Best Savings Accounts To Beat The Rising Inflation Rate in Singapore (2021)

By Nicholas Hoe|Published 05 Apr 2021 3 minutes

Best-Savings-Accounts-2021-Singapore-Inflation-Rate

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At a glance...

Looking for a savings account with a high interest rate? Despite these trying COVID-19 times, getting the most mileage out of your savings doesn’t have to be complicated!

Did you know that many Singapores still use POSB savings accounts? However, these accounts have a paltry 0.05% p.a. interest rate, which is far lower than inflation rates have been recently. This means that you’re effectively “losing money” by keeping it in that account, and potentially by quite a substantial amount, given the large difference between the interest and inflation rate.

With so many banks competing for your business though, you have alternatives. Many are offering savings accounts with more lucrative interest rates. Even in today’s financial market, you can get an interest rate of 0.5% p.a. or more, and banks are continually revising their interest rates in a bid to make them more appealing.

Check out our top picks for 2021 below

UOB One Account

The UOB One account is one of the most straightforward savings account with relatively higher interest rates.

ONE Account

uob-logo
4.2

2.5%Max Interest rate (p.a)

$500Initial Deposit

$1000Min. Monthly Balance

Apply Now on UOB's website
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Account Features
  • Earn up to 2.5% p.a. interest when you spend $500 monthly AND credit your salary or pay any 3 bills monthly via GIRO
  • Earn up to 0.25% p.a. interest when you spend $500 monthly on your UOB ONE card and/or selected Cards
  • Bonus Interest is applicable on the first $75,000 account balance
Account Information
Base Interest Rate
  • 0.05%
  • Max interest rate (p.a.)Up to 2.5% p.a.
  • Initial deposit
    $500.00
  • Insurance Protection SchemeUp to S$75,000
  • Min. Monthly Balance $1000
Fees and Charges
  • Fall-below Fee
    $2 per month
  • Early account closure fee $30 (if closed within first 6 months)
Cheque Book Fee
  • First cheque bookFree
  • 2nd and subsequent cheque book $10 per cheque book (3rd onwards)
Facilities and Services
    success

  • Online Banking
  • success

  • Mobile Banking
  • success

  • Phone Banking
  • facility-close

  • Passbook
  • success

  • Debit Card
  • success

  • Checking Facility
  • success

  • Online Application
Eligibility
  • Citizenship AssociationSingaporean / Singapore
    PR / E-Pass and S-Pass Holders
  • Age requirement
    18 years old and above
Documents Required
  • Singaporean and PRNRIC (Front and Back) CPF History access authorization
  • Foreigner
    Passport, Employment Pass / S Pass / Dependent Pass, Proof of Residence Address
UOB One Account features
  • Earn up to 2.5% p.a. in interest rates
  • Up to S$200 cash credit by signing up online and for a UOB credit card
  • An initial deposit of S$500
  • Can withdraw cash without an ATM card by using Mobile Banking

UOB has revised its interest rates downward to reflect the current economic times. They are, however, not changing the requirements to earn bonus interest, and have expanded their range of credit cards.

OCBC 360 Account

This account is a little more complicated than the UOB One account. It also has more flexibility with no mandatory requirements.

360 Account

Best Savings Accounts To Beat The Rising Inflation Rate in Singapore (2021)
4.0

2.38%Max Interest rate (p.a)

$1000Initial Deposit

$3000Min. Monthly Balance

Apply Now on OCBC's website
Show More
Account Features
  • Earn up to 2.38% p.a. interest on the first $75,000 of your account balance (inclusive of base interest of 0.05% p.a.)
  • Earn additional 0.4% p.a. interest on the first $75,000 if your account balance is $200,000 and above
  • Boost your savings with an additional 0.4% p.a. bonus interest on the increase in your account’s average daily balance from the previous month, up to S$1,000,000.
Account Information
Base Interest Rate
  • 0.05%
  • Max interest rate (p.a.)Up to 2.38% p.a.
  • Initial deposit$1,000.00
  • Insurance Protection SchemeUp to S$75,000
  • Min. Monthly Balance $3000
Fees and Charges
  • Fall-below Fee$2 per month (Waived for 1st year)
  • Early account closure fee $30 (If closed within first 6 months)
Cheque Book Fee
  • First cheque book$10 per cheque book
  • 2nd and subsequent cheque book $10 per cheque book
Facilities and Services
    success

  • Online Banking
  • success

  • Mobile Banking
  • success

  • Phone Banking
  • facility-close

  • Passbook
  • facility-close

  • Debit Card
  • Issued on request
  • success

  • Online Application
Eligibility
  • Citizenship AssociationSingaporean / Singapore PR / E-Pass and S-Pass Holders
  • Age requirement18 years old and above
Documents Required
  • Singaporean and PRNRIC, Image of Signature (Online)NRIC, Phone Bill / Half-yearly CPF statement / Any bank statement (Branch)
  • ForeignerPassport, Employment Pass / S-Pass, Phone Bill / Half-yearly CPF statement / Any bank statement
OCBC 360 Account features
  • Get an interest rate of up to 2.38% p.a. with your first S$75,000
  • Earn more interest when you invest, insure, or save

The OCBC 360 account has a base interest rate of 0.05% p.a., with bonus rates for salary crediting (minimum $1,800 for 0.3% p.a.), increasing monthly balance by at least S$500 (0.1% p.a.), select insurance policies (minimum $2,000 for 0.3% p.a.), and investing in select products (minimum $20,000 for 0.3% p.a.).

DBS Multiplier Account

DBS Multiplier Account

Best Savings Accounts To Beat The Rising Inflation Rate in Singapore (2021)
4.5

3%Max Interest rate (p.a)

$0Initial Deposit

$3000Min. Monthly Balance

Apply Now on DBS's website
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Account Features
  • Earn up to 3% p.a. interest on the first S$100,000 account balance
  • No minimum salary credit and no minimum credit card spend requirements
  • Get bonus interest when you credit your salary and transact in 1 or more of the following categories: credit card spend, home loan instalments, insurance and investments
Account Information
Base Interest Rate
  • 0.05%
  • Max interest rate (p.a.)Up to 3% p.a.
  • Insurance Protection SchemeUp to S$75,000
  • Min. Monthly Balance $3000
Fees and Charges
  • Fall-below FeeSGD 5 per month
  • Early account closure fee SGD 30 (if closed within first 6 months)
Facilities and Services
    success

  • Online Banking
  • success

  • Mobile Banking
  • success

  • Phone Banking
  • facility-close

  • Checking Facility
  • success

  • Online Application
Eligibility
  • Citizenship AssociationSingaporean / Singapore PR / Foreigner
  • Age requirement18 years old and above
Documents Required
  • Singaporean and PRNRIC
  • ForeignerPassport and proof of Singapore permanent address

This account gives you bonus interest when you use the other services provided by DBS, such as their credit card, investment, home loan, insurance, and PayLah! digital wallet.

DBS Multiplier Account features
  • No minimum salary credit
  • Base interest of 0.05% p.a.
  • Earn up to 3% p.a. interest on the first $100,000 account balance
  • Bonus rates are earned by crediting your salary or dividends via GIRO to any DBS/POSB deposit account you hold
  • For those 29 years old and below, earn bonus rates credit by crediting your income to a DBS/POSB account and/or spending a combined total of S$500 with PayLah! to qualify for a extra 0.3–0.4% p.a. on your first S$10,000
  • Students, self-employed, NSF, salaried, and retired individuals can apply
Vector

Insider tip

With DBS, they look at the total amount of your transactions to award your interest. The more you transact, the more interest you’ll earn.

POSB SAYE Account

This is a useful supplement to the DBS Multiplier Account. While it’s not much of a savings account in the traditional sense, it can be used to add some discipline to your saving habits. You’ll need to link it with another account from where it will make a fixed monthly transfer between S$50 and S$3,000, with interest rates of up to 0.25% p.a., and if you don’t make any withdrawals for two years, you get an additional 2% p.a. interest.

Standard Chartered Bonus$aver

This account will give you extra interest when you credit your salary and use their credit cards.

Bonus$aver

Best Savings Accounts To Beat The Rising Inflation Rate in Singapore (2021)
3.7

2.38%Max Interest rate (p.a)

$0Initial Deposit

$3000Min. Monthly Balance

Apply Now on Standard Chartered's website
Show More
Account Features
  • Earn up to 2.38% p.a. interest on your first $80,000 account balance
  • No online fee and get your first cheque book for free
  • Free 24-hour Phone Banking, Online Banking, and Mobile Banking
Account Information
Base Interest Rate
  • AmountInterest Rate (p.a)
  • Below $200,0000.01%
  • $200,000 and above0.01%
  • Max interest rate (p.a.)Up to 2.38% p.a.
  • Insurance Protection SchemeUp to S$75,000
  • Min. Monthly Balance $3000
  • OthersDebit Card Annual Fee: $20
    inclusive of GST
    Credit Card Annual Fee: $214
    inclusive of GST (Waived for first 2 years)
Fees and Charges
  • Fall-below Fee$5 per month
  • Early account closure fee $30 (if closed within first 6 months)
Cheque Book Fee
  • First cheque bookFree
  • 2nd and subsequent cheque book $15 each
Facilities and Services
    success

  • Online Banking
  • success

  • Mobile Banking
  • success

  • Phone Banking
  • success

  • Passbook
  • success

  • Debit Card
  • success

  • Checking Facility
  • success

  • Online Application
Eligibility
  • Citizenship AssociationSingaporean / Singapore PR / E-Pass and S-Pass Holders
  • Age requirement21 – 65 years old
Documents Required
  • Singaporean and PRNRIC, Income Documents
  • ForeignerPassport, Employment Pass, Income Documents,and Proof of Address
Standard Chartered Bonus$aver features
  • Earn up to 2.38% p.a. on the first S$80,000 in eligible deposit balances
  • Access 14 currencies by enabling the Multi-Currency feature with zero overseas transaction fees
  • SDIC insured up to S$75,000
Vector

Insider tip

To earn the bonus interest, charge your retail spending to a Bonus$aver World credit card or debit card. Spend a minimum of $2,000 to earn an extra 0.78% p.a. interest.

BOC SmartSaver

SmartSaver

Best Savings Accounts To Beat The Rising Inflation Rate in Singapore (2021)
4.0

3%Max Interest rate (p.a)

$1500Initial Deposit

$1500Min. Monthly Balance

More Info on Bank of China's website
Show More
Account Features
  • Enjoy 0.2% p.a. base interest on your account balance
  • Earn up to 3% p.a. interest on the first $80,000 of your account balance
Account Information
Base Interest Rate
  • AmountInterest Rate (p.a)
  • Below $5,0000.1%
  • $5,000 – $19,9990.1%
  • $20,000 – $99,9990.15%
  • $100,000 and above0.2%
  • Max interest rate (p.a.)Up to 3% p.a.
  • Initial deposit$1,500.00
  • Insurance Protection SchemeUp to S$75,000
  • Min. Monthly Balance $1500
Fees and Charges
  • Fall-below Fee$3 per month
  • Early account closure fee $30 (if closed within 1st 6 months)
Cheque Book Fee
  • First cheque bookNo
  • 2nd and subsequent cheque book n/a
Facilities and Services
    success

  • Online Banking
  • success

  • Mobile Banking
  • facility-close

  • Phone Banking
  • facility-close

  • Passbook
  • success

  • Debit Card
  • facility-close

  • Checking Facility
  • facility-close

  • Online Application
Eligibility
  • Citizenship AssociationSingaporean / Singapore PR / E-Pass and S-Pass Holders
  • Age requirement18 years old and above
Documents Required
  • Singaporean and PRNRIC
  • ForeignerPassport / Long-Term Visit Pass, Employment Pass / S-Pass / Student Pass, and Proof of Address

Despite the inconveniences of banking with the Bank of China, its SmartSaver account is a fantastic choice for high earners. They offer the highest interest rates in Singapore, provided you take home a salary of at least S$6,000 per month.

There is a base interest rate of 0.15% p.a. for savings above $20,000. There are further bonuses from insurance (1.5% p.a.), credit card spending (0.5% p.a.), bill payments (0.3% p.a.), and salary (0.5% p.a.), making it 2.95% p.a. in total. An initial deposit of S$1,500 is required, which also serves as the minimum monthly balance.

Maybank Save Up Programme

SaveUp Account

Best Savings Accounts To Beat The Rising Inflation Rate in Singapore (2021)
4.0

3.00%Max Interest rate (p.a)

$500Initial Deposit

$1000Min. Monthly Balance

Apply Now on MayBank's website
Show More
Account Features
  • Enjoy up to 3% p.a. interest on the first $50,000 account balance
  • Choose from a choice of of 9 products and services and get bonus interest on top of your base interest of up to 2.75% p.a.
Account Information
Base Interest Rate
  • AmountInterest Rate (p.a)
  • First $3,0000.1875%
  • Next $47,0000.2500%
  • Above $50,0000.3125%
  • Max interest rate (p.a.)3%
  • Initial deposit$
  • Insurance Protection SchemeUp to S$75,000
  • Min. Monthly Balance $1000
Fees and Charges
  • Fall-below FeeSGD 2 per month
  • Early account closure fee SGD 30 (if closed within first 6 months)
Facilities and Services
    success

  • Online Banking
  • success

  • Mobile Banking
  • success

  • Phone Banking
  • facility-close

  • Passbook
  • facility-close

  • Debit Card
  • success

  • Online Application
Eligibility
  • Citizenship AssociationSingaporean / Singapore PR / E-Pass and S-Pass Holders
  • Age requirement19 years old and above
Documents Required
  • Singaporean and PRNRIC (Branch) NRIC, Proof of Address, Image of Signature (Online)
  • ForeignerPassport, Employment Pass, Proof of Address (Branch)
This account allows provides a selection of products and services to gain bonus interest. These include any three of the following:
  • Bill payment
  • Crediting salary
  • Credit card spending
  • Home loans
  • Car loans
  • Insurance and Investments
The base interest rate is up to 0.3125%, with further bonus interest based on the number of extra products and or services used:
  • One product or service gives an extra 0.3% p.a.
  • Two products or services gives an extra 0.8% p.a.
  • Three products or services gives an extra 2.75% p.a.

Citi MaxiGain Savings Account

A notable entry to the list, Citi has the lowest barrier of entry to priority banking, requiring only $70,000 for eligibility, compared with other banks that ask for hundreds of thousands to millions.

Citi MaxiGain Savings Account features
  • Base interest of 0.01% p.a.
  • Bonus interest of up to 0.6% p.a.
  • Simple banking with instant transfers and payments with real-time updates on your balance with their Citi Mobile App
  • Free ATM withdrawals at Citibank ATMs worldwide

CIMB FastSaver Account

FastSaver Account

Best Savings Accounts To Beat The Rising Inflation Rate in Singapore (2021)
4.0

0.3%Max Interest rate (p.a)

$1000Initial Deposit

$1000Min. Monthly Balance

Apply Now on CIMB's website
Show More
Account Features
  • No fall-below fee
  • Earn 0.3% p.a. interest from your first dollar on the first $75,000 account balance
  • Enjoy 0.15% p.a. interest for account balance above $75,000
Account Information
Base Interest Rate
  • AmountInterest Rate (p.a)
  • First $75,0000.30%
  • Above $75,0000.15%
  • Max interest rate (p.a.)Up to 0.3% p.a.
  • Initial deposit$1,000.00
  • Insurance Protection SchemeUp to S$75,000
  • Min. Monthly Balance $1000
Fees and Charges
  • Fall-below Fee$0
  • Early account closure fee $50 (if closed within first 6 months)
Facilities and Services
    success

  • Online Banking
  • success

  • Mobile Banking
  • success

  • Phone Banking
  • facility-close

  • Passbook
  • facility-close

  • Debit Card
  • success

  • Checking Facility
  • success

  • Online Application
Eligibility
  • Citizenship AssociationSingaporean / Singapore PR / E-Pass and S-Pass Holders
  • Age requirement16 years old and above
Documents Required
  • Singaporean and PRNRIC (Applicable for Malaysians)
  • ForeignerPassport, Employment Pass / Work Permit / Dependant's Pass / Student Pass, and Proof of Address

CIMB’s FastSaver savings account is a basic, no-frills option that is straightforward to open

CIMB features
  • Base interest rate of 0.3% p.a. for the first $75,000
  • Interest rate of 0.15% p.a. above $75,000

If you’re looking for a new account, these banks offer many solutions with interest rates that go beyond the standard rate. Which one will you go with?

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