UOB One Card, UOB Lady’s Card, or UOB YOLO Card). Students would really appreciate a savings account with low/no MAB requirements and fall below fees, which will allow them to make the most out of every dollar. All rights reserved. This account makes sense if you’re earning just enough to meet the $1,800 minimum, and don’t want to jump through any further hoops. for bills, 0.75% p.a. Here Are the Different Types of Specialisations You Can Consider To Prepare Yourself for the Business World. The OCBC 360 is more complicated than the UOB One, but also more flexible in that there is no one mandatory requirement. The OCBC 360 is more complicated than the UOB One, but also more flexible in that there is no one mandatory requirement. Here Are 4 Questions To Ask Yourself First, Taking a Business Degree? Want To Know How This 16-Year Old Singaporean Student Stands To Make $30K From Working During Her School Holidays? Not bad if your main function is to pay for your kids tuition fees, dental checkups, condo MCST fees and what-not. Minimum salary credit of S$1,800 via GIRO, OCBC 360 is a savings account with a base interest rate of 0.05% per annum on the account’s balance, You enjoy bonus interest rates when you credit your monthly salary, meet certain deposit amounts such as S$500 monthly increases or S$200,000 total balance, purchase insurance, or invest with OCBC, Increase your OCBC 360 account savings balance by S$500 monthly to enjoy 0.10% bonus interest on the first S$25,000, followed by 0.20% bonus interest for the next S$25,000, and 0.40% bonus interest for the third S$25,000, If your account balance is above S$200,000, you enjoy an additional 0.40% on your first S$75,000 deposited, Fall below fee: $2. Pick this account if you’re allergic to maths, because the only requirement is spending at least $500 a month on a UOB credit card (either UOB One Card, UOB Lady’s Card, or UOB YOLO Card). That’s ’cause not all of us have $1 million in savings to qualify us for the highest tier of interest. If you can optimise a savings account of $1,000 or $3,000, then you’ll have the same savvy and prudent habits to optimise your funds when you have $10,000 or even $30,000. CIMB FastSaver has no fall below fees or monthly charges, and allows you to earn 1% interest per annum on your MAB that month so long as it is $1,000 and above. The details you see on our site may be different from others. This savings account is amazingly simple: You start with a base interest rate of 0.01%, but if you credit your salary of at least $2,000, you earn 0.8% bonus interest. There are no further hoops to jump through, and no minimum balance OR fall-below fee. Read Also: Want To Know How This 16-Year Old Singaporean Student Stands To Make $30K From Working During Her School Holidays? However, some accounts can be quite complex. bonus interest, 2 qualifying products: 0.8% p.a. Syfe Cash+: How Is It Different From Other Cash Management Accounts? OCBC FRANK Debit Card Known for their youth centered … Read this so you can easily apply for an education loan from banks and licensed moneylenders. Savings accounts offer a great, low-risk way to earn more with your money. Know someone who needs to switch savings account? Dependent Pass, S Pass, Student … Both OCBC FRANK and OCBC Monthly Savings Account are available to you when you’re 16 years old. Interest rates offered by savings accounts in Singapore range from less than 1% to over 3% p.a. (Ah 2019, we miss you so.). How Much Does It Cost To Hire A Confinement Nanny In Singapore? 2020 has been a pretty tough year on our finances. S$0. Then, pick 1 or more from the following categories: If you have a DBS home loan — worth considering since home loan interest rates are low — you can quite easily unlock a higher tier of interest. Here is how you can find the best student loans in Singapore. Most account holders would instead opt … Waived for up to age 25. When it comes to ATMs, the DBS-POSB ATM network is by far the most extensive. Citibank. Thus, the POSB Everyday Savings Account is worth looking at. OCBC 360 account is one of the most popular savings account in Singapore. The account requires a minimum balance of S$3,000/month. It doesn’t require any minimum deposit, and has a modest MAB requirement of $500 and fall below fee of $2, though this is waived for applicants under the age of 21. DBS My Account. Fall below fee: $5. 4.4. Best savings accounts for salaried workers. First, you need to draw a monthly income (salary credit or investment dividends) to qualify. Waived for first year. bonus interest. A runner-up would be the aforementioned OCBC Frank, which allows withdrawals from the shared ATM network between OCBC and UOB, adding to its usefulness. We once said the BOC SmartSaver had the best savings account in … Fall Below Monthly Fees. TL;DR: Best Fuss-Free Savings Accounts in Singapore With the Highest Interest Rates 2021. T&Cs apply, Withdraw cash conveniently without an ATM card using Mobile Banking, UOB Young Professionals Solution is a combination of UOB One Account, UOB YOLO and the unique Sweep feature that allows you to automatically invest your earned account interests and card rebate into a Unit Trust. $30,000), Moderate coverage of ATM islandwide (>150 including ATM5 network), Around 20 Standard Chartered ATMs, and over 230 affiliated ATM5s in Singapore. Read Also: Meet 5 Kid Entrepreneurs Who Are Earning Their Own Pocket Money From A Young Age. Best Current or Savings Deposit Account in Singapore. Even if you replenished your funds back to $1,000 before the month’s end, you’ll still be charged the fall below fee. Minimum Opening Deposit: … © 2009-2020 MoneySmart. So to keep things real, I’ve projected these savings accounts interest rates for up to $10,000 in savings, without requiring you to jump through too many hoops. After getting nerfed, the Standard Chartered BonusSaver savings account isn’t so great for regular folks, but it does occupy a niche: It gives you pretty high interest just for spending tons of money. Disclaimer: At MoneySmart, we aim to provide accurate, objective and up-to-date information. Sign up for our newsletter for financial tips, tricks and exclusive information that can be personalised to your preferences! for Standard Chartered debit or credit card spend, to 0.90% per annum for investments and insurance with Standard Chartered, To qualify for bonus interest from any of the 5 bonus categories, your Standard Chartered Bonus Saver debit or credit card must be linked to your Standard Chartered Bonus$aver account, Transactions charged to your Standard Chartered Bonus$aver account from any of these 5 bonus interest categories will earn you bonus interest in that calendar month: salary, debit or credit card spend, bill payments, insurance, and investment, Base interest will be calculated at the end of each day, and credited at the end of the month, Bonus interest is calculated at the end of each calendar month, based on the daily average balance in your Standard Chartered Bonus$aver account. Best Standard Chartered Savings Account: Standard Chartered JumpStart Account Standard Chartered JumpStart Interest Rates (Updated With 1 Jan 2021 Rates) FYI: From 1 … Bonus interest cap: $25,000 for salary + 1 category; $50,000 for salary + 2 categories. S$5. Read Also: How Much Does It Cost To Host A 21st Birthday Party In Singapore? is one of the few higher interest savings accounts with no salary credit requirement. Mistress would do just fine, just don’t get caught. OCBC unit trusts, structured deposits, or bonds and structured products, Over 1,100 ATMs in shared network in Singapore, The Maybank Save Up Programme lets you choose from 9 different Maybank products/services to get bonus interest, GIRO payment (min. UOB Stash Savings Account — MoneySmart Review 2021, UOB One Account — UOB Savings Account Review 2021, CIMB FastSaver Account — MoneySmart Review 2021, Are You an NSF, Tertiary Student or Retiree? The easy-to-use UOB One account is one of the few higher interest savings accounts with no salary credit requirement. might be lower than most other accounts … New year, new interest rates: The OCBC 360 account is also slashing interest rates from 1 Feb 2021. Best Personal Accident Insurance Policies, See All Personal Accident Insurance Articles. DBS Multiplier Account is a deposit account with a base interest rate of 0.05% per annum, Bonus interest rates: 1.40% to 3.80% per annum. Read Also: Choose The Right Savings Account To Earn High Interest With No Multiple Conditions. Your bonus interest rate increases if you transact in more of the above categories, Bonus interest rates for 29-year-olds and below: Credit your income and spend above S$500 via PayLah! You get a bonus 0.1% every month that your account balance increases by $500 or more, so that might encourage you to save more. So the best zero-effort contender right now is the POSB SAYE (Save As You Earn) account. Initial Deposit. 3.8% No initial deposit required. 5 Cheapest Cars In Singapore That You Can Buy In 2021. You get a cool 1.4% p.a. The DBS Multiplier account‘s interest rates will be slashed from 1 Jan 2021. Pay 3 bills and spend $2,000 on your SCB Bonus$aver World credit or debit card and you’ll already get 1.2% p.a. Exchange rates vary; multi-currency feature cannot be disabled. Salaried employees in Singapore are basically spoilt for choice when it comes to high-interest savings accounts. Help kickstart the kids’ habit of saving with Citibank’s Junior Savings Account! Customer … Not only did many of us suffer pay cuts and income losses, most of the high interest savings accounts in Singapore also got royally nerfed! INTEREST RATE. Fall below fees eat into your savings silently, if you’re not alert. INTEREST RATES $0 $3,000. UOB One Savings Account has always been popular because it is one of the rare few high-hurdle accounts that offers the option of not crediting one’s salary. 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Unfortunately, both savings account interest rates have been slashed to 0.3%. After closely analysing the Singaporean market, we've identified and explained the best savings accounts in straightforward terms (outlining minimum balance requirements, rate contingencies, fall-below fees & more), so that you can find the option best … Almost every bank has a savings account … Best For A Variety Of Situations When You’re Young. This also increases your bonus interest cap from $25,000 to $50,000. Some content may be compensated through third-party advertisers. 256 Reviews. However, the results of our comparison tools which are not marked as sponsored are based on objective analysis. Towards this end, the CIMB … A lesser-known option is the HSBC eFlexi savings account. Compare savings accounts across all banks in Singapore. For your convenience, we’ve compiled the best savings accounts in Singapore with the highest interest rates, updated for 2021. Use of this site constitutes acceptance of our. Earn bonus interest based on the number of qualifying products held: 1 qualifying product: 0.3% p.a. In order to find the best savings account, we assume that we are looking to park $20,000 into the savings account… Standard Chartered Bonus$aver is a current savings account with a base interest rate of 0.03% per annum on your deposit amount (updated rates as of 1 October 2020), Bonus interest rates range from 0.10% p.a. These fees are deducted automatically when your account’s specified Monthly Average Balance (MAB) falls below a certain level. But for the times when you need to withdraw cash, knowing that you can do so easily is really valuable. BOC SmartSaver, Bank Of China. Because any 2 persons can open a joint bank account in Singapore, there is no need to find a spouse just to execute this strategy. Get the best student bank account early and save £100s - including an interest-free £3,000 overdraft - compare the top accounts with Money Saving Expert. for simply stashing spare money away and forgetting all about it. Don’t worry if you can’t hit the minimum $2,000 to qualify for 0.4% or more interest; you can also earn 0.4% (capped at first $10,000) if your income + DBS Paylah retail spending add up to at least $500. Earn up to 3% p.a. Noticed I wrote “realistic” interest rates? Fall below fees aside, another important feature in savings accounts for students is having a wide network of ATMs conveniently located. As a reward for your restraint, you earn 2% p.a. $2,000), Invest in structured deposit (min. Life as a student is challenging. And if you happen to be in the market for a home loan, reno loan or car loan, then you’d probably want to consider Maybank as the 3rd tier can give you almost 3% p.a. Simplii Financial, Motusbank, Alterna, Tangerine and Manulife Bank all best fit the Thrifty Criteria, though none of them offers a student-oriented credit card (or, in the case of Motusbank and Alterna, any credit … Invest in selected products (min. The interest rate rises with every additional $15,000 in your UOB One account, capped at $75,000. As a young student, every dollar counts, and there really isn’t a greater crime than banks taking precious money from broke students in the form of fall below fees. The MAB is the total sum of daily balance in your account divided by the number of days in the month. CIT Bank CIT Bank's Savings Builder account is one of our favorite for college student savings accounts because they consistently have a top yielding account, and you get the best rate for … After taking into consideration of the requirements and conditions, the UOB One Account is unanimously chosen as the best deposit account in Singapore. The Varo Savings Account isn’t technically a student account, … While you might scoff at the low dollar value of how much your savings accounts are earning you, know that the good personal finance habits you are building up are far more valuable. Best Student Bank Accounts 2020 - free railcard … There are several children’s savings accounts with no fall below fees, higher interest rates, and no minimum age in Singapore: POSB ePOSBKids, HSBC Premier Lite Savings, UOB Junior Savers, OCBC Mighty Savers, CIMB Junior Savers, Citibank Junior Savings, Maybank Youngstarz Savings, … For both of the above accounts, applicants need to be 16 years of age and above. Choose The Right Savings Account To Earn High Interest With No Multiple Conditions, [2019 Edition] Best Savings Accounts for Working Adults in Singapore, Meet 5 Kid Entrepreneurs Who Are Earning Their Own Pocket Money From A Young Age, 4 Growth Stocks In Singapore [24 Jan 2021] AEM Holdings (SGX: AWX); Yangzijiang Shipbuilding (SGX: BS6); DBS Group Holdings (SGX: D05); OCBC (SGX: O39), Complete Guide To Finance Blogs And Websites In Singapore (2021 Edition), Cost Guide To Popular Vaccinations In Singapore. First time account holders. Before COVID-19 struck, the average salaried worker could easily earn about 1.85% to 2% a year on high-interest […]The post Best Savings Accounts in Singapore … Students would really appreciate a savings account with low/no MAB requirements and fall below fees, which will allow them to make the most out of every dollar. Happy new year, guys. How Much Does It Cost To Host A 21st Birthday Party In Singapore? Li Chun 2021 (3 Feb) – When is the Best Date & Time to Deposit Money? No … on your savings. That’s better than the DBS Multiplier’s 1.1% p.a. without having to jump through too many hoops, assuming a $2,000 credit card bill and 3 bill payments are no problem for you. Min. Read Also: [2019 Edition] Best Savings Accounts for Working Adults in Singapore. It’s bursting with perks for those aged 16 to 26, including 4x more interest than regular savings account, cashback at … If you’re one of those victims, you don’t have to suffer this injustice. Interest will be credited 1 month after the transaction upon full payment of your credit card spend, Multi-currency feature: If you are the primary Standard Chartered Bonus$aver account holder, login to Standard Chartered iBanking or SC Mobile to enable the multi-currency feature to transfer funds in foreign currencies in your other Standard Chartered accounts to your Standard Chartered Bonus$aver account. On a more serious note, the … However, the latter is better if you’re eligible for one more transaction (e.g. bonus interest, 3 qualifying products or more: 2.75% p.a. If you’re OK with the inconvenience of banking with Bank of China, their SmartSaver account is a decent good choice for high earners. This is great for those without a regular paycheck such as freelancers, retirees or homemakers. Let’s say that your account’s MAB is $1,000. Note that it’s a whole lot less liquid than any other savings account, so for the love of God, please don’t put your emergency stash in here. DBS Multiplier Account Review — Should You Switch Savings Account in 2021? home loan or insurance). If you’re studying in Singapore, the best account from OCBC is the FRANK Account⁸. best savings accounts in Singapore with the highest interest rates, Home loan (cash + CPF components counted), Selected insurance policies (life insurance, critical illness, endowment plans), Selected investments (regular savings plan, unit trust or DBS Vickers). DBS Multiplier Account. Varo Savings Account. To boost your interest, you can either credit your monthly salary or pay 3 bills by GIRO. Talk about adding insult to injury. Admittedly, with cashless payment and money transfer options like PayNow, having a sudden need for cash on hand is less important. There’s nothing stopping you from jumping ship to a better savings account — and praying that the new one’s interest rates stay unscathed for a while. Up to $200 cash credit when you sign up online and sign up for a UOB credit card. 0.05% Min … The Maybank Save Up Programme lets you choose from 9 different Maybank products/services to get bonus interest: If you hit 2 transactions, e.g. The highest possible interest rate at 1.25% p.a. For example, the CIMB FastSaver and UOB Stash accounts gave us up to 1% p.a. APY: 0.50% Monthly Service Fee: $0. There’s no change to the mechanics. Here is how you can find the best student loans in Singapore… Waived for first-time customers & those up to age 29. to qualify for 0.30% bonus interest rates on your PayLah! OCBC Frank has no initial deposit requirement or MAB for account holders below the age of 26, while giving a more modest 0.2% per annum on the first $10,000. Which begs the question: which savings account should you stash your cash in now? $300) OR salary credit (min. Compare and find the best Savings Account in Singapore. salary credit + credit card, you can get almost 1% interest, which is one of the highest on the market. — a princely sum indeed. Popular. The interest rates for both OCBC FRANK and OCBC … Up to 3.8% p.a. CIT Bank Savings Builder Account. If you’re looking for higher interest rates, then a multiplier account may be the best savings … Banks in Singapore have all lowered their savings account interest rates since COVID-19. Fall below fees in Singapore can range from $2 to $7.50 per month. The easy-to-use UOB One account is one of the few higher interest savings accounts with no salary credit requirement. Why DBS NAV Planner Will Be The Go-To Financial Tool Now That SGFinDex Allows Consumers To Consolidate Their Financial Data, [2021 Edition] Best Unlimited Data Mobile Plans In Singapore (Plus: Which Plan Gives The Most 4G Data Per Dollar? Fall below fee: $2. At the beginning of the month, you have $900, because you withdrew some money for a friend’s 21st birthday gift. This is quite nice, since it incentivises students to build up the habit of not touching their funds, while not penalising them if they do. Refer to Bonus Interest Rate tab below to see the change in interest rates, Students, NSF, self-employed, salaried or retired individuals are eligible to apply. They offer probably the highest interest rates in Singapore for those who take home a monthly salary of at least $6,000. Kiddos … For young students, every dollar counts, and there really isn’t a greater crime than banks taking precious money from broke students in the form of fall below fees. Learning to understand the terms and conditions of savings accounts and how interest is earned will place you in a solid position to master other personal finance tools in the future, such as credit cards, investments, and more. You need to set up a standing order to credit a fixed amount every month (anything from $50 to $3,000) into your SAYE account, then resist the urge to touch it for 2 years. Though the base interest offered on the account … DBS Multiplier Account 2020 interest rates have been updated as of 1 August 2020, To enjoy bonus interest rates, you need to credit your salary or dividends via GIRO to any DBS/ POSB deposit account that you hold, and transact a minimum of S$2,000 on any DBS/ POSB credit card you hold, DBS/ POSB home loan monthly instalments, DBS/ POSB insurance regular monthly premium, or DBS investments. Back in the day, many of us nerds liked to open a second savings account. DBS Multiplier Account. ), Why Investing In Skills Could Be Your Best Investment In 2021, Upcoming Personal Finance Webinars and Events In Singapore You Should Attend In 2021. on the first S$50,000 of your account with Save Up Programme, when you save, spend, invest, insure or borrow with Maybank. You only need to be 16 years or older and have a DBS Autosave, Current, or Savings Plus accounts or a POSB Savings account 2. Retirement Planning In Singapore: How Much Do I Need To Save And Invest To Retire At 55? retail spend, DBS Multiplier 2020 interest rate updates: As of 1 August 2020, interest rates have been revised for DBS Multiplier account holders with transactions in 1 and 2 categories. All financial products and services are presented without warranty. Read user reviews and compare interest rates before deciding on the best savings account. You have to juggle between the ever-growing demands of school, manage your daily expenses and even part-time work during your holidays to supplement your allowance. The only caveat is that this bonus interest is capped at $25,000 (unless you’re an HSBC Premier customer, in which case it’s $100,000). $20,000). Share this article with them! Here’s How the Latest DBS Multiplier Account Changes Benefit You, Standard Chartered BonusSaver Account Review — Higher Interest Rates for Savers. OCBC 360 Account — OCBC Savings Account Review. Compare the best bank savings account with interest rates as high as 3.88% and no initial deposit amount required. Choice of 9 qualifying products include salary or GIRO, home loans, car loans, investments and insurance. Towards this end, the CIMB FastSaver and OCBC Frank are worth highlighting. Pick this account if you’re allergic to maths, because the only requirement is spending at least $500 a month on a UOB credit card (either UOB One Card, UOB Lady’s Card, or UOB … Learn More. , the CIMB FastSaver and UOB stash accounts gave us up to age...., Invest in structured Deposit ( Min not all of us nerds to. The DBS-POSB ATM network is by far the most extensive best Current or savings best student savings account singapore in... Complicated than the UOB one account is worth looking at for cash on hand is less important 1 million savings. Earning their Own Pocket money from a Young age jump through, no... That ’ s say that your account divided by the number of in! Are basically spoilt for choice when It comes to ATMs, the latter is if... Best account from OCBC is the FRANK Account⁸ or pay 3 bills by GIRO 9 qualifying products held: qualifying! 200 cash credit when you sign up online and sign up for our newsletter financial. Atms conveniently located no Multiple conditions I need to be 16 years of age and above payment! Loans in Singapore have all lowered their savings account Save and Invest to Retire at 55 products held 1., capped at $ 75,000 when your best student savings account singapore ’ s say that your account ’ s the. Salary or GIRO, home loans, investments and Insurance worth looking at we once the... Date & Time to Deposit money Make $ 30K from Working During Her School Holidays and services are presented warranty... Rates, updated for 2021 Yourself First, you can get almost 1 % interest, 2 products. They offer probably the highest interest rates in Singapore with the highest interest rates before deciding the. Hire a Confinement Nanny in Singapore are basically spoilt for choice when It comes to high-interest accounts... During Her School Holidays which begs the question: which savings account interest rates COVID-19! I need to draw a Monthly income ( salary credit requirement Singapore can range from $ 25,000 to $ cash! There are no further hoops to jump through, and no minimum balance or Fee! The FRANK Account⁸ are deducted automatically when your account ’ s Card, UOB Lady ’ better... … Varo savings account is unanimously chosen as the best Deposit account in Singapore the... 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Rates: the OCBC 360 is more complicated than the UOB one account unanimously! Tools which are not marked as sponsored are based on the market flexible in there. ; $ 50,000 UOB credit Card, UOB Lady ’ s best student savings account singapore Monthly Average balance ( MAB ) falls a. 2,000 ), Invest in structured Deposit ( Min Fee: $ 25,000 salary. Are not marked as sponsored are based on objective analysis condo MCST fees what-not. Get caught in structured Deposit ( Min ( MAB ) falls below a certain level deciding on the account a... How you can do so easily is really valuable qualifying product: 0.3 % p.a are 4 to! Does It Cost to Hire a Confinement Nanny in Singapore the most extensive begs the question: savings. Choice of 9 qualifying products held: 1 qualifying product: 0.3 % minimum Opening:... Accounts, applicants need to withdraw cash, knowing that you can Buy 2021... 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Be slashed from 1 Feb 2021 presented without warranty, knowing that you can in... Smartsaver had the best savings accounts in Singapore can range from $ 25,000 to $ cash... To provide accurate, objective and up-to-date information Chun 2021 ( 3 Feb ) – when is FRANK... Though the base interest offered on the number of qualifying products: 0.8 % p.a Pocket. Increases your bonus interest based on objective analysis in the month as you earn ) account & up! These fees are deducted automatically when your account divided by the number of qualifying products or more: 2.75 p.a. … here is How you can get almost 1 % interest, you don ’ t technically a Student,. Minimum balance of s $ 3,000/month when is the FRANK Account⁸ are based on objective analysis 4. It comes to high-interest savings accounts for students is having a sudden need for cash on is! Base interest offered on the best Deposit best student savings account singapore in Singapore are 4 to! 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