Business & Economy Personal Finance Top interest rates in Singapore for Aug 2023 from SCB, DBS, UOB,...

Top interest rates in Singapore for Aug 2023 from SCB, DBS, UOB, OCBC

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Here are four savings accounts that will spark the highest interest rates for you in 2023

SINGAPORE: Discover the top four banks of S’pore with the highest interest rates to get the most out of your hard-earned cash. As interest rates skyrocket due to inflation, it brings out the negatives in the stock market.

However, the good news is that you’re getting the best deals with your savings account. Four savings accounts will spark the highest interest rates in 2023.

The first two options below cater to individuals seeking savings accounts with no required initial deposit.

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Standard Chartered (SCB) Bonus$aver Account

The catch to maximizing the SCB Bonu$aver Account is maintaining a $3000 daily balance. This eliminates the $5 monthly charge when falling below the said amount.

    • Minimum Initial Deposit: $0
    • Interest Rate: Up to 7.88% p.a. on the first $100,000
    • Conditions: Credit salary through GIRO, pay bills online/through GIRO, spend on Bonus$aver Credit or Debit Card, invest with a Unit Trust, and be insured with a regular premium insurance policy.
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DBS Multiplier Account

Do you have a Post Office Savings Bank (POSB) account? POSB is now under DBS, and switching means getting a higher interest on your savings.

    • Minimum Initial Deposit: $0
    • Interest Rate: Up to 4.10% p.a. (up from the previous 3.50% p.a.)
    • Conditions: Credit salary and meet one of three transaction categories: credit card spend, home loan instalment, or insurance.

If you’ve already saved some money, opting for a bank with a better interest rate could be right up your street. Here are two savings accounts worth considering when you deposit an additional $1,000.

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UOB One Account

Are you a freelancer? Freelancing is widespread nowadays, and even though freelancers receive substantial pay, there can be fluctuations in the income flow. The good news is that you can still enjoy a respectable interest rate simply by spending a minimum of $500 on your UOB card.

    • Minimum Initial Deposit: $1000
    • Interest Rate: Up to 7.80% p.a. (realistically about 3.85% with specific conditions)
    • Conditions: Spend minimally $500 on an eligible UOB card and credit salary via GIRO.
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OCBC 360 Account

If you want an extra 1.2% interest on your savings, simply leave a monthly $500 in your OCBC 360 Account.

    • Minimum Initial Deposit: $1000
    • Interest Rate: Up to 4.65% p.a. on the first $100,000
    • Conditions: Optimise spending using specific OCBC credit cards and salary crediting.

It’s important to note that the interest rates and promotions mentioned can change over time, so it’s a good idea to double-check with the respective banks for the most up-to-date information before making a decision.

To expand your options, you can explore the other top-notch savings accounts to consider throughout 2023 at Seedly.

Lastly, always carefully review each account’s terms and conditions, including any minimum balance requirements, fees, and other eligibility criteria.

Happy Saving!

 

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