but that’s better than the basic 0.05% p.a.. Credit card spend + salary credit: Conventional salaried workers should have no problem at all arranging a recurring salary credit (min. 3 payments a month). However, if you’re getting a regular paycheck, both the DBS Multiplier and UOB One accounts are legit options. To enjoy the bonus rate, you definitely have to hit at least Category A of spending S$500 on a UOB Card each calendar month. To apply for an UOB One Account, you first have to be at least 18 years of age. Unlike other savings accounts, you do not have to complete any transactions to earn the 1% p.a. And bills are one thing we’re definitely not short of in Singapore. $2,000) and monthly spending on your credit card (min. The UOB One account’s “rival” is the OCBC 360 account, which is quite similar in that it also doesn’t require salary crediting in order to earn bonus interest. Interest even when their account balances are less than $15,000). You can earn up to 1% p.a. From about 2.44% p.a. This revision will be applicable to all new and existing UOB One accounts. 7 Questions to Ask Yourself, CIMB FastSaver Account – MoneySmart Review 2020, Best OCBC Fixed Deposit Promotions & Rates in Singapore – MoneySmart Review 2019. We are also anticipating other savings accounts to follow suit. on your first S$70,000. Those who don’t have a regular salary will also find it pretty easy to attain the 0.75% p.a. Tell us in the comments! UOB ONE account allows you to enjoy tiered bonus interest of up to 2.50%p.a. once your account balance is more than $15,000, so that’s an incentive for you to save more. As a result, UOB One Account is best for moderate-to-high savers, who are most likely to meet requirements and earn the maximum EIR of 1.80% p.a. I found and applied for a cashback card easily on their website. DBS Multiplier Account 2020 interest rates have been updated as of 1 August 2020, To enjoy bonus interest rates, you need to credit your salary or dividends via GIRO to any DBS/ POSB deposit account that you hold, and transact a minimum of S$2,000 on any DBS/ POSB credit card you hold, DBS/ POSB home loan monthly instalments, DBS/ POSB insurance regular monthly premium, or DBS investments. As one of the most popular high-yield savings accounts by a local bank, UOB One Account offers a maximum bonus interest of up to 2.50% per annum on your first $75,000. If you’re looking for a day-to-day savings account that will give you more returns than just 0.05% p.a., there are plenty of options available in Singapore. interest. The DBS Multiplier account is aimed at regular office workers, and you need a regular paycheck to get bonus interest. Your Savings Account Sucks, Here Are Some That Don’t – 2020 Edition, Best UOB Credit Cards in Singapore — Credit Card Reviews 2020, UOB Kay Hian / UTRADE – A Beginner’s Guide to UOB Investment Platform, The Best 1-for-1 Hotel Buffet Dining Promotions in Singapore (July 2020), The Best Fixed Deposit Rates in Singapore (September 2020). This means that spare cash beyond the $75,000 could be better off earning the bonus interest in the UOB Stash Account. DBS Multiplier Account is a deposit account with a base interest rate of 0.05% per annum, Bonus interest rates: 1.40% to 3.80% per annum. Apart from being relatively fuss-free, what else does the UOB One account have to offer? Review: UOB One Card – Nerfed from 10% Cashback on Everything to 5% Cashback on Nearly Anything… Still Viable in 2020? Compared to many other similar savings accounts in Singapore, the UOB One account is one of the least complicated. Application was pretty fuss-free. If you’re a freelancer, self-employed person, retiree, etc., this one is out UNLESS you have dividends to credit as “income”. Not many savings accounts will reward you for bumming around, so the UOB One account is not a bad choice. Enjoy cashback with the UOB One debit card, Maintain or increase your previous month’s Monthly Average Balance (MAB), Passport, proof of residence address and a valid pass (e.g. Refer to Bonus Interest Rate tab below to see the change in interest rates, Students, NSF, self-employed, salaried or retired individuals are eligible to apply, Income credit via GIRO (salary or dividend), Singaporeans, PRs, E-Pass, S-Pass & Dependent Pass holders, Credit card spend + credit salary of at least $2,000. This product has not been claimed by the company yet. Enjoy up to 3.68% of interest rates p.a. previously, the effective interest rate is now around 1.796% p.a. Give it a few more months and we won’t hear of this couple again, but UOB One and GrabPay MasterCard were just that iconic a pairing it made even some hardcore miles people cashback chasers for a while. Couple the UOB One Account with the UOB One card to earn cashback on your spend while achieving the $500 credit card spend requirement. It's simple and fuss free. Best Money Changers in Singapore (2020) – 13 Places to Go for Good Exchange Rates, Train to JB Guide (2020) – How Much KTM Train Tickets Cost & How to Get There, Compilation of Updated Savings Account Interest Rates Amid Covid-19 Recession (July 2020), OCBC 360 Account — OCBC Savings Account Review 2020.