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Best Savings Accounts in Singapore (2025)

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 (Time Limited Offer of Up to S$2,400 Cash)

Min. Deposit

S$ 300,000

Min. Annual Interest Rate

0.01 %

Max. Annual Interest Rate

7.51 %

4 Offers Available

SingSaver Exclusive Offer

Up to S$2,400 Cash

Valid until

30 April 2025

SingSaver Exclusive Offer

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

Valid until

30 April 2025

SingSaver Exclusive Offer

Apple iPad Air M3 11" WiFi 128GB (worth S$899)

Valid until

30 April 2025

SingSaver Exclusive Offer

S$1,000 Cash via PayNow

Valid until

30 April 2025

SingSaver Exclusive Offer

S$500 Cash via PayNow

Valid until

30 April 2025

Stackable Welcome Offer

S$200 Cash

Valid until

31 March 2025

Stackable Welcome Offer

S$200 Cash

Valid until

31 March 2025

SingSaver Exclusive Rewards
- Get an upsized reward of S$1,000 or an Apple iPhone 16 128GB (worth S$1,299) or an Apple iPad Air 11" WiFi 128GB (worth S$899) when you make a deposit of S$300,000 and opt in as an Accredited Investor.
- Alternatively, get S$500 when you deposit S$300,000.
- Enjoy additional S$200 cash when you make a deposit of S$300,000 within the first 30 days from the date of account opening and maintain the funds until gift fulfilment.
- Enjoy additional S$200 cash when you invest S$30,000 within 3 months from the date of account opening.
Stackable Citi Rewards
- Enjoy $300 rewards when you become an accredited investor. T&Cs apply.
- Complete Investment Risk Profile and Fact Find Report and get S$100 cash. 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 Citigold Preferential Time Deposit Rates of up to 2.70%* p.a. on a 3-month SGD Time Deposit. T&Cs apply.
Citigold Exclusive Benefits and Privileges
- Enjoy up to 7.51% p.a. interest when you join Citigold and open a Wealth First account. 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.
- Citigold status is maintained at Citibank branches overseas.
- Read our full review of Citigold
What is an Accredited Investor?
- An Accredited Investor is someone who meets the requirements set out by the Monetary Authority of Singapore (MAS) and has opted in to be treated as an Accredited Investor by the bank. Accredited Investors generally have access to a wider range of investment products than non-Accredited Investors, and at the same time require less regulatory protection.
How to be an Accredited Investor
- Start your wealth journey with Citigold and speak to your relationship manager.
Advantages of an Accredited Investor
- Expand investment opportunities
  - Enjoy access to a wider range of financial products and services, including more sophisticated products to meet your bespoke wealth needs.
- Access to a team of dedicated wealth experts
  - You can count on a dedicated Senior Relationship Manager and a team of experts to help you grow your portfolio and partner you to achieve your wealth goals.
Eligibility for Accredited Investor
- Net personal assets exceeding S$2 million in value (or its equivalent in a foreign currency); or
- Financial assets (net of any related liabilities) exceeding S$1 million in value (or its equivalent in a foreign currency); or
- An income in the preceding 12 months of not less than S$300,000 (or its equivalent in a foreign currency)

Gift Options

Up to S$2,400 Cash

Gift Options

Apple iPhone 16 128GB (worth S$1,299); or
Apple iPad Air M3 11" WiFi 128GB (worth S$899); or
S$1,000 Cash via PayNow; or
S$500 Cash via PayNow

Gift Options

S$200 Cash

Gift Options

S$200 Cash

FEATURED

HSBC Everyday Global Account

Min. Deposit

S$ 70,000

Min. Annual Interest Rate

0.05 %

Max. Annual Interest Rate

Up to 3.7 %

Offer Available

SingSaver Exclusive Offer

Up to S$300 Cash via PayNow

Valid until

31 March 2025

SingSaver Exclusive Offer

Up to S$350 Shopee voucher

Valid until

31 March 2025

SingSaver Exclusive Offer

Apple Watch SE Gen 2 GPS 40mm (worth S$349)

Valid until

31 March 2025

SingSaver Exclusive Offer

Apple AirPods 4th Gen with Active Noise Cancelling (worth S$249)

Valid until

31 March 2025

Plus, invest your fresh funds to receive $750 cash for every $50,000 in Unit Trust (capped at $15,000 cash) whilst qualifying for 5.75% 2-month Time Deposits rate (capped at your investment amount). SMS INVEST50 SS Full Name to 74722. A HSBC Personal Wealth Manager will be in touch to assist you. T&Cs apply. Find out how.
Bonus cashback and interest granted by spending on HSBC debit/credit cards, making GIRO bill payments, and increasing account balance
Sign up using SingPass MyInfo to enjoy a quicker application process
Global Transfers lets you transfer funds to your other HSBC accounts instantly
Get real-time exchange rates with HSBC's Online GetRate feature
S$0 withdrawal fees at HSBC ATMs worldwide except for Argentina, Brazil, France, Greece, and several other nations
Insured up to S$75,000 by SDIC. Additional T&Cs apply.
Standing instruction fee of S$10 per item
Fall-below fee of S$5 if average daily balance falls below S$2,000

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?

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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 (2025)

Citigold (Time Limited Offer of Up to S$2,400 Cash)

4 Offers Available

Quick Facts

HSBC Everyday Global Account

Offer Available

Quick Facts

Standard Chartered Priority Banking

Quick Facts

Citigold (Time Limited Offer of Up to S$2,400 Cash)

4 Offers Available

Quick Facts

HSBC Everyday Global Account

Offer Available

Quick Facts

Standard Chartered Priority Banking

Quick Facts

CIMB StarSaver 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