In Singapore, managing finances as a unit—whether with a spouse, parent, or other family member—can be a practical and strategic approach to achieving shared goals. From planning a wedding, buying a home, supporting retirement, or simply building an emergency fund, a joint savings account fosters transparency, encourages financial discipline, and simplifies contributions. Fortunately, many banks in Singapore offer joint account options, each with distinct benefits tailored to different needs.
This comprehensive guide explores 11 of the best joint savings accounts to open with your loved one in Singapore, with a breakdown of their unique features, eligibility requirements, and ideal use cases.
Why Open a Joint Savings Account in Singapore?
Before diving into the best account options, it is important to understand the value joint accounts bring to families and couples:
- Financial Transparency: Both parties can track deposits and withdrawals, encouraging accountability and open communication.
- Consolidated Savings: Ideal for shared financial goals such as housing, education, or retirement.
- Estate Planning: Some joint accounts offer survivorship clauses that allow one party to access funds if the other passes away.
- Simplified Budgeting: Monthly contributions to a joint account make it easier to manage recurring expenses and savings targets.
1. DBS Multiplier Joint Account
Best for: Couples who credit salary or dividends regularly
The DBS Multiplier Account allows joint accounts, though rewards are calculated on an individual basis. When salary and other transactions such as credit card spending or investments are credited to the account, users can earn bonus interest up to 3.00% p.a.
Key Features:
- No minimum salary credit required
- Bonus interest for salary, credit card spend, insurance, and investments
- Allows joint account setup, but interest earned is calculated per individual’s eligible transactions
Ideal for working couples who already bank with DBS and wish to maximise interest returns from their everyday transactions.
2. OCBC 360 Joint Account
Best for: Savers looking to optimise multiple banking categories
The OCBC 360 Account offers one of the most structured and rewarding savings mechanisms in the market. Joint accounts are available, although interest is calculated based on the primary account holder’s activity.
Key Features:
- Up to 4.65% p.a. interest with bonus categories (salary credit, saving, insurance, etc.)
- Minimum salary credit of S$1,800
- Great for dual-income households aiming to optimise returns
Considerations: Joint account holders must agree on who will be the primary to ensure eligibility for bonus tiers.
3. UOB One Joint Account
Best for: Households looking for simplicity and good base interest
The UOB One Account is relatively straightforward, offering bonus interest when a minimum salary is credited and a minimum spend is made on a UOB card.
Key Features:
- Earn up to 3.85% p.a. on savings
- Requires S$2,000 salary credit and S$500 card spend
- Joint accounts permitted; both parties must maintain transactional awareness
Good for couples or parents and children who value ease of use and predictable bonus interest.
4. Standard Chartered Bonus$aver Joint Account
Best for: High spenders with multiple banking products
Standard Chartered’s Bonus$aver offers higher-than-average returns, but only when several banking conditions are met. Joint accounts are supported and can be ideal for couples with larger combined incomes.
Key Features:
- Earn up to 7.88% p.a. interest
- Requires meeting up to five criteria (salary credit, card spend, GIRO, investments, insurance)
- Ideal for financially disciplined partners
Note: The account’s complexity may be better suited for financially savvy couples comfortable managing multiple products.
5. Maybank SaveUp Account
Best for: Versatile savers who use multiple Maybank products
The Maybank SaveUp Account allows customers to earn bonus interest when using three or more Maybank products. Joint accounts are available and beneficial for couples or families using Maybank for loans or investments.
Key Features:
- Base interest of 0.25% p.a.
- Bonus interest up to 3.00% p.a. for using additional services
- Joint accounts can combine product usage for better rates
Great for those already using Maybank as their primary bank and seeking to consolidate financial activity.
6. CIMB FastSaver Joint Account
Best for: High savings balance with no complicated conditions
CIMB’s FastSaver Account is known for simplicity. It offers competitive interest rates with minimal strings attached. Joint accounts are allowed and suitable for parents and children or retirees wanting a fuss-free savings option.
Key Features:
- Interest up to 3.50% p.a.
- No salary credit or card spend requirements
- No fall-below fee
Ideal for those who prefer passive growth of savings without needing to meet monthly criteria.
7. HSBC Everyday Global Account (EGA) Joint Account
Best for: Frequent overseas spenders and travellers
HSBC’s Everyday Global Account allows joint ownership and is well-suited for families or couples who travel frequently or hold funds in multiple currencies.
Key Features:
- Multi-currency savings (SGD, USD, GBP, AUD, and more)
- Earn up to 2.50% p.a. cashback on eligible transactions
- Fee waivers and overseas transfer benefits
Best used by globally mobile families or dual citizens managing overseas expenses or education funds.
8. RHB High Yield Savings Plus Joint Account
Best for: Simple high-yield option for senior savers
RHB’s High Yield Savings Plus is straightforward and offers respectable interest with low fuss. Joint accounts are supported and well-suited for elderly parents saving with adult children.
Key Features:
- Up to 3.50% p.a. interest with minimum balance
- Minimal monthly requirements
- No fall-below fees
Good choice for those who want stability and reasonable returns without chasing complex criteria.
9. POSB SAYE (Save As You Earn) Joint Account
Best for: Couples building discipline through auto-saving
The POSB SAYE Account is ideal for building long-term saving habits. While primarily geared towards individuals, couples can alternate contributions or use it as a joint goal account with coordinated transfers.
Key Features:
- Fixed monthly deposit required
- Bonus 2.00% p.a. interest if no withdrawals
- Encourages consistent saving habits
Though not strictly a joint account, it can functionally serve as one when both parties automate monthly contributions for a shared goal like travel or home renovations.
10. Trust Bank Savings Account (NTUC FairPrice Group x Standard Chartered)
Best for: NTUC members and families with high grocery spend
Trust Bank’s Savings Account—a joint initiative with NTUC—is gaining popularity. Joint accounts are allowed and useful for households with consistent NTUC FairPrice spend.
Key Features:
- Base 1.50% p.a. interest; up to 3.00% with card spend and NTUC membership
- NTUC Linkpoints earn-and-redeem
- No monthly fees or salary credit needed
Perfect for families budgeting for groceries or frequenting FairPrice outlets.
11. Bank of China (BOC) SmartSaver Joint Account
Best for: High earners and diligent savers
BOC’s SmartSaver Account offers generous bonus interest rates for salary crediting, card spend, and bill payments. Joint accounts are allowed, though income and activity are still tied to individual performance.
Key Features:
- Interest up to 7.00% p.a.
- Monthly salary credit and card spend required
- BOC cards must be used for higher tiers
A robust option for dual-income couples able to hit all reward criteria reliably.
Important Considerations Before Opening a Joint Account
Before selecting a joint account, consider the following:
1. Type of Joint Account:
Joint-All: Requires both parties’ signatures for any transaction.
Joint-Alternate: Either party can transact independently—common for couples but riskier if trust is low.
2. Survivorship Clause:
Some accounts include a right of survivorship, allowing the surviving account holder to claim all funds without legal complication. Check with the bank for specific policies.
3. Communication is Key:
A joint account requires mutual trust. Discuss expected contributions, spending rules, and withdrawal limits in advance.
Conclusion: Sharing Money, Strengthening Bonds
A joint savings account is more than just a financial tool—it is a reflection of partnership, trust, and shared vision. Whether you are building a future with your spouse or safeguarding your parent’s retirement, choosing the right account ensures that your savings are optimised and aligned with your goals.
With numerous options available in Singapore—from the high-yield complexity of Standard Chartered’s Bonus$aver to the low-fuss CIMB FastSaver—there is a solution tailored to every relationship and lifestyle.
In a society that values both pragmatism and family, opening a joint account might just be one of the most meaningful financial decisions you can make together.