Find the best savings account in Singapore
1st May 2020
Starting from today, many banks have revised their interest rates lower. So after this revised which bank gives the best savings account in Singapore?
In the future, 2020 will be surely be known to be the “stay home” year or the “COVID 19” year. Many countries have locked down, their people are encouraged/forced to stay at home to prevent the spread of the virus from human to human. You are “allowed” to go out only when you need to buy the necessity and mask must be wear.
For people who have lost their job, or their job has been temporarily stopped will have to dig into their saving.
In a time like this, the importance of saving comes into play. If you have some saving it can help you to pull through this period until the businesses can be restarted and you can find a new job. The government does provide some cash to the citizens but this is just a temporary relief.
My recommendation on how to select the best saving account for yourself is to BASED YOUR SPENDING HABITS and NOT TO FOLLOW what the bank wants you to do so!!!! Else you will be spending more money instead of saving.
Let’s look at the 3 saving accounts (more will be listed in the future)
Data is updated on 1 Aug 2020
DBS Multiplier Account
|Account balance in your DBS Multiplier Account|
|First S$25,000||First S$50,000||Next S$50,000|
|Total eligible transactions per month||Income + transactions in 1 category||Income + transactions in 2 categories||Income + transactions in 3 or more categories|
|Less than S$2,000||0.05% p.a.||0.05% p.a.||0.05% p.a.|
|S$2,000 to S$2,499||0.70% p.a.||1.30% p.a.||2.00% p.a.|
|S$2,500 to S$4,999||0.90% p.a.||1.50% p.a.||2.20% p.a.|
|S$5,000 to S$14,999||1.10% p.a.||1.80% p.a.||2.40% p.a.|
|S$14,999 to S$29,999||1.20% p.a.||1.90% p.a.||2.50% p.a.|
|S$30,000 and more||1.30% p.a.||2.80% p.a.||3.80% p.a.|
OCBC 360 Account
|First $35,000||$35,001 to $70,000|
|Base interest||0.05% p.a.||0.05% p.a.|
|Salary credit by GIRO (min. $1,800 from 2 May 2020 onwards)||0.6% p.a.||1.2% p.a.|
|Spend on OCBC credit cards (min. $500)||0% p.a.||0% p.a.|
|Increase monthly account balance (min. $500)||0.2% p.a.||0.4% p.a.|
|Insure or invest with OCBC (min. amount varies depending on product)||0.6% p.a.||1.2% p.a.|
|Increase monthly account balance (any amount)||0% p.a.||0% p.a.|
|Maintain account balance of $200,000 & up||0.8% p.a.||0.8% p.a.|
UOB One Account
|Meet card spend of min. S$500||Meet card spend of min. S$500 And Credit Salary or make 3 GIRO debit transactions|