Best Savings Account or Current Account in Singapore

 

Ways on How to Save Money

Deposit Accounts in Singapore

There are several current and savings accounts in Singapore that offer a higher interest rate as compared to your basic deposit account. Certain requirements or conditions have to be fulfilled before the higher interest rates are applicable. The requirements and conditions vary between deposit accounts but generally require depositors to spend or save a minimum amount of money each month. Financial institutions could also throw in promotional gifts to new accountholders to attract new customers. The deposit accounts with the best interest rates are listed below.

Current and Savings Account Comparison Table

Bank and Deposit Account Minimum Requirements / Conditions Interest Rate

Standard Chartered Bonu$aver Current Account

- Earn up to an extra 1.88% p.a. bonus interest when you spend on your Bonu$aver World MasterCard Credit Card
- Earn extra 1.0% p.a. bonus interest when you credit your salary
- Earn extra 0.75% p.a. bonus interest when you insure or invest with Standard Chartered
- Earn extra 0.25% p.a. bonus interest when you pay 3 bills
- Extra interest is only applicable on first $100,000 deposit
- Earn 0.10% base interest

Highest possible interest rate of 3.98%

Citibank InterestPlus Savings Account

- Earn extra 1.2% p.a. when you insure with Citibank
- Earn extra 1.2% p.a. when you invest with Citibank
- Earn extra 1.0% p.a. when you take up a Citibank Home Loan
- Earn extra 0.1% p.a. when you spend on your Citibank Credit Cards
- Extra interest is only applicable on first $50,000 deposit
- Earn up to 0.10% base interest

Highest possible interest rate of 3.60%

Bank of China Multi Currency Savings Account with Bank of China SmartSaver Plan

- Earn up to 0.40% base interest
- Earn extra 1.2% p.a. when you credit your salary
- Earn extra 0.35% p.a. when you pay 3 bills
- Earn extra 1.60% p.a. when you spend on your Bank of China Credit Cards
- Extra interest is only applicable on first $60,000 deposit
- Earn 0.60% bonus interest on top of base interest for account balance in excess of $60,000 up to $1,000,000

Highest possible interest rate of 3.55%

OCBC 360 Account

- Earn extra 1.2% p.a. when you credit your salary
- Earn extra 1.0% p.a. when you insure or invest with OCBC
- Earn extra 0.5% p.a. when you pay 3 bills
- Earn extra 0.5% p.a. when you spend on your OCBC Credit Cards
- Earn 0.05% base interest
- Earn additional 1.0% interest on any incremental monthly balance
- Extra interest is only applicable on first $60,000 deposit

Highest possible interest rate of 3.25% + interest on incremental monthly balance

Maybank SaveUp Account Programme

- Earn up to 2.75% p.a. bonus interest when you take up 3 financial products from Maybank
- Earn up to 0.3125% p.a.base interest
- Extra interest is only applicable on first $50,000 deposit

Highest possible interest rate of 3.00%

DBS Multiplier Programme Account

- Earn interest rate based on cash flow to your account and fulfilling of 3 out of 5 financial transactions
- Cash flow and financial transactions can be in the form of salary, credit card spending, home loan instalment and investment dividends
- Earn extra interest of up to 2.68% p.a. with monthly cashflow of minimum $7,500
- Extra interest is only applicable on first $50,000 deposit

Highest possible interest rate of 2.68%

UOB One Account

- Earn up to 1.60% p.a. when you spend on your UOB One Card
- Earn up to 0.83% p.a. extra when you credit salary / make 3 GIRO debit transactions
- Extra interest is only applicable on first $50,000 deposit

Highest possible interest rate of 2.43%

POSB SAYE Savings Account

- Earn extra 2.00% p.a. on monthly savings when you credit your salary
- Earn 0.05% base interest
- Extra interest will be on fixed monthly savings ranging from $50 to $3,000

Highest possible interest rate of 2.05%

Citibank MaxiGain Savings Account

- Earn base interest rate of 80% * 1-month SIBOR
- Extra additional 0.10% p.a. bonus interest rate each month capped at 1.20% p.a. with higher or equal lowest balance every month on first $150,000 deposit

Highest possible interest rate of 1.20% + 0.80(1m SIBOR)

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Best Current or Savings Deposit Account in Singapore

After taking into consideration of the requirements and conditions, the UOB One Account is unanimously chosen as the best deposit account in Singapore. The requirements required to receive a high interest rate of 2.43% p.a. are straightforward. Account-holders simply have to credit their salary into the account or make 3 giro payments monthly and spend a minimum of $500 on their UOB One Card. This is in stark contrast to the complicated requirements needed to attain the highest interest rate possible by the other deposit accounts.

This is followed by the Bank of China Multi Currency Savings Account due to its newly updated Bank of China SmartSaver Plan. The highest possible interest rate is higher than UOB One Account but most depositors will have difficulty meeting the requirements of spending $1,500 on their credit cards and / or depositing $6,000 salary into the account monthly. The biggest draw of the account is its high base interest rate of 0.40% p.a. which is considerably higher than most other deposit accounts.

Lastly, Money Lobang will like to remind depositors that financial institutions can revise the interest rates and requirements at their own discretion at any point in time. A depositor should be alert to the changes as the benefits could be vastly different from the initial benefits that he/she signed up for initially.

 

Comments on Best Savings Account or Current Account in Singapore

 

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