Savings

Best Savings Accounts In Singapore With Highest Interest Rates

August 1, 2025
Sophie

In 2025, Singapore’s banking scene offers a wealth of savings account options, each vying for your deposits with increasingly competitive interest rates. Whether you are a fresh graduate saving for your first home, a retiree safeguarding your nest egg, or an expatriate managing funds across borders, choosing the right account can make a significant difference to your returns.

While savings accounts are traditionally viewed as low-yield, the current high-interest environment—driven by global rate adjustments and Singapore’s steady economic performance—means savvy consumers can now earn considerably more on idle cash. The key lies in finding the right balance between interest rates, eligibility requirements, and account flexibility.

Overview of the Singapore Savings Account Market in 2025

The Singapore Interbank Offered Rate (SIBOR) and Singapore Overnight Rate Average (SORA) have stabilised after several years of volatility, prompting banks to maintain attractive savings rates to retain deposits. Global inflationary pressures have eased compared to the early 2020s, yet rates remain elevated enough for savers to benefit.

Digital banks, which entered the scene in recent years, have also disrupted the market by offering simple, no-strings-attached high yields—appealing to customers who prefer straightforward banking without complex bonus conditions.

As of mid-2025, it’s not unusual to see headline rates above 4% p.a. if you meet certain criteria such as salary crediting, card spending, or purchasing insurance products. However, the “base rate”—the interest you earn without fulfilling extra conditions—remains much lower, often around 0.05% to 0.5% p.a. This means the advertised top rates are achievable only with careful planning and disciplined account use.

Top Savings Accounts in 2025

Below are some of the leading high-interest savings accounts in Singapore this year, along with who they best suit.

1. OCBC 360 Account

  • Max interest rate: Up to 7.65% p.a. (tiered, with conditions)
  • Base rate: 0.05% p.a.
  • Best for: Salaried individuals with multiple banking activities

OCBC 360 rewards account holders who credit their salary, increase their account balance, spend on OCBC credit cards, buy insurance, or invest with the bank. The more categories you meet in a given month, the more bonus interest you unlock. For example, a salaried worker who also uses an OCBC credit card and invests in a unit trust could easily earn more than 4% p.a. on balances up to S$100,000. However, missing just one requirement can significantly reduce returns.

2. UOB One Account

  • Max interest rate: Up to 5% p.a.
  • Base rate: 0.05% p.a.
  • Best for: Steady salary earners with consistent card spending

The UOB One Account offers competitive rates if you credit your salary and spend at least S$500 monthly on an eligible UOB credit card. There are three balance tiers (up to S$75,000), with the best rates going to those in the top tier. It’s a favourite among professionals who prefer simple conditions without juggling too many banking products.

3. DBS Multiplier Account

  • Max interest rate: Up to 4.10% p.a.
  • Base rate: 0.05% p.a.
  • Best for: DBS/POSB loyal customers with multiple product usage

The DBS Multiplier calculates interest based on the total value of transactions across categories such as salary, credit card spend, home loans, insurance, and investments. For instance, someone with S$2,500 salary crediting, S$1,000 card spend, and an insurance policy could earn bonus rates on the first S$100,000. The flexible structure means you can combine different activities to hit higher tiers.

4. Standard Chartered Bonus$aver

  • Max interest rate: Up to 7.88% p.a.
  • Base rate: 0.01% p.a.
  • Best for: High spenders and investors

One of the highest headline rates in the market, Bonus$aver rewards large monthly card spend (S$2,000 or more), salary crediting, and investment or insurance purchases. It’s most beneficial for affluent customers who can maintain high balances and spending levels, but for average savers, meeting the thresholds may not be practical.

5. GXS Savings Account (Digital Bank)

  • Max interest rate: 3.48% p.a. (no salary crediting required)
  • Base rate: Same as max rate, up to a balance cap
  • Best for: Digital-first users seeking simplicity

GXS offers a flat interest rate without complicated conditions, making it ideal for those who dislike tracking multiple requirements. However, interest applies only to balances up to around S$75,000; anything above earns a minimal rate.

6. MariBank Savings Account

  • Max interest rate: 3.50% p.a. (no conditions)
  • Base rate: Same as max rate, up to a cap
  • Best for: Lazier savers and gig workers

MariBank mirrors GXS’s simplicity with an equally competitive flat rate and no hoops to jump through. Like other digital banks, it operates entirely online, appealing to users comfortable with app-based banking.

Eligibility and Requirements

While base rates are available to all account holders, the highest interest rates often depend on meeting specific conditions:

  • Salary Crediting: Typically via GIRO, with minimum monthly amounts.
  • Minimum Balances: Needed to avoid monthly fees or qualify for bonus interest.
  • Transaction Conditions: Such as credit card spending or bill payments.
  • Balance Tiers: Higher interest usually applies only up to a set limit (often S$50,000–S$100,000).

Miss any of these in a month, and your interest drops to the base rate for that period.

Bonus Interest Criteria

Banks structure bonus interest to encourage customers to engage across their product range. Common criteria include:

  1. Salary Crediting – Reliable and usually easy for employees to fulfil.
  2. Card Spend – Minimum spend requirements, ranging from S$500 to S$2,000.
  3. Insurance – Purchase of bank-linked insurance products.
  4. Investments – Buying funds, bonds, or structured products through the bank.
  5. Bill Payments – Recurring payments for utilities, telecoms, or subscriptions.

Stacking multiple criteria is the fastest way to achieve top-tier rates.

Pros and Cons of High-Interest Savings Accounts

Pros:

  • Higher Returns: Potential to exceed 4% p.a. with proper management.
  • Safety: Covered by the Singapore Deposit Insurance Scheme (up to S$75,000 per depositor per bank).
  • Liquidity: Access your funds anytime, unlike fixed deposits.

Cons:

  • Complexity: Some accounts require tracking multiple monthly activities.
  • Interest Caps: Maximum rates apply only up to certain balances.
  • Behavioural Traps: Encourages spending or product purchases that may not suit your needs.

How to Choose the Right Account

The best account for you depends on your habits and financial goals:

  • If you have a regular salary and spend consistently on a credit card, UOB One or OCBC 360 may suit you.
  • If you want to consolidate all banking activities under one roof, DBS Multiplier offers flexibility.
  • If you prefer simplicity and don’t want to track conditions, GXS or MariBank are strong options.
  • If you have high spending power and investment activity, Standard Chartered Bonus$aver could yield exceptional returns.

Best Picks by Profile

  • Young Professionals: UOB One or OCBC 360 – straightforward salary and spend conditions.
  • Families: OCBC 360 – rewards insurance, mortgage, and savings growth.
  • Retirees: GXS or MariBank – steady rates without activity requirements.
  • High-Net-Worth Individuals: Standard Chartered Bonus$aver – highest returns for large balances.
  • Students: MariBank – easy sign-up, no salary requirement.

Practical Tips to Maximise Returns

  1. Automate Salary Crediting and Bill Payments – Reduces the risk of missing conditions.
  2. Use One Card for All Eligible Spend – Consolidates transactions to meet thresholds.
  3. Monitor Monthly Activity – Stay updated on requirement changes.
  4. Avoid Buying Unnecessary Products – Only purchase insurance or investments if they fit your needs.
  5. Diversify Across Accounts – Split funds above caps into other high-yield options.

Final Thoughts

Best Savings Accounts In Singapore With Highest Interest Rates

The best savings account for you in 2025 depends on your willingness to manage conditions and your financial habits. A “set and forget” saver will likely be happiest with a digital bank like GXS or MariBank, while an engaged, high-activity user can unlock better rates with OCBC 360, UOB One, or Standard Chartered Bonus$aver.

Ultimately, the aim isn’t to chase the flashiest headline number—it’s to find an account that works with your lifestyle, protects your liquidity, and grows your savings steadily.