Best savings accounts in Singapore with highest interest rates [July 2025]

What happened?

Savings account interest rates have been on the decline in Singapore lately.

In May, OCBC 360 and UOB One revised their rates downwards. 

By June, Beansprout community members flagged that GXS’s Boost Pocket promo rate had also been cut, and more recently, both UOB Stash and MariBank have followed suit with reductions of their own.

With so many changes happening in quick succession, I took the opportunity to re-evaluate which savings accounts are still worth considering.

Whether you're looking for a high-interest account or one with fewer conditions, here’s our latest round-up of the best options to grow your savings.

The Best Savings Accounts in Singapore (As of 1 July 2025)

• The best savings account if you have S$150,000 of savings, can credit your monthly salary into your savings account and spend regularly on your credit card is the UOB One account.
• The best savings account if you can credit salary, spend regularly on your card, and purchase insurance and investment products is Standard Chartered BonusSaver
• The best savings account if you have S$100,000 of savings, can credit your monthly salary into your savings account and spend regularly on your credit card is the OCBC 360 account.
• The best savings account if you have S$100,000 of savings without salary credit and jumping through hoops is the UOB Stash account, especially when paired with the UOB Nation of Savers promotion.

• The best no-frills savings account without salary credit and jumping through hoops is SingFinance GoSavers Account.

   

UOB One Account

Why we like it:

The UOB One account is the flagship savings account of UOB which allows you make minimal effort to earn the maximum interest rate possible. 

The UOB One account allows you to earn an effective interest rate of up to 3.30% per annum on your first $150,000 with two simple steps. 

All you have to do is to spend a minimum sum of $500 monthly on eligible UOB credit/debit cards and credit your salary of at least S$1,600 monthly.

The UOB One account does not require you to purchase insurance or an investment scheme to unlock the highest tier.

You can also make use of the UOB Nation of Savers Promotion to earn up to $340 guaranteed cash when you deposit fresh funds into your UOB One account. 

Learn more about the UOB One Account here or sign up now to get started.

Standard Chartered Bonus Saver

Why we like it:

The Standard Chartered Bonus$aver Account offers up to 8.05% p.a. on your first S$100,000 balance. 

Unlike some other accounts, the same rate applies across your balance without complicated tiering, making it easier to maximise returns.

To earn the highest rate, you’ll need to meet several conditions including purchasing investment and insurance, but even with just salary crediting (minimum S$3,000) and S$1,000 card spend, you can unlock a competitive interest rate of around 3.05% p.a.

Learn more about Standard Chartered Bonus Saver here.

OCBC 360 Account

Why we like it:

As the flagship savings account of OCBC, the OCBC 360 account allows you to make your savings work harder especially if you are able to 'jump through a few hoops' to earn a higher yield.

The OCBC 360 account offers an attractive interest rate of up to 3.30% per annum (p.a.) on the first S$100,000 of deposits when you credit your salary, save and spend.

But from 1 August 2025, OCBC will be revising the interest rates, and the effective interest will be reduced to 2.45% p.a. under the same conditions. Read more about the change here. 

Learn more about the OCBC 360 savings account here.

UOB Stash Account

Why we like it: 

The UOB Stash account offers an easy way to earn a higher effective interest rate of up to 2.045% p.a. on your deposit account without compromising on liquidity.

If you have a monthly average balance of S$100,000 in the UOB Stash account, you will earn a total interest of about $2,045 over one year. 

By combining with the UOB Nation of Savers Promotion, you can get an additional S$210 cash credit when you top up S$100,000 new funds into your UOB Stash Account. 

You don’t need a minimal credit card spend, or even need to credit your salary into the account. 

All you need to do is to maintain or increase your account balance compared to the previous month. 

Learn more about the UOB Stash Account here. Ready to apply? Sign up here.

SingFinance GoSavers Account

Why we like it:

The SingFinance GoSavers Account is a savings account offered by Sing Investments & Finance, a finance company licensed by the Monetary Authority of Singapore.

It offers up to 2.28% p.a. on your first S$100,000.

There are no hoops to jump through to earn this rate, no salary crediting, card spending, or investment requirements. Just deposit and earn.

But you’ll need to maintain a minimum daily balance of S$1,000 to earn interest. 

Falling below this threshold may incur a $2 fall below fee.

Interest is calculated on daily balances and credited monthly. 

There’s no lock-in period, and you can access your funds anytime, although withdrawals must be made at the branch with your passbook.

Learn more about SingFinance GoSavers here

How did we come up with the list of best savings accounts in Singapore?

Do the higher maximum effective interest rates offered make these the best savings accounts in Singapore?

The short answer is – it depends. 

Many of these accounts require you to fulfil various criteria, such as depositing your salary and spending on credit cards, to be able to earn a higher tier of interest rates. 

Hence, the best savings account would depend on whether you are able to fulfil these criteria.

Let us look at a few examples to see how different individuals would be able to find the best savings accounts with the highest interest rate using the tool.

To uncover which is the best savings account in Singapore, I started by doing a simple comparison of the maximum effective interest rate offered by some of the more popular savings accounts in Singapore. 

If the concept of effective interest rate is new to you, don't fret! We will explain it to you using Primary 5 math. 

The effective interest rate is the total annual interest earned as a percentage of your average balance in the savings account over the year. 

We suggest looking at the effective interest rate rather than the headline interest rate as a bank may offer an interest rate of “up to 6.0% p.a.”, but this 6.0% p.a. rate may be given only for balances above a certain level of deposits, say $50,000.

Best savings account for $100k of savings, credits salary, and spends on credit card

If you have S$100,000 of savings, can credit your monthly salary into your savings account, and spends regularly on your credit card, then the best savings account for you might be the OCBC 360 account.

The OCBC 360 offers a decent interest rate of 3.30% p.a. until 31 July 2025. But do note, that the effective interest rate will be revised to 2.45% p.a from 1 August 2025 under the same conditions.

Apart from the OCBC 360 account account, the Bank of China SmartSaver Account also offers a decent interest rate of 3.25% p.a. if you are able to meet these requirements.

Best savings account without salary deposit

If you have S$100,000 in savings and prefer a fuss-free account with no salary credit or credit card spend requirements, the UOB Stash Account may be a good option. 

It offers an effective interest rate of 2.045% p.a., and when paired with the UOB Nation of Savers promotion, the returns can be even higher.

Under the promotion, you’ll receive a guaranteed S$210 cash credit when you deposit S$100,000 in fresh funds. Factoring this into your returns, the effective interest rate works out to approximately 2.26% p.a.

Alternatively, SingFinance GoSaver offers 2.28% p.a.

Both MariBank and GXS offer an interest rate of 1.88% p.a. and 1.98% p.a. respectively without having the jump through any hoops. 

MariBank allows you to earn the interest of 1.88% p.a. on up to S$100,000 of deposits. 

GXS is offering the interest rate of 1.98% p.a. on its 3-month Boost Pocket, which has a maximum deposit amount of S$60,000 across two pockets. 

If you are looking for a promotional interest rate for top-up of fresh funds, then the savings account to consider is the HSBC Everyday Global Account (EGA) and Standard Chartered eSaver.

Best savings account for S$75k of savings, salary credit and investment/insurance products purchase

If you are also looking to buy an investment or insurance product with the bank in addition to depositing S$75,000 of savings, crediting your salary and spending on credit card, the good news is that you would be able to earn an even higher interest rate on your savings account!

The Standard Chartered Bonus saver will offer you an interest rate of up to 8.05% p.a. 

the Bank of China SmartSaver will offer you an interest rate of 6.00% p.a. , while  the OCBC 360 account will offer you an interest rate of 5.15% p.a..

What would Beansprout do?

With the many savings accounts offered by Singapore banks in 2025, it might be hard to find the best savings account to earn the highest interest rate.

However, we were able still able to maximise our interest rate earned on different savings account based on various requirements we can fulfil. 

If you have S$100,000 of savings, can credit your monthly salary into your savings account, and spends regularly on your credit card, then the best savings account for you might be the OCBC 360 account. 

If you have S$150,000 of savings, can credit your monthly salary into your savings account, and spends regularly on your credit card, then the best savings account for you might be the UOB One Account. Ready to apply? Sign up for UOB One Account now.

If you have S$100,000 of savings and looking for a fuss-free account, then the best savings account for you might be the UOB Stash Account. Ready to apply? Sign up for UOB Stash account now.

If you are looking for a promotion, the UOB Nation of Savers promotion offers additional cash rewards when you deposit fresh funds into a UOB savings account. 

Alternatively, you can also consider SingFinance GoSavers Account. 

If you are also looking to buy an investment or insurance product with the bank in addition to depositing S$75,000 of savings, crediting your salary and spending on credit card, then the best savings account for you might be the Bank of China SmartSaver or  Standard Chartered Bonus Saver. 

If you are looking for a promotional interest rate for top-up of fresh funds, then the savings account to consider is the HSBC Everyday Global Account (EGA),  and Standard Chartered eSaver.

Amongst the digital banks, GXS offers a compelling option with the interest rate of up to 1.98% p.a for up to $60,000.

If you would like to reduce the worry of losing your hard earned savings to scammers, then it might be worthwhile considering a "money lock" account which allow you to only access your deposits in person. 

If you are open to locking in your savings, check out our guide to best fixed deposit rates in Singapore. 

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