straightforward promotional rate of 3.50% for new customers, making it an easy and attractive option for young adults starting their careers.
9. POSB SAYE Account
- Interest Rates:50%
- Best for: Zero-effort savings
The POSB SAYE account offers a hassle-free option for those who want to save with minimal effort, requiring only a fixed monthly credit for a rewarding interest rate.
10. HSBC Everyday Global Account
- Interest Rates: Up to 4.60%
- Best for: Multi-currency savings with cashback
HSBC’s Everyday Global Account integrates multi-currency features with cashback opportunities through the Everyday+ Rewards Programme.
Singaporeans can make informed choices based on their financial habits and needs./TISG
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