2025 has been a whirlwind for savers. On May 1, both UOB One and OCBC 360 slashed their rates, each dropping to 3.30 per cent p.a. when you credit your salary and spend on your card. 

Just a month later, on June 1, 2025, Standard Chartered turned heads by buffing its Bonus Saver account, bumping the maximum interest rate from 6.05 per cent p.a. to a whopping 8.05 per cent p.a. if you hit all the criteria.

Now, just as Singaporeans were adjusting, OCBC 360 is set to get nerfed once more on Aug 1, 2025. Under the new structure, even if you credit your salary, save, and spend on your OCBC credit card, you'll only get 2.45 per cent p.a. — a far cry from the highs we saw just months ago.

The savings account landscape is changing fast, and banks are making it trickier than ever to score the top rates. Between ever-shifting hoops — salary credit, card spend, insurance, investments, and more — savvy savers need to keep up with the latest updates.

To help you out with navigating savings accounts in Singapore, we've compiled the best savings accounts in Singapore with the highest interest rates in 2025 for different personal and financial needs.

Note: We update this article on a monthly basis with the latest rates. The rates below were updated on July 11, 2025.

1. At a glance: Best savings accounts in Singapore with highest interest rates (July 2025)

Most savings accounts require you to jump through a whole bunch of hoops to enjoy their best rates. But let's be realistic here. Most of us aren't going to be taking a home loan, buying insurance from the bank, and investing with the bank — and certainly not all at the same time. 

What will you earn if you only fulfil two or three criteria, such as crediting your salary and spending on your credit card? 

Here's our realistic summary for those with $50,000 and $100,000 to stash away:

Note: The table above assumes you have a regular banking relationship. If you earn more, spend more, or are a premier or private banking client, you may enjoy better rates. Read the individual sections on each savings account below to find out more.

1. Citi Wealth First Account

The Citi Wealth First Account has a simple mechanic for calculating its total interest rate: base interest (0.01 per cent) + bonus interest (up to 7.50 per cent).

Its base interest starts at 0.01 per cent for everyone, whether you're a Citibanking, Citi Priority, Citigold, or Citigold Private Client customer. That's the lowest base interest rate out of all the savings accounts on this list.

Next, beef up that measly 0.01 per cent up with bonus interest rates. You get different bonus rates depending on which of the following categories you fulfil:

• Spend (+1.5 per cent): Spend at least $250/month on your Citibank Debit Mastercard.
• Invest (+1.5 per cent): Purchase one or more new single lump sum investments totalling at least $50,000/month. Investments can include Unit Trust, Structured Notes and Bonds.
• Insure (+1.5 per cent): Purchase one or more new single premium policies totalling at least $50,000/month. This excludes policies purchased using Central Provident Fund Savings or Supplementary Retirement Schemes.
• Borrow (+1.5 per cent): Take up a new home loan of at least $500,000.
• Save (+1.5 per cent): Deposit more money into your account, increasing your account’s average daily balance by at least $3,000 from the previous month’s.

If you fulfil all of the transaction categories above, the maximum interest rate you can get with the Citi Wealth First Account is a generous 7.51 per cent. That's one of the highest rates among the savings accounts this month.

Plus, it applies to the first $50,000 to $150,000 in your account, and not just the first $25,000 after the first $100,000 or something like that (looking at you, UOB One). That means 7.51 per cent p.a. is the effective interest rate!

Realistically speaking, most of us can only deposit our salaries in the account, i.e. "Save", and "Spend". If you only fulfil these two criteria, you'll earn 3.01 per cent p.a. interest on the Citi Wealth First Account. That's $1,505 earned per year from your first $50,000.

The only advantage to starting a Citigold or Citigold Private Client banking relationship is that the bonus interest rates can apply to a larger sum of money. For Citibanking and Citi Priority customers, bonus interest rates are applied to only the first $50,000, according to the Citi Wealth First T&Cs (Clause 7). 

This increases to $250,000 for Citigold and $500,000 for Citigold Private Client.  

Citi Wealth First Account 

• Minimum balance: $15,000
• Fall below fee: $15
• Bonus interest cap: $50,000 – $500,000

2. Standard Chartered BonusSaver account interest rates

The Standard Chartered BonusSaver savings account just got a boost. After being nerfed on Jan 1, 2025 to a maximum interest rate of 6.05 per cent p.a., it's now back up to a maximum of 8.05 per cent p.a. — the highest in the account’s history.

Here’s a breakdown of the changes that took effect on June 1, 2025:

While 8.05 per cent p.a. is very high, it isn't easy to hit this maximum interest rate on the Standard Chartered BonusSaver. You'd need to fulfil all four requirements: credit your salary, spend on your credit card, invest, and buy insurance. Tough!

If you only catch the lowest hanging fruit, salary credit and credit card spending, you'll still earn a decent 3.05 per cent p.a. However, for meeting the same two requirements, even the nerfed UOB One Account (3.30 per cent p.a. on first $150,000) is more attractive. If you can also save at least $500 a month, the OCBC 360 account (3.30 per cent p.a. on first $100,000) is also comparable.

On the plus side, 8.05 per cent p.a. is applied to the entire sum of $100,000, whereas accounts like the UOB One savings account are only going to give the highest interest rate to a smaller sum based on a tiered system. 

Do note that you only get the bonus interest for crediting your salary if you're earning at least $3,000 per month. If you earn less, I suggest the OCBC 360 savings account instead — it'll give you 2.00 per cent p.a. interest on your first $100,000 for crediting a minimum salary of $1,800.

Standard Chartered Bonus Saver

• Minimum balance: $3,000
• Fall below fee: $5
• Bonus interest cap: $100,000

3. UOB One savings account interest rates

The UOB One Account did us all a great service from Dec 2022 to April 2024, offering a rate of up to 7.80 per cent (EIR: 5.00 per cent p.a.) back then for simply spending on a UOB credit card and crediting our salaries to the account. Oh, the glory days.

But Singapore’s highest interest savings account relinquished its throne on May 1, 2024 when it reduced its maximum interest rate to 6.00 per cent p.a. (EIR: 4.00 per cent p.a.). Then, exactly one year later, it got nerfed again on May 1, 2025.

UOB One savings account interest rates

The highest tier interest is now 5.30 per cent p.a., down from six per cent p.a.

However, remember that the advertised interest rates above are only applied on specific tiers — for example, the 5.30 per cent only applies to the $25,000 after your first $125,000.

To properly assess your earnings with the UOB One Account, what you need to look at is the effective interest rate — the true interest rate on the full amount you deposit in your UOB One Account.

The maximum EIR you can earn with UOB One is 3.30 per cent p.a. on your first $150,000.This assumes you spend on a UOB credit card and credit your salary to the account (we'll get to the mechanics in the sub-section below).

While it is a drop, 3.30 per cent p.a. is still one of the highest rates out there when you consider how simple it is to achieve-just fulfil two pretty easy criteria.

Comparatively, Standard Chartered will only give you 2.05 per cent p.a. to fulfil the same criteria.

Until it gets nerfed on Aug 1, 2025, the OCBC 360 savings account is the closest competitor to UOB One, offering 3.30 per cent p.a. for those who credit their salary, spend on an OCBC credit card, and save at least $500 a month. That last criterion puts some restrictions on your account withdrawals-you have to make sure your average balance increases by $500 each month.

Another factor that gives UOB One an edge over OCBC 360 is that the 3.30 per cent p.a. applies to $150,000, while it applies only to $100,000 with the OCBC 360 account. Those with savings over $100,000 will find UOB One more useful.

How to maximise interest on the UOB One savings account

At least UOB didn't change the mechanics of how to earn bonus interest on the UOB One. That means this advantage of the UOB One account remains intact — its criteria to snag the highest interest rate is easy peasy. You only need to fulfil these two requirements:

• Credit your salary to the UOB One account via GIRO
• Spend at least $500 spend per month on an eligible UOB Card

The eligible cards you can hit the $500 spend on are:

• UOB One Card
• UOB Lady’s Card  (all card types)
• UOB EVOL Card
• Lazada-UOB Card
• UOB One Debit Visa Card
• UOB One Debit Mastercard
• UOB Lady’s Debit Card
• UOB Mighty FX Debit Card

Among these cards, the UOB One Card is one of the best cards to pair with the UOB One savings account. 

If you prefer a card with $0 minimum spend, the recently revamped UOB Lady’s Card is right up your alley. And yes, men can apply too!

UOB One savings account

• Minimum balance: $1,000
• Fall below fee: $5 (Waived for first six months for accounts opened online)
• Bonus interest cap: $100,000

4. OCBC 360 savings account interest rates

After its nerf on May 1, 2025, the OCBC 360 account is set to be hit again come Aug 1, 2025. The table above shows the changes you can expect. We'll get to what those changes mean for your money in a bit. But first, how does the OCBC 360 account work?

The OCBC 360 savings account starts at a base interest of 0.05 per cent p.a. You get this on any amount you put in the account.

From there, the OCBC 360 savings account then gives you varying bonus rates for crediting your salary, spending on your credit card (minimum of $500/month), growing your balance, insuring and investing. You can mix and match the criteria you want to fulfil to unlock different interest rates. 

However, these bonus rates apply only to the first $100,000 in your account.

Depending on the combination of criteria you fulfil, this is what your maximum Effective Interest Rate (EIR) will be on your first $100,000:

Realistically, most of us will likely only fulfil three criteria: Salary, Save, and Spend. From Aug 1, 2025, the maximum EIR we can enjoy will drop from 3.30 per cent p.a. to 2.45 per cent p.a.

To recap, its closest competitor, the UOB One account, gives you an EIR of 3.30 per cent. Plus, you only need to fulfil two criteria, crediting your salary and spending on your credit card.

Before all your OCBC 360 savings accounts holders start frantically moving your cash over to UOB, hold up and listen. Firstly, there's no telling which savings accounts will get nerfed or even buffed. There's still three weeks or so left in July — so take a chill pill for the moment, enjoy the 3.30 per cent p.a. while you can, and assess your options nearer to the end of the month.

Secondly, there are two cases to be made for the OCBC 360 account over the UOB One account.

• With the OCBC 360 account, there is no one mandatory requirement to hit. Mix and match as you please. The UOB One account requires that you credit your salary to enjoy its bonus rates.
• With the OCBC 360 account, you earn bonus interest for crediting your salary through GIRO, FAST, or PayNow. With the UOB One account, it only counts if you credit your salary via GIRO.

Recommended cards for the OCBC 360 savings account

The bonus 0.50 per cent p.a. interest (soon to be 0.4 per cent come Aug 1, 2025) for credit card spending is an easy one to hit, but do note that the $500 monthly spend applies only to selected OCBC credit cards:

• OCBC 365 Credit Card
• OCBC INFINITY Cashback Card
• OCBC NXT Credit Card
• OCBC 90°N (available in both Visa and Mastercard versions)
• OCBC Rewards Card

My top pick is the OCBC 365 Credit Card for its high cashback rates, subject to a minimum monthly spend of $800:

• 5 per cent cashback on everyday dining (including local, overseas and online food delivery)
• 6 per cent cashback on fuel spend at all petrol service stations locally and overseas
• 3 per cent cashback on groceries, land transport, online travel, recurring telco and electricity bills

But if you’ve jumped through enough hoops for your savings account and just want a blanket 1.6 per cent cashback rate from your credit card, the OCBC INFINITY Cashback Card is a better fit.

OCBC 360

• Minimum balance: $1,000
• Fall below fee: $2. Waived for first year.
• Bonus interest cap: $100,000

5. Bank of China SmartSaver account interest rates

While the UOB One and OCBC 360 accounts were the high-profile nerfs on May 1, 2025, one more bank quietly joined the nerf party too-the Bank of China.

With the Bank of China SmartSaver account, you now get 1.50 per cent p.a. just for opening the account and crediting your salary (minimum of $2,500) to it. That's down from the previous 2.5 per cent p.a.

The Bank of China SmartSaver account also awards a wealth bonus of 2.75 per cent per annum for 12 consecutive months. However, to qualify, you'll have to put down a pretty hefty sum on their insurance products. We're talking a minimum of $12,000 in annual premiums with a 10-year premium term.

If you max out the bonus interest in all categories, you can enjoy a rate of up to 6.0 per cent p.a. on your first $100,000 saved with the Bank of China. This used to be 7.0 per cent, pre-nerf.

On the other hand, let's say you only credit your salary and spend ($750 a month). Including the prevailing base interest, you'll earn an interest rate of 1.50 per cent + 0.75 per cent + 0.40 per cent = 2.65 per cent on your first $100,000. It's not very high, but at least it's low effort on your part.

Bank of China SmartSaver 

• Minimum balance: $200 (Maintain at least $1,500 to enjoy bonus interests)
• Fall below fee: $3
• Bonus interest cap: $100,000

6. Maybank Save Up Programme interest rates

Base interest

The Maybank Save Up Programme starts with a higher base interest rate than most other savings accounts… sorta. The base interest is actually tiered:

• First $3,000: 0.05 per cent p.a.
• Next $47,000: 0.25 per cent p.a.
• Remaining balance above $50,000: 0.25 per cent p.a.

Your base interest’s effective interest rates are hence:

• First $50,000: 0.238 per cent p.a.
• First $75,000: 0.242 per cent p.a.
• First $100,000: 0.244 per cent p.a.

Bonus interest

Next, the Maybank Save Up Programme then lets you choose from nine different Maybank products/services to get bonus interest:

• GIRO payment (min. $300) OR salary credit (min. $2,000)
• Credit card spending (min. $500) on Maybank Platinum Visa Card and/or Horizon Visa Signature Card
• Invest in structured deposit (min. $30,000)
• Invest in unit trust (min. $25,000)
• Buy insurance (min. $5,000 annually)
• Home loan (min. $200,000)
• Renovation loan (min. $10,000)
• Car loan (min. $35,000)
• Education loan (min. $10,000)

The bonus interest rates aren’t competitive unless you fulfil three transactions. Assuming you hit three transactions and start with a bonus interest rate of 0.25 per cent, you’ll get 4.3 per cent on your first $50,000 and 5.5 per cent p.a. on the next $25,000. For comparison, the OCBC 360 account will give you 4.65 per cent p.a. for hitting the three categories of crediting your salary, saving, and spending on your credit card.

Speaking of credit card spending, do note that Maybank only considers credit card spending on the Maybank Platinum Visa Card and Horizon Visa Signature Card. Spending on other Maybank credit cards doesn't count. On the plus side, these cards give you good cash rebates both locally and overseas.

Maybank Save Up Programme

• Minimum balance: $1,000
• Fall below fee: $2. Waived for individuals below age 25.
• Bonus interest cap: $50,000

7. DBS Multiplier savings account interest rates

The DBS Multiplier account's interest rates are only competitive if you hit three categories across credit card spending, home loan, insurance, and investment.

The rates in the table above apply to you if you credit your salary/dividends/SGFinDex to any DBS or POSB account (yes, it doesn’t need to be your DBS Multiplier account!). You need to have at least $500 worth of transactions from one or more of the following categories:

• Credit card or PayLah spending (no minimum)
• Home loan (cash + CPF components counted)
• Selected insurance policies (life insurance, critical illness, endowment plans and selected single premium policies)
• Selected investments (regular savings plan, unit trust, online equities trade, digiPortfolio or bonds, and structured products)

The more categories you hit, the higher bonus interest rates you get.

One thing I really like about the DBS Multiplier is that there is no minimum amount required for the credit card or DBS PayLah! spend. You can also choose either, although I would recommend the credit card route for extra cashback or miles. 

You can earn up to 10 miles per dollar with the DBS Altitude Visa Signature Card on your travel spend at Expedia and Kaligo, and 2.2 miles per dollar on other overseas spend.

The DBS Vantage Visa Infinite Card comes with an even bigger welcome miles bonus, although it isn't the most accessible credit card due to its high minimum income requirement.

What if you don't have any DBS credit card, insurance, or investments? If you're 29 years old or below, you can still earn 1.5 per cent p.a. on the first $50,000. You don't need to credit your salary to a DBS/POSB account, but DBS will still require you to at least use PayLah!. The good news is that there isn't a minimum amount for PayLah! spend. Just use it to pay for anything, even if it's a $1+ cup of kopi at your local coffeeshop. Easy!

Overall, the DBS Multiplier account makes it easy to earn bonus interest with its zero minimum spend transaction categories and the flexibility to credit your salary into any DBS account, not necessarily the DBS Multiplier.

However, DBS Multiplier account interest rates start pretty low, especially if you don't credit your salary to a DBS/POSB account. Comparatively, CIMB FastSaver's interest rates start at 1.50 per cent p.a. for just opening the account and depositing a minimum of $1,000.

DBS Multiplier

• Minimum balance: $3,000
• Fall below fee: $5. Waived for first-time customers & those up to age 29.
• Bonus interest cap: $100,000

8. CIMB FastSaver savings account interest rates

The CIMB FastSaver account works a bit differently compared to others on this list. It does have the usual suspects — salary and credit card spend requirements — but these are only required for you to unlock the highest interest rate (currently 3.19 per cent p.a.) on the first $25,000.

After you meet those requirements for the initial $25,000 balance, you can enjoy up to 2.70 per cent p.a. Yup, no conditions to buy insurance, sign up for an investment, or any other hoops to jump through.

If we assume you hit the requirements to earn 3.19 per cent on your first $25,000, your effective interest rates are:

• First $25,000: 3.19 per cent
• First $50,000: 2.64 per cent
• First $75,000: 2.66 per cent
• First $100,000: 2.20 per cent

This account is also perfect for most young adults starting out their career, because of the very low minimum balance of $1,000 (note, however, that you need to maintain $5,000 for the current promotion) and no fall below fee.

CIMB FastSaver 

• Minimum balance: $1,000
• Fall below fee: None!
• Bonus interest cap: $75,000

9. POSB SAYE savings account interest rates

What if you want to open a savings account, but don’t want to do anything but credit money into it? The best zero-effort contender is the POSB SAYE (Save As You Earn) account.

You need to set up a standing order to credit a fixed amount every month (anything from $50 to $3,000) into your SAYE account, then resist the urge to touch it for two years. As a reward for your restraint, you earn 3.5 per cent p.a..

Note that it's a whole lot less liquid than any other savings account, so for the love of God, please don't put your emergency stash in here.

10. HSBC Everyday Global Account

Our last savings account on this list is the most headache-inducing. The HSBC Everyday Global Account is a multi-currency account that also doubles up as a savings account… masquerading as an interest/cashback-earning hybrid. Yikes. Let me explain.

The HSBC Everyday Global Account lets you transact in 11 different currencies, but that’s probably not the reason why you’re reading this article. More importantly for our purposes today, it also functions as a savings account.

Unlike the others on this list, the HSBC Everyday Global Account doesn’t stack bonus interest the more you spend/save/borrow/invest/insure. Instead, the account works hand in hand with the HSBC Everyday+ Rewards Programme to, collectively between the account and the programme, earn you an extra one per cent bonus interest and one per cent cashback per year.

HSBC Everyday Global Account: How much interest can I earn?

When you have an HSBC Everyday Global Account and also qualify for the HSBC Everyday+ Rewards Programme, you can earn up to 3.55 per cent p.a. from now to June 30, 2025:

• 0.05 per cent p.a. Everyday Global Account’s prevailing interest rate
• + 2.50 per cent p.a. Everyday Global Account Bonus Interest
• 1.00 per cent p.a. when you qualify for the HSBC Everyday+ Rewards Programme

Combined, these bring your total interest to 3.55 per cent p.a.

How do I qualify for the HSBC Everyday+ Rewards Programme?

The third component above (one per cent additional interest) comes from qualifying for the HSBC Everyday+ Rewards Programme. Here are the requirements:

1. Deposit at least $2,000 (for Personal Banking customers) or $5,000 (for Premier customers) into the account
2. Make five eligible transactions, with no minimum amount. These can be any combination of the following types:
   1. Transactions made with a HSBC personal credit card*
   2. Transactions made with a HSBC Everyday Global Debit Card
   3. GIRO bill payments
   4. Fund transfers to a non-HSBC account

What do I earn from the HSBC Everyday+ Rewards Programme?

Qualifying for the Everyday+ Rewards Programme gets you:

• One per cent bonus interest (as we talked about) on the money you top up into your account each month (capped at $300/month)
• One per cent cashback on your HSBC Everyday Global Debit Card transactions and GIRO bill payments (capped at $300/month for Personal Banking customers, $500/month for HSBC Premier customers)

* Note that you can use an HSBC credit card to qualify for the HSBC Everyday+ Rewards Programme, but credit card spending won’t earn you cashback once you qualify the programme. The one per cent cashback you receive is pegged to your spending on your HSBC Everyday Global Debit Card, not your credit card.

This change was implemented by HSBC on May 2, 2024 and is also spelled out in their updated terms and conditions.

On the plus side, HSBC doesn’t limit you to a select few credit cards for the credit card spending criteria, so take your pick of the HSBC credit cards available. My personal pick is the new HSBC Live+ Credit Card, with which you can earn up to 8per cent cashback on this card on selected dining, shopping, and entertainment spending.

On top of the interest and cashback, HSBC will give you one-time cash bonuses of up to $150 (for Personal banking customers) / $300 (Premier customers) when you deposit at least $100,000 (Personal banking) / $200,000 (Premier Banking) and meets the eligibility criteria above for the first six months.

How to register for the HSBC Everyday+ Rewards Programme

To register, send an SMS to 74722 with the following format:

EGA<Space>first 9-digit of your Everyday Global Account number (e.g. EGA 123456789)

This article was first published in MoneySmart.