In Singapore’s fast-paced financial landscape, making every dollar count starts with smart savings. Gone are the days when a basic savings account yielding 0.05 % p.a. would suffice. Today’s high interest savings accounts offer the potential for significantly higher returns, provided you meet certain conditions beyond the base rate.
A “high-interest savings account” in the Singapore context usually means one that offers bonus interest—a top-up to the base rate—based on criteria such as salary crediting, credit card spending, GIRO bills, or investment and insurance linkages. While the headline interest can seem impressive, it’s crucial to read the fine print: to earn the highest rates, you often need to jump through specific hoops.
This guide presents the 10 best savings accounts available in Singapore as of mid-2025, detailing their maximum Effective Interest Rates (EIR), bonus-qualifying conditions, pros and cons, and the type of saver each is best suited for.
How High-Interest Savings Accounts Work in Singapore
Generally, bonus interest is paid on top of a modest base rate if you fulfil conditions such as:
- Crediting your salary to the account.
- Spending a minimum amount on a linked credit or debit card.
- Paying bills via GIRO.
- Holding eligible insurance or investment products.
- Maintaining or increasing your average daily balance.
In many accounts, interest is tiered, meaning higher balances may earn differing rates. It’s key to note that the bonus rate often only applies up to a specified cap. Beyond that, you revert to the base rate, which may be much lower.
The 10 Best Savings Accounts in Singapore (June 2025 Rates)
Here are the accounts offering the best returns, with details on how to earn their maximum rates.
1. UOB One Account
- Key Features: High interest for salary credit and card spend.
- Max EIR: Up to 5.3 % p.a., with occasional promotions offering up to 7.8 % p.a.
- Conditions: $500 monthly spend on eligible UOB card + either $1,600 salary credit or 3 GIRO payments.
- Eligibility: Aged ≥ 18, initial deposit ≥ $1,000, average balance ≥ $1,000.
- Pros: High returns for those who spend regularly and credit salary.
- Cons: Interest drops above $150k; fall-below fee if balance < $1k.
- Ideal For: Working professionals able to meet monthly prerequisites.
2. OCBC 360 Account
- Key Features: Multiple bonus categories offer flexibility.
- Max EIR: Up to 6.30 % p.a.; realistically 3.30 % p.a. with salary + save + spend.
- Conditions: Salary credit ≥ $1,800; increase in daily balance ≥ $500; $500 card spend; optional insurance/investment.
- Eligibility: Initial deposit ≥ $1,000; monthly avg balance ≥ $3,000.
- Pros: Tailor-made to various banking habits.
- Cons: Complex to track; some bonuses limited to 12 months.
- Ideal For: Active bankers with broad financial engagement.
3. DBS Multiplier Account
- Key Features: Rewards your full DBS/POSB banking relationship.
- Max EIR: Up to 4.10 % p.a. on first $100k.
- Conditions: Credit income + spend in ≥ 3 categories (cards, PayLah!, home loan, insurance, investments).
- Eligibility: No minimum deposit; under-29s not subject to fall-below fee.
- Pros: Flexible, suitable for multiple income types.
- Cons: Requires transactions across categories; base rate low.
- Ideal For: Consolidating your DBS/POSB finances.
4. Standard Chartered Bonus$aver Account
- Key Features: High EIR for multiple commitments.
- Max EIR: Up to 8.05 % p.a.
- Conditions: $3,000 nett salary credit; $1,000 card spend; $12,000 annual premium insurance; $20,000 investment.
- Eligibility: Confirm bank conditions on initial deposit.
- Pros: Exceptional returns for those who can meet all requirements.
- Cons: Extremely demanding; many bonuses are time-limited.
- Ideal For: High-income earners with multiple financial products.
5. Maybank SaveUp Account
- Key Features: Rewards engagement across Maybank’s offerings.
- Max EIR: Up to 4 % p.a. on first $75k.
- Conditions: Combine salary credit, GIRO, card spend, investments, loans or insurance.
- Eligibility: Initial deposit $500 (SG/PR) or $1,000 (foreigners); fall-below fee if balance < $1k unless < 25 years old.
- Pros: Encourages deeper bank relationships.
- Cons: Requires multiple product sign-ups.
- Ideal For: Existing Maybank clients or willing to consolidate.
6. Citibank MaxiGain Account
- Key Features: Interest steps up each month you grow your balance.
- Max EIR: Up to 3.01 % p.a.
- Conditions: Monthly lowest balance must not drop from the prior month.
- Eligibility: No minimum balance needed for base or bonus interest.
- Pros: Simple and motivating for consistent savers.
- Cons: Takes 12 months to reach peak rate; lower top rate than others.
- Ideal For: Disciplined savers focused on gradual growth.
7. HSBC Everyday Global Account (EGA)
- Key Features: Multi-currency access plus SGD interest.
- Max EIR: Up to 3.55 % p.a.
- Conditions: Bonus interest on incremental average daily balance + Everyday+ Rewards participation.
- Eligibility: Initial deposit ≥ $2,000.
- Pros: Handy for multi-currency users; cashback on spending.
- Cons: Higher balance needed for top rate.
- Ideal For: Those transacting in multiple currencies.
8. Trust Savings Account
- Key Features: Fully digital via the Trust App.
- Max EIR: Up to 2.25 % p.a. on first $1.2m.
- Conditions: Minimum five $30 card transactions; $1,500 salary credit.
- Eligibility: App-based opening; no deposit required.
- Pros: Digital-first; large bonus cap; NTUC benefits.
- Cons: Bonus rate may drop after promotional end.
- Ideal For: Tech-savvy individuals and FairPrice-loyal shoppers.
9. StashAway Simple/Simple Guaranteed/Simple Plus
- Key Features: Cash-management tools, not bank accounts.
- Max EIR: Simple Plus yields 3.1 % p.a.; Simple Guaranteed 1.85 %; Simple projected 2.6 %.
- Conditions: Simple Guaranteed requires lock-in; others need no conditions.
- Eligibility: Open a StashAway account; no minimums.
- Pros: Highly liquid, higher return than basic savings accounts.
- Cons: Projected rates; not conventional bank products.
- Ideal For: Risk-averse investors seeking low-hassle growth.
10. RHB Premier Savings Account
- Key Features: Competitive, transparent product for HNW investors.
- Max EIR: Around 2.5 % p.a.
- Conditions: Commission-free insurance policy + salary credit.
- Eligibility: Minimum balance ≈ US$50k (S$68k).
- Pros: Simple, stable; good for someone who already holds insurance.
- Cons: High balance requirement; cap on bonus tiers.
- Ideal For: High-net-worth individuals with RHB products.
Tips for Maximising Interest
- Consolidate Banking Relationships
Use the same bank for salary credits, card spend, and bill payments to hit multiple bonus criteria. - Automate Your Finances
Set up salary crediting and GIRO for bills to ensure you never miss a condition unintentionally. - Use Linked Debit/Credit Cards
Optimise everyday spending via your savings-linked card to secure card-spend interest. - Monitor Regularly
Check monthly statements to verify if you’re meeting thresholds—including average daily balance and spending. - Diversify Across Accounts
Spread funds intelligently—e.g., large balances in Trust, salary in OCBC/DBS—to maximise total interest earned. - Stay Updated
Rates and promotions change frequently. Bookmark the banks’ official sites, compare platforms like SingSaver or DollarsAndSense, and watch for new offers.
How to Choose the Best Account for You
- Check your financial habits: do you typically spend, save, invest or keep things simple?
- Assess your typical balance and earnings: some rates drop after certain caps.
- Evaluate the ease of conditions: meeting salary crediting may be simpler than juggling insurance and investments.
- Look beyond the headline rate and calculate the Effective Interest Rate (EIR) based on your realistic ability to fulfil conditions.
- Understand fees and charges: some accounts may penalise low balances.
- Always read the fine print and ensure the bonuses are not promotional traps.
Disclaimer
Rates and product features are accurate as of June 2025, but are subject to change without notice. This article is for general informational purposes only and should not be construed as financial advice. Please visit the official bank websites or consult financial professionals to verify that the account suits your individual circumstances.
Further Reading
- For an overview of Singapore’s savings landscape, see this detailed guide by MoneySense, the national financial education programme: https://www.moneysense.gov.sg
- To compare current savings account rates in real time, check SingSaver’s rate tracker: https://www.singsaver.com.sg
By choosing a high-interest savings account tailored to your lifestyle, you can significantly boost your passive earnings. Whether you’re a disciplined saver, a heavy card user, or a multi-account investor, there’s an account on this list designed with Singaporean savers in mind.