Rather than allowing money to remain stagnant, one can consider getting high returns on the money by depositing the amount in a savings account. Saving money in the present ultimately leads to yielding better outcomes and profits in the future. However the account should have higher rate of interest on the balance in the account so that the returns can be effectively maximized. The traditional bank accounts provided very low interest rates on the account balance. With the increase in the trends of saving money in accounts to earn interests, various new banks have come up which offer exciting interest rates on the account balance.
Apart from these savings bank accounts, people also invest in mutual funds, stocks etc. but all these have considerable amount of risk associated with them and the interest rates are susceptible as well. This makes saving up in the bank accounts the best possible alternative to earn great returns on the money. There are a number of banks in Singapore which offer great interest rates on the deposits made in their savings accounts. All these banks give assured returns on the money and offer a great number of benefits over other money investment options.
AND HERE GOES THE LIST OF TOP ONES..
There are a great variety of options available for the public for saving money in savings accounts. There are lot of better options available in Singapore apart from the traditional POSB accounts which the people used long time before. All these banks in Singapore provide attractive offers for the depositors along with high interest rates and bonus earnings as well. The performance of all the below listed accounts has been tested.
The following savings accounts in Singapore claim to be the top contenders for the title of best savings account with their respective bonus returns and interest rates:
OCBC 360 ACCOUNT
If you are above 18 years of age and are capable of having a minimum balance of S$3000 per month in the account, this account savings account is just the perfect alternative for you. The base interest on the account balance is 0.05% and bonus interest rates can be availed by the following strategies:
- 1.2% per year- Salary crediting through GIRO
- 0.3% per year- Bill payments from the account through online banking or GIRO
- 0.3% per year- S$500 minimum spendings on OCBC credit cards
- Up to 1.2% per month- Investments in financial products like insurance
- 1% per year- on the first account balance of S$70,000.
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STANDARD CHARTERED BONUS SAVER ACCOUNT
This savings account is the best for all the local residents and the foreigners too. Although the base interest rate is 0.1% on the account balance, additional bonus rates can be applied if correct strategies are adopted. The bonus interest rate can shoot up to 3.78% for the first balance of S$100,000 in the account. However the minimum balance that needs to be maintained in the account is S$3000.
Bonus interest rates can be applied in the following ways:
- 1% per year- a monthly salary credit of at least S$3000
- Up to 1.78% per year- Using Bonus Saver cards
- 0.75% per year- investment in an eligible unit trust (minimum subscription amount of S$30,000) or Insurance policy investment (minimum annual premium S$12000)
- 0.25% per year- 3 eligible bill payments (each of S$50 at least) from the account through online banking or GIRO
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UOB ONE ACCOUNT
If the monthly salary of yours varies and you need no bar in the minimum account balance, UOB One is the best savings account for you. The base interest on the account balance is 0.05% and can increase up to 3.33% using specific methods. The bonus rates can be availed by the following methods:
- Spending a minimum of S$500 on selected UOB cards every month
- A minimum salary crediting of S$2000 per month
- 3 bill payments each month via GIRO (3.33% per year)
Click HERE to know more.
BOC SMART SAVER ACCOUNT
If you have a BOC Multi Currency Savings Account, the Smart Saver account is just the perfect addition to it. Interest rates on the deposits made into this savings account can go as high as 3.55% per annum. The bonus rates over the base interest rate can be availed by the following ways:
- 1.6% per year- BOC card spending worth S$1500 per month
- 0.8% per year- spending between S$500 and S$1499 on cards
- 1.2% per year- Salary credit over S$6000 through GIRO
- 0.8% per year- salary credit between S$2000 and S$5999
- 0.35% per year- 3 bill payments of S$30 each through GIRO
One however needs to credit S$6000 salary per month into the account or spend S$1500 through the credit or debit cards to obtain the optimum benefits from this savings account.
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All the above saving accounts have certain criteria that need to be fulfilled by the depositors to obtain high bonus interest rates on the deposits made in the account. A savings account investment when combined with additional investment strategies would definitely yield great returns in the long run.