What is a savings account? It is a bank deposit account that holds your money, lets you take it out whenever you need it, and pays you interest for keeping it there. In Singapore, Singapore-dollar savings are also protected by deposit insurance up to S$100,000 per person at each bank.
What it pays depends on the base rate, any bonus conditions, and the fee for letting your balance fall too low. This guide covers how a savings account works, the other types of bank account you will meet, and how to open one.
What Is a Savings Account For?
A savings account is for money you may need at short notice:
- your emergency fund;
- money for bills and spending in the next few months;
- savings for a goal within a year or two.
It is not designed for long-term growth. Over many years, a low rate may not keep up with inflation, so money you will not touch for five years or more may be better placed elsewhere, accepting different risks; see alternatives to savings accounts. “Any time” also has limits: MoneySense suggests checking ATM and branch withdrawal limits before you rely on an account for emergencies.
How Savings Account Interest and Fees Work
Banks quote an annual rate but calculate interest more often, often on each day’s closing balance (UOB does this for base interest). Bonus interest is often based on the month’s average daily balance. Interest is usually paid monthly: DBS credits Multiplier’s base interest on the last day of the month and bonus interest by the seventh working day of the next month.
There are three common rate structures as at November 2026, shown on the banks’ own pages:
- Flat rate: one rate on the whole balance, no conditions. GXS’s main account pays 0.88% a year.
- Base plus bonus: a low base rate plus bonuses for salary, card spend and other actions, up to a cap. OCBC 360 pays 0.05% base, with bonuses on the first $100,000.
- Tiered: different slices of your balance earn different rates. UOB One has separate rates for the first $75,000, the next $50,000 and the next $25,000.
The “up to” rates on bonus accounts are ceilings, not promises. Our guide to how bonus interest savings accounts work shows how tiers, caps and missed months change what you earn.
The short version: The rate that matters is your effective rate: the interest you actually receive in a year divided by your average balance. On a small balance, the fee matters more than the rate.
Worked Example: When Fees Beat Interest
Illustration only, with our own figures. A fresh graduate keeps about $1,500 for a year in an account paying 0.05%, with a $5 monthly fee below a $3,000 average.
- Interest: $1,500 × 0.05% = 75 cents a year.
- Fees: $5 × 12 = $60 a year.
The same $1,500 in an account with no fall-below fee and a 0.88% flat rate would earn about $13. A difference of about $72 matters on a starting salary.
To check your own effective rate, annualise one month’s interest and divide by the average balance: $14.20 in a 30-day month on $20,000 is $14.20 × 365 ÷ 30, about $172.77 a year, or 0.86% (illustration only). Repeat for a few months, or use our savings account interest calculator.
Types of Bank Accounts in Singapore
MoneySense lists three main types: savings, current and fixed deposit. It suggests choosing by purpose, with a savings, current or combined account for day-to-day money and a fixed deposit for medium- to long-term savings. Specialised accounts sit around them.
| Account type | What it is for | Access | SGD balance covered by deposit insurance? |
|---|---|---|---|
| Savings | Salary, bills, emergency fund | Any time | Yes, up to $100,000 per bank |
| Current | Daily transactions | Any time | Yes |
| Fixed deposit | Money you will not touch for a set period | At maturity; early withdrawal may lose interest | Yes |
| Joint | Shared household money | Either or all holders, by mandate | Yes; check SDIC’s rules for how joint balances count |
| Multi-currency | Holding and receiving foreign currency | Any time | SGD portion yes; foreign currency no |
| Children’s (joint or in-trust) | A child’s savings, run by a parent | Parent, or child from a set age | Yes |
| Child Development Account | Approved childcare, education and healthcare costs, with government matching | Approved uses only | Ask the bank; not stated on its CDA page |
| SRS | Tax-relieved retirement savings | Withdrawal rules and penalties apply | Yes, SGD monies |
| CPF Investment Scheme | Investing CPF savings | Under CPF rules | Insured separately, up to its own $100,000 |
Sources: MoneySense’s bank account and deposit insurance pages; bank product pages listed below.
Current account. In practice the line with savings accounts has blurred. Standard Chartered’s Bonus$aver is a current account that pays bonus interest of up to 5.85% on the first $100,000 as at November 2026, if you meet its conditions.
Fixed deposit. You lock a sum away for a fixed tenor at a fixed rate. MoneySense warns that withdrawing early can mean no interest or partial loss of interest, and sometimes a fee. Compare rates in our monthly fixed deposit rates table.
Joint account. A joint-alternate account lets each holder transact alone, while a joint-all account needs every holder’s instruction, MoneySense explains. Holders can also be liable for borrowing on the account. See our joint savings accounts guide.
Multi-currency account. DBS My Account, for example, holds 12 foreign currencies plus Singapore dollars with no minimum balance. Foreign currency balances are not insured. Compare them in best multi-currency accounts.
Children’s accounts and the CDA. POSB’s joint My Account for kids is for children below 16, with a parent aged 18 or older. The Child Development Account is a government co-savings account for Singapore citizen children: POSB’s page says savings are matched by the government up to a cap, for use at Baby Bonus Approved Institutions. See kids savings accounts.
SRS and CPF Investment Scheme accounts. Only local banks and selected Qualifying Full Banks can offer these, according to MoneySense. Our SRS explainer covers the rules.
Digital banks. GXS and Trust run app-based savings accounts. Both state that deposits are insured by SDIC up to $100,000.
How to Open a Savings Account in Singapore
You need to be 18 for most accounts, have your NRIC or passport and pass ready, and usually apply in the bank’s app using Singpass. Before you apply, MoneySense suggests asking:
- What is the minimum deposit to open it, and the minimum balance after that?
- What is the charge if you fall below the minimum?
- How is interest calculated, and when is it credited?
- Is there a minimum holding period, and a fee for closing early?
It helps to open it where your salary or card already sits, since many bonus conditions depend on transactions at the same bank.
What Banks Ask For (as at November 2026)
| Account | Minimum age | Initial deposit | Low-balance fee | How to apply |
|---|---|---|---|---|
| DBS Multiplier | 18 | None | $5 a month below $3,000 average (waived age 29 and below) | digibank app, with or without Singpass |
| OCBC 360 | 18 | $1,000 | $2 a month below $3,000 average (waived first year) | OCBC app or online |
| UOB One | 18 | $1,000 | $5 a month below $1,000 average; $30 early closure fee | Online with Myinfo |
| CIMB FastSaver | 16 | $1,000, in one transaction | None | Online with Myinfo |
| Standard Chartered Bonus$aver | 18 | Not stated on product page | $5 a month below $3,000 average | SC Mobile or online |
Sources: each bank’s product page, listed below.
Step by Step Online
- Install the bank’s app from the official app store, and log in to Singpass on the same phone.
- Choose the account and apply with Myinfo, which fills in your details. UOB says Myinfo retrieval works for new customers, existing customers and joint applicants.
- Check the pre-filled details. DBS asks foreigners using Singpass to make sure their details are up to date, or to apply without Singpass and upload a passport instead.
- Fund the account if an initial deposit is required. CIMB says its $1,000 must arrive in one transaction.
- Set up security features such as transaction limits and alerts before moving large sums.
DBS says accounts applied for between 7am and 10.30pm (7am to 8pm on the last day of the month) are opened instantly; others take two working days. For a joint account, UOB emails the second applicant, who must complete their part within seven working days.
At a branch or without Singpass, OCBC’s list is typical: NRIC and a signature image for Singaporeans and PRs; passport and a valid pass for foreigners; and proof of address if needed, such as a phone bill, CPF statement or bank statement. Banks must carry out “know your customer” checks, MoneySense explains, so they may ask what the account is for.
The Catch: Low Rates, Fees and Scams
Low base rates. Many big-bank base rates are 0.05% a year. Conditions also change: UOB lowered the One Account’s effective rate on $150,000 from 2.50% to 1.90% from 1 December 2025.
Too many accounts. Each has its own minimum balance and fall-below fee. Three accounts each charging $2 to $5 a month below their minimum can cost $72 to $180 a year. Unused accounts can also be closed for you: UOB, for example, states on its fixed deposit page that an account inactive for 12 months is closed automatically.
Scam timing. New customers are targets. Standard Chartered warns of fake SMS messages from +65 numbers offering promotional rates, and says it never contacts customers that way. Never share login details or one-time passwords, and open accounts only through the bank’s official app or website.
Deposit insurance limits. The Deposit Insurance Scheme covers Singapore-dollar money in savings, current and fixed deposit accounts and SRS money, up to $100,000 per depositor per bank, according to MoneySense. Accounts at different branches of the same bank are added together. Foreign currency deposits, structured deposits and investments such as shares and unit trusts are not covered.
What To Do Next
- Decide what the account is for (salary, emergency fund, goal savings) and size your buffer with the emergency fund calculator.
- Check the minimum balance, fall-below fee and early closure fee on the bank’s own page.
- Compare what each account would pay on your balance on our best savings accounts in Singapore page.
- If you already hold accounts, list the job each one does, and close or merge any without one after checking for closure fees.
