Save Smart: How To Consolidate Your Spending and Earn While Doing It
Whether you are already an account holder at a bank, or are looking to open a new bank account, you need to keep one thing in mind – the more you bank, the more money you save. The current and savings accounts listed below offer higher rates than most fixed deposits and savings accounts, and all you need to do to qualify for these high rates is to consolidate your spending, saving, bill payments and other financial products with just a single account.
Table of Contents:
Highest Interest Rate Accounts
| Bank Account | Highest Bonus Interest | Savings Amount | Min Deposit |
| Maybank Save Up Programme | Up to 3.00% p.a. | Up to S$50,000 | S$500 |
| DBS/POSB Multiplier Account | Up to 3.00% p.a. | Up to S$100,000 | None |
| Bank of China SmartSaver | Up to 3.00% p.a. | Up to S$80,000 | S$1,500 |
| UOB One Account | Up to 2.75% p.a. | Up to S$75,000 | S$1,000 |
| Standard Chartered Bonus$aver Account | Up to 2.38% p.a. | Up to S$80,000 | None |
| OCBC 360 Account | Up to 2.38% p.a. | Up to S$75,000 | S$1,000 |
Highest Earnings for Moderate Savers
| Bank Account | Account balance | Salary Credit | Card Spend | Annual Interest |
| Maybank Save Up Programme | S$10, 000 | S$3,000 | S$2,000 | S$103.13 |
| DBS Multiplier Account | S$10, 000 | S$3,000 | S$2,000 | S$47.45 |
| Bank of China SmartSaver | S$10, 000 | S$3,000 | S$2,000 | S$100 |
| UOB One Account | S$10, 000 | S$3,000 | S$2,000 | S$50 (+S$1,200 in cashback) |
| Standard Chartered Bonus$aver Account | S$10, 000 | S$3,000 | S$2,000 | S$73.00 |
| OCBC 360 Account | S$10, 000 | S$3,000 | S$2,000 | S$45.60 |
Highest Interest Rate Savings Accounts
Several banks offer bonus interest rates on certain savings accounts if, in addition to having a credit card, you open a savings account, purchase an insurance product or invest with the bank. In many cases you may already be doing that, but by consolidating your spending to one bank and one account, you may be able to save even more!
Obvious convenience of using one platform for your finances aside, another great benefit of consolidating your finances is the ability to save and either boost your annual interest earned or earn cashback. While most banks offer boosted rates if you save, credit your salary and spend a certain amount on your credit card monthly, some offer additional ways to earn bonus interest such as paying your monthly bills or purchasing an insurance plan.
Some financial commitments guarantee boosted interest for only a month, such as salary crediting, whereas others guarantee boosted interest rates for a year, such as purchasing an insurance plan. In addition, some banks require a min deposit to open an account, such as BOC SmartSaver Account or SC Bonus$aver Account, whereas others such as DBS/POSB Multiplier Account have no commitments whatsoever.
Maybank Savings Account: Maybank Save Up Account
Good for: those looking to take out an education/car/renovation or home loan with S$2,000 monthly salary, min S$500 credit card spend
At 3.00% p.a., Maybank Save Up is a savings account which allows you to earn one of the highest interest rates on your savings while requiring the lowest account balance for a given rate, S$50,000. While you only need S$500 to open a Maybank Save Up Account, most banks limit the amount on which you can earn maximum interest to S$80,000 with interest for S$50,000 deposit often dropping to below 1% p.a.
While the eligible transaction categories are nearly identical for most banks, typically including salary crediting, credit card spend and insurance product purchase, some also include bill payments, investing or loans, which are typically limited to home loans. Maybank Save Up Programme is unique in that it is the only account which includes car loans, education loans and renovation loans as qualifying products in addition to home loans.
Bonus Interest Rates Breakdown
| Category | Qualifying Product | Min Transaction Amount | Bonus Interest Period |
|---|---|---|---|
| Save | GIRO Payment | S$300/mo (GIRO) | 1 mo. |
| Save | Salary crediting | S$2,000/mo | 1 mo. |
| Spend | Maybank Platinum Visa or Horizon Visa Signature Card | S$500/mo | 1 mo. |
| Invest | Structure Deposits | S$30,000 | 3 mo. |
| Invest | Unit Trusts | S$25,000 | 12 mo. |
| Insure | Regular Premium Insurance | S$5,000 in annual premium | 12 mo. |
| Borrow | Home Loan | S$200,000 | 12 mo. |
| Borrow | Car Loan | S$35,000 | 12 mo |
| Borrow | Education Loan | S$10,000 | 12 mo. |
Bonus Interest Rates Calculation
| Base interest | Bonus Interest | Total Interest |
| 0.3125% p.a. | + 0.3% p.a. (1 product) | 0.6% p.a. |
| 0.3125% p.a. | + 0.8% p.a. (2 products) | 1.1% p.a. |
| 0.3125% p.a. | + 2.75% p.a. (3 products) | 3.1% p.a. |
Eligibility, Details & Charges
- Age: 18
- Initial deposit: S$500 for citizens and residents, S$1,000 for other nationalities
- Max bonus interest: up to 3.00% p.a.
- Eligible balance for bonus interest: first S$50,000
- Fall-below fee: S$2 if the average daily balance falls below S$1,000 (waived for customers below 25 years old)
- Additional requirements: The SaveUp Account must be linked to a Maybank Debit Card
DBS/POSB Bank & Earn
DBS and POSB are offering bonus cashback or interest for customers who open additional accounts with the bank and purchase eligible financial products. Customers can choose whether they want to earn monthly cashback (Cashback Bonus) or bonus interest (Multiplier Account) by making transactions in eligible categories.
DBS Bank & Earn: Cashback Bonus
Good for: those looking to bank more but can't afford to make a substantial deposit in a savings account with min S$2,500 salary who want to also purchase an insurance or investment product and repay their home loan
The Cashback Bonus programme allows you to bank and earn with DBS, without having to open a savings account. All that is required is to make eligible transactions in 3 of the 5 categories, and earn interest monthly. It can be salary crediting, with a minimum monthly amount of S$2,500, credit card spend, insurance, investments or loan instalments, all without a minimum monthly amount required.
Bonus Interest Rates Breakdown
| Category | Details | Interest | Cashback cap |
| Salary credit | Min S$2,500 via GIRO | 0.3% | S$20 |
| Credit card spend | No min spend | 0.3% | S$20 |
| Home loan instalments | Existing, new or refinanced DBS/POSB home loan | 3% | S$30 |
| Insurance | No min insurance premium required | 3% | S$30 |
| Investments | No min amount required | 3% | S$30 |
Another benefit of the programme is that you don't need to take out a new loan, you can refinance an existing loan with DBS or be an existing borrower with DBS to qualify for the programme. In addition, you don't need to have a savings account with the bank to earn cashback, the only requirement is that you have transactions in at least 3 categories as defined by DBS (salary credit, credit card spend, loans, insurance and investment).
Sample Monthly Spend
| Category | Spend | Cashback earned |
| Salary credit | S$2,500 | S$7.50 |
| Credit card spend | S$2,000 | S$6.00 |
| Home loan instalments | S$1,500 | S$30 |
| Total transaction amount | S$6,000 | S$43.50 |
Eligibility, Details & Charges
- Age: 18 and above
- Initial deposit: No initial deposit required and no monthly account fees
- Max cashback bonus: up to S$130/month
- Eligible balance for bonus interest: none
- Fall-below fee: none
- Additional requirements: You need to be an existing eligible DBS/POSB Savings/Current Account or principal credit card holder
DBS Bank & Earn: Multiplier Account
Good for: high spenders who can make a substantial deposit into a savings account (min S$50,000)
DBS Multiplier Account allows customers to multiply their money with interest rates up to 3.00% p.a. on savings up to S$100,000. There is no minimum amount required for a deposit, no minimum income required and no service fees charged. In order to start earning bonus interest, all you need is to credit your salary to your account and transact in one or more of the following categories: credit card spend, home loan financing, insurance and investment.
DBS offers some of the best credit card cashback rates on the market, which means that while your regular transactions increase the interest earned on your savings, your credit card spend will also earn additional cashback with DBS. As an example, signing up for a DBS Multiplier Account, depositing S$25,000, crediting your monthly salary of S$3,500 and spending S$500 on your DBS credit card will earn 0.40% interest on the savings amount which is S$98.55/year. That amount is earned entirely due to salary crediting and spending S$500 on your credit card.
Bonus Interest Rates Breakdown
| Total transactions per month | First S$25,000 (Income+1 trans.) | First S$50,000 (Income+2 trans.) | Next S$50,000 (Income + 3 or more) |
| below S$2,000 | 0.05% p.a. | 0.05% p.a. | 0.05% p.a. |
| S$2,000 - S$2,500 | 0.40% p.a. | 0.60% p.a. | 1.20% p.a. |
| S$2,500 - S$5,000 | 0.40% p.a. | 0.70% p.a. | 1.40% p.a. |
| S$5,000 - S$15,000 | 0.50% p.a. | 0.80% p.a. | 1.60% p.a. |
| S$15,000- S$30,000 | 0.50% p.a. | 1.00% p.a. | 1.70% p.a. |
| S$30,000 and up | 0.60% p.a. | 2.00% p.a. | 3.00% p.a. |
Eligibility, Details & Charges
- Age: 18
- Initial deposit: None
- Max bonus interest: up to 3.00% p.a.
- Eligible balance for bonus interest: first S$100,000
- Fall-below fee: S$5 if the average daily balance falls below S$3,000 (waived for customers below 29 years old). No minimum average daily balance for new customers.
- Additional requirements: need to credit your monthly salary and transact in one additional category to start earning interest.
Bank of China Savings Account: SmartSaver
Good for: high spenders who can make a substantial deposit into a savings account (min S$80,000) and who want to have a multi-currency account
What makes SmartSaver stand out is that it is a savings plan available to BOC Multi-Currency Savings Account holders exclusively. This savings plan allows customers to, in addition to the prevailing interest, earn bonus interest for satisfying certain criteria, such as salary crediting, minimum monthly spend on your BOC debit or credit card, and purchasing an insurance product. With this plan you can save in SGD and nine other currencies.
Bonus interest is only applicable to the first S$80,000 balance in the MCS account. In addition, an initial deposit of S$1,500 is required. Prevailing interest will be credited to the account on a monthly basis, and will be based on the entire amount in your MCS savings account. Bonus interest, however, will only apply to your SGD sub-account of the MCS Account and will be credited to the account on the 15th of each month. Below is the breakdown of the base and bonus interest rates.
Base Interest Rate Breakdown
| Deposit Amount | Interest Rate |
| Below S$5,000 | 0.10% p.a. |
| S$5,000 and above | 0.10% p.a. |
| S$20,000 and above | 0.15% p.a. |
| S$50,000 and above | 0.15% p.a. |
| S$100,000 and above | 0.20% p.a. |
It is important to note that the interest rates are expressed on an annual basis, but will be paid to account holders on a monthly basis. Base interest rate (0.20% p.a.) will be paid on the entire MCS Account, whereas bonus interest rate will be paid on the SGD sub-account.
Bonus Interest Rates Breakdown
| Category | Amount | Bonus Interest |
| Regular Premium Insurance Plan (10yr term) | S$12,000 annual premium | 1.50% p.a. |
| Credit or Debit Card Spend | S$500 - S$1,500 | 0.30% p.a. |
| Credit or Debit Card Spend | S$1,500 and above | 0.50% p.a. |
| Salary Crediting | S$2,000 - S$6,000 | 0.30% p.a. |
| Salary Crediting | S$6,000 and above | 0.50% p.a. |
| GIRO Payments | 3 payments min S$30 each | 0.30% p.a. |
| Extra Savings Interest | S$1,000,000 | 0.40% |
Eligibility, Details & Charges
- Age: 18
- Initial deposit: S$1,500
- Max bonus interest: up to 3.00% p.a.
- Eligible balance for bonus interest: first S$80,000
- Fall-below fee: S$3 if the monthly average balance in the SGD sub-account is less than S$1,500
UOB Savings Account: UOB One Account
Good for: average spenders with min S$2,000 monthly salary and S$2,000 monthly spend looking for an easy and straightforward way to earn interest
What is unique about the UOB One Chequeing Account is that, unlike other bank accounts, it is very simple and straightforward. All you need is to be a new or existing UOB One Credit Card accountholder, spend at least S$500 on your credit card and credit your salary (min S$2,000) to your account or make 3 GIRO debit transactions per month to earn up to 2.50% p.a. on your account balance.
Monthly Interest Categories
| Card Spend | GIRO Transactions | Salary Credit | Max Interest |
| ✓ (min S$500) | – | – | 0.25% p.a. |
| ✓ (min S$500) | ✓ | – | 2.50% p.a. |
| ✓ (min S$500) | – | ✓ (min S$2,000) | 2.75% p.a. |
Bonus Interest Rates Breakdown
| Account Balance | Min Card Spend | Min Card Spend + Salary Credit OR 3 GIRO Debit Transactions |
| S$15,000 | 0.25% p.a. | 0.50% p.a. |
| S$30,000 | 0.25% p.a. | 0.55% p.a. |
| S$45,000 | 0.25% p.a. | 0.65% p.a. |
| S$50,000 | 0.25% p.a. | 0.80% p.a. |
| S$75,000 | 0.25% p.a. | 2.50% p.a. |
The balance you can earn this bonus interest of 2.50% p.a. is S$75,000 and in addition to receiving interest on your balance, you will also receive monthly cashback on your spend with UOB One Credit Card. The combination of monthly spend and salary that will give you the maximum cashback is S$2,000 monthly spend on your UOB One Card and S$2,000 salary credit. This will result in a maximum monthly cashback of S$100 (S$1,200/year). At that point the only category that can be increased to affect your overall cashback is the deposit in your savings account.
Eligibility, Details & Charges
- Age: 18
- Initial deposit:S$1,000
- Max bonus interest: up to 2.75% p.a.
- Eligible balance for bonus interest: first S$75,000
- Fall-below fee: S$5 if the monthly average balance is below S$1,000
- Additional requirements: Need to be a UOB One Debit or Credit Card account holder
Standard Chartered Savings Account: Bonus$aver Account
Good for: high spenders and frequent travelers with at least $2,000 monthly spend and S$3,000 salary looking to purchase an investment and insurance products and deposit S$80,000 in savings account
Standard Chartered Bonus$aver Account combines a Bonus$saver current account which allows you to earn up to 2.38% interest and Bonus$aver World MasterCard credit or debit card which is also linked to the account. In order to earn the highest bonus interest rate, you need to have monthly transactions in all of the five categories in the table below: card spend, salary credit, investment, insurance and bill payments.
The table below illustrates the highest bonus interest for each transaction category. The prevailing interest rate (base interest) is set at 0.01% p.a. as of March 1,2021, therefore the total interest that you can earn is 2.38% p.a. On the first S$80,000 which is up to S$1,904 in bonus per year. An additional benefit of this account is that you can enable the multi-currency feature and access 14 currencies with S$0 overseas transaction fees, which is particularly useful for frequent travelers.
Bonus Interest Rates Breakdown
| Category | Amount | Bonus Interest | Base Interest |
| Card spend | S$2,000 and up | 0.40% p.a. | + 0.01% p.a. |
| Salary Credit | S$3,000 | 0.10% p.a. | + 0.01% p.a. |
| Investment | S$30,000 | 0.90% p.a. | + 0.01% p.a. |
| Insurance | min annual premium S$12,000 | 0.90% p.a. | + 0.01% p.a. |
| Bill Payment | min S$150/mo (3 bill payments each min S$50) | 0.07% p.a. | + 0.01% p.a. |
Eligibility, Details & Charges
- Age: 21
- Initial deposit: None
- Max bonus interest: up to 2.38% p.a.
- Eligible balance for bonus interest: first S$80,000
- Fall-below fee: S$5 if min average daily balance falls below S$3,000
- Monthly service charge: None
- Credit card annual fee: S$214 (waived for the first 2 years)
- Debit card annual fee: S$20
OCBC Savings Account : OCBC 360 Account
Good for: high earners reading to deposit at least S$75,000 and steadily grow their savings on a monthly basis
OCBC 360 is a savings account that rewards additional monthly savings as opposed to credit card spend as other accounts do. The five eligible categories to earn maximum bonus interest are : salary crediting, monthly saving (min S$500), insurance and investment product purchase, and maintaining at least S$200,000 in your account. Satisfying these requirements will earn you S$177.25 per month (S$2,127 per year). Since most of these categories require you to have an already substantial amount of money you are willing to save, this savings account is likely to be most useful for those who have already been saving for a few years.
Bonus Interest Rates Breakdown
| Category | First S$25,000 | Next S$25,000 | Next S$25,000 | Max EIR | Base rate |
| Salary (min S$1,800) | 0.3% p.a. | 0.6% p.a. | 1.2% p.a. | 0.7% p.a. | 0.05% p.a. |
| Save (minS$500/mo) | 0.1% p.a. | 0.2% p.a. | 0.4% p.a. | 0.23% p.a. | 0.05% p.a. |
| Insure | 0.3% p.a. | 0.6% p.a. | 1.2% p.a. | 0.7% p.a. | 0.05% p.a. |
| Invest | 0.3% p.a. | 0.6% p.a. | 1.2% p.a. | 0.7% p.a. | 0.05% p.a. |
| Grow (daily balance of min S$200,000) | 0.4% p.a. | 0.4% p.a. | 0.4% p.a. | 0.4% p.a. | 0.05% p.a. |
Eligibility, Details & Charges
- Age: 18
- Initial deposit: S$1,000
- Max bonus interest: up to 2.38% p.a.
- Eligible balance for bonus interest: first S$75,000
- Fall-below fee: S$2 if the minimum average daily balance is below S$3,000 (waived for the first year)
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Zoryana is a Senior Research Analyst at ValueChampion, who focuses on evaluating credit cards, savings and fixed deposits in Singapore. She holds a BA in Political Science and an MPA in International Finance and Economic Policy, both from Columbia University. Prior to joining ValueChampion, Zoryana worked in treasury management consulting.