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Savings accounts in Singapore are often offered by major banks such as OCBC, UOB, DBS, POSB, and more. Most savings accounts will offer you a base interest rate that changes with current Singapore Inter-Bank Offer Rate (SIBOR) and Singapore Dollar Swap Offered Rate (SOR) rates. Due to COVID-19, most banks have updated their savings account base interest rates several times in 2020.
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|Savings Account||Base Interest Rate (Oct 2020)||Bonus Interest Rates (Oct 2020)|
|DBS Multiplier Account||0.05%||3.80%|
|POSB Multiplier Account||0.05%||3.80%|
|Standard Chartered Bonus Saver Account||0.03%||2.88%|
|OCBC 360 Account||0.05%||4.40%|
|Maybank iSavvy Savings Account||0.30%||6.00% (interest on interest)|
|CIMB StarSaver Savings Account||0.40%||0.20% (promotional until 31 Dec 2020)|
|Citi MaxiGain Savings Account||0.01%||0.60%|
|UOB One Account||0.25%||0.85%|
|RHB High Yield Savings Plus Account||0.80%||2.70%|
Now that you are familiar with a savings account, you will soon find yourself wondering: Which is better? What is the difference between a savings, current, and multi-currency account?
A high yield savings account works in similar ways to conventional savings accounts – you deposit a sum of money into the account, and leave it to generate interest. The difference between a high yield savings account and a normal savings account is found in the interest rate – high yield savings accounts often offer you higher interest rates with no fall below fees, such as a base interest rate of 0.80% per annum for the RHB High Yield Savings Plus Account versus 0.01% per annum for the OCBC 360 savings account. While this definitely sounds like an attractive offer, do note that high yield savings accounts may come with different terms and conditions that restrict the number of withdrawals you can make, require initial deposits, and maintain specified minimum average daily balances.
|Savings Account||Minimum Balance||Fall Below Fee|
|DBS Multiplier Account||S$3,000||S$5|
|POSB Multiplier Account||S$3,000||S$5|
|Standard Chartered Bonus Saver Account||S$3,000||S$5|
|OCBC 360 Account||S$1,000||S$2|
|Maybank iSavvy Savings Account||S$500||S$2|
|CIMB StarSaver Savings Account||S$1,000 (to earn interest)||N/A|
|Citi MaxiGain Savings Account||N/A||S$15 (if total relationship balance with Citibank falls below S$15,000)|
|UOB One Account||S$1,000||S$5|
|RHB High Yield Savings Plus Account||N/A||N/A|