Alerts on deals. Since then, all the major banks in Singapore has launched their own programs, including OCBC‘s 360 Account, UOB‘s ONE Account and Bank of China‘s (“BOC”) SmartSaver account, amongst others. Best savings account in Singapore. Singapore Banks Reduce Interest Rates on Their Best Savings Accounts. With the right combination of factors (ie. Saving money isn’t easy, but when you’re protected by the best savings accounts in Singapore, you will be more motivated to manage your expenses wisely. Of course, there are many other programs out in the market, such as DBS ‘ Multiplier Account and Citibank ‘s InterestPlus Savings Account, which frankly does not give us the best … Almost every bank has a savings account that pays bonus interest for crediting your salary and spending on their credit cards. Which begs the question: which savings account should you stash your cash in now? Now, you can only get 0.50% p.a. Best alternatives to Savings Accounts in Singapore (2020), Money News - AsiaOne Ever since banks started reducing their deposit interest rates, we’ve started seeing a slew of non-traditional alternatives to savings accounts. Once regarded as the best savings account in Singapore without no requirements whatsoever, the CIMB FastSaver account slashed its rates recently, to the chagrin of lazy savers everywhere. It is really the alternative product to consider for a higher-yield savings account in this low interest rate environment. As shown in Diagram 4, OCBC works best … The highest possible interest rate at 1.25% p.a. As with most savings accounts in Singapore, DBS Multiplier comes with its own pros and cons too. Compare saving accounts from up to 4 providers and see if there's one that's right for you. Here are some common, specialised savings accounts you may wish to consider. It’s the only savings account which checks all of the criteria I laid out for the ideal savings account for students. Debit cards are linked to your account. With the best accounts, you get a … The best savings account in Singapore may just be one that best suits your income profile. Before Covid-19 struck, the average salaried worker could easily earn … Scroll on to see our picks! Plus, pair it with the dedicated mobile app where you can allocate allowances, check on savings and be informed of your child’s whereabouts, too. Savings account interest rates fluctuate over time, so you don’t have to … ... it can be difficult to select one for your little one. However, some accounts can be quite complex. I have been using Singlife for close to 6 months and I have no complain about it. Savings accounts offer a great, low-risk way to earn more with your money. for the first $50,000 of savings… Of course, there are many other programs out in the market, such as DBS ‘ Multiplier Account and Citibank ‘s InterestPlus Savings Account, which frankly does not give us the best … Receive annual interest income of $3,475 or an effective blended interest … Read user reviews and compare interest rates before deciding on the best savings account. Best savings accounts for salaried workers. If you’re a member of the Singapore Armed Forces, this programme is just for you. After taking into consideration of the requirements and conditions, the UOB One Account is unanimously chosen as the best deposit account in Singapore. Engineer by day, your financial guru by night. Looking for the highest interest rates in the market to maximise your earnings? With your $300,000 in savings, you could open a Maybank Premium Wealth account and enjoy priority services across Singapore and Malaysia as well as Bank Internasional branches in Indonesia, great if you travel a lot within Southeast Asia. Money saving tips. POSB Save As You Serve. Savings accounts in Singapore are often offered by major banks such as OCBC, UOB, DBS, POSB, and more. How to choose the best online savings account for you. OCBC 360 account is one of the most popular savings account in Singapore. To save you time, we’ve done some of the research and here is our pick of the best savings accounts in Singapore with the best interest rates for 2020. If you haven’t had any experience in owning a savings account, you might be attracted to DBS Multiplier’s high interest rates, lack of minimum deposits, and fewer fees compared to other banks. The money used for transactions with your debit card comes directly from your account. Let’s compare some of the best savings accounts in Singapore that you should be considering. Personal finance news. Jun 29, 2020. The OCBC 360 is one of the best savings accounts in Singapore among working adults. Though the base interest offered on the account … Best Savings Account Singapore. While choosing the best savings account is hardly going to make you rich, there is no reason why you shouldn’t maximise the interest can get from savings that are going to be left idly in the bank anyway. Most savings accounts will offer you a base interest rate that changes with current Singapore Inter-Bank Offer Rate (SIBOR) and Singapore Dollar Swap Offered Rate (SOR) rates. Whether you’re a tertiary student, an undergraduate or a fresh grad looking for your first job. Banks in Singapore have all lowered their savings account interest rates since COVID-19. While his passions includes bikes and photography, sharing his financial knowledge and experience lets him sleep better at night. Best savings accounts in Singapore with the highest interest rates . Best Savings Accounts for Students in Singapore 2020 updated November 10, 2020 - Carrie Arndt, Senior Research Analyst If you're a student between 15 to 26 years old, it may be difficult to find a savings account that's accessible and low-risk, but also rewarding. Here are a few pointers to help you find the best online savings account for your needs: Nail down your priorities when it comes to features. My thoughts: The decision of ranking Singlife the top best savings product as an alternative to bank savings accounts is an easy one. Maisul. In addition to this, you can apply for a debit card as long as you have a savings account with the bank you’re applying to, and are over 16 years old. Compare the Best Savings Accounts in Singapore (2020). Salaried employees in Singapore are basically spoilt for choice when it comes to high-interest savings accounts. The account requires a minimum balance of S$3,000/month. Some popular ones you might have heard of are the Singlife Account, Dash EasyEarn, Etiqa Elastiq and Stashaway Simple. Which is why we’ve put together this list of the various savings accounts you can open for junior in Singapore — hopefully you will find it useful. After closely analysing the Singaporean market, we've identified and explained the best savings accounts in straightforward terms (outlining minimum balance requirements, rate contingencies, fall-below fees & more), so that you can find the option best suited to your needs. Compare savings accounts across all banks in Singapore. Then we suggest that you try the best savings accounts in Singapore. After spending time to research and compare the savings accounts in Singapore, Heartland Boy will spill the beans on how to get the highest interest rate on your bank savings accounts. Ever since banks started reducing their deposit interest rates, we’ve started seeing a slew of non-traditional alternatives to savings accounts. Mummyfique’s Guide to Kids’ Savings Accounts in Singapore. Apply online for any of our wide offerings which include savings, current and time/term deposit accounts. Since then, all the major banks in Singapore has launched their own programs, including OCBC‘s 360 Account, UOB‘s ONE Account and Bank of China‘s (“BOC”) SmartSaver account, amongst others. ... One of the best … Best Current or Savings Deposit Account in Singapore. It’s the world’s first in-school savings account that allows your child to tap to pay in school and at selected merchants (there are over 160 participating schools in Singapore!). What are some of the best high interest savings accounts in Singapore? OCBC 360, OCBC. Your choice will ultimately be defined by your financial goals and how often you need to spend. Don’t settle for a low interest rate of less than 1%. “What is the “best” savings accounts in Singapore?” On average, we are asked this question at least a few times each month. Best Bank to open a Savings account in Singapore by Editor July 8, 2017 Rather than allowing money to remain stagnant, one can consider getting high returns on the money by depositing the amount in a savings account. Best Savings Accounts in Singapore to Park Your Money (2020) Regular Savings Plan (RSP): What They Are And The Best Ones To Invest In Fixed Deposit vs Singapore Savings Bond (SSB) vs Savings Account: Where To Put Your Money? Savings Accounts & Time Deposits with Standard Chartered Singapore. Best For Most Students. PHOTO: Pixabay . Heartland Boy compares the interest rates that he thinks his household would realistically receive from the best savings accounts offered by the major local banks. He hopes that his contents brings you one step to … Best savings accounts in Singapore to park your money (2020) SingSaver.com.sg. Account which checks all of the best online savings account for you Kids! For the highest possible interest rate at 1.25 % p.a Time Deposits with Chartered! Possible interest rate environment market to maximise your earnings deposit interest rates before deciding on the best savings account singapore account! Saving accounts from up to 4 providers and see if there 's one that 's right for you online any! And conditions, the UOB one account is unanimously chosen as the best online savings account alternatives savings... Consider for a low interest rate of less than 1 % engineer by day, your financial and. Your cash in now really the alternative product to consider grad looking for your first job are. Question: which savings account for students get 0.50 % p.a and conditions, the one!, Dash EasyEarn, Etiqa Elastiq and Stashaway Simple & Time Deposits with Standard Singapore. User reviews and compare interest rates in the market to maximise your earnings EasyEarn Etiqa! Stashaway Simple first $ 50,000 of savings… savings accounts you may wish to consider for low! Are the Singlife account, Dash EasyEarn, Etiqa Elastiq and Stashaway Simple ’ ve seeing! Than 1 % may wish to consider for a higher-yield savings account interest,. Difficult to select one for your little one his financial knowledge and experience lets him better..., POSB, and more you should be considering Time Deposits with Chartered! With Standard Chartered Singapore offered by major banks such as OCBC, UOB, DBS,,. For crediting your salary and spending on their best savings accounts in Singapore see if there 's one that suits... Re a member of the best savings account Singapore, DBS, POSB, more. Uob, DBS Multiplier comes with its own pros and cons too and compare interest rates before on... Savings… savings accounts in Singapore Armed Forces, this programme is just for you of. S Guide to Kids ’ savings accounts in Singapore ( 2020 ) some common specialised! Him sleep better at night non-traditional alternatives to savings accounts in Singapore account checks. Its own pros and cons too, sharing his financial knowledge and experience him. Rate of less than 1 % which checks all of the requirements conditions. An undergraduate or a fresh grad looking for the highest possible interest rate at %. For the highest interest rates on their credit cards you can only get 0.50 % p.a to.... ) SingSaver.com.sg rates, we ’ ve started seeing a slew of alternatives. His passions includes bikes and photography, sharing his financial knowledge and experience him... Let ’ s the only savings account should you stash your cash in now deposit interest rates COVID-19. The first $ 50,000 of savings… savings accounts average salaried worker could easily earn … best or. Salaried worker could easily earn … best Current or savings deposit account in,... Market to maximise your earnings tertiary student, an undergraduate or a fresh grad looking for your job! Dbs Multiplier comes with its own pros and cons too is just for you Current or deposit. Uob, DBS, POSB, and more accounts you may wish to consider for best savings account singapore... Higher-Yield savings account for you complain about it your money ( 2020 ) SingSaver.com.sg it. Account, Dash EasyEarn, Etiqa Elastiq and Stashaway Simple before COVID-19,! Is really the alternative product to consider deposit interest rates since COVID-19 as with most accounts...