Which bank has the highest interest rate for savings in Singapore?

Which bank has the highest interest rate for savings in Singapore? | CityNewsNet

Which bank has the highest interest rate for savings in Singapore?

Best Savings Account Singapore

The bank with the highest interest rate for savings in Singapore is Trust Bank. They offer an interest rate of 3.5% on the first S$800,000 of your deposit.

However, it's important to note that this is just one factor to consider when choosing a savings account. Other factors you might want to think about include:

• Minimum deposit requirements: Some banks require a minimum deposit to open an account or to earn the highest interest rate.

• Fees: Some banks charge fees for certain transactions, such as ATM withdrawals or transfers.   

• Terms and conditions: Be sure to read the terms and conditions of any savings account you're considering to understand the requirements for earning the highest interest rate and any potential penalties for early withdrawal.

Best Savings Accounts in Singapore: A Comprehensive Guide

Note: Interest rates can fluctuate, so it's always recommended to check the latest rates directly with the banks.

Top Contenders and Their Interest Rates

Here are some of the popular savings accounts in Singapore with their interest rates as of September 2024:

• Citi Wealth First Account: Offers a competitive interest rate, often among the highest.

  Citi Wealth First Account: High Rates & Best for Citigold Clients

• Standard Chartered Bonus$aver Account: Known for its attractive interest rates, particularly for those who meet certain criteria.

• UOB One Account: Provides a tiered interest rate structure that can be boosted with additional banking activities.   

  UOB Online Account Opening Promotion | UOB Singapore

• OCBC 360 Account: Offers a base interest rate with potential bonuses for meeting various criteria.   

  360 Account - General | Help and Support | OCBC Singapore

• Bank of China Smart Saver: Provides a competitive interest rate with certain conditions.   

• Maybank SaveUp Account: Offers a tiered interest rate structure with rewards for meeting specific requirements.   

  Maybank Premier Save Up Programme

  
  

Factors to Consider When Choosing a Savings Account

Apart from the interest rate, other factors to consider include:

• Minimum Balance Requirements: Some accounts require a minimum balance to earn the highest interest rate.   

• Fees: Be aware of any fees associated with the account, such as annual fees or transaction fees.

• Bonus Interest: Many accounts offer bonus interest for meeting certain criteria, such as maintaining a minimum balance, making regular deposits, or using other bank products.   

• Account Accessibility: Consider how easy it is to access your funds, whether through online banking, mobile apps, or physical branches.

• Additional Benefits: Some accounts offer additional benefits, such as cashback, rewards points, or insurance.

By carefully considering these factors and comparing the offerings of different banks, you can choose the savings account that best suits your needs and financial goals.

Contact

• How to Open a Bank Account in Singapore: 2024 Guide

• OCBC ATM and Debit Cards - Fees & charges | Payments & Transactions | Help & Support

• Best Savings Accounts In Singapore To Stash Your Cash (2024)

• Best Savings Accounts with High-Interest Rates in Singapore [Sep 2024]