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Get The Best Savings Account for 2016 Now!

If you’re looking to open a new savings account, you’ve come to the right place. Find the right bank to start a relationship with based on interest rates, ATM network, online banking and more.

Get the Best Savings Account

Updated As Of January 2017
Displaying all Savings Accounts from
Showing 15 results of 18 products
We Have Found 18 Savings Accounts For You
OCBC 360 Account
0.05%Min Rate
4.25%Max Rate
$1,000Initial Deposit
5
Excellent
Compare
Maybank iSAVvy Savings Account
0.1875%Min Rate
0.5%Max Rate
$500Initial Deposit
5
Excellent
Compare
Standard Chartered Bonus$aver Account
0.1%Min Rate
3.88%Max Rate
$0Initial Deposit
5
Excellent
Compare
UOB One Account
0.05%Min Rate
3.33%Max Rate
S$500Initial Deposit
5
Excellent
Compare
OCBC FRANK
0.05%Min Rate
0.4%Max Rate
$0Initial Deposit
4
Very Good
Compare
OCBC Monthly Savings Account
0.05%Min Rate
0.4%Max Rate
$0Initial Deposit
4
Very Good
Compare
ANZ Wealth Multiplier Account
0.05%Min Rate
3%Max Rate
$5,000Initial Deposit
4
Very Good
Compare
CIMB StarSaver (Savings) Account
0.8%Min Rate
0.8%Max Rate
$1,000Initial Deposit
4
Very Good
Compare
DBS Multiplier Programme
0.05%Min Rate
2.68%Max Rate
$0Initial Deposit
4
Very Good
Compare
RHB Savings Account
0.375%Min Rate
0.375%Max Rate
$500Initial Deposit
4
Very Good
Compare
Citibank InterestPlus Savings Account
0.01%Min Rate
3.6%Max Rate
$2,000Initial Deposit
4
Very Good
Compare
POSB Multiplier Programme
0.05%Min Rate
2.68%Max Rate
$0Initial Deposit
4
Very Good
Compare
OCBC Bonus+ Savings Account
0.05%Min Rate
0.8%Max Rate
$10,000Initial Deposit
3
Satisfactory
Compare
DBS Remix eSavings Plus
0.05%Min Rate
0.1%Max Rate
$0Initial Deposit
3
Satisfactory
Compare
POSB eSavings
0.05%Min Rate
0.1%Max Rate
$0Initial Deposit
3
Satisfactory
Compare

Savings Account Frequently Asked Questions

Frequently Asked Questions

If you can't find an answer to your question below, you may MoneySmart Forum.

Frequently Asked Questions

If you can't find an answer to your question below, you may MoneySmart Forum.

How do I apply for Savings Account?

If you are an existing customer with the bank, most banks offer you the option of opening your account easily through their iBanking system.

For new customers, you can apply for a savings account online by filling up their online application form. Other alternatives may include downloading the PDF form and mailing in the completed form with required documents, and / or visiting the banks’ branches directly.

What documents will I need when applying for an account?

Besides the account opening form, you would also need:

  • Cash / cheque for initial deposit (if there is)

For Singaporeans / PRs,

  • NRIC

For Foreigners

  • Passport
  • Company letter / Proof of residential address
  • Employment Pass / S Pass

What are the minimum requirements to qualify?

The specific requirements for opening a savings account vary from bank to bank. Most of the banks require the account holder to be at a minimum age of 18, and an initial deposit which usually ranges from $500 up to $10,000.

Are there any additional fees and charges incurred in opening an account?

Banks usually do not charge any fees for account opening. However, there may be a minimum average monthly balance that the account holder has to maintain.Should the amount within the account fall below the required minimum average monthly balance, there will be a fall­below fee charged by the bank in most cases.

How long does it take to open a bank account?

This is dependent upon the bank you are applying with, and also the manner in which you are applying. The time taken to set the account up may vary from 1 day to a week.

What does interest on incremental balance mean?

Interest on incremental balance refers to the interest earned solely based on the (positive) difference in the account balance from the previous month’s balance.

How much interest can I earn with a savings account?

Banks have started to offer bonus interest with a set of criteria that must be fulfilled within a certain time frame. Depending on your savings account, you can earn up to 4.25% p.a. interest including the base interest in some cases.

Can I convert my personal savings account to a joint account?

Yes, you may do so by indicating to your respective bank that you would like to add a joint person to convert the personal account into a joint account.

What are the differences between savings and current accounts?

Traditionally, savings account are interest-bearing while current accounts are not, however banks have started to offer interests on current account balances as well. Current accounts also often come with the issuing of a cheque book and allow for unlimited withdrawals up to the amount deposited, making it useful for business transactions etc. In general, savings accounts tend to give you a better rate of interest for your deposits compared to current accounts.

Ask MoneySmart

Have a question about Savings Accounts? Ask us anything!

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Have a question about Savings Accounts? Ask us anything!

MoneySmart Forum is a community driven question and answer platform. Once you have asked your question and signed in, you will be redirected to MoneySmart Forum

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