Tuesday, March 10, 2015

Highest Bank Account Deposit/Interest Rates in Singapore ( Updated 19 March 2015)

Just compiling a list of the highest bank account deposit rates in Singapore currently. Might have missed out some so do feel free to leave a comment if you know of any other accounts that offer high interest rates. Do also note that these are not like-for-like comparisons so one is advised to assess which is best for your own purposes.

1. POSB - 1.88% per annum

POSB is now offering a promotional interest rate of 1.88% for 12 months. You simply need to register before the end of February 2015, top up your chosen savings account between $1000 to $1,000,000, and maintain that amount within your savings account for the next 12 months to get the 1.88% interest rates.

2. Maybank - Singapore Dollar Time Deposits (Up to 1.55%)

Maybank has a time deposit ranging from 12 months, 18 months and 24 months. For amounts greater than $25,000 but less than $50,000, you can earn 1.10% (12 mths), 1.18% (18 mths) and 1.28% (24 mths) respectively.

For amounts above $50,000, you get 1.35% (12 mths), 1.45% (18 mths) and 1.55% (24 mths) respectively.

3. OCBC 360  - 3.05%

This is not a fixed deposit account. It offers a base interest of 0.05% and gives a bonus 1% interest when you credit your salary, pay 3 bills and spend $400 on your credit card. Works for some people who are able to fulfill all these criteria.

4. OCBC Bonus + Savings Account

As stated on OCBC's website, "All funds in the Bonus+ Savings Account enjoy a monthly base interest of 0.05% p.a. If no withdrawals are made, the interest rate will be 0.60% p.a. for 2 months and 1.15% p.a. for the third month. If no withdrawals are made in the quarter and there is minimum $10,000 fresh funds deposit, the interest rate will be 2.35% p.a. for the third month. The maximum effective interest rate for the account will be 1.18% p.a." The diagram above also shows how the bonus interest rates work. As long as you do not withdraw any amount for the quarter and deposit fresh $10,000 in funds, you will be entitled to the bonus interest rates. Terms and conditions apply.

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