Best Bank Savings Account Interest Rates – Looking for a high interest savings account? Even with this trying covid-19, getting the most out of your savings doesn’t have to be complicated!
Did you know that many Singaporeans still use POSB savings accounts? However, this account charges 0.05% p.a. Interest rates are much lower than recent inflation rates. This means that you are “losing money” by keeping it in that account and at a higher rate given the large difference between interest rates and inflation.
Best Bank Savings Account Interest Rates
With multiple banks competing for your business, you have options. Many savings accounts offer more lucrative interest rates. Even in today’s financial market, you can get an interest rate of 0.5% p.a. or more, and banks are constantly improving interest rates in order to make them more attractive.
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UOB has revised its interest rate downwards to reflect the current economic climate. However, they haven’t changed the criteria for getting bonus benefits, and they’ve expanded the range of credit cards.
This account is a bit more complicated than the UOB One account. It also has more flexibility without mandatory requirements.
OCBC 360 Account has a basic interest rate of 0.05% pa, bonus rate for salary credit (minimum $1,800 for 0.3% pa), monthly balance of at least S$500 (0.1% pa 0.3% pa), and invest in selected products (minimum $20,000 for 0.3% pa PA).
This account gives you bonus benefits like other services offered by DBS such as credit cards, investments, home loans, insurance and their PayLah! Digital wallet.
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With DBS, you look at your transaction volume to assign demand. The more you do, the more benefits you get.
This is a useful addition to the DBS multiplier account. Although not a savings account in the traditional sense, it can be used to add some discipline to your savings habits. You must link it to another account that makes regular monthly transfers between S$50 and S$3,000, with an interest rate of up to 0.25% pa plus an additional 2% pa. Feeling.
To receive bonus benefits, charge your retail spend to a Bonus$aver World credit or debit card. Spend at least $2,000 to earn an additional 0.78% pa. Feeling.
While banking with Bank of China is difficult, the SmartSaver account is a good option for high-income earners. They offer the highest interest rates in Singapore if you bring home a salary of at least S$6,000 per month.
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Basic interest rate is 0.15% p.a. Additional bonuses for saving over $20,000 include insurance (1.5% p.a.), credit card charges (0.5% p.a.), bill payments (0.3% p.a. in total. An initial deposit of S$1,500 is required, which serves as the minimum monthly balance.
This account allows you to offer a selection of products and services to earn bonus benefits. This includes three of the following:
The base interest rate is up to 0.3125%, additional bonus interest is based on the number of additional products and services used.
A notable entry on the list, Citi has the lowest barrier to entry for Advance Banking, requiring just $70,000 to qualify, compared to hundreds of thousands to millions at other banks.
Should You Switch Banks To Get A Better Interest Rate On Your Savings Account?
If you are looking for a new account, these banks offer many solutions with interest rates higher than the standard rate. Which one do you go with?
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How To Choose The Best High Interest Savings Account
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Many banks in Singapore offer savings accounts with different interest rates. We’ve made it easy by listing them below for you to compare.
As you can see, the prices offered now are more competitive than in previous years. Even fixed deposit rates!
Taking a moment to do your research will ensure you get the highest interest rate possible, so you don’t miss out on the interest charges you may have to pay. Even if the amount is small, it is still important to choose a bank with high interest.
Currently, OCBC 360, UOB One, Standard Chartered Bonus$aver and BOC SmartSaver offer higher interest if you meet their various criteria for bonus benefits.
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If you find it too difficult to meet the requirements, you can still use the CIMB FastSaveraccount. They offer 0.50% p.a. Unconditional interest rate for the first S$25,000.
Since your money is sitting in the bank doing nothing, you can make it work harder by earning more interest.
So which bank has the most interest? Take some time to find the best savings account that suits your needs.
Unlike banks that require you to meet many conditions, the FastSaver account has a reasonable 0.50% p.a. Unconditional interest on the first S$25,000 as long as you maintain a minimum deposit of S$1,000.
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However, if you want to get a better interest rate on your first S$10,000, you can sign up for CIMB Visa with a minimum card spend of S$300 every month and/or sign up for their investment/insurance product.
By keeping a minimum of S$1, 000 in StarSaver any day, you can enjoy 0.40% pa. The first $100,000 in your account.
Consider using one of these accounts if your company pays payroll through GIRO, as you’ll earn more interest on your savings.
Earn up to 3.50% p.a. Interest on savings (up to S$100,000) with DBS multiplier. You only need to reach the required number of eligible transactions each month.
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Option #3 is only available to those 29 and under. As long as you pay! Used, you will get 0.40% pa. In the first S$10,000.
Earn up to 2.38% p.a. Effective interest rate on OCBC 360 First S$75,000 savings account. You just need to fulfill any category to get bonus benefits.
Your First Savings Account with S$100,000 UOB One. You just need to withdraw at least S$500 per month (select cards) + credit your salary (S$1600 min) or make 3 GIRO debit transactions.
With Standard Chartered Bonus$aver, you can earn up to 2.38% p.a. Interest rate on your first S$80,000 average daily balance. You just need to fulfill any category to get bonus benefits.
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Unlike those mentioned above, the Bonus$ savings interest rate is applied to the entire savings amount, not cash.
If you pay at least $1500 on your credit card and have a salary of more than $6000, you can consider this account.
Earn up to 3.00% p.a. Interest rate on the first S$80,000 savings account. You just need to fulfill any category to get bonus benefits.
1. Wealth Bonus Benefits: Purchase eligible insurance products to meet the minimum amount to enjoy wealth bonus benefits.
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