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

What happened?

I noticed that more banks have been cutting interest rates on their savings accounts. 

For example, some members in Beansprout community shared that the promotional interest rate on the CIMB FastSaver account and GXS Boost Pocket have been lowered in February. 

Hence, I decided to find out which are the best savings accounts in Singapore offering the highest interest rate currently. 

Whether you're looking for a high yield savings account or a no-frills savings account without salary credit, we explore the best options to park our money below. 

The Best Savings Accounts in Singapore (February 2025)

• 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$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 accounts for fresh funds promotion is the Stanchart eSaver account and HSBC Everyday Global Account (EGA).
• The best no-frills savings account without salary credit and jumping through hoops is GXS.
• 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 Lunar New Year Pot of Gold promotion. 

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 4.65% per annum (p.a.) on the first S$100,000 of deposits when you credit your salary, save and spend.

You can earn an additional 3.00% a year when you insure and invest with your OCBC 360 account.

Learn more about the OCBC 360 savings account here.

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 4.0% per annum 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 Lunar New Year Pot of Gold Promotion to earn up to $688 guaranteed cash when you deposit fresh funds into your UOB One account. 

Learn more about the UOB One Account here.

Standard Chartered eSaver Account 

Why we like it:

The Standard Chartered eSaver (e$aver) account is offering a promotional interest rate of 2.90% p.a. for fresh funds deposited into the savings account. 

This would include a prevailing interest rate of 0.05% on your deposit balance, and bonus interest rate on eligible incremental balance of 2.85% p.a.

You would need to make sure that your deposits are considered “fresh funds” to qualify for the bonus interest rates.

The bonus interest rate will be applicable through the promotion period from 1 February 2025 to 31 March 2025. 

Learn more about the Standard Chartered eSaver Account here. 

GXS Account

Why we like it:

The GXS Savings Account is a savings account offered by GXS, backed by a consortium consisting of Grab and Singtel. 

GXS recently launched Boost Pocket, which allows us to earn an interest rate of up to 2.98% p.a. over 3 months.

This would make it one of the highest interest rates across savings accounts and fixed deposits currently. 

The Boost Pocket carries a base interest rate of 2.38% p.a., which is credited daily. It also has a bonus interest rate of 0.4% p.a. or 0.6% p.a. that will be applied if the Boost Pocket is held to the 1 month or 3 months maturity respectively.

This means that you can earn an interest rate of up to 2.98% p.a. for 3 months through the GXS Boost Pocket.

Customers can fund the Boost Pocket with any amount from S$100 to S$30,000.  You can open up to two Boost Pockets. This means that you can fund a maximum total of S$60,000 across two Boost Pockets.

Learn more about the GXS 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 3% 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 $3,000 over one year. 

By combining with the UOB Lunar New Year Pot of Gold promotion, you can get an additional S$388 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.

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.

You would be able to earn an effective interest rate of 4.65% with the OCBC 360 account if you are able to meet these requirements.

This would translate to close to S$395 per month on your S$100,000 of savings!

Apart from the OCBC 360 account, the Bank of China SmartSaver Account also offers a decent interest rate of 4.60% p.a.

Best savings account without salary deposit

If you have S$100,000 of savings, and are looking for a fuss-free account that does not require any salary deposit or credit card spending, then the best savings account might be the UOB Stash Account, which offers an effective interest rate of 3.0% p.a. 

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 Bank of China SmartSaver account will offer you an interest rate of up to 7.0% p.a, the  OCBC 360 account will offer you an interest rate of 6.15% p.a., while the Stanchart Bonus Saver account will offer you an interest rate of 4.05% 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 or Bank of China SmartSaver. 

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.

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.

If you are looking for a promotion, the UOB Lunar New Year pot of gold promotion offers additional cash rewards when you deposit fresh funds into a UOB savings 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 Stanchart eSaver account and HSBC Everyday Global Account (EGA). 

Amongst the digital banks, GXS offers a compelling option with the interest rate of up to 2.98% p.a. with the Boost Pocket. 

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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