In this article, we’re exploring the best savings account in Singapore. This will include a discussion of the specific banks and the characteristics of the best savings accounts you can find in the country.
We will also be answering a few important questions about banking in Singapore that we receive from our members.
This article is part of our free series on banking in the top banking jurisdictions available, ranging from opening a private bank account in Singapore to banking in European banking hubs.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Best Savings Account Singapore
- How to Open the Best Savings Account in Singapore
- Frequently Asked Questions
- Do You Want Help Opening Bank Accounts?
Best Savings Account Singapore
The best savings account in Singapore offers the best interest rates, unrestricted access to deposited funds, quality bank services, and attentive support. Not surprisingly, these characteristics are most commonly found at the top domestic banks that operate locally in Singapore.
And, while it is difficult for many clients to access these services, it is still possible for most nationalities to open one of the best savings accounts in Singapore. However, it’s crucial that they know which bank to approach and are able to meet the account opening deposits.
Savings Account With High Interest Rate
There are a number of savings accounts in Singapore to choose from that offer high interest rates. Of course, the specific rates will vary depending on the type of savings account you open and the bank you choose to open with. However, in most cases, if you open one of the best savings accounts in Singapore, you will be able to secure interest rates between 4.00% and 5.00%.
How to Open the Best Savings Account in Singapore?
To open the best savings account in Singapore, most applicants will need to visit a branch in person. That said, it is still possible for account opening to be completed remotely, even for foreign non-resident applicants that meet specific account opening requirements.
In the following section, we will detail the requirements and the deposits for opening a savings account in Singapore.
Requirements for Opening a Savings Account in Singapore?
The requirements for opening a savings account in Singapore will vary depending on your client profile and (to a lesser extent) the bank that you choose to apply to. However, in most cases, the banks in Singapore do have standard account opening requirements.
With this in mind, applicants looking to open a savings account in Singapore will need to complete an account opening application, provide copies of their identification, proof of residency in Singapore (or abroad), tax identification, proof of employment, and meet the minimum deposit requirements.
Additionally, individuals depositing large amounts (typically when depositing between 1mm to 5mm and above) will be required to provide supporting documentation to demonstrate the source of their wealth.
Here is a recap of the requirements for opening a savings account with some of the best banks in Singapore:
Account Opening Requirements
- Completed application form
- Government issued identification
- Proof of residency in Singapore (or abroad)
- Tax identification number
- Employment information
- Minimum deposit
Savings Account With Minimum Balance Requirements
The minimum deposit when opening a savings account in Singapore will vary widely depending on the individual opening the account. For example, it’s possible for local residents to open some of the best savings accounts in Singapore with as little as SGD 1,000 to SGD 3,000.
On the other hand, foreigners from a surprising number of countries will need to deposit at least SGD 300,000 to open accounts here. It’s important to stress that this would be a savings account. It would not include investment or advisory services.
In fact, there are a few nationalities that will likely be required to deposit SGD 1,000,000 and higher to establish a relationship with a Singapore bank. Not surprisingly, these nationalities are considered higher risk. So banks request higher deposit amounts in order to offset the onboarding and ongoing compliance costs associated with maintaining the accounts.
That said, when opening accounts with an initial deposit of SGD 1,000,000, account holders should expect to be onboarded into the private banking division of the bank. Deposits of SGD 300,000 (and similar) will instead be onboarded into the premier division of the bank.
Frequently Asked Questions
Below are a few of the most common questions we receive from people looking into this topic. If you have further questions you would like to ask our team, don’t hesitate to get in touch.
Which Bank Is Best for Savings Account in Singapore?
There are a number of excellent banks to choose from for savings in Singapore. This includes both domestic and international banks. However, in our team’s experience, the best banks for savings in Singapore are actually the domestic banks. This means choosing to bank with either OCBC, UOB, or DBS.
What Is the Highest Rate Savings Account in Singapore?
There are a number of Singapore banks competing to offer the highest rate savings account in the country. At present, the effective interest rates being offered in Singapore are between 4.00% and 5.00%.
What Are Good Savings Rates in Singapore?
Generally speaking, good savings rates in Singapore range between 2.50% and 4.00%. However, if you manage to open one of the best savings accounts in Singapore, you will likely secure an effective interest rate between 4.00% and 5.00%.
Do You Want Help Opening Bank Accounts?
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