Top 9 Best Savings Account in Singapore 2024

Top 9 Best Savings Account in Singapore 2024

Have you ever found yourself adrift amidst the multitude of savings accounts available? It's a common challenge! Selecting the optimal savings account in Singapore can indeed feel perplexing. However, fret not, as in this blog, we aim to unravel the complexities of Singaporean savings accounts. Whether you're an experienced saver or embarking on your saving journey, accompany me as we unveil the strategies for discovering the ideal savings account crafted specifically for our needs!

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 Savings Account Singapore


cimb best savings account singapore

If you're on the hunt for the finest savings account in Singapore, CIMB emerges as a compelling contender. CIMB Group Holdings Berhad, a prominent Malaysian universal bank, has established a presence in Singapore by strategically positioning its branches within the country's flourishing banking sector. These branches provide an extensive array of services, encompassing retail and corporate banking, wealth management, and an assortment of investment products.

Capitalizing on Singapore's stature as a global financial center, CIMB is dedicated to serving the needs of both local and international clientele. Through a blend of personalized assistance and cutting-edge digital banking capabilities, customers gain access to a diverse range of accounts, loans, and investment avenues. Whether you prioritize conventional banking services or are in pursuit of innovative financial solutions, CIMB endeavors to accommodate a broad spectrum of customer preferences, rendering it a noteworthy option for those seeking a dependable and adaptable savings account in Singapore.

>>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


“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 best savings account singapore

SingSaver has emerged as Singapore's foremost financial comparison platform, dedicated to aiding consumers in discovering the optimal credit cards and personal loans since its establishment in May 2015. Armed with intuitive tools and trustworthy data, SingSaver empowers individuals to make informed financial decisions, enabling them to select options that precisely suit their individual needs.

The platform's strength lies in its extensive selection of credit card and personal loan offerings sourced from various financial institutions. SingSaver simplifies the comparison process, granting users the ability to explore features, benefits, and terms effortlessly. This approach enables consumers to customize their choices based on their spending habits and financial goals. SingSaver's steadfast commitment to accuracy and impartial recommendations ensures that users can confidently navigate the financial landscape, whether seeking attractive rewards, low interest rates for loans, or the highest interest rates for savings accounts in Singapore. With SingSaver, making sound financial decisions becomes a streamlined and user-friendly endeavor.

>>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


“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

bank of singapore best singapore savings account

The Bank of Singapore, established as the private banking arm of OCBC Bank, made a significant stride in 2009 with its acquisition from ING Group for US$1.46 billion. This strategic move solidified its position as a leading player in the private banking industry, earning recognition as one of the best savings account options in Singapore. Bolstered by the support of OCBC Bank, the Bank of Singapore specializes in delivering comprehensive wealth management services tailored for high-net-worth individuals and families. The bank’s personalized approach and deep expertise in wealth management have contributed to the cultivation of robust and lasting client relationships.

Benefiting from a global reach and the financial backing of OCBC Bank, the Bank of Singapore extends a suite of services, encompassing portfolio management, investment advisory, estate planning, and wealth structuring. With a team of seasoned professionals and a solid financial foundation, the bank has earned a stellar reputation in the private banking sector, recognized for its expertise and client-centric approach. For high-net-worth individuals seeking sophisticated wealth management solutions, the Bank of Singapore remains a preferred choice, continuing to uphold its commitment to excellence in the financial services it provides.

>>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


“Excellent facilities, convenient location, family-oriented culture” – Jeremy Ho (Google review)



The Bank of East Asia

singapore savings account

Established in 1952, The Singapore Branch of The Bank of East Asia, Limited (BEA) has become a trusted and longstanding institution in the banking sector. Operating with a full license and an Asian Currency Unit (ACU), the branch has transitioned from facilitating connections between businesses in Hong Kong and Singapore to serving a broader customer base across the ASEAN region. Conveniently located at BEA Building, 60 Robinson Road, in the heart of Singapore’s financial district, the branch stands as a reliable provider of diverse financial services for both corporate and individual needs.

BEA’s Singapore Branch offers an extensive suite of services, encompassing retail banking, foreign currency deposits, commercial lending, and securities services. Committed to delivering customized solutions, the branch caters to the unique requirements of its diverse clientele. Leveraging BEA’s extensive global banking network, the Singapore Branch is well-equipped to provide efficient and reliable services. This ensures that customers receive personalized assistance and gain access to a wealth of resources, reinforcing BEA’s position as a steadfast partner in meeting the financial needs of its clientele.

>>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


“Great banking services”,”Very attentive [and] normally not so busy.” – Denvey Lee, Pongroj Rattanapakdeekul (Google review)


Frank by OCBC Bank, a subsidiary of the second-largest banking group in Singapore, stands out as a leading provider of financial services and is regarded as one of the best savings account options in the country. The parent company, OCBC Singapore, holds a formidable market position across various sectors, excelling in bancassurance sales, home loans, unit trust distribution, personal credit, SME market support, and the Singapore dollar capital market.

In bancassurance sales, OCBC Singapore offers customers convenient access to a comprehensive range of insurance products. The bank is also a key player in the mortgage market, providing competitive home loan options. Leveraging its expertise in unit trust distribution, OCBC Singapore enables individuals to access a diverse array of investment products and funds. Furthermore, the bank is recognized for its excellence in personal credit solutions, offering a variety of credit cards and personal loans. With its strong market presence and commitment to providing a broad spectrum of financial services, Frank by OCBC Bank emerges as a reliable choice for those seeking top-notch savings accounts in Singapore.

>>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


“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 has cemented its presence in the banking industry with a commitment to providing reliable depository banking services, constituting the core of its business operations. Positioned as a depositor-oriented bank, Woori Bank endeavors to create a secure and trustworthy platform for customers to manage their financial assets and engage in a variety of banking activities.

Woori Bank distinguishes itself through its comprehensive range of depository services, covering a broad spectrum of banking functions. These services include accepting deposits, safeguarding funds, facilitating seamless financial transactions, and highest savings account interest rate singapore. Customers choosing Woori Bank can place their confidence in the institution, knowing that their assets are held securely and managed with efficiency. Woori Bank’s unwavering dedication to depository banking ensures that customers have convenient access to their funds whenever the need arises, solidifying its position as a dependable and customer-focused banking option.

>>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


“OTP issuance and internet banking can be initialized” – Brant Ju (Google review)


Maybank stands out as a prominent banking group in Asia, holding the position of the fourth largest bank in Southeast Asia by assets. Its extensive international network spans across 18 countries, boasting over 2,600 branches and a dedicated workforce exceeding 42,000 employees. Maybank is dedicated to serving customers globally, offering a comprehensive range of financial products and services tailored to the diverse needs of individuals, businesses, and corporations.

The bank’s diverse offerings include consumer and corporate banking, investment banking, Islamic banking, stock broking, insurance, takaful, and asset management. With a robust regional presence, Maybank provides clients with abundant opportunities across the ASEAN region and beyond. In Singapore, Maybank has established a significant footprint since its inaugural branch opened in 1960. Operating as a Singapore-incorporated subsidiary with Qualifying Full Bank (QFB) privileges, Maybank Singapore Limited extends retail, private wealth, and SME banking services to meet the varied financial needs of its clients.

>>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


“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

DBS Toa Payoh Branch

DBS Bank is dedicated to delivering seamless banking services that prioritize convenience for its customers. The DBS Digibank app stands as a testament to this commitment, allowing users to enjoy the comfort of banking from their homes. With just a few taps on their mobile devices, customers can effortlessly update personal details, check account balances, and make payments. The app further streamlines the account opening process by enabling customers to open individual accounts instantly using Singpass authentication, eliminating the need for extensive paperwork and allowing them to commence their banking journey promptly.

Recognizing the significance of both digital and in-person interactions, DBS Bank offers a balanced approach. For customers who prefer face-to-face transactions or require assistance, DBS encourages them to leverage the SMS Q service when visiting branches. Whether customers choose to bank remotely or seek in-person support, DBS is dedicated to providing a seamless and efficient banking experience at every touchpoint, ensuring flexibility and convenience for its diverse clientele.

>>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


“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 stands out by offering exclusive benefits and personalized services to its clients, creating a premium banking experience. As a Priority Banking client, you gain access to a host of advantages, including preferential rates and fee waivers on everyday financial solutions like fixed deposits, accounts, and loans. This translates to competitive interest rates on fixed deposits and the benefit of having certain fees waived, contributing to substantial savings while effectively managing your finances.

Beyond these financial perks, the Priority Banking Center places a strong emphasis on providing tailored financial advice. It features dedicated relationship managers who are committed to offering personalized solutions based on your specific goals and needs. Leveraging their expertise, you can make well-informed financial decisions and receive recommendations customized to your unique situation. The center’s unwavering commitment to delivering exceptional value ensures that your banking experience is not only convenient and rewarding but also supported by a team of professionals dedicated to your overall 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


“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)


To all my fellow money-savvy Singaporeans, we've reached the conclusion of our journey in search of the perfect savings account on our sunny island. Keep in mind, the ideal option is waiting for you – it's simply a matter of recognizing what aligns with your budgeting preferences. Here's to making savvy financial decisions and paving the way for a prosperous future in our Lion City!

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.

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