Best DBS Savings Accounts in Singapore 2020

Learn how to save effectively and maximise interest rates as you compare the different types of DBS savings account. Read More
We found 3 Savings accounts for you!
DBS logo

Min. Balance

S$3,000

Min. Balance
High Interest Rates
Base Interest Rate p.a.
0.05%
Max. Interest Rate p.a.
3.8%
Min. Balance
S$3,000
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DBS logo

Min. Balance

S$0

Min. Balance
FX Rates: Bank rates
0%
Max. Interest Rate p.a.
0.05%
Min. Balance
S$0
Apply Now
DBS logo

Min. Balance

S$0

Min. Balance
Base Interest Rate p.a.
0.05%
Max. Interest Rate p.a.
0.1%
Min. Balance
S$0
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DBS Savings Account

DBS has several savings accounts for you to choose from, ranging from children’s, everyday, autosave, expatriate, to more complex savings accounts such as multi-currency and the DBS Multiplier account. Explore the available DBS accounts listed above and below, for the best savings account is not necessarily the one with the highest interest rate but one that is suitable for your lifestyle and banking needs.

Revised Account Terms and Interest Rates (August 2020)

Major banks in Singapore have been making revisions to their products in 2020 since COVID-19 has affected the Singapore Inter-Bank Offer Rate (SIBOR) and Singapore Dollar Swap Offered Rate (SOR) – essentially benchmark rates that Asian banks refer to when borrowing, lending, and transferring money, currency, bonds, mortgages, derivatives, and interest rates. Whether you hold a basic DBS Savings Account, a DBS Multiplier, or an DBS expatriate account, here are the interest rates from 1 August 2020 onwards with new changes and revisions reflected.

DBS Savings Account Interest Rates

DBS Savings AccountsInterest Rates - from 1 August 2020 (per annum)Bonus Interest Rates - Maximum (per annum)
DBS Savings Account0.05%0.05%
DBS Multiplier Account0.05%2.80%
DBS Multi-Currency Account0.05%0.05%
DBS eAutosave Account0.05%0.05%
DBS Current Account0.00%0.00%
DBS Expatriate eMulti-Currency Autosave Account0.05%0.05%
DBS Expatriate Autosave Account0.05%0.05%

Minimum Balance and Fall Below Fee

The basic DBS Savings account comes with a minimum average daily balance of S$500 if you opened your DBS Savings account before 12 September 2011, and S$1,000 if you opened your DBS Savings account after 12 September 2011 with a fall below fee of S$2 per month. If you hold other savings accounts with DBS, minimum balances and fall below fees will differ such as the DBS Multiplier Account, you need to maintain a minimum average daily balance of S$3,000, failing which a S$5 fall below fee will be charged per month.

DBS Multiplier Account vs DBS Remix eSavings Plus vs DBS Multi-Currency Account

What is the difference between the DBS Multiplier Account, DBS Remix eSavings Plus, and DBS Multi-Currency Account? In a nutshell: if you have a wide banking relationship with DBS or POSB across different financial products such as home loans, insurance, investments, and credit cards, the DBS Multiplier Account is for you. If you are a student studying abroad, or if you are a frequent flyer who shuttles between cities and handles multiple currencies, the DBS Multi-Currency Account will be suitable for you. Finally, the DBS Remix eSavings Plus Account was converted into DBS Savings Plus Account in 2018, after which the series of DBS Savings accounts were discontinued for new applications.

DBS Multiplier Account

The DBS Multiplier Account is a savings account with a base interest rate of 0.05% per year and offers one of the best bonus interest rates in the market right now with a maximum bonus interest rate of 2.80%. To maximize the deposit you hold in this savings account, you will need to credit your monthly salary or dividends to your DBS or POSB savings account, use a DBS or POSB credit card, and make active purchases with DBS Insurance and DBS Investment.

DBS Remix eSavings Plus

As of 16 November 2018, DBS Remix eSavings Plus has been merged with the DBS Expatriate Savings Account, DBS Savings Plus AF Account, and DBS eSavings SPEP Account to form the DBS Savings Plus Account. The account comes with a minimum average daily balance of S$1,000 and a fall below fee applies. No branch service fees and ATM withdrawal fees. The DBS Savings series of accounts are no longer offered for account opening.

DBS Multi-Currency Account

If you are studying overseas or a frequent flyer constantly dealing with multiple currencies, the DBS Multi-Currency Account will give you access to both savings in Singapore and foreign currencies such as Australian, Canadian, US, Sterling Pound, and more.

How to maximise DBS Multiplier Account Interest

Salary Credit

To maximize your DBS Multiplier Account, you will need to credit above S$3,000 in salary or dividends from your CDP (Central Depository) account, DBS Vickers, DBS Online Equity Trading, DBS Unit Trusts, and other DBS investment products via GIRO to any of your DBS or POSB savings accounts.

Retail Spend

Income crediting aside, you will need to spend across any of these 4 other categories totaling above S$2,000 per month to qualify for bonus interest – DBS home loans, insurance, investments, and credit card spend. Expenditure on any of your DBS or POSB credit cards and supplementary credit cards will be eligible.

Invest

If you invest with DBS, eligible investments include DBS InvestSaver, Unit Trusts, DBS Vickers, DBS Online Equity Trading, and more. Investments have to be made after you open your DBS Multiplier account. Bonus interest rates earned will only be valid for 1 month or 12 consecutive contributions, depending on your investment of choice.

Home Loan

If you have any existing or new DBS or POSB home loans, your cash or CPF monthly instalments will be eligible for contribution towards your bonus interest rates on your DBS Multiplier account.

Insurance

If you are considering DBS Insurance to qualify for further bonus interest rates on your DBS Multiplier Account, you will need to purchase eligible regular premium policies from DBS. Existing insurance policies from DBS will not qualify for bonus interest rates.

How to Open a DBS Savings Account

Step 1

Prior to opening a DBS savings account, you will need to first prepare some documents such as a valid Passport with biodata, NRIC, employment pass (if any), any bills, payslips, or letter of employment, or education enrolment letters to prove your residence in Singapore. If you are a Singaporean, you can skip all of these preparation if you were to apply for your DBS savings account online via SingPass MyInfo.

Step 2

You can submit your application for a DBS savings account online via the DBS website or by visiting a DBS branch in person. If you are submitting your account application online, visit the DBS website to first apply for digibank Online. Thereafter, you will be able to apply for your savings account of choice – DBS My Account, DBS Multiplier Account, eMySavings Account, POSB SAYE Account, or POSB Payroll Account.

Step 3

Once you have submitted your physical or online application for a DBS savings account, it will take 7 working days for the application to be processed. You can check on your application via the DBS ibanking portal, digibank Online. Click on “Apply”, “More Application Services”, followed by “View Application Status”. A confirmation SMS will also be sent to you once your application has been approved.

More about DBS Bank

DBS iBanking

DBS ibanking, now renamed to DBS digibank online, allows you to login to the DBS online banking portal to check your DBS savings account status, transaction details, transfer funds and make payments, create recurring bill payments via GIRO, and submit any saving accounts applications or requests.

DBS Hotline

To contact DBS customer service, you can call the DBS general enquiries hotline at 1800 111 1111 or +65 6327 2265 if you are calling from overseas. Alternatively, you can visit the DBS Singapore website, click on the red conversation icon on the bottom right hand corner of your screen to launch the DBS digibot online chatbot. Finally, you can leave DBS Singapore a tweet via Twitter, or visit a DBS branch in person.

Commonly Asked Questions

Is DBS My Account a savings account?

What is DBS My Account? DBS My Account is an online multi-currency savings account that allows you to deposit savings in both Singapore dollars and 13 other foreign currencies such as USD, Euro, Sterling Pound, Australian dollar, and more. Like any conventional savings account, DBS MyAccount allows you to transfer funds locally or overseas via DBS Remit, create bill payments, and make everyday payments via the mobile wallet PayLah! and link it to your DBS Visa Debit Card.

Is POSB same as DBS?

POSB and DBS belong to the same banking corporation. POSB, or the Post Office Savings Bank, was founded in 1877 in Singapore as a public bank for locals. DBS, formerly known as the Development Bank of Singapore, was founded in 1968 as a multinational bank based in Singapore. DBS later acquired POSB in 1998, merging majority of its personal banking services such as selected personal banking products and promotions, ibanking portals, mobile banking apps, ATMs, and cash deposit machines located around Singapore. Although both DBS and POSB now share the same bank code, 7171, your 10-digit DBS savings account number differs from a 9-digit POSB savings account number.

Can I open POSB account at DBS?

You can open a POSB account via DBS, and vice versa via the DBS or POSB ibanking website and mobile banking apps. To apply for a DBS or POSB deposit, savings, or multi-currency savings account, login to your DBS or POSB ibanking website or mobile application. Open the “More” menu to view the “Apply” section. There, you will be able to select your financial product of choice: debit and credit cards, or savings accounts. After you have submitted your application, you will be able to check on your credit card or savings account application status via the same menu. Under “Apply”, click on “Application Status” and a window will appear with your application status.

How much deposit do I need to open a DBS or POSB account?

DBS Multiplier, eMulti-Currency Autosave, MyAccount, eMySavings and POSB SAYE accounts do not require any initial deposits. However, a S$3,000 minimum average daily balance is required for the DBS Multiplier Account with a S$5 fall below fee. The DBS eMulti-Currency Autosave Account requires a S$3,000 minimum average balance with a S$7.50 fall below fee.

Is DBS Multiplier a savings or current account?

The DBS Multiplier is a deposit account but you could consider it as a savings account as well. While the account offers you a base interest rate for the funds you have deposited, there are bonus interest rates that you can earn if you fulfil certain requirements such as DBS or POSB credit card spend, home loans, insurance, or investments. This is different from a current account which does not offer interest rates.

Can a foreigner open a DBS bank account in Singapore?

Yes, a foreigner can open a bank account in Singapore with DBS and POSB. If you are a foreigner working, studying, or residing in Singapore on a dependent or long term visit pass, you can apply for a bank account with DBS or POSB. All you need is to prepare some documents to prove your identity and eligibility, namely a valid passport with biodata or the Malaysian IC, your employment pass, and any bills, official governmental letters, or employment papers with your residential address to prove your identity and residency in Singapore.

Can I keep my bank account with DBS even though I am no longer a resident of Singapore?

Yes, you can keep your bank account if you leave Singapore and no longer are a resident of Singapore. Do update your personal details and contact information via the DBS or POSB ibanking portal, digibank, or visit a DBS or POSB branch near you in person.