Best savings accounts 2021: Highest interest rates for working adults

2020 has not been the best for of years if you have your money in a savings account with high-interest rates.

As the world reels from the impact of Covid-19, central banks around the world have been cutting their benchmark rates after the US Federal Reserve cut interest rates to near-zero.

The Fed also recently announced that they will keep interest rates near zero until 2023.

As such, interest rates from these savings accounts have been slipping and falling like this penguin:

With banks changing their interest rates multiple times this year, you might find it hard to keep track of the changes.

As such, we have updated this guide for 2021 to help you find the best savings account for your needs in the year ahead.

Here’s all you need to know!

Article updated on Dec 22, 2020 to reflect all the latest changes to the savings accounts in the market:

• Changes to the DBS Multiplier and Standard Chartered JumpStart account will take effect from Jan 1, 2021 .
• Whereas for the CIMB FastSaver account, the changes will take effect from Jan 15, 2021 .

Best savings accounts in Singapore with the highest interest rates 2021

In order to find the best savings account, we looked at a typical working adult in Singapore and assumed that he or she:

• Has a starting minimum of $10,000 in their savings account
• Has at least $2,000 in salary credited into the savings account after CPF contribution
• Spends a minimum of $500 a month via credit card on daily expenses (transport and food)
• Pays at least three bills.

Do note that for this comparison, we will take it that the confirmed changes to the savings account interest rates have already been implemented.

Based on the criteria that we set out, here’s how much interest you’ll be getting:

Maybank Save Up will give you the highest interest of 1.03 per cent p.a.

For a more universal comparison that’s applicable to most, you can refer to the table below to find out the potential interest rate you can get.

Here’s how to use the table:

1. The extreme left column will tell you what kind of base interest or category you need to fulfil in order to qualify for the interest
2. If you meet any of the categories, make a mental note of the corresponding interest rate
3. Add everything up to get your estimated potential interest rate

Seedly savings account calculator : Find the best savings account in less than a minute

The whole process of choosing the best savings account can be rather confusing as we all have different spending habits and incomes.

All you have to do is fill up some basic information like your:

• bank balance
• monthly salary credited
• monthly credit card spend.

And the calculator will tell you which savings account gives you the highest interest rate!

If you’re still unsure, you can also read real user reviews left by our SeedlyCommunity to find out if it’s really the best savings account for you!

Bank of China savings account: BOC SmartSaver account

BOC SmartSaver interest rates 

Bonus Interest Categories	Before Aug 1, 2020	From Aug 1, 2020
Wealth (New)	-	1.50 per cent p.a.
Card Spend	1.60 per cent p.a. (Spend at least $1,500)	0.50 per cent p.a. (Spend at least $1,500)
	0.80 per cent p.a. (Spend at least $500)	0.30 per cent p.a. (Spend at least $500)
Monthly Salary Crediting	0.80 per cent p.a. (from $2,000 to $6,000)	0.30 per cent p.a. (from $2,000 to $6,000)
	1.20 per cent p.a. ($6,000 and above)	0.50 per cent p.a. ($6,000 and above)
Payment	0.35 per cent p.a.	0.30 per cent p.a.
Extra Savings	0.60 per cent p.a.	0.40 per cent p.a.

Note: The Extra Savings interest is only applicable to account balances above $80,000 (previously $60,000).

• Initial deposit: $1,500
• Minimum monthly balance: $1,500
• Bonus interest cap: $80,000

FYI: The changes to the base interest rate of the BOC SmartSaver account are effective Aug 1, 2020.

Before Aug 1, 2020	From Aug 1, 2020
Below $5,000	0.25 per cent	0.1 per cent
$5,000 to $20,000	0.275 per cent	0.1 per cent
$20,000 to $50,000	0.35 per cent	0.15 per cent
$50,000 to $100,000	0.4 per cent	0.15 per cent
$100,000 and above	0.475 per cent	0.2 per cent

Things to note about Bank of China SmartSaver

Even with “over 200 ATMs” located around Singapore, it’s not easy to find a Bank of China ATM when you need it.

But I supposed that’s a good thing as you’ll be less likely to make withdrawals.

In terms of credit card spending, you might want to consider using the BOC Family Card as it gives you up to 10per cent cashback on groceries and dining.

But the minimum spend of $800 to qualify for the cashback might discourage those who don’t spend that much.

How to maximise Bank of China SmartSaver interest earned?

If you’re earning a high income (at least $6,000), then BOC Smart Saver is a pretty good choice as you don’t need to jump through too many hoops to qualify for the additional interest.

Here’s how much interest you can get based on the criteria we set out:

Category (fulfilled monthly)	Interest Rate (p.a.)
Card Spend ($500)	0.30 per cent
Salary Crediting ($2,000)	0.30 per cent
Payment (Three bills of at least $30 each)	0.30 per cent
Total Interest	0.90 per cent

Best CIMB savings account: CIMB FastSaver account

CIMB FastSaver interest rates 

FYI: From Jan 15, 2020 onwards, CIMB will be revising its interest rates for the CIMB FastSaver account .

Account Balance	Interest Rates (Before Jan 15, 2020)	Interest Rates (After Jan 15, 2020)
First $50,000	0.30 per cent p.a.	0.30 per cent p.a.
Next $25,000	0.50 per cent p.a.	0.30 per cent p.a.
Next $25,000	0.75 per cent p.a.	0.15 per cent p.a.
Above $100,000	0.30 per cent p.a.	0.15 per cent p.a.

• Initial deposit: $1,000
• Minimum monthly balance: $0 (but leave $1,000 to get the interest!)
• Bonus interest cap: $100,000

How to maximise CIMB FastSaver interest earned based on above criteria

The best thing about CIMB FastSaver is that it is a pretty straightforward savings account WITH NO CONDITIONS .

From Jan 15, 2021, you basically get 0.30 per cent p.a. interest on everything up to $50,000 and there’s no fall below fee either.

Here’s how much interest you can get based on the criteria we set out:

0.30 per cent p.a.

See?

Simple.

Best DBS savings account: DBS multiplier account

DBS Multiplier interest rates 

FYI: If you’re currently using DBS Multiplier, you probably would have heard of the latest changes to the interest rates that will take effect from Jan 1, 2021 .

First $25,000 Income + transactions in 1 category			First $50,000 Income + transactions in 2 categories			Next $50,000 Income + transactions in 3 categories
Total eligible transactions per month	Before Jan 1 2021 (per annum)	From Jan 12021 (per annum)	Changes in interest rate (percentage point)	Before Jan 1 2021 (per annum)	From Jan 1 2021 (per annum)	Changes in interest rate (percentage point)	Before Jan 12021 (per annum)	From Jan 1 2021 (per annum)	Changes in interest rate (percentage point)
Below $2,000	0.05per cent	0.05per cent	No change	0.05per cent	0.05per cent	No change	0.05 per cent	0.05 per cent	No change
$2,000 to	0.70 per cent	0.40 per cent	-0.30 per cent	1.30 per cent	0.60 per cent	-0.70 per cent	2.00 per cent	1.20 per cent	-0.80 per cent
$2,500 to	0.90 per cent	0.40 per cent	-0.50 per cent	1.50 per cent	0.70 per cent	-0.80 per cent	2.20 per cent	1.40 per cent	-0.80 per cent
$5,000 to	1.10 per cent	0.50 per cent	-0.60 per cent	1.80 per cent	0.80 per cent	-1.00 per cent	2.40 per cent	1.60 per cent	-0.80 per cent
$15,000 to	1.20 per cent	0.50 per cent	-0.70 per cent	1.90 per cent	1.00 per cent	-0.90 per cent	2.50 per cent	1.70 per cent	-0.80 per cent
$30,000 and above	1.30 per cent	0.60 per cent	-0.70 per cent	2.80 per cent	2.00 per cent	-0.80 per cent	3.80 per cent	3.00 per cent	-0.80 per cent

The bonus interest rate you earn is influenced by:

Option 1

• Income
  • Salary credit, and/ or
  • Dividends credited via GIRO from CDP.

In addition to how many and how much transactions you make in the following categories:

• Credit Card Spend
• Home Loan Instalments
• Insurance (only for the first 12 consecutive months)
• Investments (only for the first 12 consecutive months).

Option 2

• Income
  • Salary credit, and/ or
  • Dividends credited via GIRO from CDP
• Plus, PayLah Retail Spend.

Option 3

• PayLah Retail Spend (29 years old and below).

The more categories you transact in, and the higher the amount you transact in, the more interest you’ll earn.

Note: even though there is no minimum transaction required for each category, you still need to have a total transaction of at least $2,000 under the Income category to qualify for ANY bonus interest tier.

• Initial deposit: $0
• Minimum monthly balance: $3,000 (fall-below fee waived till 29 years old)
• Bonus interest cap: $25,000

Things to note about DBS Multiplier

You’ll notice that the bonus interest you earn on the Insurance and Investments categories is only recognised for the first 12 consecutive months .

After that, you can only go as far as Income plus transactions in 2 categories: Credit Card Spend and Home Loan Instalments .

Unless you choose to buy EVEN more insurance and make MORE investments…

How to maximise DBS Multiplier interest earned based on above criteria

Like most savings accounts, the DBS Multiplier savings account base interest rate is a paltry 0.05 per cent per annum.

To earn the extra interest, you’ll need to minimally credit your salary or dividends from CDP via GIRO to qualify for the Income category .

Then to get more interest, you’ll need to:

• Spend using any DBS or POSB credit card to qualify for the Credit Card Spend category
• Get a home loan from DBS or POSB to qualify for the Home Loan Instalment category
• Get insurance from DBS or POSB to qualify for the Insurance category
• Have investments with DBS or POSB to qualify for the Investments category

Based on the criteria we set out earlier, you will fulfil the salary credit category and credit card spend category.

Here is how much interest you can earn after Jan 1, 2021 :

Category (fulfilled monthly)	Amount Transacted	Interest Rate (p.a.)
Income	$2,000 through GIRO (salary or dividends from CDP)	0.40 per cent
Credit Card Spend	$500 through a DBS credit card
Total Interest		0.40 per cent

If you take up a home mortgage loan or invest with DBS as well.

Then you’ll probably be able to push that interest up from 0.40 per cent to 0.60 per cent p.a .

And if you can transact more than $15,000 a month, then that pushes it up from 0.60 per cent to 1.0per cent p.a …

But if you’re moving that kind of money a month, you’re probably don’t really care about finding the best savings account.

Best Maybank savings account: Maybank SaveUp account

Maybank SaveUp interest rate 

FYI: If you’re currently using the Maybank SaveUp account, here are the latest interest rates as of Dec 21, 2020 .

Interest
Base Interest	0.1875 per cent p.a. (first $3,000) 0.25 per cent p.a. (Next $47,000) 0.3125 per cent (Remaining balance above $50,000)
Additional Interest
1 product or service	0.30 per cent p.a.
2 products or services	0.80 per cent p.a.
3 products or services	2.75 per cent p.a.

*Additional interest capped at first $50,000 of your account balance

• Initial deposit:
  • $500 (Singaporeans/Permanent Residents)
  • $1,000 (Foreigners)
• Minimum monthly balance: $1,000
• Bonus interest cap: $50,000

How to maximise Maybank Save Up interest earned based on above criteria

The Maybank Save Up programme lets you choose from nine different products and services in order to get the bonus interest:

Qualifying Products	Minimum Transaction Amount	Bonus interest period (months)
Save	GIRO Payment* (To other billing organisations) AND/OR Salary Crediting* (Via GIRO or Maybank Payroll)	$300 monthly (GIRO) AND/OR $2,000 monthly (Salary)	1 month
Spend	Card (Transact with Maybank Platinum Visa Card and/or Horizon Visa Signature Card)	$500 monthly	1 month
Invest	Structured Deposits	$30,000	3 months
	Unit Trusts	$25,000 cash investments	12 months
Insure	Regular Premium Insurance	$5,000 in annual premium	12 months
Borrow	Home Loan (excludes Equity Loan)	$200,000	12 months
	Car Loan	$35,000
	Renovation Loan	$10,000
	Education Loan	$10,000

*If you meet the minimum salary credit amount and/or the minimum aggregate GIRO debit amount stated in the table above, it will be considered as 1 Qualifying Product.

Note: looking at the number of loans available, it seems like Maybank Save Up would be ideal if you’re already planning to take a loan.

To best optimise your interest rate, you’ll basically want to fulfil at least three products and services in order to clock the maximum interest of 3.00 per cent p.a .

If we stick with the criteria we set out — meaning you only fulfil two product or services — you only get 1.03 per cent p.a.

Best OCBC savings account: OCBC 360 account

OCBC 360 interest rates 

FYI : OCBC 360 has revised their interest rates recently.

The interest rate shown in the table below will be the interest rate effective Oct 1, 2020.

OCBC 360 Additional Interest Rates

Requirements	From July 1, 2020	Requirements	From  Oct 1, 2020
Salary Bonus (Credit at least $1,800 through GIRO)	First $35,000: 0.6 per cent p.a.	Salary Bonus (Credit at least $1,800 through GIRO)	First $25,000: 0.4 per cent p.a.
	Next $35,000: 1.2 per cent p.a.		Next $25,000: 0.8 per cent p.a.
			Next $25,000: 1.2 per cent p.a.
Save Bonus (Increase your average daily balance by at least $500 from the previous month)	First $35,000: 0.2 per cent p.a.	Save Bonus (Increase your average daily balance by at least $500 from the previous month)	First $25,000: 0.1 per cent p.a.
	Next $35,000: 0.4 per cent p.a.		Next $25,000: 0.2 per cent p.a.
			Next $25,000: 0.4 per cent p.a.
Wealth Bonus (Insure or invest in eligible OCBC wealth products to earn this bonus interest for 12 months)	First $35,000: 0.6 per cent p.a.	N.A.	N.A.
	Next $35,000: 1.2 per cent p.a.
Wealth Bonus (Insure) (Insure with OCBC Bank and earn this bonus interest for 12 months)	N.A.	Insure Bonus (Insure with OCBC Bank and earn this bonus interest for 12 months)	First $25,000: 0.4 per cent p.a.
			Next $25,000: 0.8 per cent p.a.
			Next $25,000: 1.2 per cent p.a.
Wealth Bonus (Invest) (Invest with OCBC Bank and earn this bonus interest for 12 months)		Invest Bonus (Invest with OCBC Bank and earn this bonus interest for 12 months)	First $25,000: 0.4 per cent p.a.
			Next $25,000: 0.8 per cent p.a.
			Next $25,000: 1.2 per cent p.a.
Grow Bonus (Maintain an average daily balance of at least $200,000 to earn this extra bonus each month)	First $70,000: 0.8 per cent p.a.	Grow Bonus (Maintain an average daily balance of at least $200,000 to earn this extra bonus each month)	First $75,000: 0.4 per cent p.a.

Do note that you will earn a base interest of 0.05 per cent a year on your entire account balance regardless of whether you fulfil the above categories.

• Initial deposit: $1,000
• Minimum monthly balance: $3,000 (fall-below fee waived for 1st year)
• Bonus interest cap: $70,000

How to maximise OCBC 360 interest earned based on above criteria

If you don’t like reading terms and conditions, here’s our suggestion on how you can maximise your OCBC 360 Saving Account’s interest rate.

The criterion to hit the OCBC 360 Grow Bonus interest rate is probably out of reach for most of us.

Like seriously, who has $200k lying around in the bank?!

Instead, you’ll want to fulfil as many other categories as you can:

• Credit your salary to earn Salary Bonus
• Increase your bank balance at least $500 a month to earn Save Bonus
• Buy unit trusts or endowment insurance plans from OCBC to build your retirement portfolio and earn the Insure Bonus or Invest Bonus.

Even if you’re unsure about buying insurance or investment products from OCBC, here’s an example of how much interest you can earn based on the above criteria:

Condition (fulfilled monthly)	Interest Rate (p.a.)
Salary Bonus (credit at least $1,800 via GIRO)	0.4 per cent
Save (Increase your average daily balance by at least S$500 monthly)	0.1 per cent
Base Interest	0.05 per cent
Total Interest	0.55 per cent

Best Standard Chartered savings account: Standard Chartered Bonus$aver account

Standard Chartered Bonus$aver interest rates 

FYI: Before we get into it, you should know that the BonusSaver bonus interest rates were revised recently .

The interest rate shown in the table below will be the interest rate effective Dec 1, 2020.

Requirements	Before April 1, 2020	From  April 1, 2020	From July 1, 2020	From  Oct 1, 2020	From  Dec 1, 2020	Overall Changes in 2020
Prevailing	0.10 per cent p.a.	0.05 per cent p.a.	0.05 per cent p.a.	0.03 per cent p.a.	0.03 per cent p.a.	-0.07 per cent p.a.
Card Spend (inclusive of Prevailing)	Up to 1.88 per cent p.a. (min spend $2,000 monthly)	Up to 1.50 per cent p.a. (min spend $2,000 monthly)	Up to 0.80 per cent p.a (min spend $2,000 monthly)	Up to 0.75 per cent p.a. (min spend $2,000 monthly)	Up to 0.6 0per cent p.a. (min spend $2,000 monthly)	-1.28 per cent p.a.
	Up to 0.88 per cent p.a. (min spend $500 monthly)	Up to 0.50 per cent p.a. (min spend $500 monthly)	Up to 0.30 per cent p.a. (min spend $500 monthly)	Up to 0.25 per cent p.a. (min spend $500 monthly)	Up to 0.25 per cent p.a. (min spend $500 monthly)	-0.63 per cent p.a.
Salary Credit	1.00 per cent p.a.	1.00 per cent p.a.	0.40 per cent p.a.	0.20 per cent p.a.	0.10 per cent p.a.	-0.90 per cent p.a.
Bill Payments	0.25 per cent p.a.	0.15 per cent p.a.	0.10 per cent p.a.	0.10 per cent p.a.	0.07 per cent p.a.	-0.18 per cent p.a.
Invest	0.75 per cent p.a.	1.28 per cent p.a.	0.85 per cent p.a.	0.90 per cent p.a.	0.90 per cent p.a.	+1.05 per cent p.a. Invest and Insure split into 2 separate categories since  July 1, 2020
Insure			0.85 per cent p.a.	0.90 per cent p.a.	0.90 per cent p.a.
Total On First $100,000 Eligible Deposit Balance (prior to 1 July 2020)	3.88 per cent p.a.	3.88 per cent p.a.	3.00 per cent p.a. Note: Changed to total on first $80,000 eligible deposit balance	2.88 per cent p.a.	2.60 per cent p.a.	-1.28 per cent .a. Total eligible balance lowered by $20,000

Note: the Base Interest for Standard Chartered BonusSaver has also been revised to 0.03 per cent p.a .

• Initial deposit: $3,000
• Minimum daily balance: $3,000
• Bonus interest cap: $100,000

Note: you’ll have to maintain a minimum daily balance of $3,000 in your account to avoid getting charged a fall below fee of $5 per calendar month.

How to maximise SCB Bonus$aver interest earned?

The Standard Chartered BonusSaver account is great because it gives you extra interest if you spend more via a Standard Chartered credit card.

But based on the criteria we set out where you’re crediting your salary, spending $500 with your credit card and making three bill payments – you’ll only earn a paltry 0.35 per cent p.a.

Yep.

To maximise the account, you will need to be drawing at least $3,000 for a small 0.10 per cent bump in the bonus interest rates.

Or you could clock the Invest or Insure category to really see a boost in your bonus interest rate.

So if you aren’t drawing that kind of pay or looking to spend that kind of money.

You’re probably better off looking at other savings accounts that can give you better interest rates for less.

Best Standard Chartered savings account: Standard Chartered JumpStart account

Standard Chartered JumpStart interest rates 

FYI: From Jan 1, 2021, you get 0.4 per cent p.a. interest on the Standard Chartered Jumpstart account on balances up to $20,000 year-round.

And any incremental balances above $20,000 will receive 0.1 per cent p.a .

The only catch? You need to be between 18 and 26 years old .

• Initial deposit: $0
• Minimum daily balance: $0 (no fall-below fee)
• Bonus interest cap: $20,000

How to maximise SCB JumpStart interest earned?

The Stan Chart JumpStart account is pretty straightforward.

Based on the criteria we set out, you’ll earn 0.4 per cent p.a. interest.

But it would be a good idea to move anything above the $20,000 into another savings account which gives you more than 0.1 per cent p.a. interest.

Best UOB savings account: UOB One account

UOB One interest rates 

FYI : The interest rates for UOB One were revised recently

The interest rate shown in the table below will be the interest rate effective Nov 1,  2020.

Interest Rate (p.a.) Before Nov 1, 2020		Interest Rate (p.a.) After Nov 1, 2020		Difference (p.a.)
Account Balance in your UOB One Account (SGD)	Spend min. $500 in a calendar month Total Interest for A	Spend min. $500 in a calendar month AND Credit Salary or make 3 GIRO debit transactions Total Interest for B	Spend min. $500 in a calendar month Total Interest for A	Spend min. $500 in a calendar month AND Credit Salary or make 3 GIRO debit transactions Total Interest for B	Spend min. $500 in a calendar month AND Credit Salary or make 3 GIRO debit transactions Total Interest for B
First $15,000	0.25 per cent	0.75 per cent	0.25 per cent	0.50 per cent	- 0.25 per cent
$15,001 - $30,000	0.25 per cent	0.85 per cent	0.25 per cent	0.55 per cent	- 0.30 per cent
$30,001 - $45,000	0.25 per cent	0.90 per cent	0.25 per cent	0.65 per cent	- 0.25 per cent
$45,001 - $60,000	0.25 per cent	1.00 per cent	0.25 per cent	0.80 per cent	- 0.20 per cent
$60,001 - $75,000	0.25 per cent	2.50 per cent	0.25 per cent	2.50 per cent	No change
$75,001 and Above	0.05 per cent	0.05 per cent	0.05 per cent	0.05 per cent	No change

These changes will take effect on Nov 1, 2020 and the revision will be applicable to all new and existing UOB One accounts.

Note: the base interest for UOB One is 0.05 per cent p.a .

• Initial deposit: None
• Minimum monthly balance: $1,000
• Bonus interest cap: $75,000

Things to note about UOB One

• The total interest rate for option A is equivalent to current Base Interest plus revised Bonus Interest A
• The total Interest rate for option B is equivalent to current Base Interest plus revised Bonus Interest B
• Bonus Interest for UOB One is paid on first $75,000 balance in your One Account.
• Base Interest for UOB One is calculated at the end of each day based on each day-end balance
• Bonus Interest for UOB One is calculated at the end of each calendar month based on the monthly average balance.

How can I maximise my Uob account based on the above criteria?

If you want a savings account with a decent interest rate.

And don’t want to crack your head over complicated T&Cs…

Then the UOB One is your best bet because you only need to make sure that you spend $500 a month on your UOB credit cards:

• UOB One Card
• UOB Lady’s Card
• UOB YOLO
• UOB One Debit Mastercard
• UOB One Debit Visa Card
• Mighty FX Debit Card

The option to pay three bills by GIRO instead of crediting your salary means that this is also ideal for those without a steady paycheck (think: freelancers and stay at home moms)

Based on the criteria we set out, you’ll earn 0.50 per cent p.a. since the Nov 1, 2020 changes have kicked in.

Other considerations when choosing the best savings account

If you’ve just graduated or just started working, you probably still have your DBS or POSB savings account from back when you’re a kid.

Don’t leave it in a kids savings account and earn the meagre 0.05per cent p.a. interest, when you can upgrade to high-interest savings account instead.

If you’re lazy to switch banks, you can at least switch to the DBS Multiplier.

The application can be done online and it’ll only take you a couple of minutes.

However, sticking with DBS also brings about certain disadvantages such as:

• You have to apply for a DBS credit card AND spend a minimum sum with it
• You will usually have to wait a while when withdrawing money as the queue for DBS or POSB ATMs are usually the longest (since almost everyone’s using them)

Some of our Seedly Community members have also decided to switch other banks.

In a low-interest-rate environment, most of the banks are probably affected which resulted in the changes to their consumer products.

This is also one of the main reason we are seeing various updates that will start from January 2020 onwards.

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.

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Oh, before you switch your bank accounts.

Make sure to check with your company’s HR manager if your monthly salary GIRO credit is under the transaction code: SAL .

Considering that most savings account require you to credit your salary in order to get the bonus interest, this is extremely important!

You should also note that ATMs for foreign banks like Bank of China and Standard Chartered are usually limited.

This means that cash withdrawals are a little more tricky — although it might help you save more since you can’t withdraw your money that easily.

This article was first published in Seedly.