With rising rates and shifting bank promos, finding the best high interest savings account in Singapore like the UOB One or OCBC 360, can help maximize returns on idle cash.
This guide explores key questions and topics related to finding the best high-yield savings options in Singapore, including:
- What is the average interest rate on savings account in Singapore?
- What is the best interest rate savings account in Singapore?
- Is it worth it to have a high interest savings account?
- What are the risks of a high interest savings account?
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The information in this article is for general guidance only. It does not constitute financial, legal, or tax advice, and is not a recommendation or solicitation to invest. Some facts may have changed since the time of writing.
What Is a High Yield Savings Account in Singapore?
A high yield savings account in Singapore is a type of savings product that offers significantly higher interest rates than standard savings accounts, often rewarding customers for meeting specific criteria.
Unlike traditional accounts that offer flat or minimal interest regardless of account activity, high yield accounts use a tiered or bonus-based structure to incentivize saving and banking behavior.
Common features include:
- Tiered interest rates based on balance size or transaction activity (e.g., salary crediting, bill payments).
- Bonus criteria such as card spending, insurance purchases, or investment linkages to unlock higher returns.
- Digital-first access, where many high-yield accounts are offered by online or mobile-only banks, with fewer overheads allowing better rates.
These accounts are particularly attractive for individuals who can meet the conditions consistently, offering an effective way to grow idle cash with minimal risk.
Interest Rates in Singapore
Interest rates in Singapore have seen notable fluctuations in recent years, influenced largely by global monetary policy shifts and local economic conditions.
Local banks typically offer base savings account rates ranging from 0.05% to 0.50% per annum for standard accounts.
However, high interest savings accounts in Singapore can offer effective rates exceeding 3% to 7.5% p.a., depending on the customer’s activity and bank relationship.
These rates are closely tied to the Monetary Authority of Singapore’s (MAS) policy stance, which indirectly affects deposit rates through interbank funding costs and the Singapore Overnight Rate Average (SORA).
When MAS tightens monetary policy to combat inflation, banks may pass on higher returns to savers in order to attract fresh funds.
Conversely, during easing cycles, promotional rates may taper off.
The interest rate environment in 2025 remains dynamic, and savvy savers should regularly compare account offers to ensure they’re earning competitive returns.
Which Bank in Singapore Has the Highest Interest for Savings?
As of 2025, here’s how some of the most popular accounts stack up:
- DBS Multiplier Account: Offers up to 4.1% p.a. when combined with salary crediting, credit card spend, and investments. The base interest is low, but bonus tiers apply when multiple transaction categories are fulfilled.
- OCBC 360 Account: Provides up to 6.30% p.a. when customers meet conditions such as salary crediting, increasing account balance, and purchasing financial products. It’s known for offering among the highest headline rates, though the criteria are more complex.
- UOB One Account: Allows up to 5.30% p.a. when customers credit salary and spend on a UOB credit card. It’s often praised for being easier to qualify for compared to OCBC 360.
- CIMB FastSaver: Offers a flat rate of around 3.19% p.a. with fewer conditions, making it attractive to those who prefer simplicity over stacking bonuses.
- Standard Chartered Bonus$aver: Promises up to 8.05% p.a., but requires multiple product engagements such as credit card spending and bill payments.
- Trust Bank Save Account (digital): Offers up to 2.25% p.a. with no minimum deposit or salary crediting requirements, appealing to younger or digital-native users.
- GXS Savings Account (digital): Provides daily interest crediting at up to 2.08% p.a., with no complex hoops, which is ideal for casual savers or gig economy workers.
Digital banks like Trust and GXS tend to favor transparency and flexibility, while traditional banks offer higher maximum rates for customers with deeper engagement.
Which Bank Gives 7% Interest on Savings Accounts?
Some banks in Singapore promote savings account interest rates above 7% per annum, but these are headline rates that require fulfilling multiple conditions and they rarely apply to your entire balance.
As of 2025, the top two accounts with the highest advertised rates are:
- Standard Chartered Bonus$aver – Up to 8.05% p.a.: Requires high monthly credit card spending, salary crediting, bill payments, and more. Achieving the maximum rate is difficult and generally applies only to a limited portion of your balance.
- OCBC 360 Account – Up to 6.30% p.a.: Offers tiered bonuses based on salary crediting, increasing account balances, and purchasing insurance or investment products. Complex, but among the most competitive if all conditions are met.
These accounts can deliver attractive returns, but only if you meet the full range of eligibility criteria. Most savers earn substantially lower effective rates.
What Are the Cons of a High Yield Savings Account?
- Balance Caps
Most accounts only offer high interest on a limited balance, typically up to S$75,000 or S$100,000. Balances above the cap earn much lower base rates, sometimes under 0.05% p.a. - Complex Bonus Criteria
To unlock the top advertised rates, users usually must meet multiple monthly requirements such as: - Salary crediting into the same bank
- Minimum credit card spend
- Bill payments via GIRO
- Purchase of investment or insurance products
Missing even one of these can significantly reduce your effective interest rate.
- Account Maintenance and Fees
While most savings accounts in Singapore don’t charge monthly fees, some may impose fall-below fees or other administrative charges if conditions aren’t met. These can erode your returns over time. - Volatile Promotional Rates
The highest rates are often temporary promotional offers, subject to change at short notice. Savings account rates can be revised downward even if you meet all the criteria.
How They Compare to Alternatives
- Fixed Deposits (FDs)
FDs offer guaranteed rates for a fixed term, without the complexity of bonus conditions. However, they lack liquidity, and early withdrawal usually incurs penalties. - Singapore Savings Bonds (SSBs) and T-Bills
These government-backed instruments offer stable, risk-free returns, often comparable to high-interest savings accounts especially in high-rate environments, without requiring ongoing activity.
Ultimately, high interest savings accounts are best suited for active account holders who can consistently meet the required criteria.
Otherwise, simpler alternatives like FDs or SSBs may offer a better balance of return and convenience.
Conclusion
In a competitive savings landscape, the best account isn’t always the one with the highest headline rate—it’s the one that aligns with your spending habits, income flow, and financial goals.
Striking the right balance between convenience and returns is key.
Since banks frequently revise their interest structures and bonus criteria, staying informed ensures your money continues working effectively without unnecessary complexity.
Pained by financial indecision?
Adam is an internationally recognised author on financial matters with over 830million answer views on Quora, a widely sold book on Amazon, and a contributor on Forbes.
