DBS My Account. 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. 0.05% Min … How Much Does It Cost To Host A 21st Birthday Party In Singapore? Here Are the Different Types of Specialisations You Can Consider To Prepare Yourself for the Business World. UOB One Card, UOB Lady’s Card, or UOB YOLO Card). 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. OCBC FRANK Debit Card Known for their youth centered … 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. The account requires a minimum balance of S$3,000/month. Sign up for our newsletter for financial tips, tricks and exclusive information that can be personalised to your preferences! Best Personal Accident Insurance Policies, See All Personal Accident Insurance Articles. on your savings. Read Also: Want To Know How This 16-Year Old Singaporean Student Stands To Make $30K From Working During Her School Holidays? 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. 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 $2,000, you earn 0.8% bonus interest. Best For A Variety Of Situations When You’re Young. Savings accounts offer a great, low-risk way to earn more with your money. Some content may be compensated through third-party advertisers. Standard Chartered Bonus$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. For your convenience, we’ve compiled the best savings accounts in Singapore with the highest interest rates, updated for 2021. to qualify for 0.30% bonus interest rates on your PayLah! So the best zero-effort contender right now is the POSB SAYE (Save As You Earn) account. — a princely sum indeed. These fees are deducted automatically when your account’s specified Monthly Average Balance (MAB) falls below a certain level. Both OCBC FRANK and OCBC Monthly Savings Account are available to you when you’re 16 years old. Customer … Read this so you can easily apply for an education loan from banks and licensed moneylenders. Best Current or Savings Deposit Account in Singapore. on the first S$50,000 of your account with Save Up Programme, when you save, spend, invest, insure or borrow with Maybank. 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. OCBC 360 Account — OCBC Savings Account Review. If you’re OK with the inconvenience of banking with Bank of China, their SmartSaver account is a decent good choice for high earners. There are no further hoops to jump through, and no minimum balance OR fall-below fee. 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. At the beginning of the month, you have $900, because you withdrew some money for a friend’s 21st birthday gift. The Varo Savings Account isn’t technically a student account, … 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! Min. That’s ’cause not all of us have $1 million in savings to qualify us for the highest tier of interest. 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! Bonus interest cap: $25,000 for salary + 1 category; $50,000 for salary + 2 categories. Best Student Bank Accounts 2020 - free railcard … The interest rate rises with every additional $15,000 in your UOB One account, capped at $75,000. 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. Earn up to 3% p.a. $2,000), Invest in structured deposit (min. 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The easy-to-use UOB One account is one of the few higher interest savings accounts with no salary credit requirement. Fall below fees in Singapore can range from $2 to $7.50 per month. Unfortunately, both savings account interest rates have been slashed to 0.3%. The details you see on our site may be different from others. Best Standard Chartered Savings Account: Standard Chartered JumpStart Account Standard Chartered JumpStart Interest Rates (Updated With 1 Jan 2021 Rates) FYI: From 1 … TL;DR: Best Fuss-Free Savings Accounts in Singapore With the Highest Interest Rates 2021. 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. Initial Deposit. Fall below fees aside, another important feature in savings accounts for students is having a wide network of ATMs conveniently located. 2020 has been a pretty tough year on our finances. bonus interest. Towards this end, the CIMB … 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 … Almost every bank has a savings account … Kiddos … You get a cool 1.4% p.a. Admittedly, with cashless payment and money transfer options like PayNow, having a sudden need for cash on hand is less important. 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. BOC SmartSaver, Bank Of China. 4.4. 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. Noticed I wrote “realistic” interest rates? Waived for first year. Read Also: Meet 5 Kid Entrepreneurs Who Are Earning Their Own Pocket Money From A Young Age. DBS Multiplier Account. If you’re one of those victims, you don’t have to suffer this injustice. Disclaimer: At MoneySmart, we aim to provide accurate, objective and up-to-date information. Compare savings accounts across all banks in Singapore. Up to $200 cash credit when you sign up online and sign up for a UOB credit card. OCBC 360 account is one of the most popular savings account in Singapore. 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). Earn bonus interest based on the number of qualifying products held: 1 qualifying product: 0.3% p.a. Help kickstart the kids’ habit of saving with Citibank’s Junior Savings Account! Read Also: How Much Does It Cost To Host A 21st Birthday Party In Singapore? Banks in Singapore have all lowered their savings account interest rates since COVID-19. Though the base interest offered on the account … Life as a student is challenging. (Ah 2019, we miss you so.). When it comes to ATMs, the DBS-POSB ATM network is by far the most extensive. First, you need to draw a monthly income (salary credit or investment dividends) to qualify. Towards this end, the CIMB FastSaver and OCBC Frank are worth highlighting. 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. Fall below fee: $2. S$5. Syfe Cash+: How Is It Different From Other Cash Management Accounts? Happy new year, guys. 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. 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. Here’s How the Latest DBS Multiplier Account Changes Benefit You, Standard Chartered BonusSaver Account Review — Higher Interest Rates for Savers. 3.8% No initial deposit required. Fall below fees eat into your savings silently, if you’re not alert. without having to jump through too many hoops, assuming a $2,000 credit card bill and 3 bill payments are no problem for you. APY: 0.50% Monthly Service Fee: $0. DBS Multiplier Account Review — Should You Switch Savings Account in 2021? 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. 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 … If you’re looking for higher interest rates, then a multiplier account may be the best savings … bonus interest, 2 qualifying products: 0.8% p.a. The MAB is the total sum of daily balance in your account divided by the number of days in the month. How Much Does It Cost To Hire A Confinement Nanny In Singapore? The easy-to-use UOB One account is one of the few higher interest savings accounts with no salary credit requirement. Want To Know How This 16-Year Old Singaporean Student Stands To Make $30K From Working During Her School Holidays? Best savings accounts for salaried workers. A lesser-known option is the HSBC eFlexi savings account. Back in the day, many of us nerds liked to open a second savings account. for bills, 0.75% p.a. Choice of 9 qualifying products include salary or GIRO, home loans, car loans, investments and insurance. 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. $30,000), Moderate coverage of ATM islandwide (>150 including ATM5 network), Around 20 Standard Chartered ATMs, and over 230 affiliated ATM5s in Singapore. for Standard Chartered debit or credit card spend, to 0.90% per annum for investments and insurance with Standard Chartered, To qualify for bonus interest from any of the 5 bonus categories, your Standard Chartered Bonus Saver debit or credit card must be linked to your Standard Chartered Bonus$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. Citibank. This also increases your bonus interest cap from $25,000 to $50,000. However, the results of our comparison tools which are not marked as sponsored are based on objective analysis. S$0. INTEREST RATES $0 $3,000. Up to 3.8% p.a. For both of the above accounts, applicants need to be 16 years of age and above. Here is how you can find the best student loans in Singapore… As a reward for your restraint, you earn 2% p.a. 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 … No … 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. On a more serious note, the … bonus interest, 3 qualifying products or more: 2.75% p.a. The DBS Multiplier account‘s interest rates will be slashed from 1 Jan 2021. 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. 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? 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. $20,000). Compare the best bank savings account with interest rates as high as 3.88% and no initial deposit amount required. for simply stashing spare money away and forgetting all about it. Read Also: [2019 Edition] Best Savings Accounts for Working Adults in Singapore. Use of this site constitutes acceptance of our. INTEREST RATE. 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. Popular. Talk about adding insult to injury. 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. Which begs the question: which savings account should you stash your cash in now? 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, … 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. 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. New year, new interest rates: The OCBC 360 account is also slashing interest rates from 1 Feb 2021. Retirement Planning In Singapore: How Much Do I Need To Save And Invest To Retire At 55? Read user reviews and compare interest rates before deciding on the best savings account. 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. 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. 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). Let’s say that your account’s MAB is $1,000. 256 Reviews. All rights reserved. © 2009-2020 MoneySmart. Li Chun 2021 (3 Feb) – When is the Best Date & Time to Deposit Money? ), Why Investing In Skills Could Be Your Best Investment In 2021, Upcoming Personal Finance Webinars and Events In Singapore You Should Attend In 2021. Waived for up to age 25. Read Also: Choose The Right Savings Account To Earn High Interest With No Multiple Conditions. 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. Interest rates offered by savings accounts in Singapore range from less than 1% to over 3% p.a. Exchange rates vary; multi-currency feature cannot be disabled. Thus, the POSB Everyday Savings Account is worth looking at. 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. 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. 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. 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 … Fall Below Monthly Fees. The highest possible interest rate at 1.25% p.a. Here Are 4 Questions To Ask Yourself First, Taking a Business Degree? The interest rates for both OCBC FRANK and OCBC … 5 Cheapest Cars In Singapore That You Can Buy In 2021. might be lower than most other accounts … The OCBC 360 is more complicated than the UOB One, but also more flexible in that there is no one mandatory requirement. 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