Note: the base interest for UOB One is 0.05% p.a. Before COVID-19 struck, the average salaried worker could easily earn about 1.85% to 2% a year on high-interest […]The post Best Savings Accounts in Singapore … $500 in a calendar month AND Credit Salary or make 3 GIRO debit transactions, The extreme left column will tell you what kind of base interest or category you need to fulfil in order to qualify for the interest, If you meet any of the categories, make a mental note of the corresponding interest rate, Add everything up to get your estimated potential interest rate, Insurance (only for the first 12 consecutive months). The only catch? Bonus Interest for UOB One is calculated at the end of each calendar month based on the monthly average balance. Are you on the lookout for a trustworthy bank to help you properly manage…, If you’re investing a huge sum of savings in a bank, you’d want to…, If you’re in the early stages of building your business, you might want to…, Oh, and if you travel regularly and want to keep your savings intact, then you should avail yourself of the. In terms of credit card spending, you might want to consider using the BOC Family Card as it gives you up to 10% cashback on groceries and dining. Like seriously, who has $200k lying around in the bank?! Like most savings accounts, the DBS Multiplier savings account base interest rate is a paltry 0.05% per annum. In line with prevailing industry practice, effective 1 … Apply online for any of our wide offerings which include savings, current and time/term deposit accounts. You can earn an interest rate of up to 3.55% when you use your account to pay your bills and credit your salary. 4.4. Based on the criteria we set out, you’ll earn 0.4% p.a. 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. With Jack’s current balance of S$30,000 in his DBS Multiplier Account … DBS My Account. As one of the leading banks on the island, Citibank has various saving accounts but we think that its MaxiGain is the best. He’s a first jobber who credits his monthly salary of S$3,500 into his DBS/POSB savings account and transacts in one category. One of the things we love about this savings account is that every account holder has global banking benefits too. 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. No … After that, you can only go as far as Income plus transactions in 2 categories: Credit Card Spend and Home Loan Instalments. You’re probably better off looking at other savings accounts that can give you better interest rates for less. Best Fuss-Free Savings Accounts With No Conditions in Singapore 2021, UOB One Savings Account Review 2021 + UOB Stash Account Updates, OCBC 360 Account February 2021 Revision: Will This Round of Changes B…. We once said the BOC SmartSaver had the best savings account in … As long you’re 18 and above and can prove that you’re a Singapore resident, then you’re pretty much good to go. Applying for this one is as easy as counting to three too. With an interest rate that goes as high as 3.8%, DBS Multiplier Account is the savings account to get if you want your money to increase as it sits with your bank. DBS Multiplier Account. Note: you’ll have to maintain a minimum daily balance of $3,000 in your account to avoid getting charged a fall below fee of S$5 per calendar month. The bonus interest rate you earn is influenced by: In addition to how many and how much transactions you make in the following categories: The more categories you transact in, and the higher the amount you transact in, the more interest you’ll earn. But based on the criteria we set out where you’re crediting your salary, spending $500 with your credit card and making three bill payments – you’ll only earn a paltry 0.35% p.a. The application can be done online and it’ll only take you a couple of minutes. Oh, and if you travel regularly and want to keep your savings intact, then you should avail yourself of the best travel insurance in Singapore. You need to be between 18 and 26 years old. As long as you’re protected by any of these insurance companies, you don’t have to worry about spending beyond your means when something unexpected happens while you’re travelling. The most basic type of bank account is a savings account which allows you to deposit money and let it sit in the bank for safekeeping. If you deposit an amount not less than $100,000, you can earn up to 3.88% interest while you consolidate your expenses, bills, and salary credit using this account. The criterion to hit the OCBC 360 Grow Bonus interest rate is probably out of reach for most of us. 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. P.S. If you complete at least 3 bill payments amounting to $30 each, you’re entitled to another bonus to your interest rate of 0.35%. To make it easier for you, we created the Seedly Savings Account Calculator which you can use for FREE! OCBC 360 account is one of the most popular savings account in Singapore. To save you time, we’ve done some of the research and here is our pick of the best savings accounts … And if you can transact more than $15,000 a month, then that pushes it up from 0.60% to 1.0% p.a…. 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. Accumulate even more savings when you Stash. Stay updated with the latest finance tips! If you don’t like reading terms and conditions, here’s our suggestion on how you can maximise your OCBC 360 Saving Account’s interest rate. Saving money is now going to be easy when you have any of these savings accounts to help you manage your expenses. A savings account … The interest rate shown in the table below will be the interest rate effective 1 Dec 2020. * interest with UOB Stash Account and get up to S$168 sure-win hongbao* when you deposit fresh funds and SMS to participate in the UOB Spring Savings Festival! Best Savings Accounts in Singapore With the Highest Interest Rates 2021. From 15 Jan 2021, you basically get 0.30% p.a. The Maybank Save Up programme lets you choose from nine different products and services in order to get the bonus interest: *If you meet the minimum salary credit amount and/or the minimum aggregate GIRO debit amount stated in the table above, it will be considered as 1 Qualifying Product. If you’re still unsure, you can also read real user reviews left by our SeedlyCommunity to find out if it’s really the best savings account for you! ... Deposit Insurance Scheme Singapore dollar deposits of non-bank depositors and monies and deposits denominated in Singapore dollars under the Supplementary Retirement Scheme are insured by the Singapore … FYI: If you’re currently using the Maybank SaveUp account, here are the latest interest rates as of 21 Dec 2020. These changes will take effect on 1 Nov 2020 and the revision will be applicable to all new and existing UOB One accounts. For example, you can enjoy a 0.60% bonus interest rate when you’ve accomplished at least one of their requirements for card spending. SINGAPORE - Local banks have cut their interest rates on savings accounts amid the coronavirus outbreak this year, with OCBC Bank being the first to announce another reduction since May. Best savings accounts for salaried workers. And any incremental balances above $20,000 will receive 0.1% p.a. Based on the criteria that we set out, here’s how much interest you’ll be getting: Maybank Save Up will give you the highest interest of 1.03% p.a. Even with “over 200 ATMs” located around Singapore, it’s not easy to find a Bank of China ATM when you need it. First time account holders. U.S. Federal Reserve cut interest rates to near-zero. To best optimise your interest rate, you’ll basically want to fulfil at least three products and services in order to clock the maximum interest of 3.00% p.a. If so, tell us its name and what makes it a great savings account by leaving a comment below. Generally, savings account earns you interest while current accounts do not. Still have more questions after reading the article? FastSaver account used to be one of the best savings accounts in Singapore, but it is no longer the case with its recent cuts in interest … And don’t want to crack your head over complicated T&Cs…. Don’t leave it in a kids savings account and earn the meagre 0.05% p.a. Unless you choose to buy EVEN more insurance and make MORE investments…. Which begs the question: which savings account should you stash your cash in now? And those are just a fraction of the rewards given to their account holders! DBS Multiplier Account: What Are the Changes For January 2021? 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. Every time you have a transaction using this card, you receive a bonus to your interest rate. Find out more. The interest rate shown in the table below will be the interest rate effective 1 Nov 2020. With the best accounts, you get a decent interest rate, easy application, and other perks. Then you’ll probably be able to push that interest up from 0.40% to 0.60% p.a. Ideal for parents, it enables you to connect your account to your child’s savings account, allowing them to save their unused allowance. It may have a higher initial deposit compared to other banks, but you will get to enjoy a handful of bonus interests and privileges once your account has been completely settled. The Stan Chart JumpStart account is pretty straightforward. Unlike other banks, it doesn’t require account holders to have a minimum salary credit or credit card spend as long as your monthly transactions amount to $2,000. Best Savings Accounts in Singapore 2020 updated January 4, 2021 - Zoryana Melesh, Savings accounts offer a great, low-risk way to earn more with your money. Read user reviews and compare interest rates before deciding on the best savings account. interest on the Standard Chartered Jumpstart account on balances up to $20,000 year-round. Almost every bank has a savings account … interest. It’s also the most convenient savings account to have when making regular transactions overseas. A savings account is an account in which you store money that you don’t intend to use for daily expenses. From 1 May 2020, this interest rate reduces to … If you deposit more than $35,000 in cash, then you get to enjoy a higher interest rate. Interest rates for savings … Do you think that there’s another savings account that deserves to be on our list? This is because of its tiered interest system, which benefits people who deposit large amounts of cash. So if you aren’t drawing that kind of pay or looking to spend that kind of money. If you’re looking for a savings account where you’ll never touch the money, the OCBC Monthly Savings Account is a better idea because the additional 0.2% interest per annum is credited … Then to get more interest, you’ll need to: Based on the criteria we set out earlier, you will fulfil the salary credit category and credit card spend category. interest, when you can upgrade to high-interest savings account instead. FYI: The interest rates for UOB One were revised recently. This account receives interest from your bank provider. Meet Jack. If you’re earning a high income (at least $6,000), then BOC Smart Saver is a pretty good choice as you don’t need to jump through too many hoops to qualify for the additional interest. Account holders can save, invest, remit, and transfer funds overseas at zero or lower fees — what’s not to love about this savings account? But the minimum spend of $800 to qualify for the cashback might discourage those who don’t spend that much. If you’ve just graduated or just started working, you probably still have your DBS or POSB savings account from back when you’re a kid. However, sticking with DBS also brings about certain disadvantages such as: Some of our Seedly Community members have also decided to switch other banks. But it would be a good idea to move anything above the $20,000 into another savings account which gives you more than 0.1% p.a. Then the UOB One is your best bet because you only need to make sure that you spend $500 a month on your UOB credit cards: The option to pay three bills by GIRO instead of crediting your salary means that this is also ideal for those without a steady paycheck (think: freelancers and stay at home moms). Every savings account also comes with a convenient mobile banking app that allows you to monitor your account and do transactions with just a click on your phone. If you have extra cash on hand, then you should definitely consider getting an OCBC 360 Account. 256 Reviews. UOB One Account Now Yields 1.8% Interest Rate As shown in Diagram 1 below, prior to 1 May 2020, UOB One Savings Account provides 2.436% interest rate. Looking for a good savings account in which to bank your cash for a rainy day? On a more serious note, the … If you don’t like having to use different cards in shopping and paying your dues, then the Standard Chartered Bonus Saver is the ideal account for you. The Standard Chartered BonusSaver account is great because it gives you extra interest if you spend more via a Standard Chartered credit card. INTEREST RATE. Ultimate guides to kickstart your finances, You can contribute your thoughts like Ming Feng. Salaried employees in Singapore are basically spoilt for choice when it comes to high-interest savings accounts. A savings account for your newborn. Considering that most savings account require you to credit your salary in order to get the bonus interest, this is extremely important! 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