Best High-Interest Savings Accounts in Singapore Right Now: Full Comparison

Every bank advertises an eye-catching headline rate, but the number you actually earn depends on hoops — salary credit, card spend, GIRO, investing — that few people clear in full. Leaving your savings in a plain account quietly costs you thousands a year. Here's which account pays the most for how you actually bank.

The verdict

For most salaried Singaporeans with S$30,000–S$75,000 in savings, UOB One or OCBC 360 offer the best balance of achievable conditions and competitive effective rates — but verify the current headline figure on each bank's page, because bonus rates are revised often (as of 2026, see UOB One and OCBC 360). DBS Multiplier suits those who already bank with DBS and want flexible earn categories (DBS Multiplier). SC Bonus$aver only wins if you invest or insure via Standard Chartered — otherwise its base rate is uncompetitive (SC Bonus$aver). Whatever you choose, your deposits are protected up to S$100,000 per depositor per bank under the Singapore Deposit Insurance Scheme (SDIC). Do not leave a large balance in a standard savings account earning under 0.5% p.a.; the gap versus a bonus account costs you S$1,500–S$3,000/year on a S$75,000 balance.

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How bonus interest actually works

All major bonus savings accounts use a Condition-Gated Interest structure: a low base rate (around 0.05% p.a.) plus bonus tiers unlocked by meeting conditions like salary crediting, card spend, GIRO payments, growing your balance, investing, and insuring. The base rate is irrelevant — what matters is how many conditions you can realistically meet, and headline rates are revised frequently, so always confirm the current figure on the bank's own page.

The catch most people miss: bonus interest typically applies only up to a balance cap — S$100,000 for OCBC 360, DBS Multiplier and SC Bonus$aver, and S$150,000 for UOB One (UOB One). Above that threshold, your marginal rate drops sharply, sometimes to just 0.05%. So for balances over the cap, a bonus account is not the right sole vehicle — you need to split across accounts (which also keeps more of your money within the S$100,000 SDIC insurance limit per bank — SDIC) or move excess into Singapore Savings Bonds or T-bills.

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The accounts, side by side

Account	Headline rate (verify on bank page)	Key Conditions	Balance Cap for Bonus
UOB One	Up to top tier on bonus balance — as of 2026, see UOB	Salary credit ≥ S$1,600, spend ≥ S$500/month on UOB card	S$150,000
OCBC 360	Up to combined bonus on first S$100K — as of 2026, see OCBC	Salary credit, grow balance, ≥ S$500 card spend, insure/invest	S$100,000
DBS Multiplier	Tiered by income + categories — as of 2026, see DBS	Income credit + 1+ of: card spend, home loan, insurance, investments	S$100,000
SC Bonus$aver	Top tier needs high spend + invest/insure — as of 2026, see SC	Salary credit, card spend, insure or invest via SC, bill payment	S$100,000
Maybank Save Up	Tiered by number of products held	Salary credit, plus qualifying products (loan, insurance, investment)	S$50,000

The pattern holds across all of them: the highest headline rate always requires the heaviest commitment (typically high card spend plus insurance and investment with the same bank). SC Bonus$aver in particular needs investing or insuring through Standard Chartered to reach its top tier. For most people, the realistic comparison is between UOB One and OCBC 360 at the conditions you can actually meet — confirm each bank's current rate before deciding.

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Which account fits your profile

Use UOB One when you already hold a UOB credit card with consistent S$500+ monthly spend and can credit your salary — a clean two-condition setup that earns bonus interest on up to S$150,000. Adjust to OCBC 360 when you can meet several bonus categories (salary, save, spend, insure/invest) and want to maximise interest on up to S$100,000.

Profile	Best Account	What to check	Key Condition to Meet
Salary credit only, no card spend	DBS Multiplier (income + 1 category)	Current income-tier rate on DBS	Income credit alone qualifies for the base tier
Salary credit + S$500 card spend	UOB One	Current tier on UOB	UOB One card spend + salary credit
Salary credit + 3–4 conditions	OCBC 360	Current combined rate on OCBC	Salary + Save + Spend (+ Insure/Invest)
High spender with SC card + invest	SC Bonus$aver	Current top tier on SC	High spend + invest or insure via SC
Balance above the bonus cap	Split: bonus account + SSB	SSB rate at next auction (MAS)	Park excess in SSB / T-bills

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What this means for your balance

In practice, this means choosing the wrong savings account on a S$75,000 balance costs you real money. The difference between a standard savings account at around 0.05% p.a. and a bonus account at, say, 4% p.a. is roughly S$2,900/year — enough to cover a month or more of groceries for a family. (Because bank bonus rates move, check the live rate on the bank's page before you assume a specific figure.)

A typical 30-something with S$60,000 saved and a S$500/month card spend should look first at UOB One: set up salary credit, spend naturally on the UOB One card, and earn bonus interest on that balance with just two conditions. The setup takes one afternoon. Whichever account you pick, your balance is insured up to S$100,000 per depositor per bank under the SDIC scheme (SDIC).

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When this does NOT apply

• Balance above the bonus cap: Bonus interest caps out at S$100,000 (OCBC 360, DBS Multiplier, SC Bonus$aver) or S$150,000 (UOB One). Move excess into Singapore Savings Bonds or T-bills rather than leaving it earning the base rate of around 0.05%. A voluntary CPF top-up is another route to a risk-free return on idle cash, though those funds are locked until retirement. Spreading large balances across banks also keeps more of your money within the S$100,000 SDIC insurance limit per bank (SDIC).
• You cannot consistently meet the spend condition: If your monthly card spend is below S$500, you lose a major interest tier. In this case, DBS Multiplier (which counts income credit toward its base tier) may outperform UOB One at your actual spending level — compare current rates on each bank's page. If you can route everyday spending through the right card, it is worth picking a card whose bonus categories match how you actually spend so the card-spend condition pays you back twice.
• You are self-employed without a regular salary credit: Most accounts define "salary credit" as a GIRO/FAST transfer tagged with specific salary codes. Self-employed individuals crediting their own income may not qualify. Check with the bank before opening.
• You are saving for a goal within 12 months: For short-term goals (house downpayment, renovation), T-bills or a 6-month fixed deposit may offer comparable rates without the ongoing condition-management overhead. Once you have an emergency buffer parked and your goals funded, surplus cash beyond that is usually better off invested for long-term growth than left earning a savings rate.

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Frequently asked questions

Does crediting freelance income count as salary for these accounts?

No, usually — most banks require employer-tagged GIRO or FAST credits (e.g. UOB looks for a "SALA" transaction reference) to qualify as "salary." Self-employed income or director's fees may not qualify. DBS Multiplier is among the more flexible on what counts as income; call the bank to confirm your specific case.

Is there a minimum balance to earn bonus interest?

Yes — accounts such as OCBC 360 and UOB One require a minimum average daily balance (typically S$1,000–S$5,000) to avoid fall-below fees of around S$2–S$5/month. Effective interest is meaningless on amounts below this floor. Your deposits remain insured up to S$100,000 per depositor per bank under the SDIC scheme (SDIC).

Should I close my existing savings account to open a bonus account?

No — keep your existing account for legacy GIRO deductions and Singpass-linked transactions, and open the bonus account separately to receive salary and park savings. Running both avoids disruption and lets you keep the bonus-account balance at a level where bonus interest applies.

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Key takeaways

• If you credit salary and spend S$500/month on a UOB card, UOB One earns bonus interest on up to S$150,000 with minimal effort — check the current rate on UOB.
• If you can meet several OCBC 360 conditions (salary, save, spend, insure/invest), it can pay more on the first S$100,000 — confirm today's combined rate on OCBC.
• If your balance exceeds the bonus cap, split: keep up to the cap in your bonus account and move the rest into SSBs or T-bills — and spread large balances across banks to stay within the S$100,000 SDIC insurance limit per bank.
• Avoid leaving large sums in standard savings accounts — the annual cost is S$1,500–S$3,000+ on a S$75,000 balance.

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Sources

• Singapore Deposit Insurance Corporation — Scope of DI Coverage (deposits insured up to S$100,000 per depositor per Scheme member) (accessed 2026-06-05)
• Singapore Deposit Insurance Corporation — Deposit Insurance Scheme Overview (accessed 2026-06-05)
• UOB One Account — interest rates, salary credit and card spend conditions, S$150,000 bonus cap (accessed 2026-06-05)
• OCBC 360 Account — bonus interest categories on first S$100,000 (accessed 2026-06-05)
• DBS Multiplier Account — income-tiered bonus interest on first S$100,000 (accessed 2026-06-05)
• Standard Chartered Bonus$aver Account — bonus interest on first S$100,000 (accessed 2026-06-05)

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Disclaimer

The views and recommendations expressed in this article are those of the author.

Prices, rates, promotions, and availability are subject to change. Bank bonus interest rates in particular are revised frequently — please verify the current figures and conditions directly with the relevant bank before making any decisions.

This article is intended for general informational purposes only and should not be considered professional, financial, or banking advice.