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10 best savings accounts in Singapore with the highest interest rates (July 2025), Money News
2025 has been a whirlwind for savers. On May 1, both UOB One and OCBC 360 slashed their rates, each dropping to 3.30 per cent p.a. when you credit your salary and spend on your card. Just a month later, on June 1, 2025, Standard Chartered turned heads by buffing its Bonus Saver account, bumping the maximum interest rate from 6.05 per cent p.a. to a whopping 8.05 per cent p.a. if you hit all the criteria. Now, just as Singaporeans were adjusting, OCBC 360 is set to get nerfed once more on Aug 1, 2025. Under the new structure, even if you credit your salary, save, and spend on your OCBC credit card, you'll only get 2.45 per cent p.a. — a far cry from the highs we saw just months ago. The savings account landscape is changing fast, and banks are making it trickier than ever to score the top rates. Between ever-shifting hoops — salary credit, card spend, insurance, investments, and more — savvy savers need to keep up with the latest updates. To help you out with navigating savings accounts in Singapore, we've compiled the best savings accounts in Singapore with the highest interest rates in 2025 for different personal and financial needs. Note: We update this article on a monthly basis with the latest rates. The rates below were updated on July 11, 2025. 1. At a glance: Best savings accounts in Singapore with highest interest rates (July 2025) Savings account Interest rates (effective interest rates) Best for Standard Chartered BonusSaver Up to 8.05 per cent (on first $100,000, fulfil 4 criteria) High spenders OCBC 360 Up to 5.45 per cent (on first $100,000, fulfil 5 criteria) Lower income earners ($1,800 min. salary) Citi Wealth First Account Up to 7.51 per cent (on first $50,000 – $500,000 , fulfil 5 criteria ) Those with other Citibank products Bank of China Smart Saver Up to 6.00 per cent (on first $100,000, fulfil 4 criteria) High spenders UOB One Up to 4 per cent (on first $150,000, fulfil 2 criteria) Freelancers & self-employed Maybank Save Up Up to 4.30 per cent (on first S$50,000 , fulfil 3 criteria ) Home, education, car loan users DBS Multiplier Up to 4.10 per cent (on first $50,000 – $100,000, fulfil 3 criteria) Salaried workers CIMB FastSaver 3.19 per cent (on first $25,000, fulfil 2 criteria) Young adults starting their careers POSB SAYE (Save As You Earn) 3.50 per cent (just deposit and maintain money, no criteria to fulfil!) Students or first-jobbers HSBC Everyday Global Account Up to 3.55 per cent (register and qualify for the HSBC Everyday+ Rewards Programme) HSBC Everyday+ Rewards Programme, HSBC Everyday Global Debit Card users Most savings accounts require you to jump through a whole bunch of hoops to enjoy their best rates. But let's be realistic here. Most of us aren't going to be taking a home loan, buying insurance from the bank, and investing with the bank — and certainly not all at the same time. What will you earn if you only fulfil two or three criteria, such as crediting your salary and spending on your credit card? Here's our realistic summary for those with $50,000 and $100,000 to stash away: Savings account and the 2-3 easiest requirements to fulfil Effective interest rate and earnings on first $50,000 Effective interest rate and earnings on first $100,000 Citi Wealth First Account Save $3,000/month + Spend $250/month 3.01 per cent (up to first $50,000) You earn: $1,505 per year (~$125 per month) 1.53 per cent p.a. (for regular Citibanking customers, 3.01 per cent only applies to the first $50,000) You earn: $1,530 per year ($128 per month) Standard Chartered BonusSaver Credit min. $3,000 salary + Spend $1,000/month 3.05 per cent p.a. (up to first $100,000) You earn: $1,525 ($127.08 per month) 3.05 per cent p.a. (up to first $100,000) You earn: $3,050 ($254.17 per month) UOB One Credit min. $1,600 salary + Spend $500/month 2.30 per cent p.a. (up to first $75,000) You earn: $1,150 ($96 per month) – 2.68 per cent (EIR on first $100,000) You earn: $2,680 ($223 per month) Note: The maximum EIR of 3.30 per cent p.a. applies on first $150,000. OCBC 360 Credit min. $1,800 salary + Spend $500/month + Save $500/month 2.75 per cent p.a. (up to first $75,000) You earn: $1,375 per year (~$115 per month) From 1 Aug 2025: 2.05per cent p.a. (up to first $75,000) You earn: $1,025 per year (~$85 per month) 3.30 per cent p.a. (EIR on first $100,000) You earn: $3,300 ($275 per month) From 1 Aug 2025: 2.45 per cent p.a. (EIR on first $100,000) You earn: $2,450 ($204 per month) Bank of China SmartSaver Credit min. $2,000 salary + Spend $750/month 2.65 per cent p.a. (up to first $100,000) You earn: $1,325 per year (~$110 per month) 2.65 per cent p.a. (up to first $100,000) You earn:$2,650 per year (~$221 per month) Maybank Save Up Programme Credit min. $2,000 salary + Spend $500/month 1.24 per cent p.a. (up to first $50,000) You earn: $619 per year (~$52 per month) 1.12 per cent p.a. (EIR on first $100,000, since bonus interest only applies to the first $75,000) You earn: $1,121.50 per year (~$93 per month) DBS Multiplier Credit salary + 1 category ($500 min. in monthly transactions) 1.80 per cent p.a. (up to first $50,000) You earn: $900 per year (~$75 per month) 0.925 per cent p.a. (since 1.80 per cent p.a. only applies up to first $50,000) You earn: $927 per year (~$77 per month) CIMB FastSaver Credit salary/schedule GIRO transfer + Spend $800/month on CIMB Visa Signature Credit Card 2.64 per cent p.a. (up to first $50,000) You earn: $1,320 per year (~$110 per month) 2.20 per cent p.a. (EIR on first $100,000) You earn: $2,200 per year (~$183 per month) POSB SAYE (Save As You Earn) No requirements, but cannot withdraw for 2 years 3.50 per cent p.a. You earn: $1,750 per year (~$146 per month) 3.50 per cent p.a. You earn: $3,500 per year (~$292 per month) HSBC Everyday+ Rewards Programme Deposit min. $2,000 and make 5 transactions 2.70 per cent p.a. interest + 1 per cent cashback (capped at $300 a month) You earn: $1,350 per year (~$113 per month) (excludes cashback) 2.70 per cent p.a. interest + 1 per cent cashback (capped at $300 a month) You earn: $2,700 per year (~$225 per month) (excludes cashback) Note: The table above assumes you have a regular banking relationship. If you earn more, spend more, or are a premier or private banking client, you may enjoy better rates. Read the individual sections on each savings account below to find out more. 1. Citi Wealth First Account Citibanking, Citi Priority Citigold Citigold Private Client Deposit amount First $50,000 First $250,000 First $500,000 Base interest rate 0.01 per cent p.a. Spend (min. $250/month on Citibank Debit Mastercard) 1.5 per cent p.a. Invest (min. $50,000/month) 1.5 per cent p.a. Insure (min. $50,000/month) 1.5 per cent p.a. Borrow (min. $500,000 home loan) 1.5 per cent p.a. Save (min. $3,000/month) 1.5 per cent p.a. TOTAL 7.51 per cent p.a. The Citi Wealth First Account has a simple mechanic for calculating its total interest rate: base interest (0.01 per cent) + bonus interest (up to 7.50 per cent). Its base interest starts at 0.01 per cent for everyone, whether you're a Citibanking, Citi Priority, Citigold, or Citigold Private Client customer. That's the lowest base interest rate out of all the savings accounts on this list. Next, beef up that measly 0.01 per cent up with bonus interest rates. You get different bonus rates depending on which of the following categories you fulfil: Spend (+1.5 per cent) : Spend at least $250/month on your Citibank Debit Mastercard. Invest (+1.5 per cent): Purchase one or more new single lump sum investments totalling at least $50,000/month. Investments can include Unit Trust, Structured Notes and Bonds. Insure (+1.5 per cent) : Purchase one or more new single premium policies totalling at least $50,000/month. This excludes policies purchased using Central Provident Fund Savings or Supplementary Retirement Schemes. Borrow (+1.5 per cent) : Take up a new home loan of at least $500,000. Save (+1.5 per cent) : Deposit more money into your account, increasing your account's average daily balance by at least $3,000 from the previous month's. If you fulfil all of the transaction categories above, the maximum interest rate you can get with the Citi Wealth First Account is a generous 7.51 per cent. That's one of the highest rates among the savings accounts this month. Plus, it applies to the first $50,000 to $150,000 in your account, and not just the first $25,000 after the first $100,000 or something like that (looking at you, UOB One). That means 7.51 per cent p.a. is the effective interest rate! Realistically speaking, most of us can only deposit our salaries in the account, i.e. "Save", and "Spend". If you only fulfil these two criteria, you'll earn 3.01 per cent p.a. interest on the Citi Wealth First Account. That's $1,505 earned per year from your first $50,000. The only advantage to starting a Citigold or Citigold Private Client banking relationship is that the bonus interest rates can apply to a larger sum of money. For Citibanking and Citi Priority customers, bonus interest rates are applied to only the first $50,000, according to the Citi Wealth First T&Cs (Clause 7). This increases to $250,000 for Citigold and $500,000 for Citigold Private Client. Citi Wealth First Account Minimum balance : $15,000 Fall below fee : $15 Bonus interest cap : $50,000 – $500,000 2. Standard Chartered BonusSaver account interest rates The Standard Chartered BonusSaver savings account just got a boost. After being nerfed on Jan 1, 2025 to a maximum interest rate of 6.05 per cent p.a., it's now back up to a maximum of 8.05 per cent p.a. — the highest in the account's history. Here's a breakdown of the changes that took effect on June 1, 2025: Transactions Current interest rates None (base interest) 0.05 per cent Salary credit (min. $3,000) +1.00per cent +1.50 per cent Credit card spending (min. $1,000) +1.00per cent +1.50 per cent Invest in eligible unit trust (min. $20,000) +2.00per cent +2.50 per cent for 6 months Buy eligible insurance (min. $12,000) +2.00per cent +2.50 per cent for 6 months Total interest 6.05per cent p.a. 8.05 per cent p.a. While 8.05 per cent p.a. is very high, it isn't easy to hit this maximum interest rate on the Standard Chartered BonusSaver. You'd need to fulfil all four requirements: credit your salary, spend on your credit card, invest, and buy insurance. Tough! If you only catch the lowest hanging fruit, salary credit and credit card spending, you'll still earn a decent 3.05 per cent p.a. However, for meeting the same two requirements, even the nerfed UOB One Account (3.30 per cent p.a. on first $150,000) is more attractive. If you can also save at least $500 a month, the OCBC 360 account (3.30 per cent p.a. on first $100,000) is also comparable. On the plus side, 8.05 per cent p.a. is applied to the entire sum of $100,000, whereas accounts like the UOB One savings account are only going to give the highest interest rate to a smaller sum based on a tiered system. Do note that you only get the bonus interest for crediting your salary if you're earning at least $3,000 per month. If you earn less, I suggest the OCBC 360 savings account instead — it'll give you 2.00 per cent p.a. interest on your first $100,000 for crediting a minimum salary of $1,800. Standard Chartered Bonus Saver Minimum balance : $3,000 Fall below fee : $5 Bonus interest cap : $100,000 3. UOB One savings account interest rates The UOB One Account did us all a great service from Dec 2022 to April 2024, offering a rate of up to 7.80 per cent (EIR: 5.00 per cent p.a.) back then for simply spending on a UOB credit card and crediting our salaries to the account. Oh, the glory days. But Singapore's highest interest savings account relinquished its throne on May 1, 2024 when it reduced its maximum interest rate to 6.00 per cent p.a. (EIR: 4.00 per cent p.a.). Then, exactly one year later, it got nerfed again on May 1, 2025. UOB One savings account interest rates Account Monthly Average Balance $500 spend per month on eligible UOB Card $500 spend per month on eligible UOB Card + 3 GIRO debit transactions $500 spend per month on eligible UOB Card + credit salary via GIRO First $75,000 0.65 per cent 2.00per cent 1.50 per cent ↓ 3.00per cent 2.30 per cent ↓ Next $50,000 0.05 per cent 3.00per cent 2.50 per cent ↓ 4.50per cent 3.80 per cent ↓ Next $25,000 0.05 per cent 0.05 per cent 6.00per cent 5.30 per cent ↓ Above $150,000 0.05 per cent 0.05 per cent 0.05 per cent The highest tier interest is now 5.30 per cent p.a., down from six per cent p.a. However, remember that the advertised interest rates above are only applied on specific tiers — for example, the 5.30 per cent only applies to the $25,000 after your first $125,000. To properly assess your earnings with the UOB One Account, what you need to look at is the effective interest rate — the true interest rate on the full amount you deposit in your UOB One Account. Effective interest rates on UOB One Account Account Monthly Average Balance $500 spend per month on eligible UOB Card $500 spend per month on eligible UOB Card + 3 GIRO debit transactions $500 spend per month on eligible UOB Card + credit salary via GIRO $75,000 0.65 per cent 1.50 per cent 2.30 per cent $125,000 0.41 per cent 1.90 per cent 2.90 per cent $150,000 0.35 per cent 1.59 per cent 3.30 per cent $200,000 0.275 per cent 1.21 per cent 2.49 per cent The maximum EIR you can earn with UOB One is 3.30 per cent p.a. on your first $150, assumes you spend on a UOB credit card and credit your salary to the account (we'll get to the mechanics in the sub-section below). While it is a drop, 3.30 per cent p.a. is still one of the highest rates out there when you consider how simple it is to achieve-just fulfil two pretty easy criteria. Comparatively, Standard Chartered will only give you 2.05 per cent p.a. to fulfil the same criteria. Until it gets nerfed on Aug 1, 2025, the OCBC 360 savings account is the closest competitor to UOB One, offering 3.30 per cent p.a. for those who credit their salary, spend on an OCBC credit card, and save at least $500 a month. That last criterion puts some restrictions on your account withdrawals-you have to make sure your average balance increases by $500 each month. Another factor that gives UOB One an edge over OCBC 360 is that the 3.30 per cent p.a. applies to $150,000, while it applies only to $100,000 with the OCBC 360 account. Those with savings over $100,000 will find UOB One more useful. How to maximise interest on the UOB One savings account At least UOB didn't change the mechanics of how to earn bonus interest on the UOB One. That means this advantage of the UOB One account remains intact — its criteria to snag the highest interest rate is easy peasy. You only need to fulfil these two requirements: Credit your salary to the UOB One account via GIRO Spend at least $500 spend per month on an eligible UOB Card The eligible cards you can hit the $500 spend on are: UOB One Card UOB Lady's Card (all card types) (all card types) UOB EVOL Card Lazada-UOB Card UOB One Debit Visa Card UOB One Debit Mastercard UOB Lady's Debit Card UOB Mighty FX Debit Card Among these cards, the UOB One Card is one of the best cards to pair with the UOB One savings account. If you prefer a card with $0 minimum spend, the recently revamped UOB Lady's Card is right up your alley. And yes, men can apply too! UOB One savings account Minimum balance : $1,000 Fall below fee : $5 (Waived for first six months for accounts opened online) Bonus interest cap : $100,000 4. OCBC 360 savings account interest rates Transactions Interest rate (first $75,000) Interest rate (next $25,000) None (base interest) 0.05 per cent 0.05 per cent Salary credit (min. $1,800, GIRO/FAST/PayNow) + 1.60per cent + 1.20 per cent ↓ + 3.20per cent + 2.40 per cent ↓ Increase average monthly balance (min. $500) + 0.60per cent + 0.40 per cent ↓ + 1.20per cent + 0.80 per cent ↓ Spend (min. $500 on selected OCBC credit cards) + 0.50per cent + 0.40 per cent ↓ Insure in selected products (min $2,000) + 1.20 per cent (first 12 months) + 2.40 per cent (first 12 months) Invest in selected products (min. $20,000) + 1.20 per cent (first 12 months) + 2.40 per cent (first 12 months) Maintain average daily balance of min. $200,000 $250,000 + 2.20per cent + 2.00per cent ↓ After its nerf on May 1, 2025, the OCBC 360 account is set to be hit again come Aug 1, 2025. The table above shows the changes you can expect. We'll get to what those changes mean for your money in a bit. But first, how does the OCBC 360 account work? The OCBC 360 savings account starts at a base interest of 0.05 per cent p.a. You get this on any amount you put in the account. From there, the OCBC 360 savings account then gives you varying bonus rates for crediting your salary, spending on your credit card (minimum of $500/month), growing your balance, insuring and investing. You can mix and match the criteria you want to fulfil to unlock different interest rates. However, these bonus rates apply only to the first $100,000 in your account. Depending on the combination of criteria you fulfil, this is what your maximum Effective Interest Rate (EIR) will be on your first $100,000: Realistically, most of us will likely only fulfil three criteria: Salary, Save, and Spend. From Aug 1, 2025, the maximum EIR we can enjoy will drop from 3.30 per cent p.a. to 2.45 per cent p.a. To recap, its closest competitor, the UOB One account, gives you an EIR of 3.30 per cent. Plus, you only need to fulfil two criteria, crediting your salary and spending on your credit card. Before all your OCBC 360 savings accounts holders start frantically moving your cash over to UOB, hold up and listen. Firstly, there's no telling which savings accounts will get nerfed or even buffed. There's still three weeks or so left in July — so take a chill pill for the moment, enjoy the 3.30 per cent p.a. while you can, and assess your options nearer to the end of the month. Secondly, there are two cases to be made for the OCBC 360 account over the UOB One account. With the OCBC 360 account, there is no one mandatory requirement to hit. Mix and match as you please. The UOB One account requires that you credit your salary to enjoy its bonus rates. With the OCBC 360 account, you earn bonus interest for crediting your salary through GIRO, FAST, or PayNow. With the UOB One account, it only counts if you credit your salary via GIRO. Recommended cards for the OCBC 360 savings account The bonus 0.50 per cent p.a. interest (soon to be 0.4 per cent come Aug 1, 2025) for credit card spending is an easy one to hit, but do note that the $500 monthly spend applies only to selected OCBC credit cards: OCBC 365 Credit Card OCBC INFINITY Cashback Card OCBC NXT Credit Card OCBC 90°N (available in both Visa and Mastercard versions) OCBC Rewards Card My top pick is the OCBC 365 Credit Card for its high cashback rates, subject to a minimum monthly spend of $800: 5 per cent cashback on everyday dining (including local, overseas and online food delivery) 6 per cent cashback on fuel spend at all petrol service stations locally and overseas 3 per cent cashback on groceries, land transport, online travel, recurring telco and electricity bills But if you've jumped through enough hoops for your savings account and just want a blanket 1.6 per cent cashback rate from your credit card, the OCBC INFINITY Cashback Card is a better fit. OCBC 360 Minimum balance : $1,000 Fall below fee: $2. Waived for first year. Bonus interest cap : $100,000 5. Bank of China SmartSaver account interest rates Transactions Interest rate None (base interest) 0.4 per cent p.a. Insurance plan spending 2.75 per cent p.a. ↑ for 12 consecutive months Salary credit + 2.50per cent 1.50 per cent p.a. ↓ (min. $2,000) Credit card spending + 0.50per cent (min. $500) OR 0.80per cent (min. $1,500) + 0.75 per cent p.a. (min. $750) OR 1.25 per cent p.a. (min. $2,500) 3x bill payments of at least $30 each (GIRO or internet/mobile banking) + 0.9per cent p.a. 0.1 per cent p.a. ↓ (For account balance above $100,000) Extra bonus interest when you fulfil any one of the requirements for Card Spend, Salary Crediting or Payment bonus interest 0.60 per cent p.a. (New!) While the UOB One and OCBC 360 accounts were the high-profile nerfs on May 1, 2025, one more bank quietly joined the nerf party too-the Bank of China. With the Bank of China SmartSaver account, you now get 1.50 per cent p.a. just for opening the account and crediting your salary (minimum of $2,500) to it. That's down from the previous 2.5 per cent p.a. The Bank of China SmartSaver account also awards a wealth bonus of 2.75 per cent per annum for 12 consecutive months. However, to qualify, you'll have to put down a pretty hefty sum on their insurance products. We're talking a minimum of $12,000 in annual premiums with a 10-year premium term. If you max out the bonus interest in all categories, you can enjoy a rate of up to 6.0 per cent p.a. on your first $100,000 saved with the Bank of China. This used to be 7.0 per cent, pre-nerf. On the other hand, let's say you only credit your salary and spend ($750 a month). Including the prevailing base interest, you'll earn an interest rate of 1.50 per cent + 0.75 per cent + 0.40 per cent = 2.65 per cent on your first $100,000. It's not very high, but at least it's low effort on your part. Bank of China SmartSaver Minimum balance : $200 (Maintain at least $1,500 to enjoy bonus interests) Fall below fee : $3 Bonus interest cap : $100,000 6. Maybank Save Up Programme interest rates Interest rates Transactions First $50,000 Next $25,000 Maximum Effective Interest Rate None (base interest) Up to 0.25 per cent p.a. Up to 0.25 per cent p.a. 1 x transaction + 0.30 per cent p.a. + 1.00 per cent p.a. 0.53 per cent p.a. (excludes base interest) 2 x transactions + 1.00 per cent p.a. + 1.50 per cent p.a. 1.17per cent p.a. (excludes base interest) 3 x transactions + 2.75 per cent p.a. + 3.75 per cent p.a. 3.08per cent p.a. (excludes base interest) Base interest The Maybank Save Up Programme starts with a higher base interest rate than most other savings accounts… sorta. The base interest is actually tiered: First $3,000: 0.05 per cent p.a. Next $47,000: 0.25 per cent p.a. Remaining balance above $50,000: 0.25 per cent p.a. Your base interest's effective interest rates are hence: First $50,000: 0.238 per cent p.a. First $75,000: 0.242 per cent p.a. First $100,000: 0.244 per cent p.a. Bonus interest Next, the Maybank Save Up Programme then lets you choose from nine different Maybank products/services to get bonus interest: GIRO payment (min. $300) OR salary credit (min. $2,000) Credit card spending (min. $500) on Maybank Platinum Visa Card and/or Horizon Visa Signature Card Invest in structured deposit (min. $30,000) Invest in unit trust (min. $25,000) Buy insurance (min. $5,000 annually) Home loan (min. $200,000) Renovation loan (min. $10,000) Car loan (min. $35,000) Education loan (min. $10,000) The bonus interest rates aren't competitive unless you fulfil three transactions. Assuming you hit three transactions and start with a bonus interest rate of 0.25 per cent, you'll get 4.3 per cent on your first $50,000 and 5.5 per cent p.a. on the next $25,000. For comparison, the OCBC 360 account will give you 4.65 per cent p.a. for hitting the three categories of crediting your salary, saving, and spending on your credit card. Speaking of credit card spending, do note that Maybank only considers credit card spending on the Maybank Platinum Visa Card and Horizon Visa Signature Card. Spending on other Maybank credit cards doesn't count. On the plus side, these cards give you good cash rebates both locally and overseas. Maybank Save Up Programme Minimum balance : $1,000 Fall below fee : $2. Waived for individuals below age 25. Bonus interest cap : $50,000 7. DBS Multiplier savings account interest rates The DBS Multiplier account's interest rates are only competitive if you hit three categories across credit card spending, home loan, insurance, and investment. Total monthly transactions Income + 1 category Income + 2 categories Income + 3 categories First $50,000 First $100,000 First $100,000 $500 to $14,999 1.80per cent 2.10per cent 2.40per cent $15,000 to $29,999 1.90per cent 2.20per cent 2.50per cent $30,000 and up 2.20per cent 3.00per cent 4.10per cent The rates in the table above apply to you if you credit your salary/dividends/SGFinDex to any DBS or POSB account (yes, it doesn't need to be your DBS Multiplier account!). You need to have at least $500 worth of transactions from one or more of the following categories: Credit card or PayLah spending (no minimum) Home loan (cash + CPF components counted) Selected insurance policies (life insurance, critical illness, endowment plans and selected single premium policies) Selected investments (regular savings plan, unit trust, online equities trade, digiPortfolio or bonds, and structured products) The more categories you hit, the higher bonus interest rates you get. One thing I really like about the DBS Multiplier is that there is no minimum amount required for the credit card or DBS PayLah! spend. You can also choose either, although I would recommend the credit card route for extra cashback or miles. You can earn up to 10 miles per dollar with the DBS Altitude Visa Signature Card on your travel spend at Expedia and Kaligo, and 2.2 miles per dollar on other overseas spend. The DBS Vantage Visa Infinite Card comes with an even bigger welcome miles bonus, although it isn't the most accessible credit card due to its high minimum income requirement. What if you don't have any DBS credit card, insurance, or investments? If you're 29 years old or below, you can still earn 1.5 per cent p.a. on the first $50,000. You don't need to credit your salary to a DBS/POSB account, but DBS will still require you to at least use PayLah!. The good news is that there isn't a minimum amount for PayLah! spend. Just use it to pay for anything, even if it's a $1+ cup of kopi at your local coffeeshop. Easy! Overall, the DBS Multiplier account makes it easy to earn bonus interest with its zero minimum spend transaction categories and the flexibility to credit your salary into any DBS account, not necessarily the DBS Multiplier. However, DBS Multiplier account interest rates start pretty low, especially if you don't credit your salary to a DBS/POSB account. Comparatively, CIMB FastSaver's interest rates start at 1.50 per cent p.a. for just opening the account and depositing a minimum of $1,000. DBS Multiplier Minimum balance : $3,000 Fall below fee : $5. Waived for first-time customers & those up to age 29. Bonus interest cap : $100,000 8. CIMB FastSaver savings account interest rates The CIMB FastSaver account works a bit differently compared to others on this list. It does have the usual suspects — salary and credit card spend requirements — but these are only required for you to unlock the highest interest rate (currently 3.19 per cent p.a.) on the first $25,000. After you meet those requirements for the initial $25,000 balance, you can enjoy up to 2.70 per cent p.a. Yup, no conditions to buy insurance, sign up for an investment, or any other hoops to jump through. Account balance Prevailing interest rate Additional interest rate ( credit salary or schedule a recurring GIRO transfer of at least $1,000) Additional interest rate ( spend on CIMB Visa Signature Credit Card) Total interest rate First $25,000 1.19per cent p.a. + 0.50per cent p.a. + 1.00per cent (min. $300 monthly eligible spend) + 1.50per cent^ (min. $800 monthly eligible spend) 3.19per cent Next $25,000 2.09per cent p.a. – – 2.09per cent p.a. Next $25,000 2.70per cent p.a. – – 2.70per cent p.a. Above $75,000 0.80per cent p.a. – – 0.80per cent p.a. If we assume you hit the requirements to earn 3.19 per cent on your first $25,000, your effective interest rates are: First $25,000: 3.19 per cent First $50,000: 2.64 per cent First $75,000: 2.66 per cent First $100,000: 2.20 per cent This account is also perfect for most young adults starting out their career, because of the very low minimum balance of $1,000 (note, however, that you need to maintain $5,000 for the current promotion) and no fall below fee. CIMB FastSaver Minimum balance : $1,000 Fall below fee : None! Bonus interest cap : $75,000 9. POSB SAYE savings account interest rates What if you want to open a savings account, but don't want to do anything but credit money into it? The best zero-effort contender is the POSB SAYE (Save As You Earn) account. You need to set up a standing order to credit a fixed amount every month (anything from $50 to $3,000) into your SAYE account, then resist the urge to touch it for two years. As a reward for your restraint, you earn 3.5 per cent p.a.. Note that it's a whole lot less liquid than any other savings account, so for the love of God, please don't put your emergency stash in here. 10. HSBC Everyday Global Account Our last savings account on this list is the most headache-inducing. The HSBC Everyday Global Account is a multi-currency account that also doubles up as a savings account… masquerading as an interest/cashback-earning hybrid. Yikes. Let me explain. The HSBC Everyday Global Account lets you transact in 11 different currencies, but that's probably not the reason why you're reading this article. More importantly for our purposes today, it also functions as a savings account. Unlike the others on this list, the HSBC Everyday Global Account doesn't stack bonus interest the more you spend/save/borrow/invest/insure. Instead, t he account works hand in hand with the HSBC Everyday+ Rewards Programme to, collectively between the account and the programme, earn you an extra one per cent bonus interest and one per cent cashback per year . HSBC Everyday Global Account: How much interest can I earn? When you have an HSBC Everyday Global Account and also qualify for the HSBC Everyday+ Rewards Programme, you can earn up to 3.55 per cent p.a. from now to June 30, 2025: 0.05 per cent p.a. Everyday Global Account's prevailing interest rate + 2.50 per cent p.a. Everyday Global Account Bonus Interest 1.00 per cent p.a. when you qualify for the HSBC Everyday+ Rewards Programme Combined, these bring your total interest to 3.55 per cent p.a. How do I qualify for the HSBC Everyday+ Rewards Programme? The third component above (one per cent additional interest) comes from qualifying for the HSBC Everyday+ Rewards Programme. Here are the requirements: Deposit at least $2,000 (for Personal Banking customers) or $5,000 (for Premier customers) into the account Make five eligible transactions, with no minimum amount . These can be any combination of the following types: Transactions made with a HSBC personal credit card* Transactions made with a HSBC Everyday Global Debit Card GIRO bill payments Fund transfers to a non-HSBC account What do I earn from the HSBC Everyday+ Rewards Programme? Qualifying for the Everyday+ Rewards Programme gets you: One per cent bonus interest (as we talked about) on the money you top up into your account each month (capped at $300/month) One per cent cashback on your HSBC Everyday Global Debit Card transactions and GIRO bill payments (capped at $300/month for Personal Banking customers, $500/month for HSBC Premier customers) * Note that you can use an HSBC credit card to qualify for the HSBC Everyday+ Rewards Programme, but credit card spending won't earn you cashback once you qualify the programme. The one per cent cashback you receive is pegged to your spending on your HSBC Everyday Global Debit Card, not your credit card. This change was implemented by HSBC on May 2, 2024 and is also spelled out in their updated terms and conditions. On the plus side, HSBC doesn't limit you to a select few credit cards for the credit card spending criteria, so take your pick of the HSBC credit cards available. My personal pick is the new HSBC Live+ Credit Card, with which you can earn up to 8per cent cashback on this card on selected dining, shopping, and entertainment spending. On top of the interest and cashback, HSBC will give you one-time cash bonuses of up to $150 (for Personal banking customers) / $300 (Premier customers) when you deposit at least $100,000 (Personal banking) / $200,000 (Premier Banking) and meets the eligibility criteria above for the first six months. How to register for the HSBC Everyday+ Rewards Programme To register, send an SMS to 74722 with the following format: EGAfirst 9-digit of your Everyday Global Account number (e.g. EGA 123456789) [[nid:719972]] This article was first published in MoneySmart .
Daily Mirror
08-07-2025
- Business
- Daily Mirror
Halifax update on interest rates cut for savings account
A customer contacted Halifax after receiving a letter about the change Halifax has alerted customers about a key letter going out to savers about a change to their accounts. A confused customer reached out to the bank after receiving a notification in the banking app about a letter they had been sent. The letter made referred to their bonus saver scheme "ending soon", and also had some information about an instant saver account. To clear up the confusion, Halifax said in response: "After 12 months the account changes to an instant saver." The Bonus Saver offers a 3.05 percent interest rate across a 12-month term. This rate applies provided you make no more than three withdrawals during the 12-month span. Making four or more withdrawals results in the interest rate plummeting to 0.95%. The interest for this account is paid monthly, on the same day the account was opened. To open the account, you only have to deposit £1 and you can put in up to £9 million. Nevertheless, once you reach the end of the 12 months, the account becomes an instant saver, offering a significantly lower interest rate of just 1.35%, meaning a reduction in your interest rate of 1.7%. Moreover, those with a Bonus Saver should be aware that the interest rate is variable, so Halifax can change it at any point. The Halifax website provides this guidance: "We'll always let you know of any planned changes to the rate. "Our account conditions explain when and how we do this. For example, we might change it if it costs us more to run this account for you." The account can be managed online, through the app, in branch or over the phone. If you open the account and decide later on you don't want it, you can cancel the account free of charge within 30 days of opening. Halifax customers with an easy access savings account have the option to renew it into a bonus saver without needing to open a new account. In other savings news, customers with Nationwide Building Society may want to note they have just days left to take advantage of a £200 switch offer. Existing members can get the bonus cash when switching from non-Nationwide account to a new or existing FlexPlus, FlexDirect or FlexAccount account. The offer is available until Thursday, July 10. You can check if you qualify using the checker tool on the Nationwide website.
Wales Online
08-07-2025
- Business
- Wales Online
Halifax explains '12 month' rule on savings after customer questions
Halifax explains '12 month' rule on savings after customer questions A customer contacted Halifax after receiving a letter about the account change Halifax has explained the rules for one of its savings accounts (Image: Getty ) Halifax has provided clarity for its customers about an important change to many savings accounts. The issue came to light after customer asked the bank to explain a letter they had received. The letter mentioned that their bonus saver was "ending soon" and mentioned an instant saver account. Halifax clarified the situation by stating: "After 12 months the account changes to an instant saver." The Bonus Saver account pays 3.05 percent interest over a 12-month period. This is as long as you make no more than three withdrawals are within that year. Exceeding this limit by making four or more withdrawals means the interest rate drop significantly to 0.95%. Interest on the Bonus Saver is paid out monthly, coinciding with the date the account was opened. The account can be started with a mere £1 deposit and allows for up to £9 million to be added. However, at the end of the 12-month term, the account transitions to an instant saver, which comes with a much lower interest rate of 1.35%, equating to a decrease in the interest rate of 1.7%. Bonus Saver account holders may also want to take note that the interest rate is subject to change as it is variable. Article continues below This means Halifax can alter it at any time. The bank says on its website: "We'll always let you know of any planned changes to the rate. "Our account conditions explain when and how we do this. For example, we might change it if it costs us more to run this account for you." The account can be managed online, via the app, in branch or over the phone. If you open the account and later decide it's not for you, you can cancel the account free of charge within 30 days of opening. Halifax customers with an easy access savings account have the option to convert it into a bonus saver without needing to open a new account. Article continues below In other banking news, Nationwide Building Society customers may want to act now as they only have a few days left to take advantage of a £200 switch offer. Existing members can receive the bonus cash when switching from a non-Nationwide account to a new or existing FlexPlus, FlexDirect or FlexAccount account. The offer is available until Thursday, July 10. You can check your eligibility using the checker tool on the Nationwide website.
AsiaOne
22-06-2025
- Business
- AsiaOne
10 best savings account in Singapore with the highest interest rates (June 2025), Money News
For the longest time, UOB One and OCBC 360 were the top dogs when it came to high-interest savings accounts in Singapore. Even after both got nerfed, they still managed to stay ahead of the pack — and were pretty much neck and neck. But now, Standard Chartered has thrown down the gauntlet. Its bonus interest rate just jumped to a massive 8.05 per cent p.a. (up from 6.05 per cent) — if you hit all the criteria. Even with just salary crediting and credit card spend, you'll get 3.05 per cent p.a. With this latest move, is StanChart pulling ahead and giving OCBC 360 a run for its money? There's a lot to consider. How much you earn from a savings account really depends on how much you put in and how many bonus requirements you can hit. Banks love making us jump through hoops — salary credit, card spend, bill payments, the works. One of the accounts below even gives you nine different types of transactions to choose from! To help you out with navigating savings accounts in Singapore, we've compiled the best savings accounts in Singapore with the highest interest rates in 2025 for different personal and financial needs. Note: We update this article on a monthly basis with the latest rates. The rates below were updated on June 12, 2025. 1. At a glance: Best savings accounts in Singapore with highest interest rates (June 2025) Savings account Interest rates (effective interest rates) Best for Standard Chartered BonusSaver Up to 8.05% (on first $100,000, fulfil 4 criteria) High spenders OCBC 360 Up to 7.65% (on first $100,000, fulfil 5 criteria) Lower income earners ($1,800 min. salary) Citi Wealth First Account Up to 7.51% (on first $50,000 – $500,000 , fulfil 5 criteria ) Those with other Citibank products Bank of China Smart Saver Up to 6.00% (on first $100,000, fulfil 4 criteria) High spenders UOB One Up to 4% (on first $150,000, fulfil 2 criteria) Freelancers & self-employed Maybank Save Up Up to 4.30% (on first S$50,000 , fulfil 3 criteria ) Home, education, car loan users DBS Multiplier Up to 4.10% (on first $50,000 – $100,000, fulfil 3 criteria) Salaried workers CIMB FastSaver 3.19% (on first $25,000, fulfil 2 criteria) Young adults starting their careers POSB SAYE (Save As You Earn) 3.50% (just deposit and maintain money, no criteria to fulfil!) Students or first-jobbers HSBC Everyday Global Account Up to 3.55% (register and qualify for the HSBC Everyday+ Rewards Programme) HSBC Everyday+ Rewards Programme, HSBC Everyday Global Debit Card users Most savings accounts require you to jump through a whole bunch of hoops to enjoy their best rates. But let's be realistic here. Most of us aren't going to be taking a home loan, buying insurance from the bank, and investing with the bank — and certainly not all at the same time. What will you earn if you only fulfil two or three criteria, such as crediting your salary and spending on your credit card? Here's our realistic summary for those with $50,000 and $100,000 to stash away: Savings account and the 2-3 easiest requirements to fulfil Effective interest rate and earnings on first $50,000 Effective interest rate and earnings on first $100,000 Citi Wealth First Account Save $3,000/month + Spend $250/month 3.01% (up to first $50,000) You earn: $1,505 per year (~$125 per month) 1.53% p.a. (for regular Citibanking customers, 3.01% only applies to the first $50,000) You earn: $1,530 per year ($128 per month) Standard Chartered BonusSaver Credit min. $3,000 salary + Spend $1,000/month 3.05% p.a. (up to first $100,000) You earn: $1,525 ($127.08 per month) 3.05% p.a. (up to first $100,000) You earn: $3,050 ($254.17 per month) UOB One Credit min. $1,600 salary + Spend $500/month 2.30% p.a. (up to first $75,000) You earn: $1,150 ($96 per month) – 2.68% (EIR on first $100,000) You earn: $2,680 ($223 per month) Note: The maximum EIR of 3.30% p.a. applies on first $150,000. OCBC 360 Credit min. $1,800 salary + Spend $500/month + Save $500/month 2.75% p.a. (up to first $75,000) You earn: $1,375 per year (~$115 per month) 3.30% p.a. (EIR on first $100,000) You earn: $3,300 ($275 per month) Bank of China SmartSaver Credit min. $2,000 salary + Spend $750/month 2.65% p.a. (up to first $100,000) You earn: $1,325 per year (~$110 per month) 2.65% p.a. (up to first $100,000) You earn:$2,650 per year (~$221 per month) Maybank Save Up Programme Credit min. $2,000 salary + Spend $500/month 1.24% p.a. (up to first $50,000) You earn: $619 per year (~$52 per month) 1.12% p.a. (EIR on first $100,000, since bonus interest only applies to the first $75,000) You earn: $1,121.50 per year (~$93 per month) DBS Multiplier Credit salary + 1 category ($500 min. in monthly transactions) 1.80% p.a. (up to first $50,000) You earn: $900 per year (~$75 per month) 0.925% p.a. (since 1.80% p.a. only applies up to first $50,000) You earn: $927 per year (~$77 per month) CIMB FastSaver Credit salary/schedule GIRO transfer + Spend $800/month on CIMB Visa Signature Credit Card 2.64% p.a. (up to first $50,000) You earn: $1,320 per year (~$110 per month) 2.20% p.a. (EIR on first $100,000) You earn: $2,200 per year (~$183 per month) POSB SAYE (Save As You Earn) No requirements, but cannot withdraw for 2 years 3.50% p.a. You earn: $1,750 per year (~$146 per month) 3.50% p.a. You earn: $3,500 per year (~$292 per month) HSBC Everyday+ Rewards Programme Deposit min. $2,000 and make 5 transactions 2.70% p.a. interest + 1% cashback (capped at $300 a month) You earn: $1,350 per year (~$113 per month) (excludes cashback) 2.70% p.a. interest + 1% cashback (capped at $300 a month) You earn: $2,700 per year (~$225 per month) (excludes cashback) Note: The table above assumes you have a regular banking relationship. If you earn more, spend more, or are a premier or private banking client, you may enjoy better rates. Read the individual sections on each savings account below to find out more. 1. Citi Wealth First Account Citibanking, Citi Priority Citigold Citigold Private Client Deposit amount First $50,000 First $250,000 First $500,000 Base interest rate 0.01% p.a. Spend (min. $250/month on Citibank Debit Mastercard) 1.5% p.a. Invest (min. $50,000/month) 1.5% p.a. Insure (min. $50,000/month) 1.5% p.a. Borrow (min. $500,000 home loan) 1.5% p.a. Save (min. $3,000/month) 1.5% p.a. TOTAL 7.51% p.a. The Citi Wealth First Account has a simple mechanic for calculating its total interest rate: base interest (0.01 per cent) + bonus interest (up to 7.50 per cent). Its base interest starts at 0.01 per cent for everyone, whether you're a Citibanking, Citi Priority, Citigold, or Citigold Private Client customer. That's the lowest base interest rate out of all the savings accounts on this list. Next, beef up that measly 0.01 per cent up with bonus interest rates. You get different bonus rates depending on which of the following categories you fulfil: Spend (+1.5 per cent): Spend at least $250/month on your Citibank Debit Mastercard. Invest (+1.5 per cent): Purchase one or more new single lump sum investments totalling at least $50,000/month. Investments can include Unit Trust, Structured Notes and Bonds. Insure (+1.5 per cent): Purchase one or more new single premium policies totalling at least $50,000/month. This excludes policies purchased using Central Provident Fund Savings or Supplementary Retirement Schemes. Borrow (+1.5 per cent): Take up a new home loan of at least $500,000. Save (+1.5 per cent): Deposit more money into your account, increasing your account's average daily balance by at least $3,000 from the previous month's. If you fulfil all of the transaction categories above, the maximum interest rate you can get with the Citi Wealth First Account is a generous 7.51 per cent. That's one of the highest rates among the savings accounts this month. Plus, it applies to the first $50,000 to $150,000 in your account, and not just the first $25,000 after the first $100,000 or something like that (looking at you, UOB One). That means 7.51 per cent p.a. is the effective interest rate! Realistically speaking, most of us can only deposit our salaries in the account, i.e. "Save", and "Spend". If you only fulfil these two criteria, you'll earn 3.01 per cent p.a. interest on the Citi Wealth First Account. That's $1,505 earned per year from your first $50,000. The only advantage to starting a Citigold or Citigold Private Client banking relationship is that the bonus interest rates can apply to a larger sum of money. For Citibanking and Citi Priority customers, bonus interest rates are applied to only the first $50,000, according to the Citi Wealth First T&Cs (Clause 7). This increases to $250,000 for Citigold and $500,000 for Citigold Private Client. Citi Wealth First Account Minimum balance: $15,000 Fall below fee: $15 Bonus interest cap: $50,000 - $500,000 2. Standard Chartered BonusSaver account interest rates The Standard Chartered BonusSaver savings account just got a boost. After being nerfed on Jan 1, 2025 to a maximum interest rate of 6.05 per cent p.a., it's now back up to a maximum of 8.05 per cent p.a. — the highest in the account's history. Here's a breakdown of the changes that took effect on June 1, 2025: Transactions Current interest rates None (base interest) 0.05% Salary credit (min. $3,000) +1.00% +1.50% Credit card spending (min. $1,000) +1.00% +1.50% Invest in eligible unit trust (min. $20,000) +2.00% +2.50% for 6 months Buy eligible insurance (min. $12,000) +2.00% +2.50% for 6 months Total interest 6.05% p.a. 8.05% p.a. While 8.05 per cent p.a. is very high, it isn't easy to hit this maximum interest rate on the Standard Chartered BonusSaver. You'd need to fulfil all four requirements: credit your salary, spend on your credit card, invest, and buy insurance. Tough! If you only catch the lowest hanging fruit, salary credit and credit card spending, you'll still earn a decent 3.05 per cent p.a. However, for meeting the same two requirements, even the nerfed UOB One Account (3.30 per cent p.a. on first $150,000) is more attractive. If you can also save at least $500 a month, the OCBC 360 account (3.30 per cent p.a. on first $100,000) is also comparable. On the plus side, 8.05 per cent p.a. is applied to the entire sum of $100,000, whereas accounts like the UOB One savings account are only going to give the highest interest rate to a smaller sum based on a tiered system. (Check our review of the UOB One account to see the effective interest rates on the entire $100,000 sum.) Do note that you only get the bonus interest for crediting your salary if you're earning at least $3,000 per month. If you earn less, I suggest the OCBC 360 savings account instead — it'll give you 2.00 per cent p.a. interest on your first $100,000 for crediting a minimum salary of $1,800. Standard Chartered Bonus Saver Minimum balance: $3,000 Fall below fee: $5 Bonus interest cap: $100,000 3. UOB One savings account interest rates The UOB One Account did us all a great service from December 2022 to April 2024, offering a rate of up to 7.80 per cent (EIR: 5.00 per cent p.a.) back then for simply spending on a UOB credit card and crediting our salaries to the account. Oh, the glory days. But Singapore's highest interest savings account relinquished its throne on May 1, 2024 when it reduced its maximum interest rate to 6.00 per cent p.a. (EIR: 4.00 per cent p.a.). Then, exactly one year later, it got nerfed again. UOB One savings account - new interest rates from May 1, 2025 Account Monthly Average Balance $500 spend per month on eligible UOB Card $500 spend per month on eligible UOB Card + 3 GIRO debit transactions $500 spend per month on eligible UOB Card + credit salary via GIRO First $75,000 0.65% 2.00% 1.50% ↓ 3.00% 2.30% ↓ Next $50,000 0.05% 3.00% 2.50% ↓ 4.50% 3.80% ↓ Next $25,000 0.05% 0.05% 6.00% 5.30% ↓ Above $150,000 0.05% 0.05% 0.05% The highest tier interest is now 5.30 per cent p.a., down from six per cent p.a. However, remember that the advertised interest rates above are only applied on specific tiers — for example, the 5.30 per cent only applies to the $25,000 after your first $125,000. To properly assess your earnings with the UOB One Account, what you need to look at is the effective interest rate-the true interest rate on the full amount you deposit in your UOB One Account. Effective interest rates on UOB One Account from 1 May 2025 Account Monthly Average Balance $500 spend per month on eligible UOB Card $500 spend per month on eligible UOB Card + 3 GIRO debit transactions $500 spend per month on eligible UOB Card + credit salary via GIRO $75,000 0.65% 1.50% 2.30% $125,000 0.41% 1.90% 2.90% $150,000 0.35% 1.59% 3.30% $200,000 0.275% 1.21% 2.49% From May 1, 2025, the maximum EIR you can earn with UOB One is 3.30 per cent p.a. on your first $150,000, down from the current 4.00 per cent p.a. This assumes you spend on a UOB credit card and credit your salary to the account (we'll get to the mechanics in the sub-section below). While it is a drop, 3.30 per cent p.a. is still one of the highest rates out there when you consider how simple it is to achieve-just fulfil two pretty easy criteria. Comparatively, Standard Chartered will only give you 2.05 per cent p.a. to fulfil the same criteria. OCBC 360 is the closest competitor to UOB One, offering 3.30 per cent p.a. for those who credit their salary, spend on an OCBC credit card, and save at least $500 a month. That last criterion puts some restrictions on your account withdrawals — you have to make sure your average balance increases by $500 each month. Another factor that gives UOB One an edge over OCBC 360 is that the 3.30 per cent p.a. applies to $150,000, while it applies only to $100,000 with the OCBC 360 account. Those with savings over $100,000 will find UOB One more useful. How to maximise interest on the UOB One savings account At least UOB didn't change the mechanics of how to earn bonus interest on the UOB One. That means this advantage of the UOB One account remains intact — its criteria to snag the highest interest rate is easy peasy. You only need to fulfil these two requirements: Credit your salary to the UOB One account via GIRO Spend at least $500 spend per month on an eligible UOB Card The eligible cards you can hit the $500 spend on are: UOB One Card UOB Lady's Card (all card types) UOB EVOL Card Lazada-UOB Card UOB One Debit Visa Card UOB One Debit Mastercard UOB Lady's Debit Card UOB Mighty FX Debit Card Among these cards, the UOB One Card is one of the best cards to pair with the UOB One savings account. Find out why in our full review of the UOB One account. If you prefer a card with $0 minimum spend, the recently revamped UOB Lady's Card is right up your alley. And yes, men can apply too! UOB One savings account Minimum balance: $1,000 Fall below fee: $5 (Waived for first six months for accounts opened online) Bonus interest cap: $100,000 4. OCBC 360 savings account interest rates Transactions Interest rate (first $75,000) Interest rate (next $25,000) None (base interest) 0.05% 0.05% Salary credit (min. $1,800, GIRO/FAST/PayNow) + 2.00% + 1.60% ↓ + 4.00% + 3.20% ↓ Increase average monthly balance (min. $500) + 1.20% + 0.60% ↓ + 2.40% + 1.20% ↓ Spend (min. $500 on selected OCBC credit cards) + 0.60% + 0.50% ↓ Insure in selected products (min $2,000) + 1.20% (first 12 months) + 2.40% (first 12 months) Invest in selected products (min. $20,000) + 1.20 % (first 12 months) + 2.40% (first 12 months) Maintain average daily balance of min. $200,000 $250,000 + 2.40% + 2.20% ↓ Like UOB One, the OCBC 360 savings account is also getting nerfed from May 1, 2025 — changes are shown in the table above with stricken through text. Let's first go through how it works. The OCBC 360 savings account starts at a base interest of 0.05 per cent p.a., then gives you varying bonus rates for crediting your salary, spending on your credit card (minimum of $500/month), growing your balance, insuring and investing. You can mix and match the criteria you want to fulfil to unlock different interest rates. Depending on the combination of criteria you fulfil, this is what your maximum Effective Interest Rate (EIR) will be on your first $100,000: Salary + Save: 4.05 per cent p.a. 2.80 per cent p.a. Salary + Save + Spend: 4.65 per cent p.a. 3.30 per cent p.a. Salary + Save + Spend + Insure / Invest: 6.15 per cent p.a. 4.80 per cent p.a. Salary + Save + Spend + Insure + Invest: 7.65 per cent p.a. 6.30 per cent p.a. Realistically, most of us will likely only fulfil three criteria: Salary, Save, and Spend. From May 1, 2025, the maximum EIR we can enjoy will drop from 4.65 per cent p.a. to 3.30 per cent p.a. To recap, the UOB One account also gives you an EIR of 3.30 per cent — and you only need to fulfil two criteria, crediting your salary and spending on your credit card. While the OCBC 360 looks more complicated than the UOB One account at first, it's actually more flexible in that there is no one mandatory requirement to hit. Mix and match as you please. You'll get a bonus 1.6 - 3.2 per cent just for crediting your salary to the OCBC 360 account through GIRO, FAST, or PayNow. UOB only counts your salary credit if it's via GIRO. You also get a bonus 0.6 - 1.2 per cent every month that your account balance increases by $500 or more, so that might encourage you to save more even if you don't hit the other criteria. The bonus 0.50 per cent p.a. interest for credit card spending is also an easy one to hit, but do note that the $500 monthly spend applies only to selected OCBC credit cards: OCBC 365 Credit Card OCBC INFINITY Cashback Card OCBC NXT Credit Card OCBC 90°N (available in both Visa and Mastercard versions) OCBC Rewards Card Recommended cards for the OCBC 360 savings account My top pick is the OCBC 365 Credit Card for its high cashback rates, subject to a minimum monthly spend of $800: Five per cent cashback on everyday dining (including local, overseas and online food delivery) Six per cent cashback on fuel spend at all petrol service stations locally and overseas Three per cent cashback on groceries, land transport, online travel, recurring telco and electricity bills But if you've jumped through enough hoops for your savings account and just want a blanket 1.6 per cent cashback rate from your credit card, the OCBC INFINITY Cashback Card is a better fit. OCBC 360 Minimum balance: $1,000 Fall below fee: $2. Waived for first year. Bonus interest cap: $100,000 5. Bank of China SmartSaver account interest rates Transactions Interest rate None (base interest) 0.4% p.a. Insurance plan spending + 2.40% p.a. 2.75% p.a. ↑ for 12 consecutive months Salary credit + 2.50% 1.50% p.a. ↓ (min. $2,000) Credit card spending + 0.50% (min. $500) OR 0.80% (min. $1,500) + 0.75% p.a. (min. $750) OR 1.25% p.a. (min. $2,500) 3x bill payments of at least $30 each (GIRO or internet/mobile banking) + 0.9% p.a. 0.1% p.a. ↓ (For account balance above $100,000) Extra bonus interest when you fulfil any one of the requirements for Card Spend, Salary Crediting or Payment bonus interest 0.60% p.a. (New!) While the UOB One and OCBC 360 accounts were the high-profile nerfs on May 1, 2025, one more bank quietly joined the nerf party too-the Bank of China. With the Bank of China SmartSaver account, you now get 1.50 per cent p.a. just for opening the account and crediting your salary (minimum of $2,500) to it. That's down from the previous 2.5 per cent p.a. The Bank of China SmartSaver account also awards a wealth bonus of 2.75 per cent per annum for 12 consecutive months. However, to qualify, you'll have to put down a pretty hefty sum on their insurance products. We're talking a minimum of $12,000 in annual premiums with a 10-year premium term. If you max out the bonus interest in all categories, you can enjoy a rate of up to 6.0 per cent p.a. on your first $100,000 saved with the Bank of China. This used to be 7.0 per cent, pre-nerf. On the other hand, let's say you only credit your salary and spend ($750 a month). Including the prevailing base interest, you'll earn an interest rate of 1.50 per cent + 0.75 per cent + 0.40 per cent = 2.65 per cent on your first $100,000. It's not very high, but at least it's low effort on your part. Bank of China SmartSaver Minimum balance: $200 (Maintain at least $1,500 to enjoy bonus interests) Fall below fee: $3 Bonus interest cap: $100,000 6. Maybank Save Up Programme interest rates Interest rates Transactions First $50,000 Next $25,000 Maximum Effective Interest Rate None (base interest) Up to 0.25% p.a. Up to 0.25% p.a. 1 x transaction + 0.30% p.a. + 1.00% p.a. 0.53% p.a. (excludes base interest) 2 x transactions + 1.00% p.a. + 1.50% p.a. 1.17% p.a. (excludes base interest) 3 x transactions + 2.75% p.a. + 3.75% p.a. 3.08% p.a. (excludes base interest) Base interest The Maybank Save Up Programme starts with a higher base interest rate than most other savings accounts… sorta. The base interest is actually tiered: First $3,000: 0.05 per cent p.a. Next $47,000: 0.25 per cent p.a. Remaining balance above $50,000: 0.25 per cent p.a. Your base interest's effective interest rates are hence: First $50,000: 0.238 per cent p.a. First $75,000: 0.242 per cent p.a. First $100,000: 0.244 per cent p.a. Bonus interest Next, the Maybank Save Up Programme then lets you choose from nine different Maybank products/services to get bonus interest: GIRO payment (min. $300) OR salary credit (min. $2,000) Credit card spending (min. $500) on Maybank Platinum Visa Card and/or Horizon Visa Signature Card Invest in structured deposit (min. $30,000) Invest in unit trust (min. $25,000) Buy insurance (min. $5,000 annually) Home loan (min. $200,000) Renovation loan (min. $10,000) Car loan (min. $35,000) Education loan (min. $10,000) The bonus interest rates aren't competitive unless you fulfil three transactions. Assuming you hit three transactions and start with a bonus interest rate of 0.25 per cent, you'll get 4.3 per cent on your first $50,000 and 5.5 per cent p.a. on the next $25,000. For comparison, the OCBC 360 account will give you 4.65 per cent p.a. for hitting the three categories of crediting your salary, saving, and spending on your credit card. Speaking of credit card spending, do note that Maybank only considers credit card spending on the Maybank Platinum Visa Card and Horizon Visa Signature Card. Spending on other Maybank credit cards doesn't count. On the plus side, these cards give you good cash rebates both locally and overseas. Maybank Save Up Programme Minimum balance: $1,000 Fall below fee: $2. Waived for individuals below age 25. Bonus interest cap: $50,000 7. DBS Multiplier savings account interest rates The DBS Multiplier account's interest rates are only competitive if you hit three categories across credit card spending, home loan, insurance, and investment. Total monthly transactions Income + 1 category Income + 2 categories Income + 3 categories First $50,000 First $100,000 First $100,000 $500 to $14,999 1.80% 2.10% 2.40% $15,000 to $29,999 1.90% 2.20% 2.50% $30,000 and up 2.20% 3.00% 4.10% The rates in the table above apply to you if you credit your salary/dividends/SGFinDex to any DBS or POSB account (yes, it doesn't need to be your DBS Multiplier account!). You need to have at least $500 worth of transactions from one or more of the following categories: Credit card or PayLah spending (no minimum) Home loan (cash + CPF components counted) Selected insurance policies (life insurance, critical illness, endowment plans and selected single premium policies) Selected investments (regular savings plan, unit trust, online equities trade, digiPortfolio or bonds, and structured products) The more categories you hit, the higher bonus interest rates you get. One thing I really like about the DBS Multiplier is that there is no minimum amount required for the credit card or DBS PayLah! spend. You can also choose either, although I would recommend the credit card route for extra cashback or miles. You can earn up to 10 miles per dollar with the DBS Altitude Visa Signature Card on your travel spend at Expedia and Kaligo, and 2.2 miles per dollar on other overseas spend. The DBS Vantage Visa Infinite Card comes with an even bigger welcome miles bonus, although it isn't the most accessible credit card due to its high minimum income requirement. What if you don't have any DBS credit card, insurance, or investments? If you're 29 years old or below, you can still earn 1.5 per cent p.a. on the first $50,000. You don't need to credit your salary to a DBS/POSB account, but DBS will still require you to at least use PayLah!. The good news is that there isn't a minimum amount for PayLah! spend. Just use it to pay for anything, even if it's a $1+ cup of kopi at your local coffeeshop. Easy! Overall, the DBS Multiplier account makes it easy to earn bonus interest with its zero minimum spend transaction categories and the flexibility to credit your salary into any DBS account, not necessarily the DBS Multiplier. However, DBS Multiplier account interest rates start pretty low, especially if you don't credit your salary to a DBS/POSB account. Comparatively, CIMB FastSaver's interest rates start at 1.50 per cent p.a. for just opening the account and depositing a minimum of $1,000. DBS Multiplier Minimum balance: $3,000 Fall below fee: $5. Waived for first-time customers & those up to age 29. Bonus interest cap: $100,000 8. CIMB FastSaver savings account interest rates The CIMB FastSaver account works a bit differently compared to others on this list. It does have the usual suspects-salary and credit card spend requirements — but these are only required for you to unlock the highest interest rate (currently 3.19 per cent p.a.) on the first $25,000. After you meet those requirements for the initial $25,000 balance, you can enjoy up to 2.70 per cent p.a. Yup, no conditions to buy insurance, sign up for an investment, or any other hoops to jump through. Account balance Prevailing interest rate Additional interest rate ( credit salary or schedule a recurring GIRO transfer of at least $1,000) Additional interest rate ( spend on CIMB Visa Signature Credit Card ) Total interest rate First $25,000 1.19% p.a. + 0.50% p.a. + 1.00% (min. $300 monthly eligible spend) + 1.50%^ (min. $800 monthly eligible spend) 3.19% Next $25,000 2.09% p.a. – – 2.09% p.a. Next $25,000 2.70% p.a. – – 2.70% p.a. Above $75,000 0.80% p.a. – – 0.80% p.a. If we assume you hit the requirements to earn 3.19 per cent on your first $25,000, your effective interest rates are: First $25,000: 3.19 per cent First $50,000: 2.64 per cent First $75,000: 2.66 per cent First $100,000: 2.20 per cent This account is also perfect for most young adults starting out their career, because of the very low minimum balance of $1,000 (note, however, that you need to maintain $5,000 for the current promotion) and no fall below fee. CIMB FastSaver Minimum balance: $1,000 Fall below fee: None! Bonus interest cap: $75,000 9. POSB SAYE savings account interest rates What if you want to open a savings account, but don't want to do anything but credit money into it? The best zero-effort contender is the POSB SAYE (Save As You Earn) account. You need to set up a standing order to credit a fixed amount every month (anything from $50 to $3,000) into your SAYE account, then resist the urge to touch it for two years. As a reward for your restraint, you earn 3.5 per cent p.a.. Note that it's a whole lot less liquid than any other savings account, so for the love of God, please don't put your emergency stash in here. 10. HSBC Everyday Global Account Our last savings account on this list is the most headache-inducing. The HSBC Everyday Global Account is a multi-currency account that also doubles up as a savings account… masquerading as an interest/cashback-earning hybrid. Yikes. Let me explain. The HSBC Everyday Global Account lets you transact in 11 different currencies, but that's probably not the reason why you're reading this article. More importantly for our purposes today, it also functions as a savings account. But unlike the others on this list, the HSBC Everyday Global Account doesn't stack bonus interest the more you spend/save/borrow/invest/insure. Instead, the account works hand in hand with the HSBC Everyday+ Rewards Programme to, overall between the account and the programme, earn you an extra one per cent bonus interest and one per cent cashback per year. When you have an HSBC Everyday Global Account and also qualify for the HSBC Everyday+ Rewards Programme, you can earn up to 3.55 per cent p.a. from now to June 30, 2025: 0.05 per cent p.a. Everyday Global Account's prevailing interest rate + 2.50 per cent p.a. Everyday Global Account Bonus Interest 1.00 per cent p.a. when you qualify for the HSBC Everyday+ Rewards Programme Combined, these bring your total interest to 3.55 per cent p.a. How do I qualify for the HSBC Everyday+ Rewards Programme? The third component above (one per cent additional interest) comes from qualifying for the HSBC Everyday+ Rewards Programme. Here are the requirements: Deposit at least $2,000 (for Personal Banking customers) or $5,000 (for Premier customers) into the account Make five eligible transactions, with no minimum amount. These can be any combination of the following types: 1) Transactions made with a HSBC personal credit card* 2) Transactions made with a HSBC Everyday Global Debit Card 3) GIRO bill payments 4) Fund transfers to a non-HSBC account What do I earn from the HSBC Everyday+ Rewards Programme? Qualifying for the Everyday+ Rewards Programme gets you: 1 per cent bonus interest (as we talked about) on the money you top up into your account each month (capped at $300/month) 1 per cent cashback on your HSBC Everyday Global Debit Card transactions and GIRO bill payments (capped at $300/month for Personal Banking customers, $500/month for HSBC Premier customers) * Note that you can use an HSBC credit card to qualify for the HSBC Everyday+ Rewards Programme, but credit card spending won't earn you cashback once you qualify the programme. The one per cent cashback you receive is pegged to your spending on your HSBC Everyday Global Debit Card, not your credit card. This change was implemented by HSBC on May 2, 2024 and is also spelled out in their updated terms and conditions. On the plus side, HSBC doesn't limit you to a select few credit cards for the credit card spending criteria, so take your pick of the HSBC credit cards available. My personal pick is the new HSBC Live+ Credit Card, with which you can earn up to eight per cent cashback on this card on selected dining, shopping, and entertainment spending. On top of the interest and cashback, HSBC will give you one-time cash bonuses of up to $150 (for Personal banking customers) / $300 (Premier customers) when you deposit at least $100,000 (Personal banking) / $200,000 (Premier Banking) and meets the eligibility criteria above for the first six months. How to register for the HSBC Everyday+ Rewards Programme To register, send an SMS to 74722 with the following format: EGAfirst 9-digit of your Everyday Global Account number (e.g. EGA 123456789) [[nid:718806]] This article was first published in MoneySmart .
CNA
03-06-2025
- Business
- CNA
Standard Chartered Bank ups maximum interest rate on savings account to record 8.05%
SINGAPORE: Standard Chartered Bank has raised the maximum interest rate on its flagship Bonus$aver savings account to 8.05 per cent a year – the highest ever offered by the bank. The increase from 6.05 per cent kicked in from Sunday (Jun 1), bucking the downward trend in savings account interest rates here. These rates typically track the monetary policy decisions of global central banks, namely the United States Federal Reserve. Since the Fed began cutting rates last year amid uncertain economic conditions, banks have duly brought down the interest rates paid to savers. Two local banks – UOB and OCBC – lowered the interest rates on their flagship savings accounts last month, citing the need to be aligned with long-term interest rate expectations. For UOB, it was the second reduction in a year. Standard Chartered itself had made two downward revisions over the past year amid the weaker rate environment globally – first in May 2024 when it lowered the Bonus$aver's maximum interest rate to 7.68 per cent before a second cut to 6.05 per cent in January. Asked why it is hiking interest rates this time and whether the record-high offering is sustainable, Standard Chartered would only say that its 'headline rate matches the overall relationship value' it has with its clients, covering both daily banking and wealth solutions. 'While we continuously monitor macro trends, this holistic approach allows us to sustainably offer such a proposition rewarding clients who choose us as their primary banking partner,' Mr Usman Khalid, the bank's global and Singapore head for deposits, mortgages and payments, told CNA in an emailed response on Tuesday. Like the flagship savings accounts offered by other banks, Standard Chartered's account holders need to fulfil several criteria to earn the bonus interest rates. These include crediting a salary of at least S$3,000 (US$2,330), spending at least S$1,000 monthly on eligible credit and debit cards, as well as insuring and investing with the bank. The qualifying criteria for its various categories are largely unchanged, except that equity investments of at least S$20,000 done through its online trading service will now qualify under the investment category. The decision to include equity trades follows a 'noticeable increase' in trading interest, with new client acquisition jumping 50 per cent in 2024 compared to the year before, Standard Chartered said. With the revision, account holders now earn a bonus interest rate of 1.5 per cent a year when they spend at least S$1,000 monthly with eligible credit and debit cards, up from 1 per cent. The bonus interest rate for the crediting of salaries has gone up to 1.5 per cent a year, from 1 per cent previously. Account holders also earn bonus interest of 2.5 per cent a year when they invest or insure with the bank, compared with 2 per cent before. These bonus interest rates are offered on the first S$100,000 of savings. While direct comparisons are difficult given the different qualifying conditions imposed by the banks, Standard Chartered now offers the highest headline interest rate among flagship savings account offerings in Singapore. UOB One account holders will earn up to 5.3 per cent on their first S$150,000 if they credit their salary and spend a minimum of S$500 on eligible cards. OCBC's flagship 360 account offers a maximum effective interest rate of 6.3 per cent a year on the first S$100,000 of savings when customers credit their salary, save, spend, as well as take up investment and insurance products with the bank. DBS' flagship Multiplier account, whose rates have been unchanged since November 2022, offers a maximum interest rate of up to 4.1 per cent a year for the first S$100,000 in deposits. Likewise, customers have to tick the boxes in terms of crediting their salary to the bank and transact in three categories with a total volume of S$30,000 or more a month. A SURPRISE MOVE THAT MAY NOT BE SUSTAINABLE: EXPERT Given the broader trend of banks trimming rates, Standard Chartered's latest announcement came as a surprise, said Mr Tan Chin Yu, lead of advisory at wealth advisory firm Providend. While expectations for central banks to cut rates have slowed due to economic uncertainties, the move is unlikely due to a change in the bank's assessment of where global interest rates are headed but 'more of a strategic move to attract deposits' and grow market share, he added. Such an offering 'may not be sustainable over the long term' if global interest rates continue to ease, Mr Tan said. 'However, this remains to be seen, depending on how the global economy pans out which would have an impact on how the Fed reacts.' Following three rate cuts last year, the US Fed has kept monetary policy steady so far in 2025 and is expected to hold interest rates steady at its upcoming decision on Jun 18, largely due to mixed economic signals and US President Donald Trump's changing tariff policy. Minutes from the Fed's meeting in May showed that officials prefer to wait for more clarity on fiscal and trade policy before considering lowering rates again, although recent comments by Fed officials suggest that rate cuts remain on the table. Fed governor Christopher Waller, for instance, said on Monday that interest rate cuts are still possible later this year as a rise in inflation pressures due to the tariffs is unlikely to be persistent. The uncertainty means that customers thinking of switching savings accounts should look beyond the headline interest rates and carefully consider the various eligibility criteria, Mr Tan said. 'Do consider whether the criteria suit your personal lifestyle and habits,' he told CNA. 'You don't want to intentionally have to spend more or buy certain financial products that you don't need just to justify meeting the various thresholds.' Customers should also be prepared that such promotional rates may change quickly and with that, the hassle of having to change banking accounts again, Mr Tan said.
