Your total interest earned is calculated by adding the interest received across different tiers. The higher interest rate of 8.0% is applied only to the $20,000 of deposits above $50,000.

rate may be given only for balances above a certain level of deposits, say $50,000.įor example, if you have deposits of S$70,000, you may be earning a lower interest rate for deposits of below $50,000. We should look at the effective interest rate rather than the headline interest rate as a bank may offer an interest rate of “up to 8.0% p.a.”, but this 8.0% p.a. The effective interest rate is the total annual interest earned as a percentage of your average balance in the savings account over the year. To uncover which is the best savings account in Singapore, we start by doing a simple comparison of the maximum effective interest rate offered by some of the more popular savings accounts in Singapore. Read on to discover which savings account in Singapore offers the highest interest rate in December 2023 and start maximizing your savings today! Comparing Interest Rates Across Best Savings Accounts in Singapore With the many options available, you might be wondering which is the best savings account in Singapore in 2023.Īs such, we went searching for the best high yield savings accounts that offer an attractive interest rate on our savings. HSBC brought back the promotional interest rate on the HSBC Everyday Global Account (EGA), and is offering an interest rate of up to 4.6% p.a.ĭBS, UOB and OCBC also introduced 'money lock' accounts which allow you to only access your deposits in person. The good news is that Singapore banks have kept interest rates on savings accounts high in December 2023.įor example, the interest rate on the Standard Chartered eSaver account has been raised to 3.6% p.a. After the cut-off yield on the Singapore 6-month T-bill bounced to 3.8% recently, some in the Beansprout community asked if savings accounts in Singapore are also offering higher interest rates.

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