Best savings accounts in Singapore to grow your money

If you’re thinking that a high-interest savings account sounds cheem and it’s not for you, you’re not alone. Many of us assume you need a full-time income or huge deposits to enjoy decent interest rates.

But here’s the good news: even if you’re a student, NSF, or part-timer, there are ways to get better returns on your savings; you just need to know where to look.

What counts as a high-interest account?

In simple terms, it’s a savings account that gives you more interest than the basic 0.05% p.a. (aka peanuts).

Why should I switch to a high-interest savings account?

Do you like free money? If you do, you should make the switch! The jump from 0.05% p.a. to 1% or 2% p.a. might not seem a lot, but it adds up! Imagine saving $200 a month for a year. With a standard savings account, you’ll have a grand total of ~$0.40 interest at the end of the year. If you put your money into an account with 2% interest, you’ll get ~$22!

High-interest savings options

Banks have accounts that offer higher interest rates with conditions such as:

• Salary crediting
• Spending on their credit card
• GIRO payments or investments

Of course, if you’re still a student or NSF, you might not meet all the usual requirements like salary crediting or spending on a credit card. Luckily, you’re still not out of the game. Some savings accounts offer decent returns (up to 2% p.a.) without needing to jump through hoops. These are ideal if you don’t have a regular income yet but still want to grow your savings.

What else to look out for?

• Interest tiers: Some accounts give higher rates only for the first few thousand dollars.
• Promos vs. base rates: A 4%’p.a. promo might drop to 0.05% after the promo ends.
• Fall-below fees: If your balance drops too low, some accounts charge fees.

Want to see which ones are best for you? Check out MoneySmart’s savings account comparison page for the best accounts.