Guide to best savings accounts with highest interest rates in Singapore [July 2024]

Looking to make the most of your savings? We will guide you through how to make your savings work harder with the best savings account in Singapore!

The Best Savings Accounts in Singapore (July 2024)
The best savings account in Singapore if you have S$100,000 of savings, can credit your monthly salary into your savings account and spend regularly on your credit card is the OCBC 360 account.
The best savings account in Singapore if you have S$150,000 of savings, can credit your monthly salary into your savings account and spend regularly on your credit card is the UOB One account.
The best savings account in Singapore if you are also looking to buy an investment or insurance product with the bank in addition to depositing your savings, crediting your salary and spending on credit card is the Standard Chartered Bonus Saver Account .
The best savings account in Singapore for fresh funds promotion is the HSBC Everyday Global Account.
The best savings account in Singapore without salary credit and jumping through hoops is MariBank.

How did we come up with the list of best savings accounts in Singapore?
Do the higher maximum effective interest rates offered make these the best savings accounts in Singapore?

The short answer is – it depends.

Many of these accounts require you to fulfil various criteria, such as depositing your salary and spending on credit cards, to be able to earn a higher tier of interest rates.

Hence, the best savings account would depend on whether you are able to fulfil these criteria.

Let us look at a few examples to see how different individuals would be able to find the best savings accounts with the highest interest rate using the tool.

Best savings account for $100k of savings, credits salary, and spends on credit card
If you have S$100,000 of savings, can credit your monthly salary into your savings account, and spends regularly on your credit card, then the best savings account for you might be the OCBC 360 account.

You would be able to earn an effective interest rate of 4.65% with the OCBC 360 account if you are able to meet these requirements.

This would translate to close to S$395 per month on your S$100,000 of savings!

Apart from the OCBC 360 account, the Standard Chartered Bonus Saver Account also offers a decent interest rate of 4.14% p.a.