The sheer turbulence of the financial market is enough to confuse and put off the regular Joe from investing, combined with the possibility of losing the entire invested sum.
Many people would have accumulated a sizable savings account after working for several years. While money is safe in a savings account, having a savings plan is the next safest way to grow savings over a fixed period of time. A typical savings account earns you 0.05% in interest, while many savings plans offer higher interest per annum.
Here are our picks of the easiest savings plans to get started.
DBS Multiplier Account
1.55% – 3.8% p.a. Interest
Income credit via GIRO
DBS Bank Limited
www.dbs.com.sg
The DBS Multiplier Account is a deposit account that offers higher interest if one credits their income (salary and/or dividends) and transactions with credit card spend, home loan instalment, insurance or investments.
POSB Save As You Earn (SAYE) Account
2.05-2.25% p.a. Interest
Income credit via GIRO
POSB
www.posb.com.sg
The POSB SAYE Account is a fixed monthly savings, with amounts from S$50 to S$3,000 on a fixed day every month. To qualify for the additional interest, users must not make any withdrawal from the POSB SAYE Account. For NSFs, check out their Save As You Serve (SAYS) plan for additional benefits!
360 Account
1.2-3.45% p.a Interest
Income credit via GIRO, minimum S$2,000
OCBC Bank
www.ocbc.com
The OCBC 360 Account allows account holders to earn bonus interest in six categories: Salary, Spend, Step-Up, Wealth, Grow and Boost. These interest bonuses can be earned independently as well.
One Account
1.5-3.88% p.a. Interest
Income credit via GIRO, minimum S$2,000
United Overseas Bank Limited (UOB)
www.uob.com.sg
UOB makes it simple to achieve a 1.5% p.a interest by offering only two criteria: salary credit and a minimum of S$500 spending. One can additionally pay three bills monthly via GIRO, and enjoy a higher 1.85% p.a. interest.
Bonus$aver Account
0.1-3.88% p.a. Interest
Standard Chartered Bank (Singapore) Limited
www.sc.com/sg
Standard Chartered offers up up to 3.88% per annum on the first S$100,000 in the Bonus$aver account by crediting salary and paying bills through GIRO, spending with Bonus$aver credit or debit card, investing with a Unit Trust or insuring with a regular premium insurance policy.
BOC SmartSaver
0.80-3.55% p.a. Interest
Income credit via GIRO, minimum S$2,000
Bank Of China (BOC)
www.bankofchina.com/sg
BOC SmartSaver is a savings plan for BOC Multi-Currency Savings (MCS) account holders to earn bonus interests on top of the prevailing interests. Earn up to 3.55% p.a. on the first S$60,000 by using the account for: Card spending, salary crediting and bill payments via GIRO or BOC Internet Banking.
Maybank Save Up Programme
0.1875-3% p.a. Interest
Minimum S$500 deposit
Maybank Singapore Limited
www.maybank2u.com.sg
Maybank’s programme offers a higher interest rate for users who sign up for other services such as loans, insurance and investments. Maybank’s offering stands out as it requires one type of GIRO transaction: Salary credit or bill payment, to qualify for the bonus interest rates.
CIMB FastSaver account
1-1.8% p.a. Interest
Minimum S$1,000 deposit
CIMB Bank
www.cimbbank.com.sg
CIMB’s plan offers 1.00% p.a. for the first S$50,000 balance; 1.50% p.a. for balances above S$50,000 to S$75,000 and 1.80% p.a. for balances above S$75,000 to S$100,000. No other terms and conditions required.
