Compare Savings Accounts in Singapore

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29 live offers compared from 18 providers, from 0.88% AER. Updated daily.

What are savings accounts in Singapore?

A savings account holds cash you can access any time while earning interest. In Singapore the category is defined by high-yield accounts that reward you for centralising your banking, paying elevated interest when you credit your salary, spend on the bank's card, and take out qualifying products such as insurance or investments. These bonus-interest accounts can pay far more than basic savings, but only if you meet the conditions each month. Simpler flat-rate accounts from digital banks offer easy interest without hoops.

How the Singapore market works

The flagship accounts use a tiered bonus structure: a low base rate plus bonus components unlocked by activities like salary credit, card spend, bill payments, and buying investment or insurance products. The more categories you satisfy, the higher your effective rate, up to a capped balance. Digital banks have disrupted this with straightforward accounts paying a competitive flat rate with no conditions. Promotional rates change frequently as banks adjust to interest-rate cycles and competition.

Benefits

Higher yield on idle cash — Bonus-interest accounts can pay well above basic savings when conditions are met.

Full liquidity — Unlike fixed deposits, funds stay accessible for daily spending and emergencies.

Deposit protection — Singapore-dollar balances are insured up to S 00,000 per depositor per bank under SDIC.

All-in-one banking — Consolidating salary, spending and bills can simplify money management and maximise interest.

How to choose

Be realistic about which bonus criteria you can consistently hit; the headline maximum rate usually assumes salary credit plus card spend plus investment or insurance purchases. Calculate your likely effective rate on your actual balance, noting the cap above which bonus interest stops. If you cannot meet the conditions, a no-strings digital-bank account paying a flat rate may beat a conditional account. Watch for fall-through base rates and any monthly fees or minimum-balance charges.

Leading providers in Singapore

Well-known accounts come from DBS, OCBC, UOB, Maybank and Standard Chartered, whose flagship bonus accounts anchor the market. Digital banks Trust Bank, GXS Bank and MariBank offer simpler high-flat-rate or tiered accounts with fewer conditions and app-first design. The best choice depends on whether you can meet multi-category bonus criteria; heavy bankers may prefer the flagship accounts, while those wanting simplicity often favour the digital banks.

What it costs

Savings accounts are usually free to open, though some charge a monthly fee, often a few dollars, if your balance falls below a minimum such as S ,000 to S$3,000, or waive it for younger customers. There are no fees to hold funds otherwise. The main consideration is opportunity cost: leaving money in a low base rate when a conditional or digital account could pay substantially more. Compare effective rates on your real balance and behaviour.

Protections and regulation

Deposit-taking banks are licensed and supervised by the Monetary Authority of Singapore (MAS). Eligible Singapore-dollar deposits are insured up to S 00,000 per depositor per Scheme member by the Singapore Deposit Insurance Corporation (SDIC), covering savings, current and fixed deposits, with coverage automatic and free of charge. Digital full banks such as GXS and MariBank are licensed banks covered by the same scheme. Foreign-currency balances are not insured.

Common questions

Can I really get the headline rate? — Only if you meet every bonus condition, such as salary credit, card spend and buying qualifying products, within the capped balance.

Are digital banks safe? — Licensed digital full banks are regulated by MAS and covered by SDIC deposit insurance like traditional banks.

Savings or fixed deposit? — Savings accounts keep funds accessible; fixed deposits lock in a guaranteed rate for a set term.

Savings Accounts in Singapore — FAQ