As shown in Diagram 1 below, prior to 1 May 2020, UOB One Savings Account provides 2.436% interest rate. All financial products and services are presented without warranty. Banks in Singapore have all lowered their savings account interest rates since COVID-19. Singapore Savings Bond (SSB): Earn up to 0.9% p.a. Sign up for our newsletter for financial tips, tricks and exclusive information that can be personalised to your preferences! On paper, the Standard Chartered Bonus$aver Account gives the highest effective interest rate in Singapore at a very impressive 2.60% p.a. The interest rate shown in the table below will be the interest rate effective 1 Dec 2020. salary credit + credit card, you can get almost 1% interest, which is one of the highest on the market. Before COVID-19 struck, the average salaried worker could easily earn about 1.85% to 2% a year on high-interest savings accounts such as DBS Multiplier and UOB One. Invest in selected products (min. Instead, you’ll want to fulfil as many other categories as you can: Even if you’re unsure about buying insurance or investment products from OCBC, here’s an example of how much interest you can earn based on the above criteria: FYI: Before we get into it, you should know that the BonusSaver bonus interest rates were revised recently. Like most savings accounts, the DBS Multiplier savings account base interest rate is a paltry 0.05% per annum. $300) OR salary credit (min. The highest possible interest rate at 3.30% p.a. As such, interest rates from these savings accounts have been slipping and falling like this penguin: With banks changing their interest rates multiple times this year, you might find it hard to keep track of the changes. This savings account is amazingly simple: You start with a base interest rate of 0.01%, but if you credit your salary of at least $2,000, you earn 0.8% bonus interest. OCBC unit trusts, structured deposits, or bonds and structured products, Over 1,100 ATMs in shared network in Singapore, The Maybank Save Up Programme lets you choose from 9 different Maybank products/services to get bonus interest, GIRO payment (min. So to keep things real, I’ve projected these savings accounts interest rates for up to $10,000 in savings, without requiring you to jump through too many hoops. The good news is that emerging countries will require lower minimum deposits (sometimes as little as $1) and, as they are eager to attract depositors, will often be more open to foreigners (sometimes all you’ll need is a passport). Eligibility: Children under 16, a parent is required. *Additional interest capped at first $50,000 of your account balance. Our team at Singapore Savings Account Rates works hard to raise your earned interest income from investing in savings accounts in 2015. Because once the promo expires, you’ll be stuck with an interest rate that’s not the most ideal. for bills, 0.75% p.a. The application can be done online and it’ll only take you a couple of minutes. As the world reels from the impact of COVID-19, central banks around the world have been cutting their benchmark rates after the U.S. Federal Reserve cut interest rates to near-zero. Note: the base interest for UOB One is 0.05% p.a. Choice of 9 qualifying products include salary or GIRO, home loans, car loans, investments and insurance. The interest rate for the first S$50,000 is 0.1875%. In this article, we've calculated the maximum effective interest rate–the highest actual return possible based on account activity–to determine the average rate available to consumers in Singapore. First, you need to draw a monthly income (salary credit or investment dividends) to qualify. You get a bonus 0.1% every month that your account balance increases by $500 or more, so that might encourage you to save more. 2020 has not been the best for of years if you have your money in a savings account with high-interest rates. Refer to Bonus Interest Rate tab below to see the change in interest rates, Students, NSF, self-employed, salaried or retired individuals are eligible to apply. Note: even though there is no minimum transaction required for each category, you still need to have a total transaction of at least $2,000 under the Income category to qualify for ANY bonus interest tier. The Stan Chart JumpStart account is pretty straightforward. is higher than most other accounts listed here. interest. For a more universal comparison that’s applicable to most, you can refer to the table below to find out the potential interest rate you can get. They offer probably the highest interest rates in Singapore for those who take home a monthly salary of at least $6,000. To boost your interest, you can either credit your monthly salary or pay 3 bills by GIRO. So if you aren’t drawing that kind of pay or looking to spend that kind of money. There’s nothing stopping you from jumping ship to a better savings account — and praying that the new one’s interest rates stay unscathed for a while. Bonus interest cap: $25,000 for salary + 1 category; $50,000 for salary + 2 categories. Standard Chartered Bonus$aver is a current savings account with a base interest rate of 0.03% per annum on your deposit amount (updated rates as of 1 October 2020), Bonus interest rates range from 0.10% p.a. DBS Multiplier Account 2020 interest rates have been updated as of 1 August 2020, To enjoy bonus interest rates, you need to credit your salary or dividends via GIRO to any DBS/ POSB deposit account that you hold, and transact a minimum of S$2,000 on any DBS/ POSB credit card you hold, DBS/ POSB home loan monthly instalments, DBS/ POSB insurance regular monthly premium, or DBS investments. PayLah Retail Spend (29 years old and below). Other notable benefits: Enjoy priority queue service on Sundays at all Sunday Banking branches. You get a cool 1.4% p.a. since the 1 Nov 2020 changes have kicked in. The highest interest savings accounts will be offshore in emerging countries. in the latest bond – Apply by 28 December 2020; HSBC: Enjoy a promotional rate up to 0.55% on 3-mth / 6-mth / 12-mth SGD Time Deposits till 31 Dec; Standard Chartered: Earn 0.45% p.a. You need to set up a standing order to credit a fixed amount every month (anything from $50 to $3,000) into your SAYE account, then resist the urge to touch it for 2 years. Here are the best online savings account interest rates. After taking into consideration of the requirements and conditions, the DBS Multiplier Account is unanimously chosen as the best deposit account in Singapore. Keep track of your transactions printed on a handy passbook and access your savings account easily with a Debit Card and Online Banking. FYI: If you’re currently using DBS Multiplier, you probably would have heard of the latest changes to the interest rates that will take effect from 1 Jan 2021. If you are looking for a low-risk way to save money over a long period of time, high yield savings accounts may be a good option for you. Do note that you will earn a base interest of 0.05% a year on your entire account balance regardless of whether you fulfil the above categories. bonus interest, 3 qualifying products or more: 2.75% p.a. They offer probably the highest interest rates in Singapore for those who take home a monthly salary of at least $6,000. Don’t worry if you can’t hit the minimum $2,000 to qualify for 0.4% or more interest; you can also earn 0.4% (capped at first $10,000) if your income + DBS Paylah retail spending add up to at least $500. The Standard Chartered BonusSaver account is great because it gives you extra interest if you spend more via a Standard Chartered credit card. To maximise the account, you will need to be drawing at least $3,000 for a small 0.10% bump in the bonus interest rates. And don’t want to crack your head over complicated T&Cs…. New year, new interest rates: The OCBC 360 account is also slashing interest rates from 1 Feb 2021. Like most savings accounts, the DBS Multiplier savings account base interest rate is a paltry 0.05% per annum. Fall below fee: $2. After getting nerfed, the Standard Chartered BonusSaver savings account isn’t so great for regular folks, but it does occupy a niche: It gives you pretty high interest just for spending tons of money. Not bad if your main function is to pay for your kids tuition fees, dental checkups, condo MCST fees and what-not. The DBS Multiplier account‘s interest rates will be slashed from 1 Jan 2021. For the past 10 years, Singapore Savings Account Rates has been helping you to earn higher interest income from savings accounts, savings bonds and other financial retail investments in Singapore. But I supposed that’s a good thing as you’ll be less likely to make withdrawals. Back in March 2020, we did an analysis on the highest interest savings account in 2020. Jul 15, 2020 . This is currently unmatched. The easy-to-use UOB One account is one of the few higher interest savings accounts with no salary credit requirement. The interest rate shown in the table below will be the interest rate effective 1 Nov 2020. These changes will take effect on 1 Nov 2020 and the revision will be applicable to all new and existing UOB One accounts. If you take your money out sooner, there can be high penalties and you could miss out if interest rates rise during the savings term. You may not be eligible for the bonus interest rate if you don't increase your savings balance by at least $200 per month on balances up to $250,000. P.S. After that, you can only go as far as Income plus transactions in 2 categories: Credit Card Spend and Home Loan Instalments. Such current accounts might offer higher interest than your typical savings accounts. With interest rates down, we wanted to identify some of the top savings accounts available in terms of their yield. While this greatly benefits borrowers (e.g. For example, the CIMB FastSaver and UOB Stash accounts gave us up to 1% p.a. interest on everything up to $50,000 and there’s no fall below fee either. Disclaimer: At MoneySmart, we aim to provide accurate, objective and up-to-date information. Rates are subject to change without notice. While regular savings accounts can pay higher rates of interest, the problem with them is that it takes time to build up the amount of money you have in there. Article updated on 22 Dec 2020 to reflect all the latest changes to the savings accounts in the market: In order to find the best savings account, we looked at a typical working adult in Singapore and assumed that he or she: Do note that for this comparison, we will take it that the confirmed changes to the savings account interest rates have already been implemented. With every additional $ 15,000 in your bonus interest rate at 3.30 % p.a 1.0 p.a…! 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