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Best Savings Accounts in Singapore (2024)

Find the best savings account in Singapore that offers the best interest rates with Singsaver. Whether you are fresh graduate starting out or just looking for a high-yield account to park your extra funds, find your ideal savings account for your specific needs here. Compare between banks to find an account with low fees, high interest rate, and hassle-free eligibility. Apply now to open the best savings account for your needs on Singsaver to growing your savings.

FEATURED

Citigold

Min. Deposit

S$ 250,000

Min. Annual Interest Rate

0.01 %

Max. Annual Interest Rate

7.51 %

3 Offers Available

Exclusive Time Deposit Promotion

PLUS up to 3% p.a. (over S$3,875 cash) on a 3-month SGD Time Deposit

Valid until

31 December 2024

SingSaver Exclusive Offer

S$800 Cash via PayNow

Valid until

02 January 2025

SingSaver Exclusive Offer

Apple iPhone 16 128GB (worth S$1,299)

Valid until

02 January 2025

SingSaver Exclusive Offer

PRISM+ Q55 Ultra QLED Google TV (worth S$1,999)

Valid until

02 January 2025

Stackable Welcome Offer: Festive Bonus

S$200 eCapitaVoucher

Valid until

31 December 2024

Enjoy up to 7.51% p.a. interest when you join Citigold and open a Wealth First account. T&Cs apply.
Complete Investment Risk Profile and Fact Find Report and get S$100 + S$188 prosperity bonus cash. T&Cs apply.
Enjoy $300 rewards + S$200 prosperity bonus when you become an accredited investor. T&Cs apply.
Multiply your rewards and enjoy S$250 cash for every S$50,000 investment and/or insurance purchase. T&Cs apply.
Hold a valid primary/main Citi Credit Card and get a S$100 bonus cash reward. T&Cs apply.
Take up a Citi Home Loan and get a S$500 bonus cash reward. T&Cs apply.
Enjoy zero foreign transaction or currency conversion fees in over 15 currencies with Citibank Global wallet when you pay with your Citigold Debit Mastercard.
Enjoy 0%* commission buy trades online for U.S. & Hong Kong markets for 6 months when you open a new Citibank Brokerage account.
Get wealth management advice and solutions from a dedicated Relationship Manager and team of wealth specialists
Receive in-depth global market insights and research knowledge from a team of over 350+ research analysts.
Enjoy fully personalised wealth management solutions with Citigold's Total Wealth Advisor.
Enjoy Citigold Preferential Time Deposit Rates of up to 2.90%* p.a. on a 3-month SGD Time Deposit. T&Cs apply.
Citigold status is maintained at Citibank branches overseas.
Read our full review of Citigold

Gift Options

PLUS up to 3% p.a. (over S$3,875 cash) on a 3-month SGD Time Deposit

Gift Options

S$800 Cash via PayNow; or
Apple iPhone 16 128GB (worth S$1,299); or
PRISM+ Q55 Ultra QLED Google TV (worth S$1,999)

Gift Options

S$200 eCapitaVoucher

FEATURED

Citi PremierMiles Card + Citi Wealth First Account Bundle

Min. Deposit

S$ 250,000

Min. Annual Interest Rate

0.01 %

Max. Annual Interest Rate

7.51 %

3 Offers Available

Highest Cash Reward; 4 Weeks Fulfilment

S$370 Cash via PayNow + S$100 eCapitaVoucher

Valid until

02 January 2025

Richest Offer in the Market; Exclusively on SingSaver

Samsonite Straren Spinner 67/24 + 2X AirTag worth S$690.80 + S$100 eCapitaVoucher

Valid until

02 January 2025

Richest Offer in the Market; Exclusively on SingSaver

Apple iPad 9th Gen WiFi 64GB (worth S$479) + S$100 eCapitaVoucher

Valid until

02 January 2025

Richest Offer in the Market; Exclusively on SingSaver

18,000 Max Miles + S$100 eCapitaVoucher

Valid until

02 January 2025

Richest Offer in the Market; Exclusively on SingSaver

50,000 yuu Points (worth S$500 when you redeem with yuu SuperDupers or 13,888 miles) + S$100 eCapitaVoucher

Valid until

02 January 2025

Upgrade Your Rewards with a Simple Top-Up

Save S$549 on an Apple iPhone 16 Pro 256GB (worth S$1,749) by upgrading your reward with a top up

+ 3 other gift options

Valid until

02 January 2025

Things to consider for this product:

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Seamless application

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Increased rewards

One seamless journey for both products
More rewards when you apply for both products as a bundle
Citi Wealth First Account Benefits:
Enjoy up to 7.51% p.a.* on your savings with your Citi Wealth First Account. Earn higher interest and save more with every action.
Protect and build your wealth with our full suite of investment and insurance products.
Enjoy access to global banking & lifestyle privileges, travel benefits and get invited to exclusive events.
Get 6-month commission-free trades online* for U.S. and H.K. markets and have access to Global Market Insights with 350+ analysts worldwide.
Supporting team of experts and dedicated Relationship Manager to assist you to reach your goals
Citi Premier Miles Card Benefits:
1.2 miles per S$1 spent locally. 2.2 miles per S$1 spent in foreign currency.
Citi Miles never expire. Can be exchanged for a variety of frequent flyer miles, hotel stays, rewards and cash rebates.
2 free airport lounge visits per year to over 1300 Priority Pass lounges worldwide.
Earn miles on rent, condo management fees, school fees, taxes and bills via Citi PayAll.
Up to S$1 million travel insurance coverage when you charge your travel tickets to this card.
Customer must complete application for both products in the bundle; if customer chooses to apply for Citi PremierMiles Card only, they must re-apply through the PremierMiles Card listing on SingSaver.
Admin fee of S$25 (excluding GST) for each conversion of Citi Miles to frequent flyer miles.
Service fee applies to Citi PayAll facility.

Gift Options

S$370 Cash via PayNow + S$100 eCapitaVoucher

Gift Options

Samsonite Straren Spinner 67/24 + 2X AirTag worth S$690.80 + S$100 eCapitaVoucher; or
Apple iPad 9th Gen WiFi 64GB (worth S$479) + S$100 eCapitaVoucher; or
18,000 Max Miles + S$100 eCapitaVoucher; or
50,000 yuu Points (worth S$500 when you redeem with yuu SuperDupers or 13,888 miles) + S$100 eCapitaVoucher

Gift Options

Save S$542 on a Samsung Galaxy S24 Ultra Titanium Gray 12+512GB (worth S$2,128) by upgrading your reward with a top up; or
Save S$549 on an Apple iPhone 16 Pro 256GB (worth S$1,749) by upgrading your reward with a top up; or
Save S$519 on an Apple Macbook Air M3 13" 256GB (worth S$1,599) by upgrading your reward with a top up; or
Save S$399 on an Apple iPad 10th Gen WiFi 64GB (worth S$499) by upgrading your reward with a top up

FEATURED

Standard Chartered Priority Banking

Min. Initial Deposit

S$ 200,000

Min. Annual Interest Rate

0.05 %

Max. Annual Interest Rate

7.68 %

What is a savings account?

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It is a type of bank account you open to deposit funds. It generates interest at a more favourable rate than checking/current accounts while giving you the flexibility for you to withdraw funds. Savings accounts are different from other type of cash deposit instruments like investments and fixed deposits, as they allow you to withdraw cash without penalty.

Who can open a savings account online?

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Those aged 16 and below will need to open a kids account and those aged 55 and above will have to open a senior account. Everyone else can open a savings account.

What’s the difference between a savings account and a current account?

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The main difference is that a savings account earns interest while a current account doesn’t. However, banks have started offering interest on current accounts too. Current accounts also come with a cheque book to enable payments of large sums to another party. Both savings and current accounts have ATM card facilities, allow payments or transfers via Internet banking and GIRO facility.

Is an ATM card available with my savings account?

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All savings accounts come with ATM cards that can be used at designated ATMs, including affiliated ATMs from other banks. Both cash withdrawals and deposits are available at your bank ATMs. Local withdrawals are free of charge and overseas withdrawals are charged a fee.

What documents do I need when applying for an account?

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To open an account, you must complete the application forms. In addition, the bank requires NRIC Identity Card for Singaporeans and Permanent Residents. Foreigners need their passport, Employment Pass or S Pass, company letter and proof of residential address.

How much interest can I earn with a savings account?

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The base interest rate for savings accounts are pretty low, starting from 0.05% p.a. Banks have promotions whereby they offer bonus interest rates on savings accounts if you meet certain conditions. Depending on the savings account and the promotion, you can earn up to 4.25% p.a. in your savings account.

How do I apply for a savings account?

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Most banks allow new customers to open a savings account online. Complete the relevant forms and upload the necessary documents. The bank will contact you to verify your details and complete the account opening. You can also download the forms, complete them and mail it to the bank. You can also visit a branch and open an account in-person. If you’re an existing customer, it’s straightforward and hassle-free. Opening an account online is also a breeze through your bank’s iBanking system.

How do I choose the best savings account for me?

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Consider the reasons why you’re opening the savings bank account. If it’s for transactional purposes, you need one that allows you easy access to your funds such as the ease of cashless payment modes or a wide network of ATMs. But if your goal is to save and grow your money, you’re better off choosing an account that offers you a higher interest on savings.

Can I convert my account into a joint account?

expand_more

Mostly Yes. Visit a branch with the person you want to create a joint account with. They’ll need the same info and documents they’d need as though they were opening their own account. Also note, some accounts can’t be converted into a joint account (for example, DBS Multiplier account), for such cases check with your bank.

How do I close my savings account?

expand_more

You’ll need to visit a branch and bring proof of your identity such as your NRIC.

Product Name	Minimum deposit	Max Annual Interest Rate
DBS Multiplier Account	S$0	3%
BOC SmartSaver	S$1,500	3%
Maybank Save Up Programme	S$500	3%
OCBC 360 Account	S$1,000	2.68%
Standard Chartered Bonus$aver Account	S$0	7.88%

Best Savings Accounts in Singapore (2024)

Citigold

3 Offers Available

Quick Facts

Citi PremierMiles Card + Citi Wealth First Account Bundle

3 Offers Available

Things to consider for this product:

Quick Facts

Standard Chartered Priority Banking

Quick Facts

Citigold

3 Offers Available

Quick Facts

Citi PremierMiles Card + Citi Wealth First Account Bundle

3 Offers Available

Things to consider for this product:

Quick Facts

Standard Chartered Priority Banking

Quick Facts

CIMB StarSaver Account

Quick Facts

HSBC Everyday Global Account

Quick Facts

Standard Chartered Bonus$aver Account

Quick Facts

Citi Wealth First Account

Quick Facts

Citi Plus

Quick Facts

HSBC Everyday Global Account (Premier)

Quick Facts

UOB Stash Account

Quick Facts

UOB One Account

Quick Facts

UOB Lady's Savings Account

Quick Facts

KrisFlyer UOB Account

Quick Facts

HSBC Time Deposit

Quick Facts

CIMB FastSaver Account

Quick Facts

BOC SmartSaver

Quick Facts

Maybank Save Up Programme

Quick Facts

DBS Multiplier Account

Things to consider for this product:

Quick Facts

POSB Multiplier Account

Things to consider for this product:

Quick Facts

OCBC 360 Account

Quick Facts

Savings Account By Trust

Quick Facts

POSB SAYE Account

Quick Facts

POSB eMySavings Account

Quick Facts

OCBC Frank Account

Quick Facts

Quick Facts