As we approach the end of the year, several bank accounts have once again lowered their interest rates, including UOB One, the UOB Stash Account, Maribank and Chocolate Finance. With so many cuts happening at the same time, you might be wondering: where's the best place to park my money?
Best Savings Accounts in Singapore: Where to Park Your Money Now
As we approach the end of the year, several bank accounts have once again lowered their interest rates, including UOB One, the UOB Stash Account, Maribank and Chocolate Finance. With so many cuts happening at the same time, you might be wondering: where's the best place to park my money?
This article will walk you through four key categories to help you decide:
- Best high interest savings accounts for those who can meet the salary crediting requirement
- Best fuss-free options for people who are not drawing a regular salary
- Top cash management accounts that offer greater flexibility and slightly higher returns
- Best places to park mid-term savings for those who prefer locking in stable yields for a few years
These accounts are suitable for anyone earning a monthly salary.
If you are able to:
- Credit at least $3,000 in salary
- Spend a minimum of $500 on the bank's credit card
- Increase your average daily balance by at least $500 each month
The account that offers the highest interest is the OCBC 360. With all these criteria met, you will earn an interest rate of 2.05% per annum.
Bonus: If you do not already have an OCBC 360 account yet, if you sign up with a referral code and credit your salary, you'll get to enjoy an additional 0.5% bonus interest on your salary amount for the first 2 months.
After OCBC 360, the next best option is the DBS Multiplier Account at 1.8% per annum.
If you can meet the same monthly criteria:
- OCBC 360: Highest interest at 2.45% per annum
- DBS Multiplier: 1.8% per annum
- SC Bonus$aver: 4.05% per annum (if you fulfill the $20,000 investment requirement)
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The UOB One Account becomes the top performer, offering an interest rate of 2.15% per annum.
UOB One Promotions:
- Season of Gold Savings Promotion: Earn up to $340 in cash, along with a chance to win a 20-gram gold bar
- New customers: Additional $260 in rewards
- Tax Saver Promotion: Up to $600 in cash rebate
- SalaryPlus Promotion: Earn up to $160 in cash when you pay your bills and credit your salary and dividends with UOB
However, even after stacking all these promotions together, the total effective return will still be lesser than the interest offered by the
These options are ideal if you are:
- A retiree
- A freelancer
- A stay-at-home parent
The best option is the Singlife Account, which offers 1.5% interest on up to $10,000 of your balance.
Note: Although the Singlife Account is not technically a bank account but an insurance savings solution, it looks and smells like one:
- No lock-in period
- Free to deposit and withdraw at any time
- Funds are SDIC insured
For most people, the experience is virtually identical to using a normal bank account.
The top choice is GXS Bank, which offers 1.38% interest per annum.
To earn this rate, you will need to place your funds in the Boost Pocket for a period of 1, 3, 8 or 12 months. If you withdraw before the selected tenure ends, your interest rate will revert to 1.08% instead.
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This category is suitable for those who do not have a fixed monthly salary but still want to earn a reasonable return on their idle cash.
Cash management accounts work by investing your money into low-risk instruments such as:
- Money market funds
- Bond funds
- Sometimes even fixed deposits
The returns you receive come from these underlying investments.
Important: These are investment products, not traditional bank accounts, so they do carry some risk. You should only park your money here if you are comfortable with those risks.
These accounts have historically not posted any negative returns. The only exception is Chocolate Finance, which experienced a temporary drawdown of around –5% during the recent rate hike cycle. However, since Chocolate Finance commits to topping up the difference whenever actual returns fall short of the indicated rate, it still functions very much like a low-risk option.
Top Picks:
- Chocolate Finance: 2% on the first $20,000, followed by 1.8% on the next $30,000
- StashAway Simple: Around 1.8% to 1.9% projected yield
- Syfe Cash+ Flexi: Around 1.8% to 1.9% projected yield
Projected means that while these platforms aim to achieve the stated yield, the actual return may differ depending on market conditions and the performance of the underlying funds.
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If you prefer higher returns and are comfortable with higher volatility, explore these options:
- Endowus Cash Smart Enhanced
- Endowus Cash Smart Ultra
- StashAway Simple Plus
- UOBAM Cash+ Xtra
These portfolios typically invest in slightly higher-risk funds, allowing them to achieve returns in the range of 2% to above 3%.
However, while their long-term trend is positive, they may experience short-term fluctuations. They are more suitable if you can hold for a longer period (a few months or longer).
Since most cash management platforms invest your money into funds, withdrawals usually take a few business days to process.
Two platforms offer instant withdrawals up to certain limits:
These options allow you to lock in returns before yields drop further.
These are either backed by the government or SDIC insured, making the chances of losing money almost zero.
Singapore Savings Bonds (SSB)
My preferred option. SSBs allow you to:
- Lock in returns for up to ten years
- Redeem your money anytime and receive it back the following month
Bank Fixed Deposits
At the moment, the best FD rate is from Bank of China, offering 1.40% for a three-month lock-in period.
Honestly, this rate is pretty meh.
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- $100,000 balance: OCBC 360 — 2.45%
- $150,000 balance: UOB One — 2.15%
With investment: SC Bonus$aver offers 4.05% if you can fulfill the $20,000 investment requirement.
- $10,000 balance: Singlife Account — 1.5%
- $50,000 balance: GXS Bank — 1.38%
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DBS Promotions:
- Higher interest rate of up to 2.5% when you sign up for a new Multiplier account
- Earn $300 if you have not previously credited your salary to DBS Multiplier since 1 January and you start doing so today
If these interest rates still look low to you, check out the SC Bonus$aver Account.
This account is extremely generous. If you credit a $3,000 salary and invest $20,000 into eligible unit trusts or online equities, you will qualify for an attractive 4.05% interest rate.
What makes this super appealing:
- You only need to perform the investment buy action once
- You are not required to hold the investment
- You could technically invest $20,000, sell it immediately, and this will still qualify for the investment criteria for the next 6 months
Sign-up Promotion:
- Open the SC Bonus$aver Account and the Bonus$aver World Card
- Deposit $50,000
- Keep the funds until the end of the next calendar month
- Receive a free earbud worth $249
- Receive $40 cashback for every $10,000 deposited into a Savings or Boost Pocket named "Xmas"
- Lucky draw with prizes including $10,000 worth of Takashimaya shopping vouchers or a culinary Mastercard Priceless Experience for two at Odette
Alternative Options:
- GoSavers Account by SingFinance: 1.3% interest with no lock-in period and no criteria to meet
- UOB Stash Account: 1.17% interest for $50,000 balance (ongoing promotions can significantly increase your effective return)
- UOB Stash Account: 1.51% interest per annum
- GXS Bank: 1.38%
- GXS Bank: 1.38% interest
- GoSavers: 1.23%
- Longbridge: New users can enjoy a 5% interest booster, along with free shares
- Webull: Interest booster of up to 3.5% for 180 days, plus free shares as part of its welcome reward
- Wise Interest
Note: Instant withdrawals are not guaranteed at all times. On some occasions, you may still need to wait a few days.
Their current rates are not attractive, especially when you can get better returns elsewhere, such as the Singapore Savings Bond.
BigFundr lets you invest in Australian real estate-backed loans. It is currently giving around 5.25% return per annum for investment periods between six to eighteen months.
This return is a lot higher than the previous options. However, higher returns always come with higher risks.
Before investing, make sure you fully understand how the platform works and the risks involved.
- $150,000 balance: GXS Bank — 1.38%
- Lowest Risk: Chocolate Finance (2% on first $20k), StashAway Simple, Syfe Cash+ Flexi
- Higher Returns: Endowus Cash Smart, StashAway Simple Plus, UOBAM Cash+ Xtra
- Instant Withdrawals: Mari Invest Save Plus, Wise Interest
- Safest: Singapore Savings Bonds
- Higher Returns: BigFundr (5.25%, but higher risk)
