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As we move into 2025, Singaporeans are increasingly looking for the top savings accounts to grow their funds efficiently. With various options available, it’s crucial to understand how to maximise your savings through interest rates, bonus interest, and account features. Here’s a breakdown of some savings accounts in Singapore and how you can make the most of them.
Understanding Savings Accounts
A savings account is a fundamental financial tool designed to help you grow your wealth steadily over time. In Singapore, interest rates on savings accounts can vary widely, depending on the bank, account type, and user behaviour. With a wide range of products available, it’s important to understand how these accounts work before deciding where to deposit your funds.
At its core, a savings account allows you to earn an interest rate on your savings, offering a low-risk way to preserve capital and enjoy modest returns. While most accounts come with a base interest of 0.05%, you can earn a higher interest rate through bonus structures tied to your banking activity.
Key Features to Consider:
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Base Interest Rate: The default rate applied to your account, regardless of your activity.
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Bonus Interest Rate: Additional interest you can earn by fulfilling specific actions, like crediting your salary or spending with your bank’s card.
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Account Balance: The interest rate on your first S$50,000 or more may differ from what applies to the rest—some accounts reward higher balances with better returns.
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Monthly Salary Requirement: Many high-interest savings accounts require you to credit your monthly salary to unlock full bonus interest.
Understanding these features helps you find the savings account for your needs, whether you’re building a regular savings plan, seeking savings without complex requirements, or aiming to earn the maximum effective interest rate available in Singapore.
Top Savings Accounts for 2025
For individuals seeking high-yield savings options in Singapore, 2025 offers a wide selection of accounts that combine competitive rates with tailored features. Below are some of the options designed to help you earn higher interest on your funds, depending on your lifestyle and financial habits.
OCBC 360 Account
The OCBC 360 Account offers a tiered interest rate structure, allowing customers to earn up to 6.3% p.a. on the first S$100,000 of their account balance. This is achieved by fulfilling specific criteria, including salary crediting, saving, spending, insuring, and investing with OCBC.
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Base Interest Rate: 0.05% p.a.
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Bonus Interest: Up to 6.25% p.a. based on meeting various criteria
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Minimum Balance: S$1,000
DBS Multiplier Account
The DBS Multiplier Account rewards customers with higher interest rates when they transact in multiple categories, such as salary crediting, credit card spending, home loan repayments, insurance, and investments. Customers can earn up to 4.1% p.a. on their savings.
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Base Interest Rate: 0.05% p.a.
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Bonus Interest: Up to 4.05% p.a., depending on transaction categories and amounts
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No minimum salary requirement, but higher total transaction amounts yield better rates.
UOB One Account
The UOB One Account provides customers with up to 4.0% p.a. interest on their savings by meeting specific criteria, including a minimum monthly credit card spend and salary crediting. From 1 May 2025, the maximum effective interest rate will be adjusted to 3.3% p.a. on balances up to S$150,000.
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Base Interest Rate: 0.05% p.a.
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Bonus Interest: Up to 3.25% p.a. based on meeting spending and salary crediting criteria
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Requirements: Minimum S$500 monthly spend on eligible UOB cards and salary crediting of at least S$1,600
HSBC Everyday Global Account (Malaysia)
The HSBC Everyday Global Account is a multi-currency account that allows customers to save and transact in up to 11 currencies. Customers can earn up to 2.85% p.a. interest by participating in promotional offers and meeting specific criteria.
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Base Interest Rate: 0.05% p.a.
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Bonus Interest: Up to 2.80% p.a. during promotional periods
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Additional Features: Access to global markets without currency conversion fees
Standard Chartered JumpStart Account (Malaysia)
Targeted at young adults aged 18 to 26, the Standard Chartered JumpStart Account offers a straightforward savings solution with competitive interest rates. Customers can earn up to 2.5% p.a. on balances up to S$50,000 without the need for salary crediting or minimum spending.
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Base Interest Rate: 2.0% p.a.
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Bonus Interest: Additional 0.5% p.a. when investing through Standard Chartered
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No minimum balance requirement and no lock-in period
How to Maximise Your Savings
Opening a high-yield savings account is a great start, but optimising how you use it makes all the difference. Here are five smart strategies to help you earn the maximum interest rate and grow your savings faster:
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Credit Your Salary Monthly
Accounts like OCBC 360 and UOB One reward salary crediting with bonus interest. Ensure your salary is paid directly into your savings account. -
Maintain a Higher Balance
Many accounts offer tiered rates—the more you save, the more you earn. Aim for a healthy daily balance to benefit from interest on your entire account balance. -
Meet Transaction Criteria
Accounts such as DBS Multiplier boost rates when you use linked services, like credit cards or GIRO payments. -
Monitor Bank Promotions
Stay updated on limited-time offers and promotions that provide bonus interest or rewards for new customers. -
Choose the Right Fit
Young savers may prefer no-frills options like JumpStart, while professionals might benefit from flagship accounts linked to income and spending.
With the right habits, you can enjoy one of the highest interest rates in Singapore with ease.
Final Thoughts: Make Your Savings Work Harder in 2025
Choosing the top savings account in Singapore for 2025 involves more than just interest rates. It’s about aligning with your lifestyle and financial goals. Whether you’re building an emergency fund, saving for a big purchase, or simply looking to earn a higher interest rate on your savings, you’ll need to understand how each account works.
By selecting a savings plan that rewards your banking habits, you can unlock bonus features that can significantly enhance your returns. Compare popular savings accounts and utilise tools as applicable. The earlier you start, the more your money can grow.
