Savings Accounts for Singaporeans | Best Savings Account to Credit Salary
Bank Accounts | Savings Accounts | Singaporeby Priyadarshini 19 March 2021
It is tough to find the best way to invest your money with the least risk and yet make considerable profits. Investments can tank anytime! And poor interest rates of savings account are making it even more difficult for jobbers to make a handsome deal. In this blog, we discuss the best savings accounts for Singaporeans to credit their salary. These accounts promise high-interest rates and you earn a good interest by just crediting your salary.
Best Savings Accounts for Singaporeans:
OCBC 360 Account
If you sign up for the OCBC 360 account, then you will be offered an interest rate of 1.2%. However, your take-home salary will have to be more than $2,000. The minimum balance for this account stands at $3000. Also if you want to get the maximum interest rate possible which is 3.25%, you will need to qualify for certain criteria.
For example, clear a number of hoops by paying three bills through GIRO, buying insurance through OCBC, and spending at least $500 on OCBC credit cards. But if you decide to only credit your salary to this account, and if it is more than $2,000, you can still enjoy a decent 1.2% interest rate.
CIMB StarSaver Savings Account
With a minimum balance of $1,000, credit at least $100 worth of salary every month and you can enjoy a good value of interest rate of 0.8%. If for some reason you credit less than $100 in a month you still get to enjoy 0.5% interest. However, this is different from the CIMB StarSaver Account current account.
DBS Multiplier Account
Sign up with a DBS Multiplier account to credit you’re your salary and you will get an interest rate of 1.08% and more. The minimum balance required is similar to the OCBC account that is $3,000. The minimum monthly credit or debit amount stands pretty high at $7,500. If you have a monthly in-hand salary of $7,500 and above, you will be eligible for an interest rate of 1.08%.
Also if your monthly banking activities include crediting your salary, credit card spending, making loan repayments, and crediting of dividends with DBS/POSB sum up to at least $7,500, you will still get enjoy a 1.08% interest. This figure can rise up to a maximum of 2.08% for tall those who have monthly banking activities show $20,000 and above.
ANZ Progress Saver
The ANZ Progress Saver is a good competition to the CIMB StarSaver account with its 0.7% interest rate. The minimum monthly credit for this account is $500 and the minimum balance required is $5000. If you fail to credit a minimum of $500 in a month, you will get the base interest rate of 0.25%. The attractive point over the CIMB StarSaver is that you can also use the account for other currencies like USD with a max interest of 0.7%) and AUD with a max interest of 2.25%. So, now you know the right savings account for Singaporeans to credit the salary.