Typically, for our first bank savings account, we tend to select those that have minimal requirements, such as a minimum deposit, minimum balance fees, or other conditions to earn interest on the savings. However, these plain vanilla bank savings accounts tend to offer a low base interest rate of 0.05% per annum (p.a.), which is hardly sufficient to maintain the purchasing power of our savings in the long run.
On the other hand, high-interest savings accounts tend to require us to go through many hoops, such as credit card spending, buying investments or insurance products, or fulfilling other conditions, to qualify for the higher bonus interest.
Alternatively, we could take advantage of bank savings accounts that offer a higher bonus interest rate for simply crediting our salary each month. It’s perfect for working adults, as we need to credit our salary into a bank account anyway. These bank savings accounts not only offer a higher interest rate than the base rate but also allow us to enjoy a minimalist banking lifestyle (i.e., not worry about the different conditions to maximise the bonus interest rate).
In this article, we will split the different bank savings accounts in two ways: (1) accounts with high interest without any salary crediting requirement, and (2) accounts with at least a salary crediting requirement.
Banks Without Salary Crediting Requirement
These bank savings accounts offer a higher base interest rate without requiring us to fulfil any conditions, including salary crediting.
GXS Bank
GXS is a digital bank backed by Grab Holdings and Singtel that began offering selective services in August 2022. It seeks to offer more banking services to the unbanked and underserved segments, such as entrepreneurs, gig economy workers, and early-jobbers.
With a GXS main savings account, we can have up to 8 personalised savings pockets. These act like fixed deposit accounts that we can use to save for our specific financial goals, like electronic gadgets or vacations. These savings pockets offer a higher interest rate than the main savings account. In total, we can deposit up to $75,000 with one GXS account, earning us the following interest rates:
- Main Savings Account: 2.38% p.a.
- Savings Pockets: 2.68% p.a
- Maximum Deposit: $75,000
Read Also: Best Savings Accounts In Singapore – If You Don’t Want To Keep Jumping Through Hoops
MariBank
MariBank, owned by Singapore tech giant Sea Group, is the latest of the three digital banks in Singapore that began offering their services to the public in March 2023. It aims to be more deeply integrated into Singapore’s digital economy, especially among young consumers and SMEs, through its three platforms: Shopee, Garena, and SeaMoney.
With a MariBank savings account, the interest will be credited daily, similar to the other digital banks, and the interest can be tracked on the mobile app. Additionally, with a MariBank savings account, we can also seamlessly make payment on the Shopee e-commerce platform. Currently, the deposit limit for a MariBank account is set at $75,000, earning the following interest rates:
- Savings Account: 2.50% p.a. (promotional rate of 2.88% p.a. valid till 31 December 2023)
- Maximum Deposit: $75,000
Trust Bank
Trust Bank, which reached the 500,000-customer milestone in March 2023, is a digital bank that is backed by Standard Chartered Bank and FairPrice Group. On top of the banking services, Trust Bank also leverages its large ecosystem of potentially 1 million customers to offer attractive discounts of up to 21% when its users shop at FairPrice Group.
An NTUC union member who makes at least 5 monthly card transactions each month, may qualify to earn the highest interest rate of up to 2.5% p.a. while non-NTUC members can earn 1.5% p.a. on a total deposit amount of up to $125,000. This is the highest deposit balance among the three digital banks. Any amount above the first $125,000 earns the base interest rate of 0.05% p.a.
- Savings Account: 1.5% – 2.5% p.a.
- Maximum Deposit: $125,000
Read Also: [2023 Edition] Best Savings Accounts for Working Adults in Singapore
Banks With Salary Crediting Requirement
Next, we look at the high-interest savings accounts that offer the highest interest for simply crediting our monthly salary into the account.
OCBC 360
OCBC 360 is a popular high-interest savings account that rewards account holders with a higher tiered interest rate the more conditions that are met. While there are different conditions to fulfil, from credit card spending to buying insurance to investing in eligible products, we focus on the interest rates earned for salary crediting:
- Interest Rate: First $75,000 @ 2.00% p.a., and next $25,000 @ 4.00% p.a.
- Effective Interest Rate: 2.50%
- Minimum Salary Crediting: $1,800
- Maximum Deposit: $100,000
Bank of China (BOC) SmartSaver is a savings plan that rewards account holders with bonus interest upon fulfilling the required criteria. The maximum bonus interest rate on the account is earned on the first $100,000 in deposits, while the balances above $100,000 to $1,000,000 are capped up to 1.00% p.a.
- Interest Rate: $2,000 – $6,000 @ 1.90% p.a. and $6,000 and above @ 2.50% p.a.
- Minimum Salary Crediting: $2,000
- Maximum Deposit: $100,000
Standard Chartered Bonus$aver
Standard Chartered Bonus$aver comprises a Bonus$aver account, which is a Current Account that gives one of the highest interest rates, and a Bonus$aver World MasterCard debit/credit card that may be linked to the Bonus$aver account.
- Interest Rate: 2.55%
- Minimum Salary Credit: $3,000
- Maximum Deposit: $100,000
Read Also: 11 Joints Savings Account To Open With Your Spouse Or Parents
Maybank Save Up
The Maybank Save Up account is another high-interest savings account that rewards bonus interest on top of the base interest rate of 0.25% p.a. when you take up between 1 and 3 products out of up to 9 products and services. The bonus interest rate is earned on the first $75,000.
- Effective Interest Rate: 0.53% (First $50,000 @ 0.30% p.a. and next $25,000 @ 1.00% p.a.)
- Minimum Salary Credit: $2,000
- Maximum Deposit: $75,000
Read Also: 5 Reasons A High Interest Savings Account May Not Always Make Sense For Everyone
Best Savings Account For Salary Crediting
| Bank (Account) | Base Interest (Effective Interest Rate) | Minimum Salary Credit | Maximum Deposit Limit |
| GXS | 2.38 – 2.68% | Nil | $75,000 |
| Trust Bank | 1.5 – 2.50% | Nil | $125,000 |
| MariBank | 2.88% | Nil | $75,000 |
| OCBC (360) | 2.50% | $1,800 | $100,000 |
| Bank Of China (SmartSaver) | 1.90 – 2.50% | $2,000 | $100,000 |
| Standard Chartered (Bonus$aver) | 2.55% | $3,000 | $100,000 |
| Maybank (Save Up) | 0.53% | $2,000 | $75,000 |
Among the different bank savings accounts, the three digital banks—GXS, Trust Bank, and MariBank—offer some of the highest interest rates. These accounts do not have any minimum salary credit requirements, meaning we can enjoy these rates regardless of the level of our income. The highest interest rate is offered by MariBank at 2.88% p.a. (promotional interest rate effective till 31 December 2023), while Trust Bank offers the highest maximum deposit limit at $125,000.
For the other bank savings accounts that require salary crediting, Standard Chartered Bonus$saver offers the highest rate at 2.55%. However, it requires us to make a minimum $3,000 monthly salary credit, which is the highest among the high-interest savings accounts. Alternatively, the OCBC 360 offers 2.50% p.a. for just a minimum salary credit of $1,800, which is suitable even for fresh graduates. Another option for high-income earners who earn above $6,000 per month is Bank Of China SmartSaver, which offers a similar 2.50% p.a. for a maximum deposit limit of $100,000.
When choosing a bank savings account to maximise the interest earned on our deposits, including our monthly salary, we should not only consider the interest rates but also the maximum deposit limit on which the higher interest can be earned. Furthermore, certain bank accounts, like Trust Bank, may even offer additional benefits beyond the savings account, like discounts when shopping with their merchant partners (NTUC FairPrice Group). It’s important to consider these factors in totality when choosing a bank account to maximise our savings.
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