Which is the BEST Savings Account in Singapore 2017

best savings account singapore

People have always looked out for better alternatives to channelize their money which would assure them better and guaranteed returns in the future. Depositing the bank money in the mutual funds, stocks, in banks accounts are the most commonly adopted practices to earn some easy interest on the savings money. However not all these schemes have attractive interest rates and also have a considerable amount of risk associated with the deposits. Thus a quest to find more profiting alternatives to save money have always existed.

In Singapore, a number of banks have come of that provide attractive interest rates on the saving accounts. But which one is the best? Which bank account has the least amount of risk associated? Which saving account ensures guaranteed returns? What are the advantages of a given savings account over the others? These are some of the questions that need to be answered before choosing a bank account to make deposits.


It has been a tough job to choose the best savings account option in Singapore out of the lot especially when there are plenty of them available. In the following section, the best of the lot are highlighted which are competent to yield high returns and provide the necessary security for your deposits. Gone are the days when the people in Singapore used the traditional POSB savings accounts for savings. Lately a large number of banks have sprouted all across Singapore which offer attractive interest rates.

The following are some of the best saving accounts one could consider to make a deposit and earn attractive interests and bonuses:

best interest rate ocbc

This is one of the most competent savings account options in Singapore which offers attractive benefits for the depositors (above 18 years of age). Owing to the advantages it offers for the deposit makers, it has risen to be one of the most preferred account types in Singapore. The depositor needs to have a minimum of S$3000 in the account. For the account balance below $70,000 Singapore Dollars and yearly interest of 0.05 percent is provided on the balance. However this rate rises to 3% for the first balance above S$70,000 in the account. Apart from these various additional bonuses can be availed by the depositors which include:

  • 1.2% per year: If the salary of the depositor is credited into the account through GIRO
  • 0.3% per year: If the depositor uses the account balance to pay bills
  • 0.3% per year: If the depositor spends above S$500 using OCBC credit cards
  • Up to 1.2% per month: If the depositor gets financial products like insurance

Read also: How to beat your Singapore banks interest rate with Investment Linked Insurance Policy

standard chartered best interest account

The account provides a base interest of 0.1 percent on the total balance in the account and the interest rate reaches to about 3.78% on the first S$100,000 deposit. The account can be opened by the local residents of Singapore including the foreigners and PR. However a minimum balance of S$3000 needs to be maintained in the account. Additional bonus interests can be availed by any of the following ways:

  • 1% per year: If a monthly salary of at least S$3000 is credited to the account.
  • Up to 1.78% per year: If the debit and credit cards linked with the account are used for transaction.
  • 0.75% per year: Investment in Eligible Unit Trust or any financial products
  • 0.25% per year: At least 3 bill payments of S$50 each from the account through internet transaction or GIRO

uob best savings account

This account provides a base interest rate of 0.05% which can be maximized to 3.33%. However the depositors can avail the bonus interest rates by accomplishing any of the following measures:

  • If the cards associated with the account are used for spending of at least S$500 every month. However the cards need to satisfy the criteria set by the bank.
  • If a monthly salary of at least S$2000 is credited to the account or at least 3 genuine bills are paid through GIRO every month.

boc best interest saving account

The account acts as a complimentary account to the BOC Multi Currency Savings Account. By adopting the necessary practices an interest rate of 3.55% can be obtained on the savings every year. The following would lead to a bonus interest on the savings:

  • S$1500 and above spendings using the BOC cards (1.6% per year) or between S$500 to S$1499 (0.8% per year)
  • Salary credits through GIRO: above S$6000 (1.2%) or between S$2000 to S$5999 (0.8% per year)
  • 3 bill payments using GIRO each of at least S$30 (0.35% per year)
  • An account balance between S$60000 and S$1 million (0.6% per year)

Although this account provides the best benefits, it is a bit difficult to achieve the bonus which results in just a mere interest rate of 0.8% per annum.

Also read: Ways to EARN extra INCOME in Singapore


Every bank account has specific terms and conditions that need to be carefully analysed before making any deposits in the account. The bonus providing options should be carefully considered and serve as a checklist to choose the best account to deposit the savings.