Best savings accounts in Singapore with highest interest rates [January 2026]

What happened?

Interest rates on savings accounts in Singapore have continued to decline.

Following the reduction in interest rates on the UOB One and UOB Stash accounts in December 2025, Standard Chartered also readjusted the maximum interest rates on its Standard Chartered BonusSaver account downwards in January 2026.

These lower savings account interest rates have sparked considerable discussion among the Beansprout community members.

With revisions taking place across the board, I decided to take another look at which savings accounts still offer competitive returns.

From high-interest options to fuss-free accounts, this list highlights the top savings accounts to help you grow your savings safely and efficiently in 2026.

The Best Savings Accounts in Singapore (As of 5 January 2026)

• The best savings account if you have S$50,000 of savings, can credit at least S$500 of income each month into your savings account, and spend any amount on your credit card is the DBS Multiplier Account, offering interest ranging from 1.80% p.a. to 2.20% p.a..
• The best savings account if you have S$100,000 of savings, can credit your monthly salary into your savings account, save and spend S$500 monthly on your credit card is OCBC 360 Account, offering up to 2.45% p.a..
• The best savings account if you have S$150,000 of savings, can credit your monthly salary into your savings account and spend S$500 monthly on your credit card is still the UOB One account, offering up to 1.90% p.a..
• The best savings account if you can credit a salary of at least S$3,000, spend more than S$1,000 monthly on your credit card, and purchase insurance and investment products is Standard Chartered BonusSaver, which offers a max EIR of 7.05% p.a..
• The best savings account if you have S$100,000 of savings without salary credit and jumping through hoops is the UOB Stash account, offering up to 1.50% p.a., especially when paired with the UOB Leap of Fortune Savings Promotion.
• The best no-frills savings account without salary credit and jumping through hoops is GXS Savings Account, which offers up to 1.38% p.a. through its Boost Pockets.

OCBC 360

Why we like it:

As OCBC’s flagship savings account, the OCBC 360 Account lets you earn higher interest on your deposits when you carry out everyday banking activities such as crediting your salary, saving, and spending.

It allows you to earn up to 2.45% p.a. effective interest on the first S$100,000 when you credit your salary, save, and spend.

Those who also insure or invest with OCBC can boost their rate to a maximum 5.45% p.a., though these categories require purchasing eligible financial products.

Learn more about the OCBC 360 Account here. 

UOB One Account

Why we like it:

The UOB One account is the flagship savings account of UOB which allows you to 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 1.90% 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 Leap of Fortune Savings Promotion to earn up to S$380 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 7.05% 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 2.05% p.a.

Learn more about Standard Chartered Bonus Saver 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 1.50% 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 S$1,500 over one year. 

While it is lower than before, it is still a decent account to park your cash for slightly higher interest rates as compared to a no-frills savings account. 

By combining with the UOB Leap of Fortune Savings Promotion, you can get an additional S$250 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.

GXS Savings 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. 

For GXS Saving Pockets, you can earn 1.18% p.a interest credited daily and you can  open up to 8 Savings Pockets. 

GXS Boost Pocket allows you to earn a base interest rate of 1.08% per annum, and a bonus interest of up to 0.30% per annum for tenures of 1, 3, 8 or 12 months. This brings the total interest to 1.38% p.a. on Boost Pocket. 

Customers can fund the Boost Pocket with any amount from S$100 to S$85,000, depending on your maximum deposit limit on your GXS app.  

You can open up to three Boost Pockets.

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

Interest is calculated on daily balances and credited daily. 

There’s no lock-in period, and you can access your funds anytime.

Learn more about GXS Savings Account here

DBS Multiplier

Why we like it:

The DBS Multiplier Account is a flexible savings account that rewards users with up to 4.1% p.a. interest on their first S$100,000 in SGD balances depending on their monthly banking activity.

It recognises a wide range of income types beyond just salaries, such as freelance and gig payments, as well as CPF contributions. This allows more people, including NSFs and retirees, to qualify for bonus interest.

To qualify for higher interest, users need to credit income and transact in one or more eligible categories such as credit card spending, PayLah! usage, home loan repayments, insurance, or investments.

If you already have a DBS Multiplier Account, you can learn more about how it works and check out the latest updates here. 

For priority banking customers, you can learn more about DBS's priority banking offering, DBS Treasures, here. 

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

Does a higher advertised effective interest rate mean it’s the best savings account in Singapore? 

The short answer is – it depends. 

Many of the higher maximum effective interest rates are achievable if you meet certain criteria such as crediting your salary, spending on linked credit cards, or buying insurance and investment products.

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

To make things clearer, I started by comparing the maximum effective interest rate (EIR) offered by some of the most popular savings accounts in Singapore. This gives us a baseline view of which accounts are the most rewarding if all conditions are met.

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 applied to a specific deposit tier, say, above S$50,000. 

Best savings account for S$100k of savings, salary credit, and credit card spend

If you have S$100,000 of savings, can credit your monthly salary of at least S$1,800 into your savings account, and spend S$500 monthly on your credit card, then the best savings account for you might be OCBC 360 which offers up to 2.45% p.a..

This is followed by Standard Chartered BonusSaver offering an interest rate of 2.05% p.a. for meeting the same criteria, however with a higher spend and salary credit threshold. 

Best savings account for S$100k of savings without salary deposit and credit card spend

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 is still a good option despite the revised rates. 

It offers an effective interest rate of 1.50% p.a., and when paired with the UOB Leap of Fortune Savings Promotion, the returns can be even higher.

Under the promotion, you’ll receive a guaranteed S$250 cash credit when you deposit S$100,000 in fresh funds. Factoring this into your returns, the effective interest rate works out to approximately 1.75% p.a.

GXS offers an interest rate of 1.18% p.a. on its Saving Pockets and 1.38% p.a on its Boost Pocket. 

Boost Pocket allows you to lock in the rate for fixed tenures of 1, 3, 8, or 12 months, with a maximum deposit limit of S$85,000 across three pockets. 

In comparison, the Saving Pockets offer more flexibility and have a higher overall cap of S$95,000.

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 Maybank iSavvy.

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

If you are also looking to buy an investment and/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 7.05% p.a. 

The Bank of China SmartSaver will offer you an interest rate of up to 4.60% p.a., while the OCBC 360 account will offer you an interest rate of 4.45% p.a..

What would Beansprout do?

With several Singapore banks updating their interest rates at the start of 2026, finding the account that offers the highest returns has become less straightforward.

That said, you can still boost your interest earnings by picking a savings account that aligns with the criteria you can meet.

If you have around S$50,000 in savings, can credit at least S$500 of income each month, and spend any amount on your credit card or PayLah! retail spend, the DBS Multiplier Account could be an option to consider, offering interest of up to 1.80% p.a. to 2.20% p.a. on the first S$50,000 under these conditions. By transacting in more eligible categories, you may be able to boost your interest rate further, to as high as 4.10% p.a.

If you have around S$100,000 in savings, are able to credit at least S$1,800 monthly salary into your account, and spend S$500 monthly on your credit card, the OCBC 360 Account could offer one of the highest returns up to 2.45% p.a.. 

If you have S$150,000 of savings, can credit your monthly salary of at least S$1,600 into your savings account, and spend S$500 monthly on your credit card, then the best savings account for you might be the UOB One Account as it offers up to 1.90% p.a.. However, it's worthwhile to note that you’ll only earn 1.00% p.a. on balances up to S$75,000, even if you fulfil the salary credit and card spend steps. Interested to apply? Sign up for UOB One Account now.

If you have S$100,000 of savings, can increase your balance monthly, and are looking for a fuss-free account, then the best savings account for you might be the UOB Stash Account with up to 1.50% p.a.. Interested to apply? Sign up for UOB Stash account now. 

You can also pair it with their on-going UOB Leap of Fortune Savings Promotion to get 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 Standard Chartered Bonus Saver, OCBC 360 Account, or Bank of China SmartSaver.

Amongst the no-frills options, GXS offers a compelling option with the interest rate of up to 1.38% p.a for up to S$85,000 on its Boost Pocket, followed by SingFinance GoSaver at 1.30% p.a. for up to S$100,000.

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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