Banks have long been competing fiercely for deposits. Undoubtedly, it is the consumer who benefits from it. Factors such as banking hours, availability of ATMs and service level are losing its importance in the eyes of the consumer, giving way to the attractiveness of advertised interest rates. Here are the top 3 Savings Accounts in Singapore:
1) OCBC 360 Account
This account pays up to 3.05% interest on up to $50,000 deposited provided the required criteria are met. Firstly, crediting a salary of more than $2,000 into the account. Secondly, paying any 3 separate bills. Thirdly, spending at least $400 on any OCBC credit card. All of which seems reasonable to achieve.
2) SCB BonusSaver
This is a similar account, only that the criterion for is more challenging and less attractive. It pays 1.88% interest on up to $25,000 deposited, provided at least $500 is spent on the credit card.
3) CIMB StarSaver
This is the best savings account that pays 0.8% interest with minimal conditions, which is even higher than some banks’ fixed deposit rates.
There are a couple of others that advertise rates like 2.014% from POSB and 2.5% from Citibank, but the terms and conditions are very different. Like it only applies on the incremental amount and for a limited period only.
Do note, of course, that interest rates are all quoted on an annualised basis. In case some are dreaming it is too good to be true.
Anyone has any better to share?