High Interest Savings Accounts | Best Savings Account Singapore
Bank Accounts | Savings Accountsby Priyadarshini 30 December 2021
Our financial situation has deteriorated significantly in 2021. Not only did many of us endure wage cuts and income losses, but the majority of Singapore’s high return savings accounts were also severely harmed! In this blog, we tell you about high interest savings accounts in Singapore.
If you are one of the victims, you do not have to bear this injustice. There’s nothing stopping you from switching to a better savings account – and hoping that the new one’s interest rates remain stable for the foreseeable future.
High Interest Savings Accounts
Interest rates on OCBC 360 savings accounts
The Interest rates on the OCBC 360 account will likewise be reduced from February 1, 2021. The OCBC 360 is more difficult than the UOB One, but it is also more adaptable, as there is no single essential need. This account is appropriate if you earn just enough to satisfy the $1,800 minimum and don’t want to jump through any additional hoops. You get a 0.1 percent bonus every month your account balance rises by $500 or more, which may inspire you to save more.
Interest rates on CIMB FastSaver savings accounts
CIMB outdoes itself once more by offering possibly the highest interest rates for a savings account. The CIMB FastSaver at 1% p.a. If you also sign up for their Visa Signature card. If you only want the FastSaver account (since you may already have too many credit cards), the interest rate is only 0.3 percent – nevertheless greater than any of the banks listed below.
Because of the modest “minimum” balance of $1,000 and the absence of a fall below fee, this account will be ideal for most young adults just starting out in their careers. It’s also the least complicated savings account to have because the only requirement is that you keep at least $1,000 in the account to earn the promised interest rates.
Interest rates on UOB One Savings Account
The simple to use The UOB One account is one of the few higher interest savings accounts that do not require a salary credit. Choose this account if you hate math because the sole criterion is that you spend at least $500 each month on a UOB credit card (either the UOB One Card, the UOB Lady’s Card, or the UOB YOLO Card). You can increase your interest rate by crediting your monthly salary or paying three bills with GIRO. This is ideal for those who do not receive a regular wage, such as freelancers, retirees, or stay-at-home moms. The interest rate increases with each additional $15,000 in your UOB One account, up to a maximum of $75,000.
Interest rates on DBS Multiplier savings accounts
To qualify, you must either draw a monthly income (salary credit or investment dividends) or update your financial information on SGFinDex and link it to the DBS NAV Planner. Then, choose one or more of the following categories:
Spending on credit cards (no minimum)
Home loan (with cash and CPF components)
Certain insurance policies (life insurance, critical illness, endowment plans and selected single premium policies)
Specified investments (regular savings plan, unit trust, online equities trade, digiPortfolio or bonds & structured products)
If you have a DBS house loan, which is worth considering given the cheap interest rates on home loans, you can quickly unlock a higher tier of interest. This raises the bonus interest cap from $25,000 to $50,000.
Don’t worry if you don’t have the $2,000 required to qualify for 0.4 percent or higher interest; you can still earn 0.4 percent (limited at first). These were some of the high interest savings accounts in Singapore.