In Singapore, savings accounts predominantly require a minimum amount of deposit. The amount ranges from S$0-1000. To get most of the benefits of your savings account some encourage you to transact more while others encourage you to withdraw less.
That said, here are 2016’s Most Profitable Savings Accounts In Singapore as they offer the highest interest rates to date…
4. BANK OF CHINA SGD SAVINGS ACCOUNT
The Bank of China SGD Savings Account is a passbook savings account that offers its clients with up to 0.48% interest. To open an account, you must initially deposit a minimum of S$1,000 and maintain a balance of S$2,000.
Whether you are planning to open it as a single or as a joint account, you can access your account anytime and anywhere. This is because Bank of China enables its clients to withdraw from their account thru BOC Internet banking, telephone banking services, and ATMs. Nothing beats flexibility and convenience!
Eligibility: For Singaporeans, Singapore Permanent Residents, and Foreigners holding NRIC.
Apply here: bankofchina.com/sg
3. MAYBANK PRIVILEGE PLUS SAVINGS ACCOUNT
Being the first savings account that gives its clients with attractive rates and insurance coverage, Maybank Privilege Plus Savings Account is truly one of a kind. For privileged individuals aged 50 and above, you can avail this passbook savings account and receive an interest of up to 0.50%. The minimum initial deposit is only S$500 for locals and S$1,000 for foreigners.
What’s more? It includes Free Accidental Medical Reimbursement Benefit and Accidental Permanent Disablement Benefit insurance coverage (T&Cs apply).
Eligibility: For Singaporeans, Singapore Permanent Residents, and Foreigners holding NRIC.
Apply here: info.maybank2u.com.sg
2. CIMB STARSAVER SAVINGS ACCOUNT
CIMB StarSaver Savings Account requires a minimum deposit of S$1,000 with S$0 maintaining balance. With this savings account you can get up to 0.8% of interest per year as long as you deposit at least S$100 more to your account every month. On the other hand, you will get an interest of 0.5% per year for balance under S$100.
Wait…there is more! Funds transfer to CIMB Malaysia is free. And there are no withdrawal fees from CIMB Group ATMs across ASEAN countries.
Eligibility: For Singaporeans, Singapore Permanent Residents, and Foreigners holding NRIC (Employment Pass and Work Permit).
Apply here: cimbbank.com.sg
1. DBS MULTIPLIER PROGRAMME
DBS Multiplier Programme follows a different scheme. The more you use your account for transactions, the higher interest you shall receive. If your banking transactions adds up to more than S$7,500 a month then, you are eligible for an interest of up to 2.08%. But if your monthly transaction is less than S$7,500 monthly, they will still reward you with 0.05% interest.
With it, you can enjoy the flexibility to withdraw and deposit any time with no lock-in period. Feel free to save and transact in Singapore dollars and up to 12 other foreign currencies too!
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Apply here: dbs.com.sg