Best Deposit Rates Singapore: Analysis and Summary (in preferred positions)
- Normal Savings Accounts:
- CIMB StarSaver (Savings) Account: 0.80% for S$ deposits with a requirement of increasing average balance by at least $100 per month
- OCBC Bonus + Savings S$ Account: 0.60% with requirement of no withdrawals. Average interest rate may increase to 1.18% with minimum $10,000 fresh funds deposit per quarter
- Other interesting Savings Products:
- UOB One Account: Up to 2.43% effective (based on grid interest) with requirement of (a) minimum $500 spend on the UOB One Card (earns 1.6% based on grid interests); and (i) Credit Salary of minimum, $2,000; or (ii) Pay 3 bills monthly (earns 0.83% based on grid interests tied on deposited amount). Applicable for first $50,000. – This is the highest interest rate practically achievable by an average Singaporean with “fairly easy” criteria. Other accounts may promote their accounts based on a higher rate but requirements are difficult to achieve. Exp. Citibank InterestPlus Savings Account (2.4% out of 2.5% can only be earned from unit trust investments and insurance premiums – that is difficult) / OCBC 360 Account (1.0% / 3.25% can only be earned from insurance or investment – that is difficult)
- CIMB S$ Step Up Fixed Deposit: Up to 1.40% effective (based on grid interests tied to tenor). Applicable for minimum of $25,000. – This is easy to achieve with no withdrawal penalty. However, as interests are stepping up based on tenor, early withdrawals lead to significantly lower interests.
- OCBC 360 Account: Up to 3.25% with requirement of (a) Salary Credit of minimum $2,000 (earns 1.2%); (b) Minimum spend of $500 on an OCBC credit card (earns 0.5%); (c) Pay 3 bills using the 360 account (earns 0.5%); and (d) insure or invest with GE (earns 1.0%, unfortunately this seems difficult to achieve on a regular basis). Applicable for first $60,000. – This used to be the best savings account but with the new criteria, the highest interest rate practically achievable by an average Singaporean is probably 2.25% instead. Nonetheless, this is still a reasonably good rate.
- Fixed Deposits:
- HSBC S$ time deposit: Up to 1.80% for 11-month FD for Premier customers (Promotion until Oct-2015. More than $200k required with additional gifts for higher fresh funds (up to $1.2m))
- SCB Singapore S$ Time Deposits: 1.55% for 6-months (Priority Banking Preferential Rates. Minimum $25k)
- CIMB S$ Fixed Deposit: 1.80% for 12-months (More than $100k required. Lower tier if less than $100k)
Best Deposit Rates Singapore: Detailed Analysis across all Banks (in no preferred order)
Note: Deposit rates differ over time and depends on current bank promotions. Accurate as at Oct-2015.
- Fairly updated Deposit Rates in Singapore – www.moneylobang.com