Top Savings Rates in Singapore in 2021 – that will be the topic of this article.
Before writing this article it has to be said that these rates might also change over time, of course.
It remains our position that in an era of 0% interest rates, investing in a long-term manner is both safer and more profitable long-term than saving.
If you want to invest, don’t hesitate to contact me, email (advice@adamfayed.com) or use the WhatsApp function below.
Singapore is the famous financial capital of the world. Representative offices of more than 30,000 international companies are opened here, including most of the large international banks.
In this article, we will tell you about the best bank savings rates in Singapore and some general information about opening bank accounts here.
In addition to large international banks, a number of local banks operate in Singapore, represented mainly in Southeast Asian countries. All banks offer a standard range of services: opening accounts for individuals and legal entities, credit and debit cards, consumer and mortgage loans, deposits, investments and insurance products.
International banks:
Local banks:
Different banks in Singapore have different policies regarding the initial deposit and the minimum balance that you are required to keep in the account at all times. In practice, in international banks, the initial contribution and minimum balance are higher than in local banks. The amount usually ranges from 500 to 5,000 SGD. If your account has less than the specified amount, the bank will fine you every month for this.
The larger the bank, the more ATMs it has and the more developed branch network, respectively, the easier it will be for you to use its services.
In general, the commission for maintaining an account and carrying out transactions on it is quite comparable in different banks, but there are differences. If the transfer of money abroad or any other operations is of fundamental importance for you, it is better to clarify this issue with the bank in advance.
Common account types in Singapore include:
Singapore has severe restrictions on the opening of personal accounts by foreigners. In order to open a Singapore bank account, you must either be a resident of Singapore (citizen, PR status) or have a long-term work visa. It is also possible to open a corporate account if you are a director / shareholder of a local company. In all other cases, you will almost certainly be refused to open a bank account.
To open a personal account, you will need a passport, an IC card (PR, EP), a document confirming the address of residence (lease agreement, electricity bill, etc.) and, depending on the bank, payroll statements.
When you open an account, you are required to deposit money into the account. Depending on the bank, the minimum amount can vary from 500 to 5,000 SGD. You can deposit money into your account in many ways: in cash at the cash desk or through an ATM, by check, or by bank transfer.
Savings accounts offer a great, low risk way to make more of your money. However, some accounts can be quite complex. After thorough analysis of the Singapore market, we have identified and explained the best savings accounts in simple terms (including minimum balance requirements, notional rates, commission fees, etc.) so that you can find the option that best suits your needs.
Savings accounts offer a great way to earn interest on your funds without taking on high risks (like investing) or losing access to your money for an extended period (like with fixed deposits). In fact, some accounts allow consumers to earn up to 3.50% + per year. on your savings, which allows you to quickly earn interest with minimal effort.
However, there are many types of savings accounts in Singapore, each designed for a different type of consumer. While accounts offering the highest potential interest rate tend to be quite complex, there are still many options with less requirements and less risk. We’ve taken a close look at all of Singapore’s most competitive savings accounts, providing detailed and comparative reviews below, so you can see which one best suits your needs.
Here is a quick template for you to have an a general idea what we will talk about later in this article:
| Saving Account | Interest Rate (per year) |
| Citibank MaxiGain Savings Account | up to 0.61% |
| Maybank SaveUp Account | up to 3.00% |
| Standard Chartered e$aver Savings Account | up to 0.30% |
| CIMB FastSaver Savings Account | up to 0.75% |
| OCBC 360 Account | up to 2.38% |
| DBS Multiplier Account | up to 3.80% |
| UOB One Savings Account | up to 2.50% |
So these are the savings accounts with enough competitive rates as you can see, and about these bank accounts we are going to talk and review. Let’s finally start.
Citi Global Consumer Banking (GCB) in Singapore was incorporated on January 1, 2005 as Citibank Singapore Limited, a wholly owned subsidiary of Citigroup, after it received a full banking license from the Monetary Authority of Singapore with the corresponding full banking privileges.
Citibank Singapore is built around three core business areas: wealth management products and services, including investments, insurance, deposits and treasury products; unsecured products such as credit cards and a personal line of credit; and secured products that cover home loans and equity financing.
Citi MaxiGain is an account that offers up to 0.6% per year bonus interest in excess of 0.01% per year accrue interest on the first $ 70,000 of your balance. The bonus interest rate is increased by 0.05% every year monthly up to a maximum of 0.6%, if the lowest balance in your MaxiGain account for the month is equal to or exceeds the lowest balance in the previous month.
The bonus interest for Citi MaxiGain Savings Account is calculated based on the lowest balance in the previous month, which is the lowest amount in your MaxiGain account at any time during the month.
For each month when your minimum account balance is higher than the minimum balance of the previous month, you receive one bonus interest counter. To receive the maximum bonus percentage of 0.6% per year, you need to add up to 12 tokens.
Features and Benefits
Maybank ranks among the leading banking groups in Asia and is the fourth largest bank in Southeast Asia in terms of assets. The Maybank Group has an international network of more than 2,600 branches in 18 countries, including all 10 ASEAN countries, with more than 43,000 employees serving customers around the world.
Maybank offers a wide range of products and services for individuals, businesses and corporations, including consumer and corporate banking, investment banking, Islamic banking, equity brokerage, insurance, and asset management. With Maybank’s global presence, clients have access to tremendous opportunities in ASEAN countries and beyond.
The Maybank SaveUp savings account is ideal for casual consumers with modest savings, especially those with broader financial responsibilities (such as the head of household).
Account holders receive a base rate of up to 0.3125% per annum, which is more than 6 times the market standard, even excluding bonuses. After that, consumers can earn up to + 2.75% interest only for salary crediting and use of selected Maybank financial products.
Collectively, individuals can earn up to an effective interest rate [EIR] of 3.00%, earning the maximum interest rate on a balance sheet of only S $ 50,000. The availability of bonus rates and the ability to maximize earnings with moderate savings make the Maybank SaveUp account ideal for the average consumer.
Features and Benefits
Singapore Standard Chartered Bank in Singapore is part of an international banking group with over 150 years of history in some of the world’s most dynamic markets. Its goal is to promote commerce and prosperity through our unique diversity.
The bank has a history of over 160 years in Singapore, where we opened our first branch in 1859. In October 1999, we were one of the first international banks to receive a Qualified Complete Bank (QFB) license, a testament to the Group’s longstanding commitment to their business in the country.
Singapore is home to much of global business leaders, technology operations, and SC Ventures, their innovation hub.
Standard Chartered e$aver Savings Account is not the most competitive as its base prevailing interest rate has been lowered from 0.10% to 0.05% and its maximum chargeable general interest rate is only 0.30% per year. Since January 31, 2021, the interest rate has been higher than now.
Features and Benefits
To save with a CIMB FastSaver account, you need a minimum deposit of $ 1,000. This is it. Interest is paid based on how much CIMB FastSaver you have in your account. If your account balance is below $ 1,000, no commission is charged, but you need at least $ 1,000 to receive interest.
CIMB FastSaver is a good choice, as it gave us 1% per annum as a percentage for inaction, which is already 0.95% more than in the basic savings account.
But in 2021, the CIMB has undertaken two rounds of interest rate cuts, once in July and once in November. The CIMB FastSaver interest rate is now 0.3% for the first $ 50,000 in your account.
A CIMB FastSaver account is great if you already have a good primary savings account, such as an OCBC 360, DBS Multiplier, or UOB One account (information about these accounts you’ll find below).
It is also very easy to create a CIMB FastSaver account. Just complete the CIMB FastSaver online application on the CIMB website.
Upon submission, you will be instantly provided with a CIMB FastSaver account number. All you have to do is activate your account by transferring at least $ 1000 from your other bank account via Internet banking and it’s finished! It literally takes a few minutes and you can even do it from the comfort of your bed.
Features and Benefits
OCBC Bank is Singapore’s oldest bank, formed in 1932 from the merger of three local banks, the oldest of which was founded in 1912.
It is currently the second largest financial services group in Southeast Asia by assets and one of the highest in the world banks rated Aa1 by Moody’s. Recognized for its financial strength and stability, OCBC Bank has consistently ranked among the 50 safest banks in the world by Global Finance and has been named the Best Managed Bank in Singapore by Asian Banker magazine.
OCBC Bank and its subsidiaries offer a wide range of commercial banking, specialized financial and asset management services ranging from consumer, corporate, investment, private and transactional banking to treasury, insurance, asset management and brokerage services.
OCBC Bank’s main markets are Singapore, Malaysia, Indonesia and Greater China. It has more than 500 branches and representative offices in 19 countries and regions. These include over 250 branches and offices in Indonesia under OCBC NISP subsidiary bank and over 80 branches and offices in mainland China, Hong Kong SAR and Macau under OCBC Wing Hang.
An OCBC 360 account is a savings account that starts out at a low base (0.05% per annum) but has the potential to give you higher returns up to 4.40% interest rate per year.
For every month that you perform a certain action, you receive bonus interest. This makes it ideal as a primary savings account – the account where you regularly carry out most of your transactions.
Features and Benefits
DBS Group Holdings is a Singapore based financial holding company that operates primarily through DBS Bank. In terms of assets for 2017, it is the largest in Singapore and 75th in the world.
The changes are significant. In 2020, the average Joe could still earn a decent 0.9-1.1% for lending his paycheck and using a DBS credit card.
In 2021, the interest rate is sharply reduced to 0.4-0.5% – less than half of what we could receive earlier.
DBS Multiplier accounts start at a very low base interest rate of 0.05% per annum. To earn bonus interest, you need to fulfill two requirements.
Requirement 1: income offset (required)
Requirement 2: Select 1 or more of the following transactions.
DBS calculates the transaction amount each month to decide what percentage to pay you that month. While there is no minimum amount for each action, the total transaction amount must be at least $ 2,000 to qualify for bonus interest.
Through a series of acquisitions, it has become the leading bank in Asia. In addition to the Far East Bank in Singapore, UOB’s main banking subsidiaries in the region are United Overseas Bank (Malaysia), United Overseas Bank (Thailand), PT Bank UOB Indonesia and United Overseas Bank (China). Today UOB Group has a network of more than 500 offices in 19 countries and territories of the Asia-Pacific region, Western Europe and North America.
Compared to many other similar savings accounts in Singapore, UOB One is one of the least complex.
There is no need to add up 12 different types of bonus percentages. You just need to figure out which camp you are in:
If you can spend at least $ 500 on a UOB credit card, that is. Of course, you will only earn 0.25% per year, but this is better than the base 0.05% per annum.
Credit card expenses + payroll loan: ordinary employees should have no problem obtaining regular payroll loan (min. USD 2,000) and monthly expenses by credit card (min. USD 500) to reach 0.25% annual even if your account balance is less than $ 15,000.
You can reach the next level of interest rate 0.85% per annum. when your account balance exceeds $ 15,000, you have an incentive to save more. The final interest rate you can reach is 2.50%.