We all know by now that inflation has been skyrocketing and that 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. DBS, OCBC, UOB and CIMB have all
increased their interest rates recently. Meanwhile, Standard Chartered and Hong Leong Bank are the latest to raise their rates. As such, we have updated this guide for October 2022 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! To find the best savings account, we created this example of a typical working adult in Singapore and assumed the following: Based on the criteria that we set out, here’s how much interest you’ll be getting from these high-interest savings accounts:
*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. 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% per annum (p.a.) without any hoops to jump through. If you deposit $10,000 with that account and fulfil the conditions every month for a year, you will get $200 a year. 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
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 11 October 2022. Bank of China Savings Account: BOC SmartSaver Account BOC SmartSaver Savings Account Interest RatesThe 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 0.10% – 0.20% p.a., depending on the deposit amount. The more you deposit, the higher the prevailing interest rate. Here is the base interest rate of the BOC SmartSaver account:
Account holders can stand to earn up to 3% p.a. of bonus interest rates on the first $80,000 of their account balance by fulfilling any four categories:
In addition, account holders with balances of $80,000 to $1,000,000, can earn up to 0.60% p.a. in bonus interest. Note that a minimum monthly average effective balance of $1,500 is required to enjoy bonus interests. BOC SmartSaver Savings Account Bonus Interest Category
*The additional Extra Savings interest only applies to account balances between $80,000 – $1,000,000. You will also need to fulfil any requirements for Card Spend, Salary Crediting or Payment bonus interest. Also, here is more information you need to know about this account:
Things To Note About the BOC SmartSaver Savings AccountsEven with “over 200 ATMs” located around Singapore, finding a Bank of China ATM is not easy when you need it. 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 (at least $6,000), 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:
Back to top Best CIMB Savings Account: CIMB FastSaver AccountNext up, 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 0.8% to 2% depending on your savings amount. You can get up to a total of 3.8% p.a. in interest. CIMB FastSaver Savings Account Interest Rates
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 are no fall below fees either.
How to Maximise CIMB FastSaver Savings Accounts Interest Earned Based on the Above CriteriaThe best thing about CIMB FastSaver is that it is a pretty straightforward savings account. With the criteria we set out, you will get 1.80% p.a. since we would have applied and spent $500 on a CIMB Visa Signature card. Back to top Best DBS Savings Account: DBS Multiplier AccountNext, 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, you can convert your My Account to a DBS Multiplier Account to earn higher interest – up to 3.5% p.a.! DBS Multiplier Savings Account Interest Rates (Updated with 1 August 2022 Rates)If you’re currently using the DBS Multiplier account, you’ll be glad to know that the interest rate has been increased across all options! You can now earn up to 3.5% p.a., up from the previous 3.0% p.a. You can earn bonus interest on Multiplier Account balances via one of these three ways: Let’s break it down further. Option 1:
In addition to how many and how much transactions you make in the following categories:
For Option 1, the more categories you transact in and the higher the amount you transact in, the more interest you’ll earn.
Alternatively, you can go down the PayLah route. Option 2 (Aged 30 and Above):
AND
Option 3 (Aged 29 and Below):
AND
Here’s a table that breaks it down further:
Also, here are more details about the DBS Multiplier savings account:
Things To Note About the DBS Multiplier AccountYou’ll notice that the bonus interest you earn on the Insurance and Investments categories is only recognised for the first 12 consecutive months. After that, you can only go as far as Income plus transactions in two categories: Credit Card Spend and Home Loan Instalments. Unless you choose to buy EVEN more insurance and make MORE investments… How to Maximise DBS Multiplier Interest Earned Based on the Above CriteriaBased on the criteria we set out earlier, you will fulfil the salary credit category and credit card spend or Paylah! Spend categories. As of 1 August 2022, the option for credit card spending will give us higher interest at 0.90% p.a. compared to the Paylah! Spend option at 0.55% p.a. Back to top Best Hong Leong Bank Savings Account: Singapore Dollar iSavings AccountYou can earn interest rates of up to 2.08% p.a. until 31 December 2022 with Hong Leong Bank’s iSavings Account. Hong Leong Bank iSavings Account Interest RatesHere are the latest interest rates of the Hong Leong Bank iSavings Account:
*These interest rates are effective from now to 31 December 2022 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 in its own absolute discretion. In addition, here are some important details about the Hong Leong Bank iSavings Account:
How to Earn Bonus Interest With the Hong Leong Bank iSavings Account Based on the Above CriteriaThe 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. (until 31 December 2022). Back to top Best Maybank Savings Account: Maybank SaveUp AccountMaybank SaveUp Interest RateIf you’re currently using the Maybank SaveUp account, here are the latest interest rates:
Also, here are more details about the Maybank SaveUp account:
How to Maximise Maybank Save Up Interest Earned Based on the Above CriteriaThe Maybank Save Up programme lets you choose from nine different products and services to get the bonus interest:
*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 interest of 3.00% p.a. If we stick with the criteria we set out — meaning you only fulfil two products or services — you’ll get 0.92% p.a. Back to top Best OCBC Savings Account: OCBC 360 AccountNext up, we have the OCBC 360 account. You can earn an effective interest rate of up to 4.05% p.a. on the first $100,000 in your account. OCBC 360 Savings Account Interest RatesHere are the latest interest rates of the OCBC 360 Savings Account (from 1 September 2022):
*For maximum EIR illustration purposes for your first S$100,000: 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. In addition, here are more important details about the OCBC 360 account.
How to Earn Bonus Interest With the OCBC 360 Account Based on the Above CriteriaIf 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:
Even if you’re unsure about buying insurance or investment products from OCBC, here’s an example of how much interest you can earn based on the above criteria with $10,000 in the bank:
Back to top Best Standard Chartered Savings Account for Youth: JumpStart Savings AccountIf 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 RateAs for interest, you will get to enjoy:
In addition, you can receive an additional 0.50% p.a. step-up interest on deposit balances of up to $20,000 when you perform at least 1 buy transaction on our SC 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 made with the SCB Cashback Debit Card (Mastercard) linked to your JumpStart account. Note that monthly cashback is capped at $60 per 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
How to Earn Bonus Interest With the JumpStart Account Based on the Above CriteriaThe best part about this card is that you do not have to perform any of the following actions to enjoy the 2% on the first $20,000 in your JumpStart account.
But, if you would like to get the bonus interest you will have to make a monthly investment with SCB, Best Standard Chartered Savings Account: Standard Chartered (SCB) Bonus$aver AccountBonus$aver comprises of a Bonus$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 RatesYou can earn up to 4.88% p.a. interest on your savings for the first $100,000 in your Bonus$aver account when you do any of the following:
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. But based on the criteria we set out where you’re crediting your salary, spending $500 with your credit card and making three bill payments – you’ll only earn 0.68% p.a. Yep. To maximise the account, you need a monthly salary credit of $3,000 and above for a 1.20% 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. So if you aren’t qualifying for multiple categories, You’re probably better off looking at other savings accounts that can give you better interest rates for less. Back to top Best UOB Savings Account: UOB One AccountIs the UOB One savings account for you? Here’s what you need to know. UOB One Savings Accounts Interest Rates
Note: the base interest for UOB One is 0.05% p.a.
Things To Note About The UOB One Savings AccountTo make the most out of the UOB One savings account, you will need to have an account balance ranging from $75,001 – $100,000 to get that 3.6% interest. 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 Savings Accounts 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 1.40% p.a. from the UOB One account as you are spending at least $500 per calendar month on an eligible UOB card, crediting your salary and making three GIRO debit transactions a month. These three actions fulfil the two bonus interest requirements. But since you only have $10,000 in your account, the interest is capped at 1.40%. Back to top Other Considerations When Choosing the Best Savings AccountIf 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:
Some Seedly Community members have also decided to switch to other banks. Which Bank Gives 6% Interest on Savings Account?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 6% interest on your deposits. Oh, before you switch your bank accounts. Make sure to check with your company’s H.R. manager if your monthly salary GIRO credit is under the transaction code: SAL. 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 account 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 Aug 2022 rose 5.1% year on year (y-o-y), much higher than what the banks offer. This means that the value of your money is still being corroded away. 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 of which some 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
About Ming Feng A stint in Bloomberg gifted me with a beer belly, which only grew larger when I moved on to become a Professional Trader. Now I turn caffeine into digestible finance-related content. You can contribute your thoughts like Ming Feng here. Which bank gives 7% interest on savings account?The average monthly balance requirement is Rs 2,000 to Rs 5,000. Ujjivan Small Finance Bank is offering interest rates up to 7 percent on savings accounts. Equitas Small Finance Bank is offering interest rates up to 7 percent on savings accounts. The average monthly balance requirement is Rs 2,500 to Rs 10,000.
Which bank gives 6% interest in savings account?Digital Federal Credit Union offers 6.17%, Blue Federal Credit Union offers 5.00%, Landmark Credit Union offers 7.50%, online bank Mango Money offers 6.00% and Consumers Credit Union and online bank T-Mobile Money, both offer 4.00%.
Where should I open a highat SoFi, Member FDIC. SoFi Checking and Savings. ... . at LendingClub Bank, Member FDIC. LendingClub High-Yield Savings. ... . at Citizens, Member FDIC. Citizens Online Savings Account. ... . at CIT Bank, Member FDIC. CIT Bank Savings Connect. ... . at Discover Bank, Member FDIC. ... . at Marcus by Goldman Sachs, Member FDIC. ... . at UFB Direct, Member FDIC.. What is the downside of a highThe cons of high-yield savings accounts
Interest rates on high-yield savings accounts are variable and can fluctuate at any time, so while a bank may advertise a high annual percentage yield (APY) when you apply, it likely won't last forever.
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What banks offer high yield savings accounts
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