Excellent! ROSHI has found 26 Accounts that suit your criteria.

RHB High-Yield Savings Account

4.0Good to Excellent

0.375%Max Interest rate (p.a)

$500Initial Deposit

$500Min. Monthly Balance

More Info

on RHB's website

Card Features

  • Earn up to S$8502 more per year on your annual savings compared to an equivalent account at other banking institutions. (on a deposit of $100,000
  • Minimum average monthly balance of $500
  • No monthly fee

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

  • Max interest rate (p.a.)Up to 0.375% p.a.% p.a.

  • Initial deposit$500.00

  • Insurance Protection SchemeUP to $50,000

  • Min. Monthly Balance$500

Fees and Charges

  • Fall-below FeeWaived

  • Early account closure fee$0

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

4.0Good to Excellent

0.10%Max Interest rate (p.a)

$500Initial Deposit

$500Min. Monthly Balance

More Info

on UOB's website

Card Features

  • Complimentary UOB ATM Card with NETS and Plus facilities
  • Peace of mind with FREE insurance coverage on the parent (i.e. Insured) up to 100% of your deposit balance
  • 24/7 access to the account through UOB Personal Internet Banking and 24-hour Phone Banking service

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

  • Max interest rate (p.a.)Up to Up to 0.10% p.a.% p.a.

  • Initial deposit$500.00

  • Insurance Protection SchemeUp to $50,000

  • 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

4.0Good to Excellent

2.68%Max Interest rate (p.a)

$0Initial Deposit

$3000Min. Monthly Balance

Apply Now

on POSB's website

Card Features

  • 3.5% p.a when you make S$30,00 plus eligible transactions per month by crediting your salary and make transactions in 2 or more categories (eg. credit card spend, home loan instalments, insurance, investments)

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

  • Max interest rate (p.a.)Up to Up to 2.65% p.a.% p.a.

  • Insurance Protection SchemeUp to $50,000

  • 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

4.0Good to Excellent

0.05%Max Interest rate (p.a)

$0Initial Deposit

$500Min. Monthly Balance

Apply Now

on POSB's website

Card Features

  • Earn interest on your monthly savings and have the flexibility to save any amount)
  • You must already have a DBS/POSB Savings/Current Account
  • No inita deposit and no applicable fees

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 $50,000

Fees and Charges

  • Fall-below FeeWaived

  • Early account closure fee$0

Cheque Book Fee

Eligibility

  • Citizenship AssociationSingaporean

  • 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

4.0Good to Excellent

0.375%Max Interest rate (p.a)

$10Initial Deposit

$0Min. Monthly Balance

  • Deposit a minimum of $28,000 into your child?s account and receive KidZania tickets (2 Adults and 2 children)
Apply Now

on MayBank's website

Card Features

  • Attractive base interest of up to 0.375% p.a.
  • Enjoy up to 3X interest with Maybank Family Plus on the first $30,000 account balance
  • Exclusive privileges on your child's birthday month
  • Hand, Foot & Mouth Disease Hospitalisation and Outpatient Insurance

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 $50,000

  • 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

4.0Good to Excellent

0.25%Max Interest rate (p.a)

$0Initial Deposit

$1000Min. Monthly Balance

Apply Now

on Standard Chartered's website

Card Features

  • Earn up to 1.20% p.a. interest when you bring in incremental fresh funds
  • Free 24-hour Phone banking, Online banking and Mobile banking
  • Get cash at over 300 merchants islandwide with the mobile banking app powered by soCash with no purchase required

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 $50,000

  • 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

4.0Good to Excellent

0.25%Max Interest rate (p.a)

$0Initial Deposit

$0Min. Monthly Balance

More Info

on Standard Chartered's website

Card Features

  • No monthly fees
  • No lock-in period
  • No minimum deposit / minimum balance

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

  • Max interest rate (p.a.)Up to Up to 0.25% p.a.% p.a.


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  • Initial deposit$

  • Insurance Protection SchemeUp to $50,000

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

4.0Good to Excellent

0.548%Max Interest rate (p.a)

$1000Initial Deposit

$2000Min. Monthly Balance

Apply Now

on Bank of China's website

Card Features

  • Up to 0.475% p.a. interest on entire account balance
  • Inward and Outward telegraphic transfers with China
  • Easy access via ATM Card, BOC Internet Banking and Telephone Banking services

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

  • Max interest rate (p.a.)Up to Up to 0.40% p.a.% p.a.

  • Insurance Protection SchemeUp to $50,000

  • Min. Monthly Balance$1000

  • OthersNo minimum income required

Fees and Charges

  • Fall-below Fee$2 per month (Waived if <26 years old)

  • 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

Frank Account

4.2Good to Excellent

0.40%Max Interest rate (p.a)

$0Initial Deposit

$1000Min. Monthly Balance

Apply Now

on OCBC's website

Card Features

  • Earn up to 0.40% interest p.a.
  • Set your budget with OCBC Money In$ights
  • Minimise your saving efforts with "mini" accounts that act as saving jars

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

  • Max interest rate (p.a.)Up to Up to 0.40% p.a.% p.a.

  • Insurance Protection SchemeUp to $50,000

  • Min. Monthly Balance$1000

  • OthersNo minimum income required

Fees and Charges

  • Fall-below Fee$2 per month (Waived if <26 years old)

  • 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

Monthly Savings Account

4.0Good to Excellent

0.40%Max Interest rate (p.a)

$0Initial Deposit

$0Min. Monthly Balance

Apply Now

on OCBC's website

Card Features

  • Save from as low as $50 monthly to earn higher interest
  • Earn bonus interest of up to 0.35% p.a. when you deposit a minimum of $50 and made no withdrawals within the month
  • Earn up to 0.80% p.a. interest exclusively for OCBC Child Development Account Holders

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

  • Max interest rate (p.a.)Up to Up to 0.40% p.a.% p.a.

  • Insurance Protection SchemeUp to $50,000

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

  • Age requirement16 years old and above
    Children below 16 years old can open a joint account with their parent / legal guardian who is 21 years old and above

Documents Required

  • Singaporean and PRNRIC, Proof of Address (Phone bill / Half-yearly CPF statement / Any bank statement)

  • ForeignerPassport, Employment Pass / S-Pass / Student Pass, Proof of Address (Phone bill / Half-yearly CPF statement / Any bank statement)

  • Savings Accounts Basics

  • Tips and Hints

  • FAQs

  • Ask Away

Can Anyone Open a Savings Account?

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.

How can I Apply for a Savings Account?

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.

Best Saving Accounts in Singapore (2021)

Savings AccountInterest Rate
UOB One account0.25% to 2.5% p.a.Apply Now
OCBC 360 account0.6% to 1.2% p.a.Apply Now
DBS Multiplier account0.7% to 1.8% p.a.Apply Now
POSB SAYE account2% p.a.Apply Now
Standard Chartered BonusSaver
account
0.3% to 1.3% p.a.Apply Now

What Should I Do Before Applying for a Savings Account?

Initial Deposit
There tends to be a minimum amount that you’re required to deposit before you can open your account.
Monthly Balance Minimum
You need to make sure you keep a minimum level of money in your account. Failing to do so will likely result in further loss. You will end up paying between $2 and $5 every month until you reach the minimum again.
Early Closure Fees
Closing your account within six months of opening it triggers closure fees. The fee varies depending on the bank you are affiliated with.

What Documents Do I Need to Open a Savings Account?

Citizens & Permanent Residence
Just provide your NRIC.
Foreigners
You must provide your passport, proof of address, and any one Employment Pass, Dependent Pass, S Pass, Student Pass, or LTVP.

What are the Differences Between Savings Accounts and Current Accounts?

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.

How do My Saving’s Interest Calculations Work?

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

Get to Shopping

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.

Avoiding Purely Offline Banks

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.

Avoid Temporary Baits

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.

Avoid Fixed Deposits

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

Take Note of Terms & Conditions

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.

How can I Find the Best Savings Account for Me?

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.

So, How Do I Choose the Right Savings Account for Me?

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.

What is Bonus Interest?

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.

How Does It Work?

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.

Can I Get an ATM Card with My Savings Account?

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.

Can You Assure that My Money is Protected?

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.

Can I Switch My Account to a Joint Account?

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.

How Can I Close My Savings Account?

You will need to go to your branch with ID. This will allow you to get your account closed.

Have a question? Ask us about anything!

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