The Best Savings Account to Earn Passively As You Do Nothing At All!
Money makes the world go round, or so we’ve heard, and we spend much of our time trying to make money. If we aren’t trying to make money, then we’re trying our hardest to save up all we can and store them away in bank accounts.
In recent years, banks in Singapore have been introducing accounts with higher interest rates to entice us to bank with them – and it seems to be working. With so many new choices, how’s one to choose? Let ShopBack breakdown the choices for you, so that you can make the best decision on your new high interest savings account. These accounts might also be the best places where you can park your emergency fund!
OCBC 360 Account – Maximum Advertised Interest Rate of 3.05%
Image Credit: OCBC
One of the most popular choices on the list, the OCBC 360 Account advertises a maximum possible interest rate of 3.05% per annum. Although the account’s base interest rate is a low 0.05%, you can get the bonus interest rates through simple means like crediting your salary through GIRO to the account, which would get you a bonus of 1.2%, or paying your household bills with the account’s funds, for another 0.3%.
DBS Be Your Own Boss – Maximum Advertised Interest Rate of 4.00%
Image Credit: DBS
In a move to court the younger generation, DBS Be Your Own Boss is available for Singaporeans 18 to 30 years old, and has a high maximum interest rate of 4.00%. Unlike some other accounts which require you to jump through hoops to achieve the maximum interest rate, the Be Your Own Boss account only has three requirements: crediting your salary to the account, transferring money to a Save As You Earn account every month for 2.00% percent and making 5 purchases a month with your DBS/POSB credit or debit card.
UOB One Account – Maximum Advertised Interest Rate of 3.33%
The card that let’s you spend and save, the UOB One Account advertises a maximum interest rate of 3.33% if you spend at least S$500 on your UOB One Card and/or selected Cards monthly and credit your salary (min S$2,000) monthly OR make 3 GIRO debit transactions monthly from your UOB One Account. However, interest rates are tiered and incremental, which yields an effective interest rate of up to 2.43% for a $50,000 deposit.
Standard Chartered Bonus$aver – Maximum Advertised Interest Rate of 3.88%
Image Credit: Standard Chartered
Standard Chartered’s Bonus$aver is perfect if you are a big spender who has a penchant for savings as well. With a maximum interest rate coming in at 3.88%, their Bonus$aver account sits in the middle of the pack. While 2% of the interest rate can be procured with simple steps like paying bills, crediting your salary, and making an investment through the account, the remaining 1.88% requires you to spend a minimum of $2,000 a month.
Maybank Save Up Programme – Maximum Advertised Interest Rate of 3.00%
Image Credit: Maybank
Last, but certainly not least, is Maybank’s Save Up Programme. Although it doesn’t have the highest interest rate on the list, this account is great for those who would like a little more flexibility on how they get their bonus interest rate. While the bonus interest rate is 0.3125%, you can get the other 2.75% through several different means – nine ways, to be exact. From common options of crediting your salary or paying your bills to taking a student loan or opening a unit trust, Save Up makes it easier to receive the maximum interest rate.
POSB Cashback Bonus – Maximum Advertised Interest Rate of 3.00%
Image Credit: POSB
A different take on the savings account, POSB’s Cashback Bonus Programme rewards you interest for a specific type of transaction instead of applying it to your entire account. For example, by crediting your salary to the Cashback Bonus account, you will receive 0.3% interest for the amount you credited, with the total amount of Cashback you can achieve a month going up to $140.
Now that you have all the information you need on the best high interest savings accounts in Singapore, you can open your new account with confidence and security that you made the right choice. For additional savings, ShopBack offers users cashback for every cent spent through our site, giving you double savings – with both cashback and a high interest rate to boost your wealth!
Rates accurate as of 21 August 2017.