Updated September 29, 2022
Excellent! ROSHI has found 28 Accounts that suit your criteria.
MyWay-private
1.28%Max Interest rate (p.a)
$50000Initial Deposit
$50000Min. Monthly Balance
on Standard Chartered's website
Card Features
Account Information
Base Interest Rate
AmountInterest Rate (p.a.)
Max interest rate (p.a.)Up to Up to 1.28% p.a.% p.a.
Initial deposit$50,000.00
Insurance Protection SchemeUp to $50,000
Min. Monthly Balance$50000
Fees and Charges
Fall-below Fee$10 (waived for Priority Banking client)
Early account closure fee$30 (if closed within first 6 months)
Cheque Book Fee
Eligibility
Citizenship AssociationSingaporean / Singapore
PR / Foreigner
Age requirement55 years old and above
Documents Required
Singaporean and PRNRIC
ForeignerPassport, Employment Pass, Proof of Address
MyWay
1.28%Max Interest rate (p.a)
$50000Initial Deposit
$50000Min. Monthly Balance
on Standard Chartered's website
Card Features
Account Information
Base Interest Rate
AmountInterest Rate (p.a.)
Max interest rate (p.a.)Up to Up to 1.28% p.a.% p.a.
Initial deposit$50,000.00
Insurance Protection SchemeUp to $50,000
Min. Monthly Balance$50000
Fees and Charges
Fall-below Fee$10 (waived for Priority Banking client)
Early account closure fee$30 (if closed within first 6 months)
Cheque Book Fee
Eligibility
Citizenship AssociationSingaporean / Singapore
PR / Foreigner
Age requirement55 years old and above
Documents Required
Singaporean and PRNRIC
ForeignerPassport, Employment Pass, Proof of Address
RHB High-Yield Savings Account
Card Features
Account Information
Base Interest Rate
AmountInterest Rate (p.a.)
Max interest rate (p.a.)Up to 0.5% p.a.% p.a.
Initial deposit$1,000.00
Insurance Protection SchemeUp to S$75,000
Fees and Charges
Fall-below Fee$0
Early account closure fee$30 (if closed within first 6 months)
Cheque Book Fee
Eligibility
Citizenship AssociationSingaporean / Singapore
PR / Foreigner
Age requirement18 years old and above
Documents Required
Singaporean and PROriginal NRIC or Passport, verified by branch
ForeignerPassport, Employment Pass
Junior Savers Account
0.05%Max Interest rate (p.a)
$500Initial Deposit
$500Min. Monthly Balance
on UOB's website
Card Features
Account Information
Base Interest Rate
AmountInterest Rate (p.a.)
Max interest rate (p.a.)Up to Up to 0.05% p.a.% p.a.
Initial deposit$500.00
Insurance Protection SchemeUp to S$75,000
Min. Monthly Balance$500
Fees and Charges
Fall-below Fee$2 per month
Early account closure fee$30 (if closed within first 6 months)
Cheque Book Fee
Eligibility
Citizenship AssociationSingaporean / Singapore
PR / Foreigner
Age requirementChild: 16 years old and below Must be opened as a joint account with the parent/legal guardian
Documents Required
Singaporean and PRNRIC
ForeignerPassport, Employment Pass, Proof of Address
POSB Multiplier Programme
Card Features
Account Information
Base Interest Rate
AmountInterest Rate (p.a.)
Max interest rate (p.a.)Up to Up to 3% p.a.% p.a.
Insurance Protection SchemeUp to S$75,000
Min. Monthly Balance$3000
Fees and Charges
Fall-below Fee$5 per month
Early account closure fee$30 (if closed within first 6 months)
Cheque Book Fee
Eligibility
Citizenship AssociationSingaporean / Singapore
PR / Foreigner
Age requirement18 years old and above
Documents Required
Singaporean and PRNRIC
ForeignerPassport and proof of Singapore permanent address
POSB eMySavings
Card Features
Account Information
Base Interest Rate
AmountInterest Rate (p.a.)
Max interest rate (p.a.)Up to Up to 0.25% p.a.% p.a.
Insurance Protection SchemeUp to S$75,000
Min. Monthly Balance$500
Fees and Charges
Fall-below Fee$2 per month
Early account closure fee$20 (if closed within first 6 months)
Cheque Book Fee
Eligibility
Citizenship AssociationSingaporean / Singapore
PR / Foreigner
Age requirement16 years old and above and already have a DBS/POSB Savings/Current account.
Documents Required
Singaporean and PRNRIC
ForeignerPassport and proof of Singapore permanent address
Youngstarz Savings Account
0.375%Max Interest rate (p.a)
$10Initial Deposit
$0Min. Monthly Balance
on MayBank's website
Card Features
Account Information
Base Interest Rate
AmountInterest Rate (p.a.)
Max interest rate (p.a.)Up to Up to 0.375% p.a.% p.a.
Initial deposit$10.00
Insurance Protection SchemeUp to S$75,000
OthersMaintain $5,000 Account Balance to qualify your child for Hand, Foot & Mouth Disease (HFMD) Insurance and free Personal Accident (PA) Insurance till child reaches 17 years of age
Fees and Charges
Fall-below FeeWaived
Early account closure fee$30 (if closed within first 6 months)
Cheque Book Fee
Eligibility
Citizenship AssociationSingaporean / Singapore
PR / Foreigner
Age requirementChild: Below 16 years old
Parent / Legal Guardian: 16 years old and above
Documents Required
Singaporean and PRChild: Birth Certificate
Parent / Legal Guardian: NRIC
ForeignerChild: Birth Certificate
Parent / Legal Guardian: Passport, Employment Pass and Proof of Address
e$aver Account
0.05%Max Interest rate (p.a)
$0Initial Deposit
$1000Min. Monthly Balance
on Standard Chartered's website
Card Features
Account Information
Base Interest Rate
AmountInterest Rate (p.a.)
Max interest rate (p.a.)Up to Up to 0.05% p.a.% p.a.
Insurance Protection SchemeUp to S$75,000
Min. Monthly Balance$1000
Fees and Charges
Fall-below Fee$5 per month
Early account closure fee$0
Cheque Book Fee
Eligibility
Citizenship AssociationSingaporean / Singapore
PR / Foreigner
Age requirement18 years old and above
Documents Required
Singaporean and PRNRIC
ForeignerPassport, Employment Pass, Proof of Address
e$aver Kids
0%Max Interest rate (p.a)
$0Initial Deposit
$0Min. Monthly Balance
on Standard Chartered's website
Card Features
Account Information
Base Interest Rate
AmountInterest Rate (p.a.)
Max interest rate (p.a.)Up to Up to 0% p.a.% p.a.
Initial deposit$
Insurance Protection SchemeUp to S$75,000
Fees and Charges
Fall-below Fee$0
Early account closure fee$0
Cheque Book Fee
Eligibility
Citizenship AssociationSingaporean / Singapore
PR / Foreigner
Age requirementChild: Below 18 years old
Parents: 21 years old and above
Parents to complete: e$aver Kids Trust Account opening form, Sign Declaration of Trust, Submit their NRIC and Child's birth certificate, Complete a GIRO or Standing Instruction Form for monthly deposits of at least $50 into the account
Documents Required
Singaporean and PRNRIC
ForeignerPassport, Employment Pass, Proof of Address
SGD Savings Account
0.20%Max Interest rate (p.a)
$1000Initial Deposit
$2000Min. Monthly Balance
on Bank of China's website
Card Features
Account Information
Base Interest Rate
AmountInterest Rate (p.a.)
Max interest rate (p.a.)Up to Up to 0.2% p.a.% p.a.
Initial deposit$1,000.00
Insurance Protection SchemeUp to S$75,000
Min. Monthly Balance$2000
OthersNo minimum income required
Fees and Charges
Fall-below Fee$2 per month
Early account closure fee$30 (if closed within first 6 months)
Cheque Book Fee
Eligibility
Citizenship AssociationSingaporean / Singapore
PR / Foreigner
Age requirement16 years old and above
Documents Required
Singaporean and PRNRIC, Proof of Address / Income Tax Notice of Assessment (if mail in)
ForeignerPassport with 6 months validity, Employment Pass / Student Pass / Long-Term Visit Pass, and Proof of Address / Income Tax Notice of Assessment
Yes, anyone of any age can open a savings account. If you are 16 or below, you’ll be opening a kids account controlled by your parents. Seniors accounts can be opened by anyone above 55 years of age.
There are some exceptions where certain banks don’t allow under 18s to open an account. However, most do.
The simplest way to open a savings account is through the bank’s iBanking system. If you’re a new customer, you can set it up online by filling out an online application form. You can also download the form as a PDF and mail it to the bank instead. Obviously, you can also just visit the branch directly.
| Savings Account | Interest Rate | |
|---|---|---|
| UOB One account | 0.25% to 2.5% p.a. | |
| OCBC 360 account | 0.6% to 1.2% p.a. | |
| DBS Multiplier account | 0.7% to 1.8% p.a. | |
| POSB SAYE account | 2% p.a. | |
| Standard Chartered BonusSaver account | 0.3% to 1.3% p.a. |
The primary difference is that saving accounts earn you interest while current accounts don’t. Most current accounts offer spending rewards, rather than saving rewards.
Most banks allow cheque books through current accounts, allowing you to withdraw as much as you have deposited, while savings accounts require a minimum level to remain behind. This makes current accounts ideal for business transactions as well.
Your interest will be calculated every day based on how much is in there and for how long.
Let’s say your bank offers 0.3% annual interest for your first $10,000 and 0.04% for the next $40,000. Let us also say that you had $5,000 in the bank from May 1 to May 20. Then, on May 21, you deposited another $10,000, leaving you with $15,000 from May 21 to May 31. Here is how this would be calculated:
May 1-20: (0.3% / 365) x 20 days x $5,000 = $0.82
May 21-31: (0.3% / 365) x 11 days x first $10,000) + (0.4% / 365 x 11 days x next $5,000) = $0.9 + $0.6
Total interest return for May = $0.82 + $0.9 + $0.6 = $2.32
It might be a nuisance to go all the way to your nearest bank. On top of that, it is quite limiting as well. It is far better to keep your options open.
Certain banks pay better rates than others, especially with savings accounts. One bank might have an interest rate of %0.01, while another might be as high as %1. Compare the rates of all the banks within your reach before you make your final choice.
Banks without online options tend to have poorer rates. Online banks are much easier to manage than physical ones. These online banks can attend to many more people.
Before you make any big choices, take a look at the options for both nearby banks and online banks. You never know what advantages each has to offer.
Some banks offer temporary high rates to get you to switch from another bank to them. After a few months, it goes down and you end up worse off.
Banks can change their saving rates quite frequently but a consistent bank is much better than one that fluctuates.
Savings accounts are much more flexible than fixed deposit accounts. Fixed deposits force you to leave your money for a specific period of time without moving any of it. A savings account still allows you to deposit, withdraw, and transfer funds whenever you want.
Some fixed deposits even require you to leave your money behind for a full year or longer. This can turn quite the reward, but you need to be certain you won’t need that money in the meantime. Savings accounts allow you to build interest while also providing you easy access to your money at the same time
The terms and conditions won’t always be the same for every savings account offered. Since each bank has different conditions, you should read them before setting up an account, just to be on the safe side.
There is no single best savings account for everyone. We each need an account specific to our own needs. You might need it for transaction purposes, cashless payments, or some other reason that a savings account could help you with.
You must first think of the main reason why you want one. If you need it for making transactions, you should pick one that allows you to easily access your funds. On the other hand, if you mean to grow out your savings without touching it often, it would be best to choose an account with a high interest rate.
The right choice depends entirely on your needs.
Bonus interest is an incentive offered by banks to make you use them more often. The general idea is to get customers to withdraw less often and save more money. The more you have in the bank, the more bonus interest you are likely to earn.
Your bank will have specific criteria that you must meet in order to gain the bonus interest. You might need to spend a set amount with your credit card or set up billing and loan accounts through the bank. Other than those, your bank may get you to take an investment policy with them.
Once you reach the necessary criteria, you will receive the bonus specified by your bank at the end of that month. If you fail to reach the criteria by the end of the month, it will reset and you will have to start again.
Yes, your savings account will come with an ATM card. You can use this card at specific, designated ATMs, sometimes including affiliated banks as well as your own. You can make withdrawals and deposits via these ATMs. Take note that there will be additional charges for overseas withdrawals.
Your money is protected via the Singapore Deposit Insurance Corporation scheme. The scheme allows you insurance of anywhere up to $50,000 if your bank should fail.
Most of the time, this isn’t too difficult to do. Just go to the branch with the person you wish to join accounts with. You will need to ensure that they have the same necessary documents that you will already have prepared.
That being said, certain accounts cannot be converted into joint accounts. One example is a DBS Multiplier account. If you aren’t sure, contact your bank and ask.
You will need to go to your branch with ID. This will allow you to get your account closed.
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