Savings accounts have a simple premise, but often come with complex mechanisms for you to earn bonus interest.

When you open a savings account with a bank, you deposit money into it and let that money earn interest.

You'll enjoy higher interest rates on a savings account than you would on your normal account (called a checking account).

The issue is that not all savings accounts are made equal. Different banks offer different interest rates, have different minimum sums, and require you to hit different spend/transaction criteria (one of the savings accounts below has nine types of transactions you can choose from to fulfil!).

So to help you out with navigating savings accounts in Singapore, we've compiled the best savings accounts in Singapore with the highest interest rates in 2024 for different personal and financial needs.

Note: We update this article on a monthly basis with the latest rates. The rates below were updated on July 2, 2024.

1. At a glance: Best savings accounts in Singapore with highest interest rates (July 2024)

Savings account Interest rates (effective interest rates) Best for

Standard Chartered BonusSaver Up to 7.68% (on first $100,000, fulfil 5 criteria) High spenders