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

Choosing the right savings account is crucial for anyone looking to approach cash management effectively in Singapore. With plenty of options available, it's essential to select an account that not only safeguards your money but also helps it grow. Interest rates are a key part of this decision, as they determine the potential earnings on your savings. 

This article aims to explore and compare the best savings accounts with high interest rates in Singapore, tailored to meet the needs of different personas, including fresh graduates starting their savings journey, working adults seeking a fuss-free banking experience, and retirees looking to enjoy their silver years.

What are High-Interest Savings Accounts, and What Sets Them Apart?

High-interest savings accounts primarily differ from regular savings accounts due to the higher annual percentage yield (APY) they offer. This feature alone can make a substantial difference in the growth of your savings over time thanks to compound interest.

For savvy savers, another appeal of these accounts lies in their ability to generate greater earnings from their savings without the risk associated with investing in stocks or bonds. It's a safe harbour that not only preserves capital but also incrementally increases it, making these accounts particularly appealing for long-term savers and those building an emergency fund, saving up for major life milestones, or starting to plan for retirement.

However, high-interest savings accounts may also come with specific requirements or conditions such as minimum balance requirements, limited transactions per month, or the need to link to another account within the same financial institution to unlock the highest rates in a tiered interest system. 

Despite these potential stipulations, the allure of increased earnings on savings balances makes navigating these requirements worthwhile for many.

Popular High-Interest Savings Accounts in Singapore

For the purposes of this guide, we’ve taken a look at some of the top high-interest savings accounts in Singapore.

Each of these high-interest savings accounts has its own benefits and disadvantages, making them ideal for account holders at different life stages. For example, the UOB One has a lower minimum monthly salary credit requirement of just S$1,600, making it better suited for students or fresh graduates starting out in the workforce.

However, it’s important to note that these highest rates are only achievable if you fulfil all of the criteria set out by the bank. This is unrealistic for most people who can’t meet such monthly spending requirements or don’t plan to concentrate their entire financial life on one provider.

Realistically, then, the minimum interest rate you might get from these accounts might be closer to:

While these interest rates are still higher than some other savings accounts in the market, it can be a big difference from the 4.1% to 7.68% p.a. rates above.

So how can you maximise your gains from your savings? The first step is to understand which account suits your current stage of life best.

For Fresh Graduates Who Are Starting Their Savings Journey

The transition from academia to the workforce marks a significant phase in one's life, especially for fresh graduates. During this period, establishing a solid financial foundation is key. Fresh graduates often focus on building an emergency fund and saving for future milestones, such as further education, travel, or purchasing a home. 

A standout account for fresh graduates in Singapore is the UOB One Account. As it only requires a minimum salary credit of S$1,600 or making 3 GIRO payments monthly (ideal if you’re paying off fees related to your studies), you can maximise your savings potential while still managing your daily financial activities.

Look out for accounts with: Low initial deposits, easy accessibility and low or no minimum starting balance required.

For Working Adults Who Want a Fuss-Free Savings Account

Working adults often prioritise convenience and flexibility in their banking needs, balancing busy careers with personal commitments. A fuss-free savings account that offers competitive interest rates without the hassle of multiple conditions can be incredibly valuable. Such accounts should provide ease of use, online banking capabilities, and adaptability to changing financial situations.

The DBS Multiplier account stands out for working adults in Singapore as it does not require an initial deposit to open, making it easily accessible for anyone looking to start. It’s also neatly integrated with DBS’s investment and insurance programmes, making it easy to add on financial products that enhance your earned interest rate.

However, a service charge of S$5 per month applies if the average daily balance falls below S$3,000, so account holders must maintain a healthy balance to avoid fees.

Look out for accounts with: Flexible bonus earn rate tiers, accessibility via online or mobile platforms, integrated investing options.

For Retirees Looking to Enjoy Their Silver Years

Retirees have specific financial needs, focusing on capital preservation, a steady source of income, and accessibility. Additionally, if you have already built up your nest egg to this point, your priority might be to maximise your existing wealth while maintaining high liquidity in case of emergencies.

Though we haven’t mentioned it in the comparison tables above, the Maybank Privilege Plus Savings Account is one high-interest savings account specifically designed with retirees in mind. The account offers preferential interest rates of up to 1.6% p.a. and special privileges for senior citizens.

In addition to its financial benefits, this account comes with complimentary Personal Accident Insurance, Accidental Medical Reimbursement, and Permanent Disablement Benefits, providing an extra layer of security for retirees. 

To be eligible for this account, the minimum age requirement is 50 years old. The account also caters to both Singaporeans/Permanent Residents and foreigners, with a minimum initial deposit of S$500 for Singaporeans/Permanent Residents and S$1,000 for foreigners. 

Look out for accounts with: ease of access, customisable or tailored features, joint account options, and senior citizen privileges (if possible).

Maximising Financial Growth: Integrating High-Interest Savings with Smart Investment Strategies

While exploring the best savings accounts in Singapore, it's paramount to find an option that aligns with your financial goals and lifestyle. For those seeking ease and certainty without the usual barriers to higher interest rates—such as minimum deposit requirements or capped balances — Simple™ Guaranteed by StashAway emerges as an innovative solution.

This product stands out by offering guaranteed interest rates of up to 3% with the flexibility to choose your lock-in period from 1 month to 12 months and with minimum deposits or maximum limits restrictions.

In addition to Simple Guaranteed, StashAway offers other flexible cash management solutions. StashAway Simple™ provides a projected 3.40% p.a. at ultra-low risk, with no lock-ins, no minimum or maximum deposits, and no cap on earnings. You retain full liquidity, so you can withdraw or transfer your funds anytime with low fees.

Similarly, StashAway Simple™ Plus delivers 3.8% p.a. YTM with the same flexibility—no lock-ins, no earning caps, and full access to your cash whenever you need it. These solutions are ideal for those seeking higher returns while maintaining easy access to their funds.

However, to maximise your financial well-being, it's beneficial to also consider investment strategies alongside traditional savings. Investing can complement your savings plan by potentially offering higher returns over the long term. For instance, incorporating a mix of equities, bonds, or even ETFs into your portfolio might yield substantial growth, diversifying your income sources beyond the conventional savings account.