Rating & Review of Saving Account 2021
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Best Saving Account in Singapore Review
A maximum of 5% cash rebate on everything
UOB One Card / UOB One Account / United Overseas Bank
I actually signed-up because of the attractive 3.88% interest with the UOB One Account. It made sense to use it as my daily card especially as it comes in a really fancy chrome coloured card. The UOB One Card is hands down UOB’s favourite entry level credit card especially for those with a UOB One account too. The credit card owes its fame to its key proposition- a maximum of 5% cash rebate on everything, no need to fumble about with different spending categories.
The habit to save regularly and grow a steady stream of income
UOB Stash Savings Account / United Overseas Bank
I like that with UOB Stash Savings Account one can make it a habit to save regularly, to grow a steady stream of income for times to come, plan ahead and save to ensure one can have a security blanket for the future. With this bank account you get to save as and when you have any extra cash or lump sums from your bonuses or investment
The best high interest account in the market!
UOB One Account / United Overseas Bank
This is perhaps the most competitive salary crediting account that earns sizeable interest rate. Only low point is that you need to hit the minimum spent of $500 a month on debit or credit card and must pair up with one/yolo/lady’s card. Best high interest account in the market! Reliable and efficient travel insurance claim, highly recommendable and easy to claim. Your one stop solution for all travel insurance needs.
Make use of your UOB Personal Internet Banking to track your account balances
UOB Passbook Savings Account / United Overseas Bank
This is a savings account with a stylish passbook provided entirely free of charge. Despite this being a passbook savings account, you can still make use of UOB Personal Internet Banking and use it to track your account balances. Internet Banking will provide you the banking convenience where you can make banking transactions anytime at anywhere, banking conveniences literally at your fingertips.
Gain great benefits while remitting money abroad
DBS Multi-Currency Account / DBS Bank
For fellow expats working in Singapore, this current promotion is great for those who need to remit USD overseas. This is where good planning is necessary. You don’t only benefit from exchanging money at your desired rate, but earn even more at the same time with the 2.5% p.a. interest. Plus, when you do transfer after the 4 months, you’ll get to enjoy same-day transfers at S$0 when doing so online with DBS Remit!
Good for new to workforce adult with minimal saving.
DBS eMySavings Account / DBS Bank
The interest is quite low on this card as compared with other saving plan. It deducts 2 dollars per month on your account balance if it is lower than $500. The interest rate is minimal and there are no incentive to save each month. Super good account as they do not need initial deposit to open the account. Good for new to workforce adult that have not much saving.
A competitive 3% interest rate and $50,000 insurance
Maybank SaveUp Account / Maybank Singapore
I use Maybank SaveUp for their 3% interest very competitive rate plus $50,000 insurance. I also use it for savings and not so much for transactions, so I'm ok with the user interface & lack of ATMs. Plus, their Maybank Platinum Visa Card has no annual fee, provided there is at least 1 transaction every quarter, and gives 3.33% cashback on almost any category of $300 spending free.
A higher interest rate per annum as compared to other banks
Maybank iSAVvy Savings Account / Maybank Singapore
Maybank I savvy account offers a higher interest rate per annum as compared to other banks offerings. I believe that it is worth it to use them as a savings account where money accumulated is able to get higher interest.
Rewards account holders with a high base rate according to their balance size
Maybank iSAVvy Savings Plus Account / Maybank Singapore
Maybank iSAVvy Plus Savings Account is a great option for consistent savers who can comfortably make large monthly deposits and no withdrawals at that for a period of 6 month. To begin with, Maybank iSAVvy Plus Account rewards account holders with a high base rate according to their balance size, reaching up to 0.38% p.a. for consumers with S$50k+ balance. Considering the market standard is just 0.05% p.a., this base–which comes without any requirements or criteria–is remarkably competitive. Additionally, consumers earn a substantial 1.56% p.a. bonus rate on their incremental growth after 6 months, assuming consistent deposits with no withdrawals.
Only an initial deposit ofy $10 with no fall below fee
Maybank Youngstarz Savings Account / Maybank Singapore
The initial deposit is only $10 and there are no fall below fee, while the account offers other kid-related perks such as birthday privileges, hand foot and mouth disease hospitalisation and outpatient insurance and personal accident insurance for you and your child. They’ve also got frequent promotions designed to attract kids. For instance, when opening a Youngstarz Savings Account, your kid gets a $20 POPULAR bookstore voucher.
The first S$50,000 balance earns at 0.1875% p.a. interest
Maybank Passbook Savings Account / Maybank Singapore
Maybank Passbook Savings Account is remarkably simple in terms of its interest rates structure, but has a few unique features when considering eligibility. To begin with, savings earn interest according to tiers within the balance. In other words, the first S$50,000 of a balance earns at 0.1875% p.a. interest, and any remaining balance beyond S$50,000 earns 0.25% p.a. In terms of eligibility, that may be a bit odd.
Awesome banking products with preferential savings rates and lifestyle perks for the elderly
Maybank Passion Plus Programme / Maybank Singapore
Maybank Singapore goes the extra mile with this one to targets the elderly in new integrated banking package with access to products such as endowment and retirement plans. Maybank Singapore’s integrated package encompassing banking products with preferential savings rates and lifestyle perks for customers aged 50 and above as part of its efforts to help them grow their retirement funds is simple genius
A fantastic account for wealthy, consistent savers who can maintain a high balance
Citi MaxiGain Savings Account / Citibank Singapore
The Citi MaxiGain Savings Account is a fantastic account for wealthy, consistent savers who can maintain a balance between S$70,000–S$150,000. To begin with, this account is a bit unique as the base interest rate is set to 70% of the 1-month SIBOR (Singapore Interbank Offer Rate), which changes daily–making rates slightly more variable than with other accounts. As a baseline, the effective base rate tends to be around 1.00% p.a., more or less, which is by far the highest available as per market standards.
Complimentary cash withdrawals from Citibank ATMs overseas
Citibank InterestPlus Savings Account / Citibank Singapore
I use Citibank for travel and they have saved me a lot of money on ATM fees as they have many ATM's all over the world. When I had to call them I was very impressed with the level of customer service they provided me.They require a minimum initial deposit of $2,000 and provide complimentary cash withdrawals from Citibank ATMs overseas with no processing fee and instant fund transfers, I give them some high recommendations
First check book upon account opening issued at no charge
Citibank MaxiSave Account / Citibank Singapore
I like that with the Citibank MaxiSave account the first check book upon account opening will be issued upon request, at no charge.Subsequent check books however are automatically replenished at S$15 each. Also the free check imaging printed on monthly statements for easy monitoring and tracking
innovatively designed to reward you more as you increase your savings with them
Citibank Step-Up Account / Citibank Singapore
Up Account allows for a base interest which is the basic interest that you will earn, just like with your normal savings account.This account will give you a base rate of 0.01% p.a. Step up interest is a unique component in addition to your base interest. This is innovatively designed to reward you more as you increase your savings with them
Hit the rate cap and continue to enjoy the base interest rate of 0.01% p.a.
Citibank Tap and Save Account / Citibank Singapore
If you often have wondered what will happen when you hit the rate cap, with Citibank tap and save account you will continue to enjoy the base interest rate of 0.01% p.a. and step up interest rate of 0.12% p.a. by continuing to ensure that your current month's minimum balance is greater than your last month's minimum balance or by maintaining your balance above S$20,000.
An account aimed at parents who already have an existing Citibank account and wish to open one for their kids
Citibank Junior Savings Account / Citibank Singapore
This is an account aimed at parents who already have an existing Citibank account and wish to open one for their kids who are below 18 years of age. Technically, Citibank does not impose fall-below fees on the Junior Savings Account holders. So if your child is the only one in the family with a Citibank account, there will be no fall below fee. However, if you as a parent also have a Citibank account and the total relationship balance which is the total balance of parent and child combined falls below $15,000, then a service fee of $15 will be charged to the parent’s account.
Free Identity Theft Solutions to help in the event of stolen identity
Citibank Basic Banking Account / Citibank Singapore
As people’s lives grow more digital, it has only served to make it easier for hackers and cybercriminals to access more and more personal information and identity. They can open utility accounts, get a cell phone, or apply for a credit card, all using your name. Citi offers a free Identity Theft Solutions that can help you in the event that your identity is ever stolen. The service comes free with your Citibank Basic Banking Checking Account. Dealing with identity theft can be a massive pain, but Citi’s expert team can make it a little bit easier.
Provides the potential to earn even higher interest than an ordinary savings account would allow
Citibank Money Market Account / Citibank Singapore
This Money Market Account provides the potential to earn even higher interest than an ordinary savings account would allow based on the daily prevailing Singapore Dollar Interbank Bid Rate. It also avails easy tracking of funds with separate monthly statement, online cheque payment service, direct transfer of funds between accounts, electronic statements and so on. The low point of this card has to be that it is only applicable to customers that are 55 years old and above
Unlocks higher cashback of up to 5% on unlimited credit card spend
Standard Chartered Unlimited Cashback Credit Card / Standard Chartered Unlimited$aver / Standard Chartered Bank Singapore
The Unlimited$aver is a savings account linked to the Standard Chartered Unlimited Cashback Credit Card that unlocks higher cashback of up to 5% on unlimited credit card spend with funds deposited into the Unlimited$aver account. With the Unlimited$aver account, clients can earn up to 5% cashback on their unlimited credit card spend, with no cashback cap and no minimum spend.
High savings account interest rate with no requirements
Standard Chartered Unlimited$aver / Standard Chartered Bank Singapore
High savings account interest rate with no requirements and high $5,000,000 deposit limit but unfortunately only applicable for customers that are 55 years old and above. But still with a low 0.18% p.a. interest rate on first $50,000 deposit and access to enjoy interest rates of up to 1.28% p.a. with the MyWay Savings Account with no lock-in period and privileges on dining, travel, lifestyle and healthcare with the MyWay debit card, this is a fair enough deal.
Remit money to Standard Chartared overseas account for free.
Standard Chartered FCY$aver / Standard Chartered Bank Singapore
Standard Chartered is another name that has an expat banking programme to cater to expats’ needs allowing those on the programme to get their accounts set up prior to arriving in Singapore, and to remit money to overseas Standard Chartered account for free. The main drawback is the lack of Standard Chartered ATMs around, not easily accessable.
You recieve 0.1% interest on the first $50,000
Standard Chartered e$aver Kids / Standard Chartered Bank Singapore
This is a decent account for kid with ages 18 and below as there are no minimum deposit, fall below fee, monthly fee or lock-in period. However, as a parent you are required to pay $50 into the account by GIRO every month. The interest rates aren’t the best but they’re not that bad either as you recieve 0.1% interest on the first $50,000, 0.15% on amounts above $50,000 up to $200,000, and 0.25% on amounts above $200,000.
Providing consumers heavy incentives to make large deposits into their accounts
Standard Chartered e$aver / Standard Chartered Bank Singapore
The Standard Chartered e$aver Savings Account is currently offering a promotion that significantly boosts its value by providing consumers heavy incentives to make large deposits into their accounts, as any incremental increases in their balance from month-to-month will earn 1.70% p.a. These funds must be credited to outside source, rather than transferred within the Standard Chartered banking system, and this bonus applies to the increase only and not to the entire balance.
Convenience of accessing your account via the Global view facility
HSBC Premier Lite / HSBC Bank Singapore
They allow eligibility for children aged 18 and below with a minimum initial deposit of S$1. With the HSBC Premier Lite Savings account as their first savings account, they will not only start saving early, but also receive a recognition card that offers worldwide emergency support wherever they may be. Apart from the exclusive HSBC Premier interest rates, you also have the convenience of accessing your account via the Global view facility, or through HSBC’s global ATM network and 24-hour Phone Banking Services.
An account only open to consumers with an Advance banking relationship
HSBC Singapore Dollar Savings Account / HSBC Bank Singapore
This account is only open to consumers with an Advance banking relationship. Overall, HSBC Advance Time Deposit is fairly accessible, with just an S$5,000 minimum to place a deposit of any tenure at standard rates. Interest rates do not vary by deposit size, though rates jump substantially for longer tenures. In fact, board rates from 1 to12 months range from 0.05% to 0.25%, but a 24 month tenure earns an impressive 1.45% p.a. This is one of the highest 24 month rates on the market, making the HSBC Advance Fixed Deposit excellent for long-term deposits
I use CIMB FastSaver to deposit savings for my parents
CIMB FastSaver Account / CIMB Bank Berhad Singapore Branch
This is a straightforward bank account which makes saving simple. As it does not come with the multiple criteria to earn a higher interest, the rate is lower compared to local banks, but up to 1.8% p.a. and there is no fall below fee involved. I use CIMB FastSaver to deposit savings for my parents and overall customer service is great since not many people use this bank.
User interface for the mobile and online banking is lagging
CIMB FastSaver-i Account / CIMB Bank Berhad Singapore Branch
Good account with pretty good interest without having to worry about minimum spend or other transactions. However, since they encourage account holders to go cardless, to get a card you may need to pay for it. I find that the user interface for the mobile and online banking is rather lacklustre as logging in seems to be a huge problem for the app.
A current account with a chequebook and a 0.8% interest rate
CIMB StarSaver (Savings) Account / CIMB Bank Berhad Singapore Branch
This is a current account with chequebook and a 0.8% for the interest. If you don’t require a chequebook, you can consider opening the fastsaver instead which pays 1%. This combined checking and savings account not only allows you to enjoy one of the highest interest rates at 0.8% p.a. but you will also receive unlimited free cheque books and free withdrawals ASEAN-wide.