For less than S$50-60k,
3.55% pa, BOC Smartsaver
Pros: Highest Interest Rate (Spend $500, Giro salary and Pay 3 bills)
Cons: Bank's web interface is dated
3.25% pa, OCBC 360 (Varies 2.25-3.25%)
Pros: Best for people who spend on dining (365 Card). High Interest Rate (Spend $500, Giro salary and Pay 3 bills)
Cons: Need to invest to get the additional 1%, otherwise interest rate will be 2.25%
3.06% pa, Maybank SaveUp
Pros: Highest Interest Rate (Spend $500 on Card, Giro salary, Giro $300 payments)
Cons: Credit card not one of the best in terms of rewards
2.43% pa, UOB One
Pros: Highest Interest Rate among Local banks (Spend $500 and Giro salary/3 Giro payments)
Cons: Need to spend consistently using the One Card every 3 months additional yearly rebates up to $200
2.5% pa, Citibank Interest Plus (Not recommended - Due to investment components)
Pros: Highest Interest Rate (Insure, Invest and Spend)
Cons: Need to buy a Citi Insurance, Need to invest in Regular Savings Plan and Spend $25 per month on Credit Card.
Alternatives
2.08% pa, DBS Multiplier
Pros: Best if high income ($20k and above) and do not want the hassle of credit card spends.
Cons: Difficult to reach $20k (Combination of salary, investing and credit card spends per month).
1.55% pa, SCB eSaver
Pros: Best for people with No cc, no Giro, No salary crediting, No min sum, No need for withdrawals.
Cons: Applicable only to Fresh funds / Incremental Balances. ~
1.15% pa, Maybank iSsavy
Pros: Promotional rate of 1.15% for first S$50k
Cons: Applicable only to Fresh funds / Incremental Balances. ~
1.00% pa, CIMB FastSaver
Pros: No gimmicks, flat 1% on first S$50k.
Cons: Not many ATMs, Web interface is dated.
0.88% pa, UOB Uniplus
Pros: Local Bank, Promotional rate of 0.78% for first S$50k
Cons: Applicable only to Fresh funds / Incremental Balances. ~
~ Moving balances between banks once every 2 months, will constitute the monies as fresh funds, enabling you to qualify for the 'Promotional' interest rates.
For any other amounts above S$50-60k*,
1.98% pa, Bank of East Asia (BEA) - Best 1 Year Fixed Deposit1.80% pa, Maybank iSsavy Time Deposit - Fixed Deposit
1.75% pa, Singapore Savings Bond (May 2016) - Singapore Government Bond
1.70% pa, SCB eSaver - Amounts up to S$200k
1.60% pa, UOB High Yield Account - Amounts up to S$350k
1.40% pa, Maybank iSsavy Savings - Amounts above S$200k
1.28% pa, UOB Uniplus - Amounts from S$100k - 1Mil
1.00% pa, CIMB FastSaver - Savings Account
Realistically, it would not be difficult to get between 1-2.25% on your Savings. Why leave your money idling, in a bank that gives 0.0275% interest p.a, when you can make it work! Hopefully the list above can help you make a choice on some of the best interest rate savings account available in the market today.
Read more on the Best Savings Accounts in 2016.
*Do note that the interest rates promotions may change with time. So do refer to the date that this page is updated.
Last Update: 05-Aug-2016
- Added Maybank SaveUp
