Savings Account With The Highest Interest Rate – Want to make the most of your savings in Singapore? Our comprehensive guide to the best savings accounts in Singapore will help you find the account with the highest interest rate.
After Singapore’s 6-month T account cap yield recently dropped to 3.75%, some in the Beansprout community have asked if Singapore savings accounts are lowering interest rates.
Savings Account With The Highest Interest Rate
The good news is that banks in Singapore have kept interest rates on savings accounts high until November 2023.
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For example, the 3.50% promotional interest rate on the Stanchart eSaver account has been extended for another month.
With attractive interest rates, you might be wondering which is the best savings account in Singapore in 2023.
As such, we went in search of the best high-yield savings accounts that offer an attractive rate of interest on our savings.
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Read on to find out which Singapore savings account offers the highest interest rate in November 2023 and start maximizing your savings today!
To find out which is the best savings account in Singapore, we start by doing a simple comparison of the maximum effective interest rate offered by some of the most popular savings accounts in Singapore.
The effective interest rate is the total annual interest earned as a percentage of your average savings account balance over the year.
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We need to look at the effective interest rate rather than the base rate because one bank has an interest rate of “up to 8.0% per annum”. can offer, but this 8.0% p.a. the rate can only be given for balances above a certain level of deposits, say $50,000.
For example, if you have deposits of $70,000, you can earn lower interest on deposits of less than $50,000. The higher 8.0% interest rate only applies to $20,000 of deposits over $50,000.
Your total interest earned is calculated by adding the interest received at different levels. The effective interest rate is the average interest rate you’ll get by dividing the total interest earned by your average balances.
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Comparing the maximum effective interest rate of different bank accounts, Standard Chartered Bonus Saver, OCBC 360 and UOB One all offer a maximum effective interest rate of 5% per annum. And above.
Many of these savings accounts require you to meet various criteria, such as depositing your paycheck and spending on credit cards, to earn a higher interest rate.
To help you find the best savings account based on your ability to meet these requirements, we’ve created the Compare Savings Accounts tool.
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Let’s look at some examples to see how different people will be able to find the best savings accounts with the highest interest rate using the tool.
The best savings account in Singapore for someone who has $100,000 in savings, payday loans and credit card spending
If you have $100,000 in savings, can credit your monthly salary to your savings account and spend regularly on your credit card, then the best savings account for you might be the UOB One account.
The Best High Interest Savings Accounts
You’ll be able to earn an effective interest rate of 5.0% with your UOB One account if you can meet these requirements.
This will translate to about $5,000 in monthly interest earned, or close to $425 per month on your $100,000 in savings!
Source: Company websites, Beansprout calculations as of November 10, 2023. *Maximum deposit for MariBank and GXS is $75,000
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The best savings account in Singapore for someone who has $100,000 in savings and wants a hassle-free savings account
If you have $100,000 in savings and are looking for a hassle-free account that doesn’t require any salary deposits or credit card charges, then the best savings account might be the CIMB FastSaver account.
CIMB is also running a promotion where new CIMB FastSaver account customers or existing customers with fresh funds a promotional interest rate of 3.50% p.a. will be able to win. for six months.
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The Maybank iSAVvy account also offers a promotional interest rate of 3.50% per annum for the months of August and September.
Unfortunately, GXS has now reduced the Banca de Economii interest rate to 2.68% from 3.48% previously.
The best savings account in Singapore for someone who has $75,000 in savings and wants a hassle-free account
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If you’re looking for a hassle-free account but prefer to keep your savings account deposits up to $75,000 to ensure all your hard-earned money is protected by the Deposit Insurance Scheme, then the savings account should considered once. CIMB FastSaver account again.
Best savings account in Singapore for a person who has $75,000 in savings, credits their salary and buys investment/insurance products
If you also want to buy an investment or insurance product from the bank, in addition to putting $75,000 in savings, payroll and credit card spending, the good news is that you’ll be able to earn even more interest. interest on the savings account!
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The Stanchart Bonus Saver Account will give you an interest rate of 7.13% p.a. offers, while the OCBC 360 account gives you an interest rate of 6.25% p.a. will offer!
Sign up for a CIMB Credit Card to receive a Dyson Supersonic or $370 cash via PayNow. Learn more about the promotion here.
Sign up for an OCBC 365 Credit Card to receive an Apple iPad or $350 cash via PayNow. Learn more about the promotion here.
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Sign up for a Stanchart Simply Cash Credit Card to receive an Apple iPad or $400 cash via PayNow. Learn more about the promotion here.
With the many savings accounts offered by banks in Singapore in 2023, it can be difficult to find the best savings account to earn the highest interest rate.
Using our savings account comparison tool, we were able to easily discover the interest rate earned on different savings accounts based on the different requirements we can meet.
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If you’re looking for a hassle-free account but prefer to keep your savings account deposits up to $75,000, then the savings account to consider is the CIMB FastSaver account. There is an ongoing promotion offering new customers and existing customers with fresh funds an interest rate of 3.50% p.a. for six months.
The Maybank iSAVvy account also offers a promotional interest rate of 3.50% per annum, but the promotional interest rate only lasts until November 30, 2023.
Among the digital banks, MariBank offers the highest interest with a promotional rate of 2.88% per annum until December 31, 2023.
Interest Rate Chasing In Your Savings Account
If you also want to buy an investment or insurance product from the bank, in addition to depositing $75,000 in savings, salary credit and credit card spending, then the best savings account for you could be Standard Chartered Bonus Saver or OCBC 360 account.
If you’re open to plugging in your savings, check out our guide to the best fixed deposit rates in Singapore.
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The Best Savings Accounts (november 2023)
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We are on a mission to help you improve your financial well-being. Beansprout believes that anyone with the right tools and knowledge can be an investor. And a very clever one at that! Although technically considered a current account, the Standard Chartered Bonus$aver account actually works like a savings account – in fact, affluent consumers can earn the highest potential effective interest rate on the market at 2.38% p.a. Account holders earn bonuses over 0.01% p.a. Base rate for banking and additional product engagements including crediting a salary of $3,000+ (+0.10% p.a.), investing with or buying insurance from Standard Chartered (+0.90% p.a.) and 3 payments monthly in the GIRO account (+0.07% p.a.). ). These bonuses apply independently, so it’s possible to increase your interest even if you earn a lower salary or don’t want to buy insurance. However, those who generally qualify and can maintain a balance of $100,000 are most likely to benefit.
The Standard Chartered Bonus$aver Account is the absolute best option on the market for financially savvy high earners looking to maximize interest on their savings. Account holders can earn up to 2.38% per annum. win. on their entire balance (up to $100,000) by simply meeting 4 bonus criteria: spend $2,000/month on your card (+0.4% p.a.), credit a salary of $3,000+/month (0.10% p.a.) , invest with or buy an insurance policy from SC (+0.90% p.a.) and pay at least 3 monthly bills online via GIRO (+0.07% p.a.). Each of these boosts can be unlocked individually – there are no connections or contingencies like with other accounts – and the bonuses apply to the entire balance, rather than incremental bands.
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Another advantage of the SC Bonus$aver account is that the bonuses are mostly passive. Unlike other accounts that may require monthly tracking with rewards based on transaction amounts, SC Bonus$aver offers a “set it and forget it” structure that makes long-term saving even easier. For example, account holders may set themselves up automatically
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