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We found 18 Savings accounts for you!
DBS logo

Min. Initial Deposit

S$3,000

Min. Initial Deposit
High Interest Rate
Base Interest Rate (Per Annum)
0.05%
Max. Interest Rate (Per Annum)
3.8%
Min. Initial Deposit
S$3,000
Apply Now
Standard Chartered logo

Min. Initial Deposit

S$3,000

Min. Initial Deposit
Online Promo
Base Interest p.a.
0.05%
Max. Interest Rate p.a.
3%
Min. Initial Deposit
S$3,000
Online Promo:
Get up to S$218 Cashback to Card!
Valid until 30 Sep 2020 - See T&Cs below
Apply Now
POSB logo

Min. Balance

S$3,000

Min. Balance
High Interest Rate
Base Interest Rate (Per Annum)
0.05%
Max Interest Rate (Per Annum)
3.8%
Min. Balance
S$3,000
Apply Now
Maybank logo

Min. Initial Deposit (Singaporeans)

S$500

Min. Initial Deposit (Singaporeans)
Base Interest p.a.
0.1875%
Max. Interest Rate p.a.
3.0625%
Min. Initial Deposit (Singaporeans)
S$500
Apply Now
Maybank logo

Min. Initial Deposit

S$500

Min. Initial Deposit
Base Interest p.a.
0.1875%
Max. Interest Rate p.a.
0.5%
Min. Initial Deposit
S$500
Apply Now
OCBC logo

Min. Initial Deposit

S$1,000

Min. Initial Deposit
Online Promo
Base Interest p.a.
0.05%
Max. Interest Rate p.a.
4.45%
Min. Initial Deposit
S$1,000
Online Promo:
Get S$100 FairPrice e-voucher!
Valid until 31 Oct 2020 - See T&Cs below
Apply Now
CIMB logo

Min. Initial Deposit

S$1,000

Min. Initial Deposit
Base Interest p.a.
0.4%
Max. Interest Rate p.a.
0.7%
Min. Initial Deposit
S$1,000
Read More
Citibank logo

Min. Initial Deposit

S$10,000

Min. Initial Deposit
Priority Relationship Services
Base Interest p.a.
0.01%
Max. Interest Rate p.a.
0.61%
Min. Initial Deposit
S$10,000
Read More
Standard Chartered logo

Min. Initial Deposit

S$0

Min. Initial Deposit
Base Interest p.a.
0.1%
Max. Interest Rate p.a.
0.55%
Min. Initial Deposit
S$0
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OCBC logo

Min. Initial Deposit

S$0

Min. Initial Deposit
Base Interest p.a.
0.05%
Max. Interest Rate p.a.
0.3%
Min. Initial Deposit
S$0
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Standard Chartered logo

Min. Initial Deposit

S$0

Min. Initial Deposit
Base Interest p.a.
0.1%
Max. Interest Rate p.a.
1%
Min. Initial Deposit
S$0
Read More
OCBC logo

Min. Initial Deposit

S$0

Min. Initial Deposit
Base Interest p.a.
0.05%
Max. Interest Rate p.a.
0.1%
Min. Initial Deposit
S$0
Read More
RHB logo

Min. Initial Deposit

S$500

Min. Initial Deposit
Base Interest p.a.
0.8%
Max. Interest Rate p.a.
2.7%
Min. Initial Deposit
S$500
Read More
Citibank logo

Min. Initial Deposit

S$2,000

Min. Initial Deposit
Base Interest p.a.
0.01%
Max. Interest Rate p.a.
3.6%
Min. Initial Deposit
S$2,000
Read More
UOB logo

Min. Initial Deposit

S$500

Min. Initial Deposit
Base Interest p.a.
0.05%
Max. Interest Rate p.a.
2.5%
Min. Initial Deposit
S$500
Read More
DBS logo

Min. Initial Deposit

S$0

Min. Initial Deposit
Base Interest p.a.
0.05%
Max. Interest Rate p.a.
0.1%
Min. Initial Deposit
S$0
Read More
POSB logo

Min. Initial Deposit

S$0

Min. Initial Deposit
Base Interest p.a.
0.05%
Max. Interest Rate p.a.
0.1%
Min. Initial Deposit
S$0
Read More
Maybank logo

Min. Initial Deposit (Singaporeans)

S$500

Min. Initial Deposit (Singaporeans)
Base Interest p.a.
0.4375%
Max. Interest Rate p.a.
0.5%
Min. Initial Deposit (Singaporeans)
S$500
Read More

Disclaimer: At MoneySmart.sg, we strive to keep our information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products and services are presented without warranty. Additionally, this site may be compensated through third party advertisers. However, the results of our comparison tools which are not marked as sponsored are always based on objective analysis first.

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Frequently Asked Questions

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: 1) Cash / cheque for initial deposit (if there is) and For Singaporeans / PRs: 1) NRIC; For Foreigners: 1) Passport 2) Company letter / Proof of residential address 3) 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 fall­ below 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.