Savings Accounts for Salary Credit | Best Savings Accounts Singapore

Bank Accounts | Savings Accounts

Singapore’s major banks have raised interest rates on savings accounts. This raises the question of which savings account you should put your money in right now. In this blog, we tell you about the best savings accounts for salary credit in Singapore. 

The best savings accounts for salaried employees

When it comes to high-interest savings accounts, Singaporeans are spoiled for choice. Almost every bank has a savings account that pays you extra interest for depositing your paycheck and using their credit cards. Take note, however, that some of them have a minimum salary requirement.

Best Savings Accounts for Salary Credit in Singapore

UOB One

The UOB One is the best of the rest in this high-interest savings account shootout. If you credit your salary to the account and spend at least S$500 on an eligible UOB card, you will earn 1.40% interest. This rate is only applicable to the first S$15,000.

You can maintain the same spending conditions to earn the maximum 3.60% p.a., but the interest will only be applied to your Monthly Average Balance (MAB) of S$75,000 to S$100,000. Spend more than S$30,000 in three categories and deposit your salary into your account. Despite the high interest, large sums of money are required.

Standard Chartered Bonus$aver

In this category, the DBS Multiplier, UOB One, and OCBC 360 accounts are used to compete head-to-head. While SCB Bonus$aver has caught up to take the lead in this category with interest rates as high as 4.88% p.a. starting in October 2022, this account will be your best bet for the time being.

If you credit your salary to the SCB Bonus$aver account, you will earn 1.20% interest. Spend at least S$500 on an eligible SCB card to earn an additional 0.61% p.a. To earn the maximum 4.88% p.a., you must spend at least S$2,000 per month on your card to earn an extra 1% p.a., insure or invest in eligible products, and make qualifying purchases.

OCBC 360 – Best Savings Accounts for Salary Credit in Singapore

The bank’s highest interest rate in the account’s history is 4.65% p.a. on the first S$100,000 in the OCBC 360 Savings account. The salary, saving, and spending criteria remain unchanged. Here’s how you can earn up to 4.88% p.a. with the account:

Spend at least S$500 on selected OCBC credit cards, credit at least S$1,800 in salary through GIRO, and increase your account balance by at least S$500 per month. When you insure and invest, you will earn an additional 3.00% p.a. Spending credit cards including the OCBC Titanium Rewards, OCBC 90°N Visa card, and OCBC 90°N Mastercard.

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