In Singapore, several banks offer competitive interest rates on savings accounts, with the potential earnings varying based on the account balance and fulfillment of specific criteria such as salary crediting, credit card spending, and other banking activities. Below is a comparison of some of the top savings accounts and the potential monthly interest earnings on a balance of S$100,000.
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| Bank & Account | Maximum Interest Rate (p.a.) | Conditions to Achieve Maximum Rate | Estimated Monthly Interest on S$100,000 |
|---|---|---|---|
| UOB One Account | Up to 7.80% | Credit a salary of at least S$1,600 – Spend a minimum of S$500 monthly on eligible UOB cards<br>- Maintain an account balance of at least S$75,000 | S$416.88 |
| OCBC 360 Account | Up to 7.65% | Credit a salary of at least S$1,800 – Increase account balance by at least S$500 monthly – Spend a minimum of S$500 on eligible OCBC cards – Purchase eligible investment or insurance products | S$397.50 |
| Bank of China SmartSaver | Up to 7.00% | Credit a salar – Spend a minimum amount on BOC credit cards – Purchase eligible investment or insurance products | S$350.00 |
| Standard Chartered BonusSaver | Up to 7.68% | Fulfill five specific criteria set by the bank | S$384.00 |
| CIMB StarSaver Account | Up to 3.30% | No specific conditions; interest rate applies from the first dollar deposited | S$275.00 |
Key Considerations:
- Eligibility for Maximum Rates: Achieving the highest advertised interest rates typically requires fulfilling multiple conditions, such as salary crediting, minimum credit card spending, and purchasing investment or insurance products. It’s essential to assess whether you can consistently meet these requirements.
- Tiered Interest Structures: Some accounts offer tiered interest rates, meaning different portions of your balance may earn interest at varying rates. For example, higher interest rates might apply only to balances within specific tiers.
- Alternative Options: If you prefer a straightforward savings account without the need to meet multiple criteria, options like the CIMB StarSaver Account offer competitive interest rates without additional requirements.CIMB Singapore
When choosing a savings account, consider your financial habits and ability to meet the necessary conditions to maximize interest earnings. Always review the latest terms and conditions provided by the banks, as interest rates and account requirements can change over time.