Are you still using your normal savings account from decades ago?
If we aren’t busy making money, we are busy saving up or investing our savings to make more money. All the money we make needs to go somewhere, and while some of us are still using our old POSB savings account from decades ago, many banks have been trying to lure us to deposit money with them using attractive interest rates.
With so many new high interest savings accounts in the market, how do you know which is the right one? Simple, by doing your research. Let us help you choose between the best interest-earning savings accounts in Singapore.
OCBC 360 Account
Source: OCBC
OCBC 360 account is one of the most popular savings account in Singapore. The account requires a minimum balance of S$3,000/month. Though the base interest offered on the account might seem quite low at 0.05%, the account lets you get bonus interest of up to 3.0% a year on your first S$70,000 in the account. This has recently been revised and will take effect from 1 April 2017.
You can get bonus interest in the following ways:
- Crediting your salary through GIRO – 1.2% per year
- Paying bills from the account (online or through GIRO) – 0.3% per year
- Spending a minimum of S$500 on your OCBC credit cards – 0.3% per year
- Get financial products such as investments or insurance – Up to 1.2% per month
- Consolidate over S$200,000 savings in this account – Extra 1% per year on the first S$70,000
The minimum age to open this account is 18 years.
Standard Chartered Bonus$aver account
Source: Standard Chartered
Standard Chartered Bonus$aver account is another savings account in Singapore we like. The account comes with a base interest of 0.1% and bonus interest of up to 3.78% on your first S$100,000 deposit. Note that you will need to maintain at least S$3,000 in your account. The Bonus$aver account is available to Singaporeans, PR and foreigners.
Here’s how to get the bonus interest:
- Credit a monthly salary of at least S$3,000 – 1% per year
- Spend on your Bonus$aver Cards – Up to 1.78% per year
- Invest in an Eligible Unit Trust with a minimum subscription of S$30,000 OR
- Purchase an insurance policy with a minimum annual premium of S$12,000 – 0.75% per year
- Make three eligible bill payments of at least S$50 each from the Bonus$aver account via GIRO or online banking – 0.25% per year
UOB One account
Source: UOB
The UOB One account by UOB gives you the chance to build on your savings by earning high interest on them, even if you don’t have a fixed monthly salary. Many self-employed Singaporeans will find the UOB One Account useful. The base rate of interest offered for the account is 0.05% and you can earn additional bonus interest on different tiers of deposits, up to 3.33% interest. Â To get bonus interest rates:
- Spend a minimum of S$500 on selected UOB Credit Cards/ Debit Cards every month, AND
- Credit minimum monthly of S$2,000 OR pay 3 bills via GIRO each month – Up to 3.33% per year
You’ll be happy to know that the minimum monthly balance to maintain in the One account is only S$500.
BOC SmartSaver
Source: BOC
The BOC SmartSaver account is a savings plan that compliments the BOC Multi-Currency Savings account. As an account holder, you can earn extra interest in addition to the prevailing rates offered by the MCS account. Performing certain transactions like crediting your salary to the account or spending on your BOC card will fetch you interest rates of up to 3.55% p.a. on your first S$60,000 of your account balance.
You can get bonus interest in the following ways:
- Spending on your BOC debit/credit card totalling over S$1,500 per month – 1.60% per year
- Spending between S$500 to S$1,499 on your BOC debit or credit card – 0.80% per year
- Crediting your salary of over S$6,000 through GIRO – 1.20% per year
- Crediting your salary between S$2,000 to S$5,999 through GIRO – 0.80% per year
- Carrying out over 3 bill payments through GIRO of at least S$30 each – 0.35% per year
- Extra savings interest given for those account holders who satisfy any of the above transactions/criteria and have an account balance greater than S$60,000 but under S$1 million – 0.60% per year.
While the account still remains a good option when compared to the UOB and OCBC accounts we must take note of some of the details. You either need a salary of over S$6,000 per month or spend more than S$1,500 per month on your BOC cards to earn higher interest rates. If you don’t spend or credit these amounts you get only 0.80% p.a. Which may not be within everyone’s means.
These are some of the highest interest-earning accounts in Singapore, and all you need to do are a couple of things each month to qualify. That said, saving in a savings account should not be your only tactic to build wealth. Other ways to build wealth and save could be through the CPF investment schemes, fixed deposits, and other investments.
Related:Â Investing with Your CPF Savings: A Quick Guide to Get Started
Are you already using some of these saving accounts? Let us know in the comments below!
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