Which savings bank account is best for you? [Updated: Feb 2023]

Summary of the best interest rates across Singapore banks

This article first appeared on www.jolynmoh.com

Review of the saving accounts across Singapore

In 2022, we have witnessed major economic fluctuations — rumour has it that the impending recession is also here to stay. The banks themselves also have a cutback on their credit card rewards and instead increased interest rates for the various savings accounts. With these changes in mind, it’s time to relook at our personal financial situation too.

The best approach might not just be one bank. Due to the different tiering systems that the banks have, it is more strategic to have 2 banks — one primary salary-crediting bank and a second bank with a smaller amount.

Assumptions & Notes

• You will be crediting your salary with the said bank unless otherwise stated
• You are not getting insurance and investment with a bank. I personally do not recommend this as well due to the higher costs the bank charges
• Banks with interest rates less than 1% are not included in this article

UOB ONE Bank Account (Updated: 12th Feb 2023)