Which Bank Has the Top High Yield Savings Accounts in Singapore

Which Bank Has the Top High Yield Savings Accounts in Singapore

by May 21, 2024

Interest rates for savings accounts have become a prominent topic in recent years, driven by changing central bank policies and increasing inflation.

In Singapore, banks have adjusted their offerings to attract customers by offering more competitive interest rates. Several savings accounts including the Standard Chartered Bonus$aver Account and the OCBC 360 Account have increased their interest rates, with some reaching as high as 7.68% per annum (p.a.).

These so-called high-interest savings accounts are distinguishing themselves from regular savings accounts primarily through their higher yield. For savvy savers, these accounts offer the appeal of generating greater earnings on savings without the associated risks of investing in stocks or bonds. However, they also entail specific requirements and conditions, such as maintaining a minimum balance, depositing a minimum amount each month, and spending a certain amount through the associated debit or credit card.

Today, we examine some of the top high-yield savings accounts in Singapore, delving into the details of these accounts and providing insights into their features and eligibility criteria.

saving accounts in Singapore

Standard Chartered Bonus$aver Account

The Bonus$aver account, provided by Standard Chartered Bank, offers a high interest rate with bonus interest rates of up to 7.68% p.a. To qualify for bonus interest, customers must fulfill specific criteria each calendar month. This includes being the primary account holder, having a linked Bonus$aver card, and conducting transactions in categories such as card spending, salary crediting, bill payments, insurance purchases, and investments.

Here’s an overview of the interest rates offered for different categories:

  • Salary Credit: Earn 2% p.a. bonus interest with a minimum salary credit of S$3,000 per month;
  • Card Spend: Up to 1.45% p.a. (inclusive of the prevailing interest rate of 0.05% p.a.) with a minimum of S$2,000 on eligible spends;
  • Bill Payment: Receive 0.23% p.a. bonus interest for at least 3 eligible bill payments made via GIRO or Online Banking, with a minimum of S$50 each;
  • Invest: Get 2% p.a. bonus interest for investment of eligible trust funds with a minimum subscription of S$30,000; and
  • Insure: Earn 2% p.a. bonus interest by purchasing eligible insurance policies with a minimum annual premium of S$12,000.

The Bonus$aver account also comes with a multi-currency feature which allows customers to transact in foreign currencies, with funds directly debited from relevant foreign currency balances, provided sufficient funds are available. The feature supports 14 currencies with S$0 fees for overseas transactions, and promises competitive foreign exchange (FX) rates.

As part of the sign-up promotion, applicants who apply for both a Bonus$aver Account and a Bonus$aver World Mastercard Credit Card, and deposit and maintain S$50,000 in fresh funds, are eligible to receive gifts valued at up to S$389. Furthermore, those who credit their salary within the initial two months of opening the account will receive an additional S$100 cashback.

OCBC 360 Account

The OCBC 360 Account offers customers the opportunity to earn up to 4.65% p.a. on the first S$100,000 in their account by fulfilling criteria in the Salary, Save and Spend categories. Customers can also earn an additional 3% p.a. when completing specific transactions in the Insure and Invest categories.

The criteria for unlocking bonus interest in the Salary, Save, and Spend categories involves crediting a minimum salary of S$1,800 through GIRO, FAST, or PayNow; increasing the account balance by at least S$500 monthly; and spending S$500 on selected OCBC credit cards.

For those who extend beyond these three categories, additional rewards await by purchasing eligible investment and insurance products from OCBC, boosting the maximum total effective interest rate (EIR) across all the categories to 7.65% p.a.

The following is a breakdown of the maximum total EIR across all categories for the first S$100,000:

  • Salary Credit: 2.5% p.a. bonus interest with a minimum salary credit of S$1,800 through GIRO, FAST, or PayNow;
  • Save: 1.5% p.a. bonus interest when increasing the average daily balance by at least S$500 monthly;
  • Spend: 0.6% p.a. bonus interest when charging at least S$500 to selected OCBC Credit Cards each month;
  • Insure: 1.5% p.a. bonus interest when purchasing an eligible insurance product from OCBC; and
  • Invest: 1.5% p.a. bonus interest when investing in eligible investment products from OCBC.

BOC SmartSaver

BOC SmartSaver is a savings plan offered by Bank of China Singapore (BOC) that’s tailored for Multi-Currency Savings (MCS) account holders. The plan allows participants to earn bonus interest rates on their MCS account deposits, reaching up to 7% p.a. on the first S$100,000 of the account balance, and up to 1% p.a. for balances between S$100,000 and S$1,000,000.

The account has different avenues to earn bonus interest:

  • Wealth Bonus Interest: By purchasing eligible insurance products, participants can earn a bonus interest of 2.40% p.a. for 12 consecutive months on the first S$100,000 of their MCS account balance;
  • Card Spend Bonus Interest: Account holders can enjoy bonus interest ranging from 0.5% to 0.8% p.a. by spending at least S$500 on their debit or credit cards during the calendar month;
  • Salary Crediting Bonus Interest: Participants can earn bonus interest ranging from 1.9% to 2.5% p.a. based on the amount of salary credited to their account;
  • Payment Bonus Interest: A bonus interest rate of 0.9% p.a. can be earned by completing three bill payments of at least S$30 each via GIRO or Internet Banking/Mobile Banking Bill Payment function. The bonus is applicable to the first S$100,000 of their MCS account balance only; and
  • Extra Savings Interest: Additional bonus interest of 0.6% p.a. is available on account balances above S$100,000, subject to a maximum of S$1,000,000, when any one of the criteria for Card Spend, Salary Crediting, or Payment bonus interest is fulfilled.

Application for the BOC SmartSaver can be done online or in-person at a BOC branch. The program comes with terms and conditions, including a minimum initial deposit of S$200, a monthly average balance requirement of S$1,500 to enjoy bonus interests, and a service charge of S$3 if the monthly average balance falls below S$200.

Citi Wealth First Account

The Citi Wealth First Account is tailored to assist individuals in building their wealth by rewarding their banking and wealth relationship, promising a total potential interest of up to 7.51% p.a.. It offers a range of features aimed at maximizing savings and providing convenient banking solutions.

Account holders begin with a base interest rate of 0.01% p.a. on their average daily balance to which additional bonus interest can be earned through various qualifying transactions:

  • Spend: An extra 1.5% p.a. bonus interest when spending a minimum of S$250 (or its equivalent in foreign currency) on eligible retail transactions per calendar month using the Citibank Debit Mastercard;
  • Invest: Another 1.5% p.a. bonus interest when purchasing new single lump sum investment (or combination of single lump sum investments) of at least S$50,000 in a calendar month;
  • Insure: A 1.5% p.a. bonus interest when purchasing a new single premium insurance policy (or multiple single premium policies) with total premiums of at least S$50,000 in a calendar month.
  • Borrow: A 1.5% p.a. bonus interest when taking up a new home loan of at least S$500,000; and
  • Save and earn: An additional 1.5% p.a. bonus interest when increasing the account’s average daily balance from previous month’s average daily balance by at least S$3,000.

Additionally, account holders gain access to various benefits, including a seamless mobile and online banking experience with instant payments, transfers and real-time balance updates; a complimentary Citibank Debit Card that allows access to both SGD and multiple foreign currencies with zero conversion charges and transaction processing fees; complimentary ATM withdrawals; as well as access to phone banking.


Featured image credit: edited from freepik