How much money should you have in your savings?

How much money should you keep in your savings account? Every savings account comes with a daily minimum balance, such as S$500 for the Maybank iSavvy Savings account, S$1,000 for the OCBC 360 account, and S$3,000 for the POSB or DBS Multiplier account. If your daily savings account balance falls below the stated minimum by your bank, you may be charged a fall below fee of S$2 or S$5.

How much interest will I get on $1,000 a year in a savings account?

To calculate the interest you will generate from a savings account, scroll up to refer to the savings account interest rate table above. If you have a S$1,000 in the OCBC 360 account for example, multiply your savings sum by the base interest rate, 0.05% per annum, and you will get 50 cents interest per year: (0.05/ 100) x $1,000 = S$0.50. Do take note that most savings accounts come with a minimum daily balance of upwards to S$3,000. If you have S$1,000 a year to stash away in a savings account, you would want to look at accounts with no or lower minimum balances (and ones that do not require you to have other forms of banking relationships such as investments with the bank). Let’s say you have S$10,000 on hand instead. What should I do with S$10,000 in savings? With S$10,000 on hand, you will be eligible for most savings accounts in Singapore and may even qualify for some bonus interest rates at this juncture. When searching for a suitable savings account, do carefully consider the additional qualifying categories for higher bonus interest rates. These additional categories may come in the form of salary crediting, credit card spend, insurance, or investments. You would want to choose the ones that fit your lifestyle and banking needs.

Does a savings account make money?

If you were to deposit your funds in a savings account that suits your banking needs and portfolio, you can earn a decent or the maximum interest rate offered. You will want to look at which savings account pays you the highest interest – and if the criteria and categories for bonus interest fits your lifestyle and banking needs.

How do I choose a good savings account?

A good savings account is one that complements and suits your deposit sum, income, other lifestyle factors such as credit card spend, insurance, and your appetite for financial products such as investments. Of course, it is also important to consider if you would like.

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.

Can I withdraw all my money from my savings account?

Yes, you can withdraw all your money from your savings account if you need to spend it on an emergency. However, for the number of days your savings account balance falls below the minimum balance, you may be charged a S$2 or S$5 daily until your savings account balance returns to the stated minimum balance (e.g. S$1,000 for OCBC 360 or S$3,000 for POSB or DBS Multiplier). If you are looking to withdraw all your money and close your savings account, you can do so via ibanking or by visiting your bank’s branches.

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.

Compare HSBC Savings Accounts in Singapore 2025

Learn how to save effectively and maximise interest rates as you compare the different types of HSBC savings account.

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Best Savings Account Singapore

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 vs Current vs Multi-currency Account

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?

Savings Account

A savings account is meant for you to hold your funds for a short period of time so you can easily retrieve them where necessary, such as a trip to the doctor’s, buying a new refrigerator, or booking vacations. For the time you deposit your funds into a savings account, you will want your funds to be earning interest. Banks do offer a base interest rate that generates interest on your account balance, such as 0.05% per annum for the OCBC 360 Account (as of 1 October 2020), or 0.03% per annum for the Standard Chartered Bonus Saver Account (as of 1 October 2020). Savings accounts also do offer bonus interest rates if you fulfil extra criteria, for instance. The DBS Multiplier Account awards bonus interest rates totaling up to 3.80% if you also fulfil your DBS or POSB credit card spend, home loan, investments, and insurance expenditure.

Current Account

A current account is your everyday account where your disposable income is held, and you frequently charge lifestyle transactions to. If you use a debit card, your card will most likely be tagged to a current account. You do not want to deposit large amounts of funds into a current account for they do not offer interest rates. Current accounts may also come with minimum balance fees.

Multi-Currency Account

So, savings and current accounts in Singapore mostly hold your funds in Singapore dollars. What if you are a student who is studying the US, you are based in Singapore but have family in Melbourne, or a frequent flyer who shuttles between Singapore, Shanghai, and London? You will frequently transact between Singapore and foreign currencies. A multi-currency account may suit you. Multi-currency accounts allows you to hold both Singapore dollars and one (or more) designated currencies in your account. So, when you receive a payment from your fellow college friend in Australian dollars, you will not need to pay transaction fees to have that sum converted to Singapore dollars. Instead, you will be able to store those Australian dollars directly in your account and spend it on your next cup of coffee in Melbourne.

How does a High Yield Savings Account work?

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.

Step 1

Documents required

If you are a Singapore citizen applying for a savings account, you can do it online via Singpass MyInfo. This way, you will not need to scan, and collate all the necessary documents. If you are a foreigner working or studying in Singapore, you will often need to provide your passport, employment pass, and proof of residence in Singapore (such as a bill, employment letter, school’s letter etc.).

Step 2

Minimum requirements to qualify

To apply for a savings account in Singapore, you generally need to be at least 18 years old, a Singapore citizen, permanent resident, or a foreigner with necessary documents to prove your residence in Singapore. Most savings accounts do not require an initial deposit nor charge monthly account fees. However, most savings accounts do have a minimum balance requirement of S$1,000 or S$3,000 – meaning your savings account must have above S$1,000 or S$3,000 daily. If your balance dips below the minimum balance stated by your bank, you will be charged either a S$2 or S$5 fall below fee.

Step 3

iBanking

Once you have successfully applied for a savings account, you should be automatically directed to create an internet banking (or iBanking) account through your bank’s website. Major banks offer digital banking apps such as OCBC ibanking app, DBS ibanking app etc for better convenience. Most of the daily banking needs you will have can be found on your bank’s internet banking portal – checking transaction history, current balance, interest accrual, etc. If you do have any special requests such as withdrawals, transfers, or if you are looking to close your savings account, you may still be required to fill in a physical form and bring it to a branch that is closest to you.

Minimum Balance for Savings Account

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
HSBC Everyday Global Account (Premier)	S$200,000	S$50

Students

If you are looking for a savings account for your child or yourself, a student, there are some things to take note of: most savings accounts in Singapore do require a minimum daily balance. If you fall below the daily minimum balance, a fall below fee of S$2 or S$5 will be automatically deducted from your account. For a student with no or minimal income, this may prove to be a problem. For students, you may want to look at accounts with no or low minimum balance or fall below fees, such as the Maybank iSavvy Savings Account with a S$500 minimum balance and S$2 fall below fee, or the CIMB FastSaver or StarSaver with a S$1,000 minimum balance and no fall below fees. Take note that you have to consider the fall below fee, for some accounts with no minimum balance such as the Citi MaxiGain may require you to have a total banking relationship of S$15,000 with them before the fall below fee is waived.

Children

Planning and setting aside money for your child’s future? 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, and the Standard Chartered eSaver Kids accounts.

Commonly Asked Questions

How much money should you have in your savings?: How much money should you keep in your savings account? Every savings account comes with a daily minimum balance, such as S$500 for the Maybank iSavvy Savings account, S$1,000 for the OCBC 360 account, and S$3,000 for the POSB or DBS Multiplier account. If your daily savings account balance falls below the stated minimum by your bank, you may be charged a fall below fee of S$2 or S$5.
How much interest will I get on $1,000 a year in a savings account?: To calculate the interest you will generate from a savings account, scroll up to refer to the savings account interest rate table above. If you have a S$1,000 in the OCBC 360 account for example, multiply your savings sum by the base interest rate, 0.05% per annum, and you will get 50 cents interest per year: (0.05/ 100) x $1,000 = S$0.50. Do take note that most savings accounts come with a minimum daily balance of upwards to S$3,000. If you have S$1,000 a year to stash away in a savings account, you would want to look at accounts with no or lower minimum balances (and ones that do not require you to have other forms of banking relationships such as investments with the bank). Let’s say you have S$10,000 on hand instead. What should I do with S$10,000 in savings? With S$10,000 on hand, you will be eligible for most savings accounts in Singapore and may even qualify for some bonus interest rates at this juncture. When searching for a suitable savings account, do carefully consider the additional qualifying categories for higher bonus interest rates. These additional categories may come in the form of salary crediting, credit card spend, insurance, or investments. You would want to choose the ones that fit your lifestyle and banking needs.
Does a savings account make money?: If you were to deposit your funds in a savings account that suits your banking needs and portfolio, you can earn a decent or the maximum interest rate offered. You will want to look at which savings account pays you the highest interest – and if the criteria and categories for bonus interest fits your lifestyle and banking needs.
How do I choose a good savings account?: A good savings account is one that complements and suits your deposit sum, income, other lifestyle factors such as credit card spend, insurance, and your appetite for financial products such as investments. Of course, it is also important to consider if you would like.
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.
Can I withdraw all my money from my savings account?: Yes, you can withdraw all your money from your savings account if you need to spend it on an emergency. However, for the number of days your savings account balance falls below the minimum balance, you may be charged a S$2 or S$5 daily until your savings account balance returns to the stated minimum balance (e.g. S$1,000 for OCBC 360 or S$3,000 for POSB or DBS Multiplier). If you are looking to withdraw all your money and close your savings account, you can do so via ibanking or by visiting your bank’s branches.
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.