Are you eager to take control of your financial future and maximize the potential of your money? Look to Singapore, a dynamic city-state renowned for its economic strength and financial stability. Amidst the ever-changing landscape of personal finance, one element remains vital: the significance of a dependable savings account.
In this captivating blog post, we'll delve into the top nine savings accounts in Singapore for the year 2023. Whether you're an experienced investor seeking to broaden your investment horizons or a recent graduate beginning your financial journey, we've got you covered. These savings accounts have been meticulously selected to cater to diverse needs, offering competitive interest rates, user-friendly digital banking functionalities, and exceptional customer support.
Key Consideration Factors
At Steriluxe, we understand the importance of providing our readers with accurate and reliable information. That’s why we take our selection process seriously when it comes to identifying the best companies in a particular field. One of the key considerations we take into account when creating our list is Google and Facebook ratings. By evaluating the feedback from real customers, we can ensure that our readers have access to trustworthy and unbiased reviews. These ratings give us insight into the overall satisfaction of a company’s customers, as well as the quality of their services.
Best Bank for Savings Account in Singapore
The Bank of East Asia
Established in 1952, The Bank of East Asia, Limited (BEA) Singapore Branch has solidified its reputation as a trusted entity in the banking domain. Holding a full license and operating with an Asian Currency Unit (ACU), the branch has transitioned from facilitating connections between businesses in Hong Kong and Singapore to serving a broader clientele across the ASEAN region. Situated at the BEA Building, 60 Robinson Road, in the heart of Singapore's financial hub, the branch offers an extensive array of financial services tailored to both corporate and individual needs.
BEA's Singapore Branch provides a comprehensive suite of services, encompassing retail banking, foreign currency deposits, commercial lending, and securities services. Committed to delivering customized solutions, the branch caters to the distinct requirements of its diverse customer base. Leveraging BEA's expansive global banking network, the Singapore Branch is adept at delivering efficient and dependable services, ensuring customers receive personalized assistance and gain access to a wealth of resources.
>>Company details
| Address | 60 Robinson Rd, BEA Building, Singapore 068892 |
| Contact | 65 6602 7702 |
| Operating hours | Monday to Friday 9 AM–3:30 PM |
>>What we like about it
- Established Reputation
- Comprehensive Range of Services
- Tailored Solutions
- Extensive Global Banking Network
- Prime Location
>>Testimonial
“Great banking services”,”Very attentive [and] normally not so busy.” – Denvey Lee, Pongroj Rattanapakdeekul (Google review)
FRANK by OCBC | SMU
Frank by OCBC Bank, a subsidiary of the second-largest banking group in Singapore, stands as the premier choice for savings accounts in the country. With a broad spectrum of financial services and a dominant market presence across various sectors, OCBC Bank Singapore, its parent company, excels in numerous areas such as bancassurance sales, home loans, unit trust distribution, personal credit, SME market support, and the Singapore dollar capital market.
In the realm of bancassurance sales, OCBC Singapore distinguishes itself by offering customers convenient access to a wide array of comprehensive insurance products. Moreover, it is a key player in the mortgage market, providing competitive home loan options. Leveraging its expertise in unit trust distribution, the bank enables individuals to tap into a diverse range of investment products and funds. OCBC Singapore also garners recognition for its personal credit solutions, encompassing credit cards and personal loans, thereby catering to varied financial needs.
>>Company details
| Address | 70 Stamford Road B1-43 Singapore Management University, Li Ka Shing Library, Singapore 178901 |
| Contact | 65 1800 363 3333 |
| Operating hours | Monday to Friday 11 AM–7 PM |
>>What we like about it
- Comprehensive Financial Services
- Competitive Insurance Options
- Flexible Home Loan Options
- Diverse Investment Opportunities
- Tailored Credit Solutions
- Dedicated Support for SMEs
- Singapore Dollar Expertise
>>Testimonial
“Friendly staff, easy for individual account. efficient. Prepare all your needed document and settled at once.” – Josh Wang Kah Hou (Google review)
Woori Bank Singapore Branch
Established in 1980, Woori Bank boasts a rich heritage within the banking industry, embodying a steadfast presence. Central to its operations, the bank places a primary emphasis on providing depository banking services, which serve as the cornerstone of its business model. As a customer-centric institution, Woori Bank endeavors to furnish a secure and dependable platform for individuals to oversee their financial assets and partake in various banking transactions.
A notable advantage of banking with Woori Bank lies in its comprehensive suite of depository services. These services encompass a broad spectrum of banking functionalities, ranging from accepting deposits to safeguarding funds and facilitating financial transactions. Customers can confidently rely on Woori Bank to safeguard their funds, assured that their assets are held securely and managed with utmost efficiency. With a steadfast dedication to depository banking, Woori Bank ensures that customers have seamless access to their funds whenever the need arises.
>>Company details
| Address | 10 Marina Blvd, Singapore 018983 |
| Contact | 65 6422 2000 |
| Operating hours | Monday to Friday 9 AM–12 PM, 1–3:30 PM |
>>What we like about it
- Established Presence
- Depository Banking Expertise
- Range of Banking Products
- Convenient Access to Funds
- Financial Stability and Trust
- Technological Advancements
- Customer Service Excellence
>>Testimonial
“OTP issuance and internet banking can be initialized” – Brant Ju (Google review)
Maybank@Chinatown
Maybank stands as a prominent banking entity in Asia, securing its position as the fourth largest bank in Southeast Asia based on assets. Boasting a vast international footprint across 18 countries and a network of over 2,600 branches, Maybank extends its services to customers globally, supported by a workforce exceeding 42,000 employees. Catering to a diverse clientele, Maybank offers an extensive range of financial products and services tailored to the needs of individuals, businesses, and corporations alike.
Its comprehensive offerings encompass consumer and corporate banking, investment banking, Islamic banking, stock broking, insurance, takaful, and asset management. With a robust regional presence, Maybank provides clients with ample opportunities spanning the ASEAN region and beyond. In Singapore, Maybank has established a significant foothold since its inaugural branch opened its doors in 1960. Operating as a Singapore-incorporated subsidiary with Qualifying Full Bank (QFB) privileges, Maybank Singapore Limited delivers retail, private wealth, and SME banking services to its clientele.
>>Company details
| Address | 101 Upper Cross St, #01-22, Singapore 058357 |
| Contact | 65 6533 0317 |
| Operating hours | Monday to Saturday 9:15 AM–4:45 PM |
>>What we like about it
- Extensive International Presence
- Diverse Range of Products and Services
- Regional Opportunities
- Convenient Access to Banking Services in Singapore
- Easy Access to ATM Network
- Strong Reputation and Trust
>>Testimonial
“I have a great experience this morning at Maybank People’s Park Centre. I received Miss Li Jun at the counter desk for a warm and friendly services. Keep up the good job. Thank you!” – Sharon Kim
CIMB
If you’re looking for the best savings account in Singapore, CIMB is one of the options. CIMB Group Holdings Berhad, a Malaysian universal bank, operates a network of branches in Singapore as part of its presence in high-growth ASEAN economies. While the exact number of branches may vary, CIMB Group has established a significant presence in Singapore’s banking sector. These branches offer a range of banking services, including retail banking, corporate banking, wealth management, and investment products.
By leveraging Singapore’s status as a global financial hub, CIMB aims to serve both domestic and international customers, providing personalized assistance and digital banking capabilities. Customers can access various accounts, loans, and investment opportunities, with a commitment to serving diverse segments, including Islamic banking solutions.
>>Company details
| Address | 30 Raffles Pl, #03-03, Singapore 048622 |
| Contact | 65 6333 7777 |
| Operating hours | Monday to Saturday 9:00AM–4:30 PM |
>>What we like about it
- Competitive Interest Rates
- Low or No Fees
- Convenience and Accessibility
- Wide ATM Network
- Additional Account Features
- Deposit Insurance
>>Testimonial
“My CIMB SG walk-in experience is superb. I decided to make a trip to the CIMB Branch office to check on my FD registration. The activation took over 2-weeks though but I think overall that was alright in view of the holiday season. The counter staff are very helpful in sorting out my FD request and changes. The whole process only took 20 mins from the queue all the way to completing the task. The Cisco security officer is very helpful too.” – Ange T. (Google review)
SingSaver
SingSaver is Singapore’s top financial comparison platform, helping consumers find the best credit cards and personal loans since May 2015. With user-friendly tools and accurate data, SingSaver empowers individuals to make informed financial decisions and choose the right options for their needs. By offering an extensive range of credit card and personal loan options from various financial institutions, SingSaver simplifies the comparison process.
Users can explore features, benefits, and terms to find products that align with their spending habits and financial goals. SingSaver’s commitment to accuracy and unbiased recommendations ensures that consumers can confidently make the right financial choices, whether they seek attractive rewards or low-interest rates.
>>Company details
| Address | 70 Shenton Way, #18-08 Eon Shenton, Singapore 079118 |
| Contact | 65 3158 0152 |
| Operating hours | Monday to Friday 9 AM–6 PM |
>>What we like about it
- Easy Comparison
- Comprehensive Product Range
- Accurate and Up-to-Date Information
- Unbiased Recommendations
- Convenience and User-Friendly Experience
>>Testimonial
“Applied for a Citibank Credit Card via SingSaver and the process was so easy and efficient! Their guides on the different credit cards are very useful as well. Thank you SingSaver for the ongoing promotions! Recommended for those who are looking for a new credit card and freebies too!” – Shi En (Google review)
Bank of Singapore
The Bank of Singapore is the private banking arm of OCBC Bank, acquired in 2009 from ING Group for US$1.46 billion. This acquisition strengthened its position as a prominent player in the private banking industry making it the best savings account in Singapore. With OCBC Bank’s support, the Bank of Singapore provides comprehensive wealth management services to high-net-worth individuals and families. Its personalized approach and expertise in wealth management have fostered strong client relationships.
With a global reach and the backing of OCBC Bank, the bank offers a range of services, including portfolio management, investment advisory, estate planning, and wealth structuring. Combining experienced professionals with a solid financial foundation, the Bank of Singapore is a reputable private banking institution known for its expertise and client-focused approach. It continues to be a preferred choice for high-net-worth individuals seeking sophisticated wealth management solutions.
>>Company details
| Address | 63 Market St, #22-00, Singapore 048942 |
| Contact | 65 6559 8000 |
| Operating hours | Monday to Friday 9 AM–6 PM |
>>What we like about it
- Comprehensive Wealth Management
- Global Banking Network
- Personalized Service
- Expertise and Experience
- Innovative Digital Banking
- Network of Specialists
>>Testimonial
“Excellent facilities, convenient location, family-oriented culture” – Jeremy Ho (Google review)
DBS Toa Payoh Branch
DBS Bank offers seamless banking services to provide convenience to its customers. With the DBS Digibank app, customers can enjoy the comfort of banking from their own homes. They can easily update personal details, check account balances, and make payments with just a few taps on their mobile devices. The app also provides a quick and convenient way to open individual accounts instantly using Singpass authentication, eliminating the need for lengthy paperwork and allowing customers to start their banking journey immediately.
In addition to digital banking, DBS Bank also recognizes the importance of in-person interactions. For customers who prefer to visit branches for specific transactions or assistance, DBS encourages them to make use of the SMS Q service. Whether customers prefer to bank from the comfort of their homes or require in-person assistance, DBS aims to provide a seamless and efficient banking experience at every touchpoint.
>>Company details
| Address | 520 Lor 6 Toa Payoh, #02-50 HDB Hub, Singapore 310520 |
| Contact | 65 1800 111 1111 |
| Operating hours | Monday to Saturday 8:30 AM–4 PM |
>>What we like about it
- Seamless Digital Banking
- Instant Account Opening
- Queue Management System
- Flexibility and Convenience
- Time-saving and Efficiency
>>Testimonial
“Friendly and helpful staff. Had an issue which was my mistake to begin with and they helped me out promptly with a smile.” – Abhinav Dunerrajan (Google review)
Standard Chartered Priority Banking Centre
The Standard Chartered Priority Banking Center offers exclusive benefits and personalized services to its clients. As a Priority Banking client, you can enjoy preferential rates and fee waivers on everyday financing solutions like fixed deposits, accounts, and loans. This means you’ll receive competitive interest rates on your fixed deposits and have certain fees waived, helping you save money while managing your finances.
In addition to these financial advantages, the Priority Banking Center provides tailored financial advice and dedicated relationship managers who offer personalized solutions based on your specific goals and needs. With their expertise, you can make informed financial decisions and receive customized recommendations. The center’s commitment to delivering exceptional value ensures that your banking experience is convenient, rewarding, and supported by a team of professionals dedicated to your financial well-being.
>>Company details
| Address | Bukit Timah Rd, 795-797, Singapore 269766 |
| Contact | 65 6747 7000 |
| Operating hours | Monday to Saturday 10 AM–4 PM |
>>What we like about it
- Preferential Rates
- Fee Waivers
- Personalized Financial Advice
- Exclusive Access
- Convenience and Support
>>Testimonial
“Yesterday, I met the staff, Mary. She was very helpful in guiding me successfully completed my transaction. And even informed me by phone that the transfered of money was successfully. It put my mind at ease.” – Sow Hing Chia (Google review)
Tips on How to Choose the Best Savings Account in Singapore
When choosing the best savings account in Singapore, there are several factors to consider. Here are some tips to help you make an informed decision:
- Interest Rates: Look for an account that helps your savings grow faster with competitive interest rates.
- Minimum Deposit and Balance: Find out if there are any requirements for opening and maintaining the account.
- Fees and Charges: Watch out for any fees associated with the account, like monthly fees or ATM withdrawal charges.
- Access to Funds: Check if the account offers convenient ways to access your money, such as ATMs, online banking, or a debit card.
- Additional Benefits: Look for any extra perks like cash rebates, discounts, or travel privileges.
- Account Features: Find out if the account provides tools to help you save better, like automatic savings plans or goal-setting features.
- Reputation and Reliability: Choose a bank or financial institution that has a good reputation for stability and reliable customer service.
- Comparison and Research: Take the time to compare different options and read reviews to make an informed decision.
- Financial Goals: Consider how the savings account can support your specific financial goals, like buying a house or saving for education.
- Seek Professional Advice: If you’re unsure, talk to a financial advisor or a bank representative for personalized guidance.
Remember, finding the best savings account is important for your financial future. By considering these tips, you can make a smart choice and start growing your savings effectively.
Frequently Asked Questions
What is the difference between a fixed deposit and a savings account in Singapore?
A fixed deposit is a type of account where you deposit a specific amount for a fixed period at a predetermined interest rate. Unlike savings accounts, fixed deposits usually have a fixed term and may offer higher interest rates but have limited accessibility during the term.
Can I have multiple savings accounts in Singapore?
Yes, you can have multiple savings accounts with different banks in Singapore. It allows you to diversify your funds and take advantage of different features and benefits offered by various banks.
Are savings accounts in Singapore insured?
Yes, savings accounts in Singapore are covered by the Singapore Deposit Insurance Scheme (SDIC), which provides insurance coverage for up to SGD 75,000 per depositor per bank.
How often is the interest on savings accounts paid in Singapore?
Interest on savings accounts in Singapore is usually calculated daily and credited to the account on a monthly or quarterly basis, depending on the bank and account terms.
What is the average interest rate for savings accounts in Singapore?
The average interest rate for savings accounts in Singapore varies and can be influenced by factors such as the bank, account type, and prevailing market conditions. It is advisable to compare different banks and account types to find competitive rates.
