Looking for a way to grow your savings without locking your money away in fixed deposits? A high-interest savings account might be the perfect solution. Finding the right high-interest savings account can be overwhelming, with different banks offering various interest rates, requirements and conditions. Navigating this information can be tedious and time-consuming, especially if you’re trying to maximise your returns.
“He who understands interest, earns it.
Albert Einstein
He who doesn’t, pays it.”
The quote above highlights the importance of not just saving, but earning a higher interest rate on your savings. Choosing the right savings account isn’t just about setting aside money. It’s about ensuring your savings are actively growing instead of stagnating at near-zero interest rates.
In this article, we’ll cut through the confusion and help you understand what high-interest savings accounts are and how you can make the most of them. We’ll provide you with an in-depth comparison of the best high-interest savings accounts in Singapore.
By the end, you’ll be equipped with the knowledge to make an informed decision on the best account for your needs, ultimately helping you grow your savings and achieve your financial goals – whether you are a fresh graduate, a working adult, a high income earner or a retiree.
Table of Contents
- What are High-Interest Savings Accounts?
- How Do You Qualify for Higher Interest Rates?
- UOB One Account
- OCBC 360 Account
- DBS Multiplier Account
- Standard Chartered Bonus$aver Account
- Comparing High-Interest Savings Accounts
- Choosing the Right High-Interest Savings Account
- Latest High-Interest Savings Accounts Sign Up Promotions
- Beyond High-Interest Savings Accounts: Cash+ Guaranteed & Cash+ Flexi
What are High-Interest Savings Accounts?
A high-interest savings account is a type of savings account that offers higher interest rates compared to regular savings accounts. These accounts are designed to help you grow your savings faster while keeping your funds liquid.
The appeal of high-interest savings accounts lies in their ability to offer better returns than standard savings accounts, where traditional banks may offer interest rates as low as 0.05% per annum. In comparison, high-interest savings accounts offer much higher effective interest rates (EIR), sometimes reaching up to 4% or more annually, depending on the bank’s requirements and conditions.
How Do You Qualify for Higher Interest Rates?
To earn a higher interest rate, most banks require you to meet certain conditions. Some of the typical conditions include:
- Salary Crediting: Many banks require you to have your salary credited directly into the account.
- Minimum Monthly Spending: You may need to spend a minimum amount on an eligible credit / debit card each month.
- Investments or Insurance Purchases: Some banks offer higher interest rates in exchange for customers purchasing investment or insurance products through them.
- Bill Payments via GIRO: Some banks may require customers to make regular bill payments via GIRO.
UOB One Account
| Criteria | Max EIR | Max EIR Valid for S$ |
|---|---|---|
| Spend | 0.65% | First $75,000 |
| Spend + 3 GIRO debit transactions | 2.40% | First $125,000 |
| Spend + Credit salary | 4.00% | First $150,000 |
Any amount above S$150,000 will earn the base interest rate of 0.05%.
Requirements:
- Spend: ≥ $500 monthly on eligible cards
- Credit salary: ≥ $1,600 monthly
OCBC 360 Account
| Criteria | Max EIR | Max EIR Valid For S$ |
|---|---|---|
| Credit salary | 2.50% | First $100,000 |
| Credit salary + Save | 4.05% | First $100,000 |
| Credit salary + Save + Spend | 4.65% | First $100,000 |
| Credit salary + Save + Spend + Insure/Invest | 6.15% | First $100,000 |
| Credit salary + Save + Spend + Insure + Invest | 7.65% | First $100,000 |
Any amount above S$100,000 will earn the base interest rate of 0.05%. Amounts above $200,000 will earn an additional bonus interest rate of 2.40% p.a.
Requirements:
- Credit salary: ≥ $1,800 monthly
- Save: Increase average daily balance by $500 monthly
- Spend: Charge ≥ $500 monthly to eligible credit cards
- Insure: Purchase an eligible insurance product from OCBC
- Invest: Purchase an eligible investment product from OCBC
DBS Multiplier Account
To earn the bonus interest rates for DBS Multiplier, you will have to:
- Credit income
- Transact in 1 or more categories:
- Credit card / Paylah! Retail spend
- Home loan instalment
- Insurance
- Investments
Bonus interest rates will also depend on your total eligible transactions per month.
| Criteria | Valid for S$ | S$500 to below S$15,000* | S$15,000 to below $30,000* | S$30,000 and above* |
|---|---|---|---|---|
| Income + 1 category | First $50,000 | 1.80% | 1.90% | 2.20% |
| Income + 2 categories | First $100,000 | 2.10% | 2.20% | 3.00% |
| Income + 3 categories and above | First $100,000 | 2.40% | 2.50% | 4.10% |
Any amount above S$100,000 will earn the base interest rate of 0.05%.
Standard Chartered Bonus$aver Account
To earn the bonus interest rates for Standard Chartered Bonus$aver Account, mix and match any combination to maximise your returns. A maximum effective interest rate of 6.05% will be earned when all 4 criteria are met for the first $100,000.
| Criteria | EIR | Amount Valid for S$ |
|---|---|---|
| Spend | 1.05% | First $100,000 |
| Credit Salary | 1.00% | First $100,000 |
| Insure | 2.00% | First $100,000 |
| Invest | 2.00% | First $100,000 |
Any amount above S$150,000 will earn the base interest rate of 0.05%.
Requirements:
- Spend: ≥ $1,000 monthly
- Credit salary: ≥ $3,000 monthly
- Insure: Purchase an eligible insurance product from Standard Chartered
- Invest: Purchase an eligible investment product from Standard Chartered
Comparing High-Interest Savings Accounts
Let’s take a look at how to earn the maximum EIR for the respective banks.
| Savings Account | Max EIR | Max EIR Valid for S$ | Criteria |
|---|---|---|---|
| OCBC 360 Account | 7.65% | First $100,000 | Credit salary + Save + Spend + Insure + Invest |
| Standard Chartered Bonus$aver Account | 6.05% | First $100,000 | Credit salary + Spend + Insure + Invest |
| DBS Multiplier | 4.10% | First $100,000 | Credit income + ≥ 3 Other categories |
| UOB One Account | 4.00% | First $150,000 | Credit salary + Spend |
It is worth noting that these maximum interest rates are only attainable if you meet all the bank’s specified criteria. For many, this can be impractical, especially for those who may not hit the required monthly spending, do not wish to purchase insurance / investment products with banks or prefer to diversify their finances across multiple providers.
In reality, the interest rates that most people can earn, based on typical spending patterns and account balances, may be lower. This makes it essential to set realistic expectations when selecting a savings account.
To help you better understand these common rates, we’ve compiled a table below that highlights the typical interest rates most individuals can expect based on the more easily achievable criteria.
| Savings Account | EIR | Max EIR Valid for S$ | Criteria |
|---|---|---|---|
| OCBC 360 Account | 4.65% | First $100,000 | Credit salary + Spend + Save |
| UOB One Account | 4.00% | First $150,000 | Credit salary + Spend |
| DBS Multiplier | 2.10% | First $100,000 | Credit income + Spend |
| Standard Chartered Bonus$aver Account | 2.05% | First $100,000 | Credit salary + Spend |
Choosing the Right High-Interest Savings Account
Not all high-interest savings accounts are for everyone. Depending on your life stage and financial habits, here’s what might work best.
| Life Stage | Best Options | Why? |
|---|---|---|
| Fresh Graduates | UOB One | Easy to qualify, no high salary required, rewards daily spending |
| Working Adults | DBS Multiplier, OCBC 360 | Encourages salary crediting and wealth accumulation |
| High Income Earners | SC Bonus$aver, OCBC 360 | High returns but requires high salary credit, high credit card spending, and high investment/insurance premiums |
| Retirees | DBS Multiplier | Rewards passive income (CPF, dividends, rental), provides stable interest without high monthly spending |
Latest High-Interest Savings Accounts Sign Up Promotions
| Bank | Promotion Details | Validity Period |
|---|---|---|
| UOB One Account | Receive up to S$260 cash | Till 30 June 2025 |
| OCBC 360 Account | 1 year Disney+ Premium subscription | Till 30 April 2025 |
| Standard Chartered Bonus$aver Account | Get up to S$188 cashback | Till 30 April 2025 |
Beyond High-Interest Savings Accounts: Cash+ Guaranteed & Cash+ Flexi
While high-interest savings accounts offer an attractive way to earn more interest on idle cash, they often have tiered interest structures and restrictive conditions. Miss any of these requirements, and your effective interest rate drops significantly.
With Syfe’s Cash+ Guaranteed, you can earn up to 4.30% p.a. without any worries about salary crediting deadlines or spending requirements. Syfe’s Cash+ Guaranteed invests your funds in low-risk fixed deposits with MAS-regulated banks, letting your cash earn a steady return based on competitive market rates. What’s more, choose from 1, 3, 6, or 12 months terms with no minimum deposit and fees.
In addition to Syfe’s Cash+ Guaranteed, Syfe offers a more flexible cash management solution. With Syfe’s Cash+ Flexi offering up to 4.30% p.a., it is a low-risk investment designed to offer better returns than what traditional bank savings accounts can provide, with no lock-ins.
Not on Syfe yet? Here’s your opportunity to get started. Sign up with promo code FLEXI6 and enjoy guaranteed 6% p.a. returns for 30 days on your first S$10,000.
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