We all know by now that  inflation  has been skyrocketing and the U.S. Fed has been  increasing interest rates  to combat it. 
 And while that is generally bad for the  stock market , it’s  actually a good thing when it comes to our bank  savings accounts . 
 Source: Giphy 
 As such, we have updated this guide to help you sort through all the high-interest savings accounts to help you find the  best savings account  for your needs. 
 Here’s all you need to know! 
 
 TL;DR: Best High Yield Savings Account Singapore Guide (2023) 
 To find the best savings account, we created this example of a  typical working adult in Singapore  and assumed the following: 
 
 Has a minimum account balance of  $10,000  to enjoy bonus interests and avoid the fall below fees 
 Has  at least $2,000  in  salary  credited into the savings account after  CPF contributions 
 Spends a  minimum of $500  a month via Paylah!, debit or credit cards on daily expenses (e.g. transport and food) 
 Pays at least  three bills (home loan, insurance & telco). 
 
 Based on the criteria that we set out, here’s how much interest you’ll be getting from these high-interest savings accounts: 
 
 
 
 Savings Account Interest Earned (p.a.) 
 
 
 
 
 Bank of China SmartSaver 3.50% 
 
 
 CIMB FastSaver 1.50%  
 (3.5% for new customers for 6 months) 
 
 
 DBS Multiplier 1.80% 
 
 
 Hong Leong iSavings 0.88%  
 
 
 Maybank Save Up 1.25% 
 
 
 OCBC 360 2.65%  
 
 
 RHB High Yield Savings Plus Account 1.50% 
 
 
 SCB JumpStart* 2.00% 
 
 
 SCB Bonus$aver 1.63%  
 (4.13% if salary credit is $3,000 & above) 
 
 
 UOB One 3.85% 
 
 
 

 *Only those who are  18 and 26 years old  are eligible to open a JumpStart account. But you will be able to keep the account and enjoy the prevailing interest on your balance after you turn 26 years old. 
 
 Best Bank Account Singapore: How Much Interest Does $10,000 Earn in a Year? 
 The answer is that it really depends. 
 But let’s say you are a young working adult. The JumpStart account will give you the highest interest of  2.00% per annum (p.a.)  without any hoops to jump through. You will get an additional  0.50%  when you invest. 
 If you deposit  $10,000  with that account and fulfil the conditions every month for a year, you will get  $200  a year. 
 Highest Interest Rate Savings Account Singapore Guide: Where Should I Keep My Savings? 
 Read on to find out which savings account you should use to store your savings and get some interest. 
 Click to Teleport: 
 
 BOC SmartSaver Account 
 CIMB FastSaver Account 
 DBS Multiplier Account 
 Hong Leong Bank iSavings Account 
 Maybank SaveUp Account 
 OCBC 360 Account 
 RHB High Yield Savings Plus Account 
 Standard Chartered JumpStart Account 
 Standard Chartered Bonus$aver Account 
 UOB One Account 
 Digital Bank Savings Accounts: High Interest With Lesser Hoops 
  Other Considerations When Choosing the Best Savings Account 
 
 Disclaimer: The information provided by Seedly serves as an educational piece and is not intended to be personalised financial advice. Readers should always do their due diligence, consider their financial goals before committing to any financial product, and consult their financial advisor before making any decisions. Information is accurate as of 2 December 2023. 
 
 Bank of China Savings Account:  BOC SmartSaver Account 
 
 BOC SmartSaver Savings Account Interest Rates 
 The Bank of China (BOC) SmartSaver is a savings plan for BOC Multi-Currency Savings (MCS) account holders to earn bonus interests on top of the prevailing interests. 
 The base prevailing interest rate for BOC Savings Accounts ranges from  0.15% – 0.40% p.a. , depending on the deposit amount. The more you deposit, the higher the prevailing interest rate. 
 
 
 
 Deposit Amount Interest Rate (p.a.) 
 
 
 
 
 Below $5,000 0.15% 
 
 
 $5,000 to $20,000 0.20% 
 
 
 $20,000 to $50,000 0.30% 
 
 
 $50,000 to $100,000 0.30% 
 
 
 $100,000 and above 0.40% 
 
 
 

 Note: a minimum monthly average effective balance of  $1,500  is required to enjoy bonus interests. 
 
 BOC SmartSaver Savings Account Bonus Interest Category 
 Account holders can stand to earn up to  7.00% p.a. of bonus interest rates  on the  first $100,000 of their account balance  by fulfilling these categories: 
 
 
 
 Bonus Interest Categories Criteria Bonus Interest Rate 
(p.a.) 
 
 
 
 
 Wealth Purchase eligible BOC wealth products to earn this bonus interest for 12 consecutive months 2.40% 
 
 
 Card Spend Spend at least $1,500 posted in a month by using BOC Cards 0.80% 
 
 
 Spend at least $500 posted in a month by using BOC Cards 0.50% 
 
 
 Salary Crediting Monthly salary crediting of $6,000 and above 2.50% 
 
 
 Monthly salary crediting of $2,000 to $6,000 (exclusive) 1.90% 
 
 
 Payment Perform at least 3 bill payments of at least $30 each via GIRO or BOC Internet Banking/BOC Mobile Banking Bill Payment function 0.90% 
 
 
 Extra Savings Fulfill at least one of the requirements for either Card Spend, Salary Crediting, or Payment bonus interest 0.60% 
 
 
 

 *Prevailing interest rate of up to 0.40% p.a. is applicable for your entire account balance 
 Do note that any amount from $100,000 to $1,000,000 in the account will only enjoy up to 1.00% p.a. of interest. 
 Also, here is more information you need to know about this account: 
 
 Minimum initial deposit:  $200 
 Minimum monthly balance to enjoy bonus interest:  $1,500 
 Monthly fall below fee:  $3 (if monthly average daily balance falls below $200) 
 
 Things To Note About the BOC SmartSaver Savings Accounts 
 Even with “over 200 ATMs” located around Singapore, finding a Bank of China ATM is difficult when needed. 
 This is one inconvenience you must deal with when using the BOC SmartSaver. 
 How To Earn Bonus Interest With the BOC SmartSaver Saving Account? 
 If you’re earning a high income, BOC Smart Saver is a good choice, as you don’t need to jump through too many hoops to qualify for the additional interest. 
 Here’s how much interest you can get based on the criteria we set out: 
 
 
 
 Category 
(fulfilled monthly) Interest Rate 
p.a) 
 
 
 
 
 Base Interest Rate 
($10,000) 0.20% 
 
 
 Monthly Salary Crediting 
($2,000) 1.90% 
 
 
 Card Spend 
($500 a month) 0.50% 
 
 
 Payment 
(3 bills of at least $30 each) 0.90% 
 
 
 Total Interest 3.50% 
 
 
 

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 Best CIMB Savings Account:  CIMB FastSaver Account 
 Next, we have the CIMB FastSaver account, which has increased interest frequently in recent months. 
 CIMB FastSaver stands out from the crowd with the  highest base interest rate  from  0.80% to 1.50%,  depending on your savings amount. You can get up to a  total of 3.50% p.a  as a new-to-bank customer*! 
 *Open a CIMB FastSaver account by 31 December 2023 to earn 3.50% p.a. from the first dollar for the next six months, with a minimum deposit of $1,000 for savings accounts. Simply maintain or increase your month-end balance to enjoy the promotion.  
 
 CIMB FastSaver Savings Account Interest Rates 
 
 
 
 Account Balance Prevailing Interest Rate (p.a.) For New-to-Bank customers: Bonus Interest Rates (p.a.)* For New-to-Bank customers: Total Promotional Interest/ Profit Rates (p.a.)** 
 
 
 
 
 Next $25,000 1.50% +2.00% 3.50% 
 
 
 Next $25,000 2.50% +1.00% 
 
 
 Next $25,000 3.50% +0.00% 
 
 
 Above $75,000 0.80% +2.70% 
 
 
 

 
 Which Bank Has No Minimum Balance in Singapore? 
 One cool thing about CIMB FastSaver is that it is one of the few accounts with no minimum monthly balance requirement. There is no fall below fees either. 
 
 Minimum Initial deposit:  $1,000 
 Minimum monthly balance:  $0 (but you must maintain a monthly daily average balance of at least $1,000 to get the interest!) 
 Monthly fall  below fee:  N.A. 
 Bonus interest cap:  $75,000 
 
 How to Maximise CIMB FastSaver Savings Accounts Interest Earned Based on the Above Criteria 
 The best thing about CIMB FastSaver is that it is a pretty straightforward savings account. 
 With the criteria we set out, you will get  3.50% p.a. 
 
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 Best DBS Savings Account:   DBS Multiplier Account 
 Next, we have Singapore’s biggest bank, DBS and the DBS Multiplier Account. 
 For some context, Post Office Savings Bank (POSB) now operates as part of DBS. 
 
 What is POSB Savings Interest Rate? 
 If you are still hanging on to your Post Office Savings Bank (POSB) My Account for Kids, you might have outgrown it and the paltry 0.05% interest it offers. 
 Since POSB is now a part of DBS, y ou can convert your My Account to a DBS Multiplier Account to earn higher interest –  up to a whopping 4.10% p.a. ! 
 DBS Multiplier Savings Account Interest Rates: Best Salary Crediting Account? 
 If you’re currently using the  DBS Multiplier account , you’ll be glad to know that the savings account went through some changes to make earning interest easier, and you can even earn bonus interest without having an income! 
 You can earn  up to 4.10% p.a. , up from the previous 3.50% p.a. on the first $50,000 – $100,000. 
 Before 1 August 2023, you can earn bonus interest on Multiplier Account balances via one of these three ways: 
 Source: DBS 
 From 1 Aug 2023, the process is much simpler, and you can expect the following: 
 Source: DBS 
 If you’re thinking you can’t pay bills, this is the only Savings Account that allows you to pay bills and earn interest because eligible PayLah! transactions include: 
 
 Payments to merchants  through PayLah! in-app checkout, web checkout, express checkout 
 Scan & Pay transactions 
 Payments to billing organisations 
 Donations to charitable organisations 
 
 Option 1 (Working Adult 30 Years Old And Above): 
 
 Salary Credit:  Credit your salary into your DBS/POSB SGD-denominated account via GIRO/FAST/PayNow with transaction code “SAL”/“PAY” or transaction description “SALARY”/“PAYROLL”/“COMMISSION”/“BONUS” 
 Dividends Credit:  Credit your dividends into your DBS/POSB account, DBS Wealth Management Account, Supplementary Retirement Scheme (SRS) account or CPF Investment Account (CPFIA) with transaction code “CDP”/“NDIV” or transaction description “DIVIDEND”
 
 Eligible dividends include:
 
 Central Depository Pte Ltd (CDP) 
 DBS Vickers Securities, DBS Online Equity Trading (OET) 
 DBS Unit Trusts 
 DBS Online Funds Investing 
 DBS Invest-Saver. OR 
 
 
 
 
 Annuities Credit:  Credit your CPF payouts or SRS withdrawals via GIRO/FAST/PayNow with transaction code “CPF”/“SRS” or transaction description “CPF”/“SRS” into your DBS/POSB account. 
 
 In addition to how many and how much transactions you make in the following categories: 
 
 Credit Card Spend / PayLah! Retail Spend 
 Home Loan Instalments 
 Insurance (only for the first 12 consecutive months) 
 Investments (only for the first 12 consecutive months). 
 
 
 
 
 Total Eligible Transactions Per Month Income + 1 category Income + 2 categories Income + ≥ 3 categories 
 
 
 
 
 First $50,000 balance First $100,000 balance First $100,000 balance 
 
 
 ≥ $500 to < $15,000 1.80% p.a. 2.10% p.a. 2.40% p.a. 
 
 
 ≥ $15,000 to < $30,000 1.90% p.a. 2.20% p.a. 2.50% p.a. 
 
 
 ≥ $30,000 2.20% p.a. 3.00% p.a. 4.10% p.a. 
 
 
 

 Based on the criteria we set out above, your eligible transaction will earn you about 1.80% interest. 
 The trick for Option 1 is to transact in  more categories,  and the  higher the amount you transact  in, the  more interest  you’ll earn. 
 Option 2 (Aged 29 and Below & No Income) 
 Previously, for those 29 and below, you could only earn up to 0.40% for PayLah! Retail Spends AND you’re required to credit your salary or have dividends credit or have connected DBS NAV Planer with SGFinDex. 
 From 1 Aug 2023, for the  first $50,000 balance  with no minimum spend required for Credit Card/PayLah Retail Spend, you can earn a bonus interest up to  1.50% p.a. ! 
 So, even though you’re not crediting your salary to the DBS Multiplier account, as long as you make eligible transactions, you can still earn the bonus interest! 
 Source: SpongeBob SquarePants | giphy 
 Imagine this:  You’re a 21-year-old tertiary student with no income, and you spend about $100 per month using PayLah!, you will qualify for the 1.50% p.a. for the first $50,000. 
 If you’re doing an internship or part-time work and credit your salary into the DBS Multiplier Account, the interest rate you’ll be earning will be increased from 1.5% to 1.8%. 
 Option 3 (Retirees) 
 For those who’ve retired, you might receive CPF Life monthly payouts through DBS, and you’re transacting through PayLah! 
 If you’re receiving a $700 monthly payout and making $200 PayLah! transactions every month, your total eligible transaction would be $900. This qualifies you for the 1.80% p.a. interest rate for the first $50,000 cap in your account. 
 And, if you would like to earn a higher interest rate, all you need to do is to transact in more categories. 
 Things To Note About the DBS Multiplier Account 
 The interest is credited into your DBS Multiplier Account in 2 parts: 
 
 Base interest: Credited on the last calendar day of the month 
 Bonus interest (if any): Credited by the 7 th  working day of the following month 
 
 This overhaul of the DBS Multiplier Account is suitable for all ages, especially those who are entering their first job or retiring. 
 Also, here are more details about the DBS Multiplier savings account: 
 
 Minimum initial deposit:  $0 
 Minimum monthly balance:  $3,000 
 Fall below fee:  $5 (if monthly average daily balance falls below $3,000, waived if you are 29 years old and younger or if this is your first account with DBS/POSB (online applications only) 
 Bonus interest cap:  $100,000 
 
 DBS Multiplier Account Calculator 
 For those who would want to calculate how much interest you’ll be getting, use this  automated calculator . 
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 Best Hong Leong Bank Savings Account:  Singapore Dollar iSavings Account 
 You can earn interest rates of up to 3.28% p.a. with Hong Leong Bank’s iSavings Account. 
 
 Hong Leong Bank iSavings Account Interest Rates 
 Here are the latest interest rates of the Hong Leong Bank iSavings Account: 
 
 
 
 Daily Balance Prevailing Rates (p.a.) Bonus Rates* (p.a.) Promotional Rates* (p.a.) 
 
 
 
 
 First $20,000 0.30% 0.58% 0.88% 
 
 
 Next $30,000 0.30% 0.58% 0.88% 
 
 
 Next $150,000 0.30% 2.98% 3.28% 
 
 
 Next $800,000 0.30% 2.98% 3.28% 
 
 
 Above $1,000,000 0.30% 2.98% 3.28% 
 
 
 

 *These interest rates are effective from 1 July 2023 and apply to individual depositors only. There will be no passbook given for an iSavings account. HL Bank reserves the right to change, vary or revise these interest rates from time to time at its own absolute discretion. 
 In addition, here are some important details about the Hong Leong Bank iSavings Account: 
 
 Minimum initial deposit:  $0 
 Minimum monthly balance:  $5,000 
 Fall below fee:  $5 (if monthly average daily balance falls below $5,000) 
 Early account closure fee (if you close the account within six months) : $30 
 Bonus interest cap:  $1,000,000 
 
 How to Earn Bonus Interest With the Hong Leong Bank iSavings Account Based on the Above Criteria 
 The good thing about Hong Leong’s iSavings Account is that earning interest is pretty simple. 
 With our criteria, we will be getting  0.88% p.a . 
 
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 Best Maybank Savings Account:  Maybank SaveUp Account 
 
 Maybank SaveUp Interest Rate 
 If you’re currently using the Maybank SaveUp account, here are the latest interest rates: 
 
 
 
 Plus Base interest up to 0.25% p.a. 
 
 
 
 
 Bonus interest Take up 1 product Take up 2 products Take up 3 products Take up 4 products 
 
 
 Save Up Programme (For retail customers) 
 
 
 First $50,000 0.30% p.a. 1.00% p.a. 2.75% p.a. - 
 
 
 Next $25,000 1.00% p.a. 1.50% p.a. 3.75% p.a. - 
 
 
 Maximum Effective Interest Rate on First $75,000 0.53% p.a. 1.17% p.a. 3.08% p.a. - 
 
 
 

 Additionally, here are more details about the Maybank SaveUp account: 
 
 Minimum initial deposit: 
 
 $500 (Singaporeans/Permanent Residents) 
 $1,000 (Foreigners) 
 
 
 Minimum monthly balance:  $1,000 
 Monthly fall-below fee:  $2 (if monthly average daily balance falls below $1,000 + waived for customers aged 25 and under) 
 Early account closure fee (if you close the account within six months) : $30 
 Bonus interest cap:  $50,000 
 
 
 How to Maximise Maybank Save Up Interest Earned Based on the Above Criteria 
 The Maybank Save Up programme lets you choose from nine different products and services to get the bonus interest: 
 
 
 
   Qualifying Products Minimum Transaction Amount Bonus interest period (Months) 
 
 
 
 
 Save GIRO Payment* 
(To other billing organisations) 
 
AND/OR 
 
Salary Crediting* 
(Via GIRO or Maybank Payroll) $300 monthly (GIRO) 
 
AND/OR 
 
$2,000 monthly (Salary) 1 month 
 
 
 Spend Card 
(Transact with Maybank Platinum Visa Card and/or Horizon Visa Signature Card) $500 monthly 1 month 
 
 
 Invest Structured Deposits $30,000 3 months 
 
 
 Unit Trusts $25,000 cash investments 12 months 
 
 
 Insure Etiqa Life Insurance $5,000 in annual premium 12 months 
 
 
 Borrow Home Loan (excludes Equity Loan) $200,000 12 months 
 
 
 Car Loan $35,000 
 
 
 Renovation Loan $10,000 
 
 
 Education Loan $10,000 
 
 
 

 *If you meet the minimum salary credit amount and/or the minimum aggregate GIRO debit amount stated in the table above, it will be considered one  Qualifying Product . 
 Note: looking at the number of loans available, it seems like Maybank Save Up would be ideal if you’re already planning to take a loan. 
 To optimise your interest rate, you’ll basically want to  fulfil at least three products and services  to clock the  maximum bonus interest of 2.75% p.a . 
 If we stick with the criteria we set out (credit $2,000 and spend $500) — meaning you only fulfil  two products or services  — you’ll get  at least 0.95% to 1.2% p.a,  depending on your account balance. 
 How to Maximise Maybank Save Up Interest Earned Based on the Above Criteria 
 After 1 June 2023, you’ll basically want to  fulfil at least three products and services  to clock the  maximum bonus interest of 3.33% p.a . on the first $75,000 in your account. 
 If we stick with the criteria we set out (credit $2,000 and spend $500) i.e. you only fulfil  two products or services  — you’ll get  at least 1.25%  on the first $10,000 in your account. 
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 Best OCBC Savings Account:  OCBC 360 Account 
 Next up, we have the OCBC 360 account. 
 You can earn an effective interest rate of up to  4.65% p.a.  on the  first $100,000  in your account. 
 Also, you can earn an additional 3.00% p.a. when you buy insurance or investment products with the bank, to a maximum interest rate of up to 7.65% p.a.! 
 
 OCBC 360 Savings Account Interest Rates 
 Here are the latest bonus interest rates of the  OCBC 360 Savings Account : 
 
 
 
 Account Balance Salary  
(Monthly Salary Credit of at Least $1,800 Through GIRO) Save 
(Increase Your Average Daily Balance by at Least $500 Monthly) Spend 
(Charge at least $500 to your OCBC 365 Credit Card each month) Insure  
(Purchase an Eligible Insurance Product From OCBC) Invest  
(Purchase an Eligible Investment Product From OCBC) Grow  
(Maintain an Average Daily Balance of at Least $200,000) 
 
 
 
 
 First $75,000 2.00% 1.20% 0.60% 1.20% 1.20% 2.40% 
 
 
 Next $25,000 4.00% 2.40% 2.40% 2.40% 
 
 
 Effective Interest Rate* 2.50% 1.50% 0.60% 1.50% 1.50% 2.40% 
 
 
 

 *For maximum EIR illustration purposes for your first S$100,000: 
 Salary + Save: You will earn a maximum EIR of 4.50% a year. 
 Salary + Save + Spend: You will earn a maximum EIR of  4.65% a year . 
 Salary + Save + Spend + Insure / Invest: You will earn a maximum EIR of 6.15% a year. 
 Salary + Save + Spend + Insure + Invest: You will earn a maximum EIR of 7.65% a year. 
 Note: You will earn a base interest of  0.05% p.a.  on your entire account balance regardless of whether you fulfil the above categories. 
 Tips on Maximising OCBC 360 Account Interest Rates 
 The simplest way besides salary crediting and saving is to optimise your spending using a credit card. 
 All you need to do is spend a minimum of $500 on your  OCBC 365 ,  OCBC 90°N ,  OCBC Titanium Rewards  or OCBC NXT Credit Card. 
Not to forget, here are some important details about the OCBC 360 account. 
 
 Minimum initial deposit:  $1,000 
 Minimum monthly balance:  $3,000 (fall below fee waived for the first year) 
 Fall below fee:  $2 (if the monthly average daily balance falls below $3,000 + the fall below fee is waived for the first year) 
 Bonus interest cap:  $100,000 
 
 How to Earn Bonus Interest With the OCBC 360 Account Based on the Above Criteria 
 If you don’t like reading the terms and conditions, here’s our suggestion on how to maximise your OCBC 360 Saving Account’s interest rate. 
 The criterion to hit the OCBC 360  Grow Bonus  interest rate is probably out of reach for most of us. 
 Like seriously, who has $200,000 lying around in the bank?! 
 Instead, you’ll want to fulfil  as many other categories  as you can: 
 
 Credit your monthly salary (Min. $1,800) through GIRO to earn the  Salary Bonus 
 Increase your bank balance by at least  $500  a month to earn the  Save Bonus 
 Spend at least $500 on your OCBC 365 Credit Card each month to earn the  Spend Bonus 
 Buy unit trusts or endowment insurance plans from OCBC to build your retirement portfolio and earn the  Insure Bonus  or  Invest Bonus. 
 
 Even if you’re unsure about buying insurance or investment products from OCBC and may not be able to increase your bank balance by $500 per month, here’s how much interest you can earn based on the criteria set out: 
 
 
 
 Condition 
(Fulfilled Monthly) Interest Rate  
 
 
 
 
 Base Interest 0.05% p.a. 
 
 
 Bonus: Salary Bonus (Credit your salary of at least $1,800 through GIRO) 2.00% p.a. 
 
 
 Bonus: Spend Bonus 
(spend at least $500 on OCBC credit cards) 0.60% p.a. 
 
 
 Total Interest 2.65% p.a. 
 
 
 

 Pro-tip:  Make sure you leave an  extra $500 a month in the bank  or you will miss out on the bonus interest of 1.20%! 
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 Best RHB Savings Account:  High Yield Savings Plus Account 
 
 Sick of jumping through hoops to get more interest? Check out RHB’s High Yield Savings Plus Account! 
 RHB High Yield Savings Plus Account Interest Rates 
 
 
 
 Deposit Balance Amount Interest Rates (p.a.) 
 
 
 
 
 First $50,000 1.50% 
 
 
 Next $25,000 1.60% 
 
 
 Next $25,000 1.80% 
 
 
 Above $100,000 2.00% 
 
 
 

 
 Minimum initial deposit:  $1,000 
 Minimum daily balance:  $0 
 Monthly fall below fee:  $0 
 Bonus interest cap:  $100,000 
 
 How to Earn Bonus Interest With the High Yield Savings Plus Account Based on the Above Criteria 
 This is another straightforward account that lets us earn a decent  1.50% p.a.  on our $10,000 deposit. The best part is that there are absolutely zero hoops to jump through! 
 
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 Best Standard Chartered Savings Account for Youth:  JumpStart Savings Account 
 
 If you are a young working adult looking to jumpstart your personal finance journey, there’s no better savings account than the Standard Chartered (SCB) JumpStart account. 
 
 Emphasis on the word young as you need to be between  18  and  26 years old  to qualify for a JumpStart account. 
 But rest assured that once you open a JumpStart account, you will be able to keep it and enjoy the prevailing interest on your balance after you turn 26 years old. 
 Standard Chartered JumpStart Account Interest Rate 
 As for interest, you will get to enjoy: 
 
  2.00% p.a.  interest on your account balances of up to  $50,000 
 0.50% p.a.  step-up interest on account balances of up to  $50,000  when you perform one of the actions* 
 0.10% p.a.  interest on your incremental balances above  $50,000 
 
 *at least ONE buy or equity transaction on the Standard Chartered Online Trading platform  OR  Online Unit Trust platform  OR  from any Bank Branch in a calendar month 
 That’s not all. 
 You will get  1% cashback  on eligible purchases with the SCB Cashback Debit Card ( Mastercard ) linked to your JumpStart account. Note that monthly cashback is capped at  $60  per JumpStart account. 
 There is also no lock-in, minimum spend requirement, salary crediting requirement for the account or annual fees for the linked Cashback debit card. 
 Standard Chartered JumpStart Account Details 
 
 Minimum initial deposit:  $0 
 Minimum daily balance:  $0 
 Monthly fall below fee:  $0 
 Bonus interest cap:  $50,000. 
 
 How to Earn Bonus Interest With the JumpStart Account Based on the Above Criteria 
 The best part about this card is that you  do not have to perform  any actions  to enjoy the 2.00%  on the  first $50,000  in your JumpStart account. 
 But, if you would like to get the bonus interest, you will have to make a monthly investment with SCB. 
 Best Standard Chartered Savings Account:  Standard Chartered (SCB) Bonus$aver Account 
 Bonus$aver comprises a Bonus$aver account (which is a Current Account) and Bonus$aver World MasterCard credit and/or debit card(s) which may be linked to the Bonus$aver account. 
 
 Standard Chartered Bonus$aver Account Interest Rates 
 You can earn up to  7.88% p.a. interest  on your savings for the  first $100,000  in your  Bonus$aver account  when you do any of the following: 
 
 
 
 Credit your salary through GIRO 
 Pay at least three bills online/through GIRO 
 Spend on your Bonus$aver Credit or Debit Card 
 Invest with a Unit Trust 
 Insure with a regular premium insurance policy. 
 
 
 
 
 
 
 Bonus Interest Categories For First $100,000 
 
 
 
 
 Monthly Card Spend 
(Inclusive of Prevailing Interest 0.05%) 1.30% ($500 - $1,999 a month) 
 
 
 2.05% (>$2,000 a month) 
 
 
 Monthly Salary Credit (≥$3,000) 2.50% 
 
 
 Bill Payments (Make Min. 3 Eligible Bill Payments of $50 Each) 0.33% 
 
 
 Invest (Invest in Eligible Products) 1.50% for 12 months 
 
 
 Insure (Buy Eligible Insurance Products) 1.50% for 12 months 
 
 
 

 Note: Prevailing interest rate is 0.05%. 
 
 Minimum initial deposit:  $0 
 Minimum daily balance:  $3,000 
 Monthly fall below fee:  $5 (if the monthly average daily balance falls below $3,000) 
 Bonus interest cap:  $100,000 
 
 Note: you’ll have to maintain a minimum daily balance of $3,000 in your account to avoid getting charged a fall-below  fee of $5 per calendar month. 
 
 How to Maximise SCB Bonus$aver Interest Earned? 
 The Standard Chartered BonusSaver account is excellent because it gives you  extra interest  if you  spend more  via a Standard Chartered debit or credit card. 
 Based on the criteria we set out, you’re crediting your salary, spending  $500  with your credit card  and  making  three bill payments  – you’ll only earn  1.63% p.a! 
 To maximise the account, you need a monthly salary credit of  $3,000 and above  for a  2.50% bump  in the bonus interest rates! 
 Or you could clock the  ‘Invest’  or  ‘Insure’  category to really see a boost in your bonus interest rate. 
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 Best UOB Savings Account:  UOB One Account 
 
 UOB One Savings Accounts Interest Rates 
 As of 4 Jan 2023, UOB One Savings Account allows you to earn  up to 7.80% ! Yes, 7.80%. 
 But realistically, it’s  about 3.85%  when you have a monthly average balance of $30,000, and this is if you: 
 
 Spend minimally $500 on an  eligible UOB card*  and credit your salary AND 
 Credit your salary via GIRO (Only salary credit transactions made via GIRO/PayNow that are reflected as  “SALA”/”PAYNOW SALA”  and/or such other transactions codes which we determine will be considered a successful salary credit. Any other forms of salary credit will not qualify). 
 
 *Eligible UOB Credit and Debit Cards: UOB One Card, UOB Lady’s Card (all card types), UOB EVOL Card, UOB One Debit Visa Card, UOB One Debit Mastercard, UOB Lady’s Debit Card and UOB Mighty FX Debit Card. 
 Is it time to change? These are the current interest rates: 
 
 
 
 Account Monthly Average Balance Spend min. $500 (calendar month) on eligible UOB Card 
 
Total interest (p.a.) Spend min. $500 (calendar month) on eligible UOB Card AND make 3 GIRO debit transactions 
 
Total interest (p.a.) Spend min. $500 on eligible UOB Card AND credit your salary via GIRO 
 
Total interest (p.a.) 
 
 
 
 
 First $30,000 0.65% 2.50% 3.85% 
 
 
 Next $30,000 0.65% 3.00% 3.90% 
 
 
 Next $15,000 0.65% 4.00% 4.85% 
 
 
 Next $25,000 0.65% 0.05% 7.80% 
 
 
 Above $100,000 0.05% 0.05% 0.05% 
 
 
 

 Note: the base interest for UOB One is  0.05% p.a . 
 
 Initial deposit:  $1,000 
 Minimum monthly balance:  $1,000 
 Fall below fee:  $5 if the monthly average daily balance is less than $1,000 (Waived for the first six months for accounts opened online) 
 Bonus interest cap:  $100,000 
 
 Things To Note About The UOB One Savings Account 
 To make the most out of the UOB One savings account, you will need to have an account balance of  $100,000  to get that  7.80%  interest, coupled with the fulfilment of the two conditions stated above. 
 But this may be prohibitive for most who don’t want to leave so much in their bank accounts. 
 How Can I Maximise the UOB One Account Interest Rate Based on the Above Criteria? 
 If you want a savings account with a decent interest rate. 
 And don’t want to crack your head over complicated T&Cs… 
 Then the UOB One is your best bet because you only need to  make sure that you spend $500 a month  on your UOB debit or credit cards. 
 
 The option to pay three bills by GIRO instead of making a monthly salary credit (min. $1,600) means that this is also  ideal for those without a steady paycheck  (think freelancers and stay-at-home moms). 
 Based on the criteria we set out, you’ll earn bonus interest of  2.50% p.a.  from the UOB One account as you are only spending at least $500 per calendar month on an eligible UOB card  AND  making three GIRO debit transactions a month. 
 Back to top 
 
 Digital Bank Savings Accounts: High Interest With Lesser Hoops 
 If you don’t mind not having a physical branch to go to or ATMs to withdraw cash,  digital banks with their typically higher interest accounts  with few hoops to jump through could be your preferred option. 
 These accounts usually have perks such as no minimum balance and interest that accrues daily: 
 
 Which Bank is Best for Savings: Other Considerations When Choosing the Best Savings Account 
 If you’ve just graduated or started working, you probably still have your DBS or POSB savings account from when you were a kid. 
 Which Bank Is Best for New Account Opening? 
 Don’t leave it as a kid’s savings account and earn the meagre 0.05% p.a. interest when you can upgrade to a high-interest savings account instead. 
 If you’re lazy to switch banks, you can at least change to the DBS Multiplier. 
 The application can be made online, and it’ll only take a few minutes. 
 However, sticking with DBS also brings about certain disadvantages, such as: 
 
 You have to apply for a DBS credit card AND spend a minimum sum on it 
 You will usually have to wait a while when withdrawing money as the queue for DBS or POSB ATMs is generally the longest (since almost everyone’s using them) 
 
 Some  Seedly Community  members have also decided to switch to other banks. 
 Which Bank Has The Highest Interest Rate in Singapore? Which Savings Account Gives Best Interest Rate in Singapore? 
 While interest rates are increasing, and some banks have already begun to increase their interest rates, there’s still no bank that gives the elusive interest on your deposits. 
 Oh, before you switch your bank accounts. 
 Make sure to check with your company’s HR manager if your monthly salary GIRO credit is credited using the correct transaction code stated by the bank. 
 Considering that most savings accounts require you to credit your salary to get the bonus interest, this is extremely important! 
 You should also note that ATMs for foreign banks like the Bank of China and Standard Chartered are usually limited. 
 This means that cash withdrawals are a little more tricky — although it might help you save more since you can’t withdraw your money that easily. 
 Lastly, go through our  Seedly Reviews  for the various savings accounts and pay attention to the feedback our community has given concerning customer service and how easy it is to use their iBanking and mobile banking apps. 
 Is It Better To Have a Savings Account or Invest? 
 For reference, the Monetary Authority of Singapore (MAS) Core  Inflation  in  Oct 2023  was  3.3% year on year (y-o-y), which thankfully is lower than what the banks offer.  This means that the value of your money is still being  corroded  away. 
 If you would like to beat inflation, you can consider  investing . 
 But before you start, be sure to get your house in order before you start investing: 
 
 How Can I Grow My Savings in Singapore?  
 You can consider these  low-risk investments , which are also SDIC-insured, the same protection that your bank savings accounts have: 
 
 But remember to do your due diligence before parking your savings anywhere! 
 Related Articles 
 
 Best Fuss-Free Savings Accounts With No Conditions in Singapore 
 Best Savings Accounts for Kids: Best Places to Grow Your Child’s Money 
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 This Month’s Singapore Savings Bonds (SSB): Interest Rates & How To Buy 
 Still, Holding Onto Your First Savings Account? Here’s Why You Should Change It 
 Which Child Development Account (CDA) Should You Open for Your Child? 
 Working Adults: Which Savings, Expenses And Investment Accounts Should I Start With? 
 GXS Bank & Savings Account: Should You Bank With Them? 
 Budget 2023 Singapore Summary 
 Best Credit Cards in Singapore 
 Best Travel Insurance in Singapore 
 Best Travel Insurance in Singapore (2023): Find The Best One For Your Needs 
 

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