Best Savings Accounts To Beat The Rising Inflation Rate in Singapore (2023)

By Wally Wong Best Savings Accounts To Beat The Rising Inflation Rate in Singapore (2023) | Updated 7 Jan 2022 3 minutes

Best Savings Accounts Singapore 2021j

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At a glance...

Looking for a savings account with a high interest rate? Despite these trying COVID-19 times, getting the most mileage out of your savings doesn’t have to be complicated!

Did you know that many Singapores still use POSB savings accounts? However, these accounts have a paltry 0.05% p.a. interest rate, which is far lower than inflation rates have been recently. This means that you’re effectively “losing money” by keeping it in that account, and potentially by quite a substantial amount, given the large difference between the interest and inflation rate.

With so many banks competing for your business though, you have alternatives. Many are offering savings accounts with more lucrative interest rates. Even in today’s financial market, you can get an interest rate of 0.5% p.a. or more, and banks are continually revising their interest rates in a bid to make them more appealing.

Check out our top picks for 2021 below

UOB One Account

The UOB One account is one of the most straightforward savings account with relatively higher interest rates.

ONE Account

uob logo

2.5% Max Interest rate (p.a)

$500 Initial Deposit

$1000 Min. Monthly Balance

Apply Now on UOB's website
UOB One Account features
  • Earn up to 2.5% p.a. in interest rates
  • Up to S$200 cash credit by signing up online and for a UOB credit card
  • An initial deposit of S$500
  • Can withdraw cash without an ATM card by using Mobile Banking

UOB has revised its interest rates downward to reflect the current economic times. They are, however, not changing the requirements to earn bonus interest, and have expanded their range of credit cards.

OCBC 360 Account

This account is a little more complicated than the UOB One account. It also has more flexibility with no mandatory requirements.

360 Account

OCBC logo 1

2.38% Max Interest rate (p.a)

$1000 Initial Deposit

$3000 Min. Monthly Balance

Apply Now on OCBC's website
OCBC 360 Account features
  • Get an interest rate of up to 2.38% p.a. with your first S$75,000
  • Earn more interest when you invest, insure, or save

The OCBC 360 account has a base interest rate of 0.05% p.a., with bonus rates for salary crediting (minimum $1,800 for 0.3% p.a.), increasing monthly balance by at least S$500 (0.1% p.a.), select insurance policies (minimum $2,000 for 0.3% p.a.), and investing in select products (minimum $20,000 for 0.3% p.a.).

DBS Multiplier Account

DBS Multiplier Account

DBS Saving Account 1 5 36

3% Max Interest rate (p.a)

$0 Initial Deposit

$3000 Min. Monthly Balance

Apply Now on DBS's website

This account gives you bonus interest when you use the other services provided by DBS, such as their credit card, investment, home loan, insurance, and PayLah! digital wallet.

DBS Multiplier Account features
  • No minimum salary credit
  • Base interest of 0.05% p.a.
  • Earn up to 3% p.a. interest on the first $100,000 account balance
  • Bonus rates are earned by crediting your salary or dividends via GIRO to any DBS/POSB deposit account you hold
  • For those 29 years old and below, earn bonus rates credit by crediting your income to a DBS/POSB account and/or spending a combined total of S$500 with PayLah! to qualify for a extra 0.3–0.4% p.a. on your first S$10,000
  • Students, self-employed, NSF, salaried, and retired individuals can apply

Insider tip

With DBS, they look at the total amount of your transactions to award your interest. The more you transact, the more interest you’ll earn.


This is a useful supplement to the DBS Multiplier Account. While it’s not much of a savings account in the traditional sense, it can be used to add some discipline to your saving habits. You’ll need to link it with another account from where it will make a fixed monthly transfer between S$50 and S$3,000, with interest rates of up to 0.25% p.a., and if you don’t make any withdrawals for two years, you get an additional 2% p.a. interest.

Standard Chartered Bonus$aver

This account will give you extra interest when you credit your salary and use their credit cards.


standard chartered logo 1

2.38% Max Interest rate (p.a)

$0 Initial Deposit

$3000 Min. Monthly Balance

Apply Now on Standard Chartered's website
Standard Chartered Bonus$aver features
  • Earn up to 2.38% p.a. on the first S$80,000 in eligible deposit balances
  • Access 14 currencies by enabling the Multi-Currency feature with zero overseas transaction fees
  • SDIC insured up to S$75,000

Insider tip

To earn the bonus interest, charge your retail spending to a Bonus$aver World credit card or debit card. Spend a minimum of $2,000 to earn an extra 0.78% p.a. interest.

BOC SmartSaver


Bank of China bank 1

3% Max Interest rate (p.a)

$1500 Initial Deposit

$1500 Min. Monthly Balance

More Info on Bank of China's website

Despite the inconveniences of banking with the Bank of China, its SmartSaver account is a fantastic choice for high earners. They offer the highest interest rates in Singapore, provided you take home a salary of at least S$6,000 per month.

There is a base interest rate of 0.15% p.a. for savings above $20,000. There are further bonuses from insurance (1.5% p.a.), credit card spending (0.5% p.a.), bill payments (0.3% p.a.), and salary (0.5% p.a.), making it 2.95% p.a. in total. An initial deposit of S$1,500 is required, which also serves as the minimum monthly balance.

Maybank Save Up Programme

SaveUp Account

Maybank logo 2

3.00% Max Interest rate (p.a)

$500 Initial Deposit

$1000 Min. Monthly Balance

Apply Now on MayBank's website
This account allows provides a selection of products and services to gain bonus interest. These include any three of the following:
  • Bill payment
  • Crediting salary
  • Credit card spending
  • Home loans
  • Car loans
  • Insurance and Investments
The base interest rate is up to 0.3125%, with further bonus interest based on the number of extra products and or services used:
  • One product or service gives an extra 0.3% p.a.
  • Two products or services gives an extra 0.8% p.a.
  • Three products or services gives an extra 2.75% p.a.

Citi MaxiGain Savings Account

A notable entry to the list, Citi has the lowest barrier of entry to priority banking, requiring only $70,000 for eligibility, compared with other banks that ask for hundreds of thousands to millions.

Citi MaxiGain Savings Account features
  • Base interest of 0.01% p.a.
  • Bonus interest of up to 0.6% p.a.
  • Simple banking with instant transfers and payments with real-time updates on your balance with their Citi Mobile App
  • Free ATM withdrawals at Citibank ATMs worldwide

CIMB FastSaver Account

FastSaver Account

CIMB logo 1

0.3% Max Interest rate (p.a)

$1000 Initial Deposit

$1000 Min. Monthly Balance

Apply Now on CIMB's website

CIMB’s FastSaver savings account is a basic, no-frills option that is straightforward to open

CIMB features
  • Base interest rate of 0.3% p.a. for the first $75,000
  • Interest rate of 0.15% p.a. above $75,000

If you’re looking for a new account, these banks offer many solutions with interest rates that go beyond the standard rate. Which one will you go with?

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