Saving accounts are great options for keeping deposits with banks. It also comes in handy for anyone interested in storing capital for investments, achieving financial prudence or maintaining easy, instant access to funds while earning interests. However, choosing where to hold a savings account can often prove to be a difficult exercise owing to the existence of several options, especially for a working-class adult in Singapore. In this article, the best saving accounts for working adults in Singapore will be briefly discussed in no particular order.
1. CIMB FastSaver
The Commerce International Merchant Bankers Berhad (CIMB) offers this savings account option. This option is characterised by competitive interest rates of up to 1% per year. Generally, CIMB FastSaver saving accounts feature no credit card restrictions, monthly fee charges, salary requirements, purchase and bill payments requirements. However, account holders must maintain a minimum balance of 1000 SGD to enjoy interest rate earnings. According to CIMB, the application process for a FastSaver account usually takes less than 10 minutes. Notably, FastSaver account holders also get to enjoy access to free CIMB electronic statements for account transactions anytime and anywhere. This account is available to Singaporeans who are aged 16 and above and non-citizens who meet eligibility requirements. During the application process, applicants with Singaporean citizenship and permanent residence status upload a copy of either a Singaporean Passport or National Registration Identification Card and proof of residence documents. Foreign nationals, on their own part, are required to present their Passport along with proof of residence and specified supporting documents.
2. DBS Multiplier
The Development Bank of Singapore offers this saving account as a way of helping users to take care of their finances. This account operates free of restrictions on minimum deposit limits. However, a maximum monthly expenditure on qualified services and products equal to or exceeding 2,000 Singaporean Dollars is required to enjoy higher interest rates. Interest rates offered by the DBS under this account range from 0.05% to as high as 3% per annum. According to the DBS, DBS Multiplier Saving Accounts are typically opened within two working days from the date of application, with express action applying only in certain scenarios. Furthermore, this account cannot be held in conjunction with another Multiplier Account or a POSB Cashback Bonus. DBS Multiplier Savings Accounts are open to Singaporeans who have attained a minimum age requirement of 18 years. A Multiplier Account usually attracts no monthly fee charges or initial deposit restrictions. However, the account is liable to a service charge of 5 Singaporean Dollars, which is waived off till the account holder’s attainment of the age of 29. Account-holders receive their interest in two-part payments received on a monthly basis. Account-holders equally qualify for home loans, insurance and investment opportunities.
3. BOC Smart Saver
The Bank of China Singapore offers the BOC Smart Saver to Singaporean citizens who are aged 18 and above. BOC’s Smart Saver offers a string of bonuses and regular interest rates that can rise up to 3%, with the least rate being 0.60%. These bonuses also target salaried workers and employed persons. In applying for this account, Singaporean citizens are required to present a copy of their original Singaporean government-issued identification card. For foreign nationals, the list of required documents extends to include a Passport, and proof of residence documents not older than three months as at the date of application. The account also requires that holders maintain a balance of at least 1,500 Singaporean Dollars to be eligible for regular and bonus interest packages and reward schemes
4. Maybank Save Up
This savings account is offered by Maybank Singapore. Maybank Save UP account holders are offered initial registration and activation bonuses with a baseline interest amounting to a maximum of 0.25% per annum. Its interest rates scheme is structured in a way that purchases on an eligible product or service, at least two products and services and three or more products and services attract 0.1%, 0.7% and 2.75% annual interest rates, respectively. The account is available to citizens of Singapore who have equalled or exceeded the minimum age requirement of 18 and non-nationals. Of note, too, is the fact that Maybank Save Up accounts are mandatorily linked to a Maybank Debit Card. Also, these accounts have initial deposit clauses of 500 Singaporean Dollars and 1000 Singaporean Dollars for Singaporean citizens and permanent residents and foreigners, respectively. A monthly charge of 2 Singaporean Dollars (which is waived up for customers aged 25 and below) and an early account closure fee charge also apply to Maybank Save Up accounts.
5. OCBC Bank 360
This account type is domiciled in the Oversea-China Banking Corporation (OCBC) Bank. The account attracts bonus interest rewards for individuals who use it for receiving salary payments, savings plans, insurance and investment. Interest rates applicable to account holders are of two broad types: base and bonus interest (which is further subdivided into 7 types). The account also operates caps on accruable interests. In equal measure, it also gives the account owner the option to have access to cheque books as well as electronic statements. Interest rates reach up to 2.38% per annum. The account is similarly available to citizens of Singapore who have equalled or exceeded the minimum age requirement of 18 and non-nationals who satisfy eligibility requirements. Also, Citizens of Singapore are supposed to present a copy of their original Singaporean government-issued identification card. As for foreign nationals, the requirement list goes on to demand other documents like proof of residence documents and a valid Passport. The account also attracts a monthly fall-below fee charge, which is waived for accounts with a usual daily balance of at least 3,000 Singaporean Dollars as well as for a one-time initial period of 12 months. Beyond this, there is also an optional chequebook fee charge and an initial deposit clause of 1,000 Singaporean Dollars.
6. Standard Chartered Bonus Saver
The Standard Chartered bank presents the Bonus Saver account as a multi-faceted method to achieve savings objectives for users and account holders. The account has a feature that guarantees access to more than ten foreign currencies with no transaction or transfer fee. Account-holders are able to earn up to 2.38% interest per year along with bonuses such as Apple AirPods, subject to the satisfaction of specified minimum account balance and initial deposit requirements. Legal citizens of Singapore and permanent natives who wish to acquire this type of account basically have to fulfil a number of eligibility requirements, including: a. A minimum age requirement of 18 (for applicants interested in opening a Bonus Saver Account and having a BonusSaver Debit Card). For applicants looking to apply for an account and a credit card, the age limit is set at a minimum of 21 and a maximum of 65 years; (b). The submission of the National Registration Identification Card and supporting documents required for income assessment and determination- this provision applies to Singaporeans who are working or self-employed. Non-nationals of Singapore also qualify by meeting the stipulated age requirements in (a). Additionally, they need to also present a copy of a valid Passport (valid for a minimum period of 6 months), employment pass and specified supporting documents. Accounts held under the Bonus Saver plan attract various fees such as a monthly fall-below fee of $$5, annual credit and debit card fees at S$214 and S$20 each, and a chequebook fee of S$10 and an early account closure charge of S$30. The fall-below and early account closure fee charges apply under certain conditions.
7. Standard Chartered Jump Start
Standard Chartered Jump Start is essentially targeted at Singaporean citizens transitioning into adulthood: the savings account is targeted at young people aged 18 and below 27. The Jumpstart account offers a number of features and fringe bonuses. Some of these features and bonuses include 0.50% annual interest earnings and cashback rewards on debit cards. The account requires no spending limits, lock-ins and debit card charges. A minimum deposit balance is also not required for savings accounts held under the JumpStart savings plan. To apply, interested applicants are required to present necessary identity documents, proof of residence and other supporting documents as required.
8. UOB One.
United Overseas Bank (UOB)’s One account allows individuals to earn a maximum of 2.5% annual interest on savings and expenditure. This account type covers all categories of Singaporean adults, from members of the working class to the unemployed. Account users get to enjoy a cashback of up to 3% on purchases made with a debit card associated with the account. Account users enjoy a range of welcome offers and bonuses. A UOB One Account attracts a number of fee charges such as fall-below fees, early account closure and chequebook fees charges. However, the fall-below fee is usually waived for a one-time initial period of 6 months for accounts opened online. The least amount of money that can be deposited in a UOB One Account is S$1,000.