The best savings account in Singapore is the one whose bonus conditions you already meet every month, at a balance under its cap. As at November 2026, the big bonus accounts advertise “up to” rates of 3.4% to 5.85%, but a salaried saver with S$30,000 who spends $500 on a card earns about 1% to 1.3% at them. Someone who meets no conditions earns more at a no-strings account such as CIMB FastSaver or GXS than at a 0.05% base rate.
This page is the starting point for our Banking section. It explains how to choose, then links to every guide.
How We Compared Savings Accounts
We read each bank’s own product page in November 2026 and compared eight accounts on four measures: the base rate, each bonus condition, the balance the bonus covers, and the fee for a low balance. We then worked out what one illustrative saver would really earn.
We included the four best-known bonus accounts (DBS, OCBC, UOB and Standard Chartered), one tiered account with no conditions (CIMB FastSaver), two digital banks (GXS and Trust) and one plain everyday account (DBS My Account). Promotions and sign-up gifts are excluded because they change monthly.
Best Savings Accounts in Singapore Compared (November 2026)
| Account | Headline rate (standing) | What you must do | Bonus covers | Our saver’s rate on $30,000 |
|---|---|---|---|---|
| OCBC 360 | Up to 4.45% EIR | Salary $1,800+, plus grow balance, spend, insure or invest | First $100,000 | 1.30% (salary and spend) |
| UOB One | Up to 3.40% on top slice; 1.90% EIR on $150,000 | $500 on a UOB card, plus salary $1,600+ or 3 GIRO bills | First $150,000 | 1.00% |
| DBS Multiplier | Up to 4.1% | Income credit plus spend, insure, invest or home loan | First $50,000 or $100,000 | Use DBS’s calculator; its examples show 1.8% to 2.5% |
| Standard Chartered Bonus$aver | Up to 5.85% | Salary $3,000+, spend $1,000, $30,000 investment or $24,000 yearly premium | First $100,000 | 0.95% (salary only, spend below $1,000) |
| CIMB FastSaver | 0.50% to 1.58% tiered, plus up to 1.50% extra on first $25,000 | None; salary/GIRO $1,000 and CIMB card spend for extras | First $75,000 | 1.01% (with salary) |
| GXS main account | 0.88% | None | Maximum balance limits apply | 0.88% |
| Trust (Flex plan) | Up to 2.40% | Choose 3 of 8 monthly actions | First $1.2 million (0.05% above) | 0.60% (salary and 5 card spends, non-union) |
| DBS My Account | Not stated on product page | None (everyday, multi-currency) | — | Rate not stated on product page |
Our saver: $30,000 balance, salary of $4,000 credited, $500 a month on one credit card, no insurance or investment purchases. Annual figures, ignoring monthly crediting. Illustration only. Standard Chartered also advertises a higher figure that includes a sign-up promotion; we have not counted it.
The short version: Start from your habits, not the headline. The “up to” rate assumes you buy insurance or investments and keep the ideal balance. Most savers earn a fraction of it.
Worked Example: What a High Interest Savings Account Really Pays
- OCBC 360: 1.00% salary bonus + 0.25% spend bonus + 0.05% base = 1.30%, or $390.
- UOB One: the first $75,000 earns 1.00% with card spend and salary: $300.
- CIMB FastSaver: first $25,000 at 1.00% (0.50% prevailing plus 0.50% for salary) is $250; the next $5,000 at 1.08% is $54. Total $304, or 1.01%. Without the salary credit, the first slice earns 0.50% and the total falls to $179.
- GXS: $30,000 × 0.88% = $264, with nothing to do.
- Standard Chartered Bonus$aver: the card bonus needs $1,000 of spend, so our saver gets 0.90% salary bonus + 0.05% = $285.
At $30,000, the spread between the best and worst conditional option is about $100 a year.
At $150,000: Why the Cap Matters
Run the same habits on $150,000 and the order changes.
- UOB One: $75,000 at 1.00% ($750), $50,000 at 2.50% ($1,250) and $25,000 at 3.40% ($850). Total $2,850, the 1.90% UOB itself quotes.
- OCBC 360: salary bonus on the first $100,000 ($750 on the first $75,000 and $500 on the next $25,000), spend bonus ($250) and base on everything ($75). Total $1,575, or 1.05%.
The cap matters as much as the rate. Try your own balance in the savings account interest calculator.
The Catch: Caps, Conditions, Fees and Insurance
Missed months cost you. Bonus interest is usually lost for any month you miss a condition, and only the slice under the cap earns it. Our guide to how bonus interest savings accounts work walks through tiers, caps and your effective rate.
Fees can exceed interest. OCBC charges $2 a month below a $3,000 average (waived in the first year), DBS $5 below $3,000 (waived at age 29 and below), Standard Chartered $5 below $3,000 and UOB $5 below $1,000. CIMB FastSaver has no fall-below fee. On a small balance, the fee can be larger than a year’s interest.
Rates change. UOB lowered the One Account’s rate on a $150,000 balance from 2.50% to 1.90% from 1 December 2025. Recalculate whenever the bank updates its page.
Do not buy products to chase a rate. More than half of OCBC 360’s 4.45% comes from its insure and invest categories, and each lasts 12 months per purchase; Standard Chartered’s last six months. A product with charges or surrender penalties can cost more than the extra interest.
Insurance is per bank. MoneySense states that Singapore-dollar deposits are insured up to $100,000 per depositor per bank, across all your accounts and branches there. Foreign currency deposits are not covered. IRAS treats interest on deposits with approved banks in Singapore as not taxable for individuals.
Who Each Account Does Not Suit
- OCBC 360: people who will not buy insurance or investments, since much of the headline sits there.
- DBS Multiplier: people without an income credit after age 29. It does suit retirees, because DBS counts CPF payouts, SRS withdrawals and dividends as income.
- Standard Chartered Bonus$aver: modest spenders. The card bonus needs $1,000 a month.
- UOB One: people who keep less than $75,000 there, because the higher tiers start above that.
- CIMB FastSaver: savers above $75,000; the balance above that earns 0.50%.
- Trust Flex: people who want certainty. Its largest bonus (1.20%) needs a successful credit card referral every month.
- GXS: large balances. GXS says maximum balance limits apply and shows them in its app.
If you will not track monthly conditions at all, a flat-rate account or a fixed deposit is simpler. For large balances above every cap, compare alternatives to savings accounts.
Every Guide in Our Banking Section
Savings and deposits
- What is a savings account? Types of bank accounts and how to open one
- How bonus interest savings accounts work
- Best fixed deposit rates this month
- Best kids savings accounts
- Best joint savings accounts
- Best multi-currency accounts
- Alternatives to savings accounts
Debit cards
- What is a debit card?
- Best debit cards
- Best prepaid debit cards
- Best kids debit cards
- POSB debit card review
- OCBC FRANK debit card review
Priority banking
- Priority banking guide
- Priority vs private banking
- Best priority banking accounts
- Citigold priority banking review
- Standard Chartered vs UOB priority banking
- HSBC Premier vs Citigold
What To Do Next
- Write down the conditions you already meet each month (salary, card spend, GIRO bills), then pick the account that pays for those.
- New to bank accounts? Start with what a savings account is and how to open one.
- Set your cash buffer with the emergency fund calculator, and keep anything beyond it where it can earn more.
- Recheck your account every few months. Rates change, and promotions exist and end often, so check each bank’s own page before you switch.
