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For the Salaried Worker: Best High-Interest Rate Accounts
A high-interest savings account is one of the simplest ways to grow your idle cash while keeping your funds fully accessible anytime.
Unlike standard accounts that offer as little as 0.05% p.a., the best savings accounts in Singapore can help you earn significantly more—some up to 7% p.a.!—if you meet certain conditions; most of them operate on a tiered or bonus-interest structure.
Instead of a flat rate, banks offer a base interest rate (often 0.05% p.a.) plus additional bonus rates when you perform specific actions, such as:
- Crediting your monthly salary (e.g., ≥$1,800/month for OCBC, ≥$1,600 for UOB)
- Credit Card Spend: Spending a minimum amount (e.g., ≥$500/month) on an eligible card
- Balance Growth: Increasing your monthly average balance
- GIRO Payments: Making three bill payments via GIRO
- Investments/Insurance: Purchasing eligible investment or insurance products (these typically unlock the highest rates)
- Account Balance: Maintaining a high minimum balance (e.g., $250,000 for OCBC’s Grow category)
Crediting your monthly salary
(e.g., ≥$1,800/month for OCBC, ≥$1,600 for UOB)
Credit Card Spend
Spending a minimum amount (e.g., ≥$500/ month) on an eligible card
Balance Growth
Increasing your monthly average balance
GIRO Payments
Making three bill payments via GIRO
Investments/Insurance
Purchasing eligible investment or insurance products (these typically unlock the highest rates)
Account Balance
Maintaining a high minimum balance (e.g., $250,000 for OCBC's Grow category)
- Top Recommendations
If you can consistently credit your salary and use a credit card, these two accounts will reward you well.
Trust Savings Account or Syfe Cash Management:
For those preferring a fuss-free, “set and forget” approach.
Comparison Table: High-Interest Accounts at a Glance
 Account |
 Base Rate |
 Max Interest Rate (p.a.) |
 Key Bonus Conditions (to reach max rate) |
 Realistic Rate (p.a.) |
 Important Limitations |
OCBC 360 |
Salaried workers who automate salary, savings growth & card spend |
4.45%> (on first S$100,000) |
Credit ≥S$1,800 salary + Increase balance by ≥ S$500 monthly Spend ≥$S500 on OCBC cards + Insure & Invest (capped bonuses: S1,500 each per year) |
1.95%–2.45% (Salary + Save + Spend) |
Insure & Invest bonuses are capped at S$1,500/year each and only paid for 12 consecutive months; thereafter you must re-qualify. Maximum rate only lasts 12 months for those categories. |
DBS Multiplier |
Customers with home loans or those who transact across multiple DBS categories |
4.10% (on first S$100,000) |
Credit salary + transact in 3+ categories (card spend, home loan, insurance, investments) |
1.80%–2.20% (salary + 1–2 categories) |
Rate is tiered; the top rate applies only if you have a DBS home loan or 3+ eligible product relationships. No bonus for dormant categories. |
UOB One |
Fresh graduates & those who prefer a simple two‑criteria structure |
3.40% (on first S$150,000, tiered) |
Spend ≥S$500 on eligible UOB card + either credit ≥ S$1,600 salary OR make 3 GIRO payments |
0.65% (card spend only) 2.00%–2.90% (spend + salary/GIRO) |
Interest is heavily tiered. First S$75,000 earns only 1.00%; you need both criteria for the high blended rate. |
Standard Chartered Bonus$aver |
High‑income earners who already invest & insure heavily through the bank |
7.05% (on first S$100,000) |
Credit ≥S$
3,000 salary, Spend ≥ S$1,000 on cards
Buy insurance with ≥S
$24,000 annual premium
Invest ≥S$S30,000 |
1.00%–2.00% (salary and/or spend, without insurance/investments) |
The 2026 insurance and investment requirements are very high. Without them, the account pays only 2.00% at best. Realistic for mass‑affluent users who would already meet those thresholds. |
CIMB FastSaver |
Savers who want a no‑frills, condition‑light account |
2.00% (on first S$25,000) |
Credit ≥S$1,000 salary
Spend ≥ S$800 on CIMB Visa Signature card |
0.50%–1.02% (balance‑dependent; 0.50% base, plus bonuses only up to S$25,000) | Interest is front‑loaded: maximum bonus applies only to the first S 25,000.BalancesaboveS 25,000.BalancesaboveS50,000 earn just 0.50% p.a. |
Trust Bank Savings (Flex Plan) |
Anyone who wants the most flexible, non‑salary‑dependent conditions |
2.50% (on balances up to S$1,200,000) |
Pick 3 from 8 “bonus scoops” each month – examples: receive S$1,500 PayNow, make 5 card spends(S$30+), maintain S$100,000 balance, etc. |
0.50% (Zen, no conditions) 1.00%–2.50% (Flex with selected scoops) |
The Flex Plan requires you to actively choose and meet 3 conditions each month. Failing to meet them drops you to the base rate (0.10% p.a.). |
Best for: Working adults who can automate salary crediting and card spending.
OCBC 360 Account
Credit a salary of at least $1,800, increase your average daily balance by $500, and spend at least $500 on an eligible OCBC card. These three categories alone can get you an effective interest rate of 2.45% p.a. on $100,000.
Achieve 4.45% p.a. by adding insurance and investment purchases. The breakdown is Salary (2.40%), Save (0.80%), Spend (0.40%), Insure (2.40%), and Invest (2.40%)—but note that Insure and Invest bonuses are capped at S$1,500 each per year and are paid for 12 consecutive months.
1.95% p.a. for most salaried workers who meet Salary, Save, and Spend.
Yes, up to S$100,000.
Savings Accumulation Scenarios (on S$100,000 balance)
| Scenario | Monthly Interest | Annual Interest | Total After 5 Years |
| Base Rate Only (0.05% p.a.) | S$4.17 | S$50 | S$100,250 |
| Realistic (Salary + Save + Spend: 2.45% p.a.) | S$204 | S$2,450 | S$112,250 |
| Maximum (All categories: 5.45% p.a.) | S$454 | S$5,450 | S$127,250 |
That's a return flight to Tokyo or a new iPhone every year, just from interest!
Best for: Customers with a home loan or those who transact across multiple DBS categories.
DBS Multiplier Account
The interest rate increases based on the number of categories you transact in (salary, card spend, home loan, insurance, investments). With salary credit and 1 category (e.g., $500 card spend), you earn 1.80% p.a. on the first $50,000.
With salary credit and 3+ categories, earn 4.10% p.a. on the first S$100,000.
1.80%–2.20% p.a. for users with salary + 1–2 categories. Young adults under 29 can earn 1.50% p.a. on the first S$50,000 with just credit card or PayLah! spend, even without salary.
Yes.
Savings Accumulation Scenarios (on S$100,000 balance)
| Scenario | Monthly Interest | Annual Interest | Total After 5 Years |
| Base Rate Only (0.05% p.a.) | S$4.17 | S$50 | S$100,250 |
| Realistic (Salary + 1 category: 1.80% p.a.) | S$150 | S$1,800 | S$109,000 |
| Good (Salary + 2 categories: 2.20% p.a.) | S$183 | S$2,200 | S$111,000 |
| Maximum (Salary + 3+ categories: 4.10% p.a.) | S$342 | S$4,100 | S$120,500 |
If you have a DBS home loan, you're already halfway to the maximum rate.
Best for: Fresh graduates and those who prefer a simpler, two-criteria structure.
UOB One Account
Spend $500 on an eligible UOB card and credit your salary ($1,600) or make 3 GIRO payments. On a $150,000 balance, this yields up to 3.40% p.a.
3.40% p.a. on balances up to S$150,000. The effective rate is tiered:
First S$75,000 earns 1.00%
Next S$50,000 earns 2.50%
Final S$25,000 earns 3.40% when both criteria are met.
0.65%–1.00% p.a. if you only meet the S$500 card spend. 2.00%–3.40% p.a. if you add salary crediting or 3 GIRO payments.
Yes.
Savings Accumulation Scenarios (on S$100,000 balance)
| Scenario | Monthly Interest | Annual Interest | Total After 5 Years |
| Base Rate Only (0.05% p.a.) | S$4.17 | S$50 | S$100,250 |
| Spend Only (S$500 card spend: ~0.65% p.a.) | S$54 | S$650 | S$103,250 |
| Spend + GIRO (or salary: ~2.0% blended) | S$167 | S$2,000 | S$110,000 |
| Spend + Salary (full criteria on S$100k: ~2.9% blended) | S$242 | S$2,900 | S$114,500 |
The S$150,000 cap is generous for young savers.
Best for: High-income earners who actively invest and insure through the bank.
Standard Chartered Bonus$aver Account
High rates require high thresholds:
- Credit S$3,000 salary
- Spend S$1,000 on cards
- Purchase insurance of minimum S$24,000 annual premium
- Invest S$30,000
7.05% p.a. on the first S$100,000.
1.00%–2.00% p.a. if you only credit salary and spend. Salary alone earns 1.00% p.a., and card spend alone earns 1.00% p.a.
Yes.
Savings Accumulation Scenarios (on S$100,000 balance)
| Scenario | Monthly Interest | Annual Interest | Total After 5 Years |
| Base Rate Only (0.05% p.a.) | S$4.17 | S$50 | S$100,250 |
| Salary Only (1.00% p.a.) | S$83 | S$1,000 | S$105,000 |
| Salary + Spend (2.00% p.a.) | S$167 | S$2,000 | S$110,000 |
| Maximum (All categories: 7.05% p.a.) | S$588 | S$7,050 | S$135,250 |
Best for: Savers who want a no-frills, condition-light account.
CIMB FastSaver Account
Unlike other accounts, CIMB's bonus structure applies only to the first S$25,000. Base interest is 0.50% p.a. on the first S$25,000. Crediting your salary (S$1,000) adds 0.50% p.a., and spending S$800 on a CIMB Visa Signature Credit Card adds 1.00% p.a.
2.00% p.a. on the first S$25,000 (0.50% base + 0.50% salary + 1.00% card spend). On amounts above S$25,000, rates drop significantly—the next S$25,000 earns 1.08% p.a., and amounts above S$75,000 earn just 0.50% p.a.
0.50%–1.58% p.a. depending on balance and whether you credit salary.
Yes.
Savings Accumulation Scenarios (on S$25,000 balance—the optimal tier)
| Scenario | Monthly Interest | Annual Interest | Total After 5 Years |
| Base Rate Only (0.50% p.a.) | S$10 | S$125 | S$25,625 |
| With Salary Credit (1.00% p.a.) | S$21 | S$250 | S$26,250 |
| Maximum (Salary + Card Spend: 2.00% p.a.) | S$42 | S$500 | S$27,500 |
- First S$25,000 at 2.00% p.a. = S$500/year
- Next S$25,000 at 1.08% p.a. = S$270/year
- Remaining S$50,000 at 0.50% p.a. = S$250/year
- Total annual interest: ~S$1,020 (effective rate ~1.02% p.a.)
Best for: Anyone looking for a truly fee-free, no-conditions account.
Trust Bank Savings Account
No salary crediting, no minimum spend, and no fall-below fees. Earn up to 2.40% p.a. on balances up to S$1,200,000.
2.50% p.a. (Flex Plan with 3 bonus scoops) or 0.50% p.a. (Zen Plan with no conditions). The Flex Plan allows you to choose 3 from 8 bonus categories each month, such as:
- Receive S$1,500 via PayNow
- Make 5 qualifying card spends of S$30+ each
- Maintain a balance of S$100,000
0.10%–0.50% p.a. for Zen Plan users (truly no conditions). 1.00%–2.50% p.a. for Flex Plan users who can meet 3 simple categories.
Yes.
Savings Accumulation Scenarios (on S$100,000 balance)
| Scenario | Monthly Interest | Annual Interest | Total After 5 Years |
| Zen Plan (0.50% p.a., no conditions) | S$42 | S$500 | S$102,500 |
| Flex Plan – Basic (1 category: ~1.0% p.a.) | S$83 | S$1,000 | S$105,000 |
| Flex Plan – Good (2 categories: ~1.8% p.a.) | S$150 | S$1,800 | S$109,000 |
| Flex Plan – Maximum (3 categories: 2.50% p.a.) | S$208 | S$2,500 | S$112,500 |
Realistic Rates at a Glance
|
Account |
 Base Rate (p.a.) |
 Realistic Rate (Typical User) |
 Maximum Rate |
 Best Balance Cap |
|
OCBC 360 | 0.05% | 1.95% | 4.45% | S$100,000 |
|
DBS Multiplier |
0.05% | 1.80 – 2.20% | 4.10% | S$100,000 |
|
UOB One |
0.05% | 0.65 – 2.90% | 3.40% | S$150,000 |
|
StanChart Bonus$aver |
0.05% | 1.00 – 2.00% | 7.05% | S$100,000 |
|
CIMB FastSaver |
0.50% | 0.50 – 1.58% | 2.00% | S$25,000 – 50,000 |
|
Trust Bank |
0.10 – 0.50% | 0.50 – 2.00% | 2.50% | S$1,200,000 |
The Deep Dive
OCBC 360 Account
The OCBC 360 Account has long been a favourite among locals salarypeople because it rewards consistent financial habits with some of the highest bonus interest rates available. Unlike accounts that require complex investment products just to unlock decent returns, OCBC 360 keeps its core bonus categories simple: salary, save, and spend.
Key Perks & Lifestyle Benefits
Credit at least S$1,800 monthly to unlock up to 1.80% p.a. on the first S$75,000.
Increase your average daily balance by S$500 from the previous month to add 0.60% p.a.
Spend at least S$500 on an eligible OCBC card to add 0.60% p.a.
Just these three categories—which mirror a typical working adult's routine—already deliver 2.45% p.a. on S$100,000.
Add insurance or investment purchases to reach up to 5.45% p.a. on S$100,000
OCBC's app includes Money Lock, which lets you secure specific funds against digital transfers—a useful scam-protection feature
The Fine Print
18 years old (21 for some bonus categories)
$1,000
S$2 if average daily balance drops below S$3,000
The advertised 5.45% is a maximum; the blended rate on your balance depends on which categories you hit each month. For most users who credit salary and spend, the effective rate lands between 2.0% and 3.0% p.a.
Products purchased must be held for a minimum period; cancelling early may forfeit bonus interest and incur penalties
DBS Multiplier Account
DBS Multiplier stands out because it doesn't require you to meet every single category each month. Instead, the more categories you transact in, the higher your interest rate climbs. This makes it ideal for customers who already use DBS for their housing loan, credit card, or insurance.
Key Perks & Lifestyle Benefits
Interest rates increase with the number of eligible categories you use in a month
- Salary crediting (GIRO)
- Credit card spend (S$1 or more per transaction)
- Home loan instalments
- Insurance premiums
- Investment purchases
- Salary + 1 category (e.g., S$500 card spend): 1.80% p.a. on first S$50,000
- Salary + 2 categories: 2.20% p.a. on first S$50,000
- Salary + 3+ categories: 4.10% p.a. on first S$100,000
Unlike some accounts, there's no minimum spend requirement for credit card transactions to qualify
The account supports 12 foreign currencies (USD, EUR, JPY, AUD, etc.) with a linked multi-currency account
The Fine Print
18 years old
$1,000
S$5 if average daily balance drops below S$3,000
The rate applies only to the first S$100,000; anything above that earns 0.05% p.a.
Not all transactions count; for example, credit card spend counts only if the card is linked to the Multiplier account, and home loan eligibility requires an existing DBS/POSB home loan
UOB One Account
UOB One is designed for those who want a straightforward, two-criteria structure without juggling multiple bonus categories.
It's particularly friendly to fresh graduates and young professionals who may not yet have complex financial portfolios.
Key Perks & Lifestyle Benefits
- Path 1: Spend S$500 on an eligible UOB card + credit S$1,600 salary via GIRO
- Path 2: Spend S$500 on an eligible UOB card + make 3 GIRO bill payments
- S$75,000 balance: 2.20% p.a.
- S$100,000 balance: 2.60% p.a.
- S$150,000 balance: 3.40% p.a.
- Cashback on Grab, SimplyGo, McDonald's, and mobile payments
- Complimentary travel insurance (for cardholders)
No fall-below fees
The Fine Print
18 years old
$1,000
None (account has no minimum balance requirement)
Bonus interest applies only to balances up to S$150,000. Balances above this earn 0.05% p.a.
The S$500 monthly spend must be on an eligible UOB card; refunds and reversals reduce your qualifying spend
The 3 GIRO payments must be to different billing organisations; paying the same bill three times doesn't count
Trust Bank Savings Account
Trust Bank (a joint venture between Standard Chartered and FairPrice Group) has quickly become Singapore's go-to for fuss-free banking . With no salary crediting, no minimum spend, and no fall-below fees, it's perfect for anyone who just wants their savings to grow without tracking monthly requirements.
Key Perks & Lifestyle Benefits
Earn up to 2.40% p.a. without meeting any spending or salary requirements
No annual fee, no foreign transaction fees (Visa rate applies)
One of the few accounts offering this
- Flex Plan: Choose 3 bonus "scoops" from 8 categories (e.g., receive S$1,500 PayNow, make 5 card spends, maintain S$100,000 balance) to earn up to 2.50% p.a.
- Zen Plan: Flat 0.50% p.a., no conditions
The Fine Print
16 years old
S$0
None
The 2.40%–2.50% rates apply only if you meet your chosen bonus categories. The base rate (if no categories are met) is 0.10% p.a. for Flex Plan or 0.50% for Zen Plan
Bonus interest applies to balances up to S$1,200,000 (for Zen Plan)
Living the Savings Account Lifestyle
Your savings account isn’t just a place to park money: it’s a tool that can fund the life you want. Whether you’re planning a wedding, saving for a BTO renovation, or building an emergency fund, the right account structure can help you get there faster.
How to Maximise Your Savings Account for Your BTO Renovation
Let’s say you’re collecting keys to your new BTO flat in 12 months and need to save S$30,000 for renovation works. Here’s how a high-interest savings account can help you hit that goal:
Choose OCBC 360 if you're salaried:
By crediting your salary, spending S$500 on your OCBC card (hello, new furniture!), and maintaining a S$500 monthly balance increase, you can earn around 2.45% p.a. on your renovation fund . That’s S$735 in interest over 12 months on S$30,000—essentially free money toward your new kitchen cabinets.
Boost your rates:
You can still earn up to 2.50% p.a. by picking bonus categories that suit your lifestyle. For example, choose the “Make 5 card spends” for your renovation shopping trips.
Set up multiple savings pockets:
Use GXS’s “Pockets” feature to separate your renovation fund from your emergency savings. Each pocket earns daily interest, and you can name them something motivating like “Kitchen Reno” or “Flooring Fund”.
CompareSing Tips: What to Watch Out For
Have you ever tried to pay for your insurance premiums using your credit card but realised that it is ‘not counted’ when it comes to credit card rewards like miles, points or cashback?
This is where advanced players squeeze out the extra juice. There is a hack for everything.
Facilities like CardUp, Citi PayAll, and UOB Payment Facility can sometimes turn otherwise ‘boring’ spend into miles—things like rent, income tax, school fees, insurance premiums, condo bills, invoices, or big one-off payments.
The trick is simple: do the math.
If you’re paying an admin fee to buy miles, ask yourself:
- What is the effective cost per mile?
- Is that cheaper than what you personally value a KrisFlyer mile at?
- Are you topping up for a redemption you actually plan to make?
If the answer is yes, it can be worth it. If not, you’re just paying money to feel shiok about earning extra points, well, miles.
And one more thing: these facilities change promos, eligibility, and earn rules all the time. Never assume last year’s trick still works today!
CompareSing Buddy Tips: What to Watch Out For
We’re here to be your expert friend, helping you avoid the common traps that trip up even savvy savers.
"Salary Credit" Doesn't Mean Any PayNow Transfer
Minimum Balances Can Eat Your Interest
Falling below the required average daily balance triggers fees (e.g., OCBC S$2, DBS S$5). Although they are monthly, these fees can still wipe out months of interest. Always keep a buffer above the minimum.
Bonus Interest Has Caps
The highest rates often apply only to the first S$75,000–S$100,000. Anything above that earns a base rate as low as 0.05%. If you have more than S$100,000 in savings, consider splitting your funds across multiple accounts or moving excess into higher-yielding options like Singapore Savings Bonds (SSBs) or cash management accounts.
"Up to X%" Is Not What You'll Earn
Advertised rates like 7.05% (Standard Chartered) or 5.45% (OCBC) require meeting every single bonus category—often including large insurance purchases or investments. For most users, the realistic blended rate is between 1.5% and 3.0% p.a.
The "Spend" Category Doesn't Count Everything
Spend categories typically exclude certain transactions like refunds, AXS payments, and instalment plans. Check the bank’s terms to ensure your planned spending actually qualifies.
The Knowledge Base
How to Apply for a High-Interest Savings Account in 3 Easy Steps
Choose Your Account
Review the comparison table and pick 1–2 accounts that match your spending habits and financial goals. If you’re salaried and already use a credit card, OCBC 360 or DBS Multiplier are strong options. If you want a “set and forget” approach, Trust Bank is ideal.
Prepare Your Documents
For Singaporeans and PRs, digital onboarding is simple. Have these ready:
- NRIC (front and back) or Singpass for MyInfo
- Mobile number registered with Singpass
- Initial deposit (usually S$1,000 for traditional bank accounts; S$0 for digital banks)
Apply online
- Traditional Banks (OCBC, DBS, UOB): Visit the bank’s website or mobile app. Use Singpass MyInfo to auto-populate your details. Approval typically takes 1–2 business days.
- Digital Banks (Trust, GXS, MariBank): Download the app, tap “Sign Up,” and follow the prompts. Approval is usually instant.
Eligibility & Document Checklist
In general, expect:
Age
16–18 years (depending on the bank) to 55–70 years (no upper age limit for savings accounts)
Citizenship
Singapore Citizen, Permanent Resident, or valid pass holder (Employment Pass, S Pass, Dependant’s Pass, etc.)
Documents
NRIC/Passport, proof of residential address (for foreigners), Singpass for digital onboarding
Initial Deposit
S$0 (digital banks) to S$1,000 (traditional banks)
Frequently Asked Questions
About Saving Accounts for the Salaried Worker
What's the difference between a high-interest savings account and a cash management account?
A savings account is a bank account with SDIC insurance (guaranteed deposits up to S$100,000). A cash management account (like Syfe Cash+ or StashAway Simple) invests your money in money market funds and is not SDIC-insured, but typically offers higher projected returns with no conditions.
What happens if I don't meet the bonus criteria for a month?
You’ll earn only the base interest rate for that month (usually 0.05%–0.10% p.a.). The next month, if you meet the criteria again, bonus interest resumes.
Can I open multiple high-interest savings accounts?
Yes. Many savers open accounts with different banks to maximise their total interest, since bonus rates often apply only to the first S$75,000–S$100,000 per account.
Are digital banks like GXS and Trust safe?
Yes. Both are licensed by the Monetary Authority of Singapore (MAS) and deposits are insured under the SDIC scheme up to S$100,000 per depositor.
How often is interest credited?
Most traditional banks credit interest monthly. Digital banks like GXS credit interest daily, which allows your interest to compound faster.
Can a foreigner open a savings account in Singapore?
Yes, foreigners with a valid Employment Pass, S Pass, or Dependant’s Pass can open accounts with most banks. Digital banks like GXS and Trust also accept foreigners with a valid Singapore address.
What's the best savings account for an emergency fund?
Trust Bank Savings Account or CIMB FastSaver are excellent for emergency funds because they have no minimum balance requirements and no conditions to earn decent interest . For a completely hands-off approach, consider Syfe Cash+ or StashAway Simple.
How do I compare savings accounts effectively?
Look beyond the headline rate. Ask yourself:
- Can I realistically meet the bonus criteria every month?
- Is my balance within the cap that earns the highest rate?
- What fees will I incur if my balance drops?
- Are there other perks (like a useful debit card) that add value?