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Best Savings Account Singapore
Savings accounts in Singapore are one of the most popular savings instruments and for good reason! Savings accounts offer savings interest rates that are higher than many other savings alternatives. The best savings account Singapore also offers excellent features like free ATM withdrawals, great customer service, and easy access to your money anytime you want it.
The list of savings accounts below will provide an overview of what each bank has to offer so that you can easily compare them before deciding which savings account is right for you.
1) Standard Chartered Bank Bonus $aver
| Key Service | Quick application process |
| Address | Locations |
| Website | https://www.sc.com/sg/save/current-accounts/bonussaver/ |
| Phone | Locations |
| customer.care@sc.com | |
| Operating Hours | Locations |
The Standard Chartered BonusSaver savings account has been a wonderful alternative for those who need to spend more than they earn.
However, after it was adjusted, the interest rate isn’t as appealing unless you want to make money by using this card. If that’s what you require and are prepared to put $2K in transactions before receiving any advantages from doing so, go ahead!
Key Differentiators:
- Up to 2.38% p.a
- Extensive network of ATMs
- Quick application process
Customer Review:
Being right by the train station entrance in a highly populous mall can mean a couple of things. It’s so convenient that people can and will drop by for any of their banking needs. But at the same time, queues can be ridiculously long especially during times when you need banking services the most urgently.
Flo Yeow
2) OCBC 360 Account
| Key Service | Online application |
| Address | Locations |
| Website | https://www.ocbc.com/personal-banking/deposits/360-savings-account |
| Phone | +65 6363 3333 |
| ContactUs@ocbc.com | |
| Operating Hours | Locations |
An OCBC 360 account may be opened. It’s more difficult to maintain than the UOB One, but it also has a lot of flexibility since there is no one required component that has to run smoothly and efficiently for you – simply maintaining $1,800 every month is sufficient!
You get a 0.1% bonus every month that your balance rises above $500, which may encourage folks to save even more in the long run without them realizing it.
Key Differentiators:
- Earn effective interest rate of up to 2.38% a year
- Online application
- Issues e-statements
3) MayBank Save Up Account
| Key Service | Offers several benefits |
| Address | Locations |
| Website | http://www.maybank2u.com.sg/ |
| Phone | 1800-MAYBANK (1800-629 2265) (65) 6533 5229 (Overseas) |
| cs@maybank.com.sg | |
| Operating Hours | Locations |
There are a few easy actions you can take to get the most out of your Maybank Save Up account. Under the Maybank Save Up Programme, you may receive double interest on your savings if you invest in 9 different Maybank products/services.
- GIRO payment (min. $300) OR salary credit (min. $2,000),
- Credit card spending (min. $500)
- Invest in structured deposit’s Interest Rate Tracker (minimum of 10k – with a minimum investment amount that does not exceed 100% or the value of your account).
- Unit trusts of at least $25k investments
- Buy insurance for yourself and family members if they are below 18 years old ($5,000 annually- this is equivalent to one year’s worth coverage.)
- Home loan ($200K+)
- Renovation Loan($10K+)- both require proof of property ownership certificate
- Car Loans up to 35K
- Education loan ($10k)
If you know you’ll have three items or services to sell, Maybank is a good option. You may earn one of the highest rates of return for your money if you choose Maybank.
Key Differentiators:
- Interest rates of up to 3% p.a
- Convenience of one platform to spend, save, invest and much more
- Offers several benefits
Customer Review:
Opened a savings account with the bank at this branch. Waiting time was reasonable & took quite fast to get the account opened. Located in the heart of Chinatown & just beside the train station.
Cai Sheng Tong
4) UOB One Savings
| Key Service | Gives you the flexibility and simplicity in managing finances |
| Address | Locations |
| Website | https://www.uob.com.sg/personal/save/everyday-accounts/one-account.page |
| Phone | Contacts |
| Contacts | |
| Operating Hours | Locations |
The UOB One account is one of the few higher interest savings accounts that does not have a salary credit requirement. If you’re scared of arithmetic, choose this option; all you have to do is spend at least $500 per month on any UOB card (either the UOB One Card or one of our Lady Cards).
Spend an extra 15,000 USD in your monthly transactions through the same borderless card to boost your interest rate and get more out of it without having to put forth much effort! Of course, there are alternative methods – such as crediting your monthly income each year, which would increase based on the number of years you have worked already before cashing in, allowing us to discuss retirement plans sooner rather than later.
Key Differentiators:
- Earn up to 2.5% interest p.a.
- Gives you the flexibility and simplicity in managing finances
- Get up to 3% cashback on online shopping, groceries, transport, and more.
5) Bank of China SmartSaver
| Key Service | Lesser requirements |
| Address | Locations |
| Website | https://www.bankofchina.com/sg/ |
| Phone | 1800-6695566 |
| enquiry.sg@bankofchina.com | |
| Operating Hours | Locations |
There are a few simple steps you can take to get the most out of your Bank of China Smart saver account. If you want a higher interest rate than usual, the Bank of China is the place to go. They provide a competitive 1.4% p.a. with fewer requirements than the competition.
Take advantage of their bonus interest feature, especially when you successfully complete 3 bill payments of at least S$30 each via GIRO or Internet Banking/ Mobile Banking Bill Payment function.
Key Differentiators:
- Lesser requirements
- Earn up to 3.00% p.a
- Havings plan with deposit of at least S$1,500
Customer Review:
Stellar customer service experience in this branch! The staff members were patient and went the extra mile to provide the necessary information that I required – keep up the great work!
Zeng Hou Lim
6) DBS Multiplier Savings Account
| Key Service | No initial deposit required |
| Address | Locations |
| Website | https://www.dbs.com.sg/personal/deposits/bank-earn/multiplier |
| Phone | Contacts |
| Contacts | |
| Operating Hours | Locations |
There are just a few simple actions you can take to make the most of your DBS savings account. To begin, you’ll need at least one monthly income that is eligible for Savings Plus interest rates (salary credit or investment dividends).
After that, select from a variety of categories based on your demands:
- Credit card spending with no minimum;
- Home loan cash plus CPF components counted as qualifying contributions;
- Selected insurance policies like life insurance and critical illness coverage in addition to endowment plans;
- Selected investments such as regular savings plan, unit trust funds, or DBS Vickers respectively.
It’s also possible to gain access to more beneficial tiers of interest and bonuses by saving up for whatever comes next when you use the appropriate combinations!
The DBS My Account is a savings account that can be tailored to your needs. It’s an excellent fit for anybody looking for a savings account that they may personalize. There is no minimum deposit or age restriction to open this account, which makes it simple to apply for.
Key Differentiators:
- Earn up to 3% p.a
- No initial deposit required
- No monthly account fees
Customer Review:
Satisfied with the experience, The staff nisha explains to me patiently in every detail about my enquiry then She helped me Proceed with my request smoothly. Other than that, she wrote an extra note to me about the process as I told her my friend needed to settle for the same problem as mine.
Gwenda Winnie
Savings Account Singapore
The savings account options in Singapore are plentiful, but the savings account that best fits your needs depends on what you’re looking for. If you have a job or monthly income and want to earn more interest than usual without too many requirements, Bank of China SmartSaver is an excellent choice. It’s possible to get higher tiers of interest with additional savings by doing things like saving up for insurance policies or investments so it pays off to combine them!
Your savings account Singapore can be tailored just for you which makes these savings account perfect if anyone doesn’t need any minimum deposit or age restriction when opening their bank accounts. For customers who don’t save much each month, DBS Multiplier Savings Account may be worth considering since there are no fees associated with having one
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