Top Savings Account Interest Rates

Top Savings Account Interest Rates – Are you tired of getting 0.05% p.a. Interest? Now is the time to look for the highest interest rate on your savings account in 2022.

Many banks in Singapore offer savings accounts at different interest rates. We have made it easy by listing below for you to compare.

Top Savings Account Interest Rates

As you can see, the prices offered now are very competitive compared to recent years. And Fixed Deposit Interest Rate!

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Taking the time to do some research will ensure you get a higher interest rate that will prevent you from missing an interest payment. Even if the amount is small, choosing a bank with high interest rates is crucial.

Currently, OCBC 360, UOB One, Standard Chartered Bonus$aver and BOC SmartSaver offer higher interest rates if you meet their multiple bonus interest requirements.

If you find it difficult to meet the requirements, you can still go for a CIMB FastSaver account. They pay 0.50% p.a. Interest on the first S$25,000 with no strings attached.

Since your money is already sitting idle in the bank, you might as well make it work a little harder by generating more interest.

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So which bank has the highest interest rate? Take some time to find the best savings account that fits your needs.

Unlike many banks that require you to meet several conditions, the FastSaver account offers a reasonable 0.50% p.a. Interest on the first S$25,000 with no strings attached, as long as you maintain a minimum deposit of S$1,000.

But if you want to get even better interest on your first S$10,000, you can use the CIMB Visa Signature card for at least S$300 a month and/or sign up for their investment/insurance products.

By keeping at least S$1,000 in StarSaver on any given day, you can earn 0.40% p.a. The first $100,000 in your account.

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Consider using one of these accounts if your company pays through GIRO, as your savings will earn more interest.

Get up to 3.50% p.a. Interest on your savings (up to S$100,000) with DBS Multiplier. You just need to achieve the total number of eligible transactions required for each month.

Option #3 is only available to those 29 and under. As long as PayLah! used, you get 0.40% p.a. On your first S$10,000.

Earn up to 2.38%. Effective interest rate on your first S$75,000 savings balance with OCBC 360. See one of the categories to get the bonus interest rate.

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Your first S$100,000 UOB One Savings balance rate. You must have a minimum of S$500 per month (selected cards) + credit your salary (min S$1600) or make 3 GIRO debit transactions.

With Standard Chartered Bonus$aver you can earn up to 2.38% p.a. Interest on your first S$80,000 average daily balance. You need to fulfill one of the categories to get the bonus interest.

Unlike the others mentioned, Bonus$Saver’s interest is applied to the entire savings amount instead of tranches.

You can consider this account if you charge at least $1500 on your credit card and have a salary of more than $6000.

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Earn up to 3.00% p.a. Interest on your first S$80,000 savings balance. You need to fulfill one of the categories to get the bonus interest.

1. Wealth Bonus Rate: Purchase eligible insurance products to avail the minimum amount to enjoy the Wealth Bonus rate of 1.50% p.a. 12 consecutive months.

2. Card Usage Bonus Interest: Spend a minimum of S$500 on your debit or credit cards in a calendar month to receive 0.30% p.a. or 0.50% p.a. for receipts over S$1500.

3. Payroll Credit Bonus Rate: Payroll credit from S$2,000 to S$6,000 to earn 0.30% p.a. or S$6,000 and above at 0.50% p.a.

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4. Payment Bonus Interest: Pay 3 bills online (minimum S$30 per eligible bill payment) 0.30% p.a.

5. Additional Savings Interest: 0.40% p.a. Additional bonus interest is only applicable up to a maximum of S$1,000,000 on your account balance above S$80,000 when you meet any of the card spending, salary credit or payment bonus interest requirements.

StandChart e$aver offers high bonus interest with no commitment period when you bring in new funds regularly.

Base Rate: During the months you need to access your money, you will receive a base rate of 0.05% per annum.

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The base rate of iSAVvy starts at 0.15% p.a. This is much better than regular savings accounts that offer only 0.05%. Base rate.

Finding a high-interest savings account in Singapore takes a bit of work, as interest rates offered at different banks vary quite a bit.

We will update this page from time to time to reflect changes in savings account interest rates offered by banks, so tag us and visit often!

Interest rates are reviewed at regular intervals at the discretion of the Bank. Check the websites of the respective banks before giving them your money. Choosing the right type of savings account can be confusing. Is a certificate of deposit (CD) better for you? A traditional savings account? A money market account (MMA)? In some ways, these three types of savings accounts are similar.

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They are all taxable accounts you can open at a bank or credit union and are protected by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA). Each account has advantages and disadvantages, and the right choice will vary depending on the amount of money you have and your personal needs.

These simple accounts are one of the most basic ways to bank your money. A savings account is a good choice for a young person’s first bank account or for anyone who needs easy access to their money. Most banks do not require a large deposit to open a savings account.

Often $25 is enough. You may need to maintain a minimum account balance to avoid monthly fees, which can range from $25 to $1,000 depending on the bank and account.

If your savings and checking accounts are at the same bank, you may be able to easily transfer money between the accounts or use your savings account for overdraft protection. A linked savings account makes it especially easy to move money from your savings to your checking account.

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You won’t be charged a penalty for withdrawing money from your savings account, but you won’t earn as much interest. An exception is a high-interest savings account, which pays significantly higher interest. These are usually online-only banks and offer some of the best savings account rates.

Another type of savings accounts, money market accounts (MMAs), are similar to traditional savings accounts, but often you need more money to save. Typically, you’ll need a large deposit to open the account — $1,000 is typical — and you’ll need to maintain a high balance to avoid fees (it can be up to $5,000); However, you will be rewarded with higher interest rates.

Money market accounts are not the same as money market funds, which are a type of investment vehicle.

Unlike traditional savings accounts that pay a fixed annual interest rate, many MMAs have varying interest rates, with higher rates for larger balances. This makes them desirable for those who can maintain a high daily account balance. Another benefit many MMAs offer is the ability to write checks from the account.

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When you buy a certificate of deposit (CD) from a bank, you give the bank permission to use your money for a certain period of time, which means you’ll be heavily penalized for early withdrawals; However, CDs have higher interest rates than traditional savings accounts and MMAs, making them desirable for those who can make large investments without having to access cash during the term of the CD.

The maturities can be one month or ten years. You can find CDs for minimums, but usually the initial investment required is large, often $1,000 or more.

Like MMAs, higher balances on CDs offer higher rates. CDs generally have fixed interest rates, but some banks also offer CDs with variable interest rates. It’s important to keep in mind that the particular bank you choose and the length of your tenure will have a big impact on your interest rate. Shop around to find the best CD prices that change frequently.

MMAs are similar to traditional savings accounts, but often require a larger deposit, such as $1,000, to open the account. While they require higher minimum balances to avoid fees, they offer higher interest rates than savings accounts. CDs require holders to leave their money untouched for a certain period of time and usually pay higher rates than MMAs. Penalties for early withdrawal are steep.

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MMAs are good for those with large sums to invest who do not need daily or weekly access to these funds. This also applies to those who want to invest in CDs, because the money can be tied up for several months to several years at a time.

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