Frequently Asked Questions
Everything you need to know about High Yield Savings Accounts in Singapore. Back to calculator →
How is the best HYSA rate calculated?
The calculator applies the tiered interest rate structure published by each bank to the balance and monthly deposit you enter. For accounts with bonus criteria, it assumes you meet the qualifying conditions (e.g., salary crediting, credit card spend, GIRO payments). The total yearly interest is divided by the average monthly balance to produce the Effective Interest Rate (EIR).
- DBS Multiplier Interest Rates— Tiered bonus interest structure based on total eligible transactions across income, credit card spend, home loan, insurance, and investments.
- OCBC 360 Account— Stacked bonus categories (Salary, Save, Spend, Grow, Insure, Invest) each adding to the base rate.
- UOB One Account— Two-criteria bonus structure: minimum card spend plus either salary crediting or GIRO debit transactions.
- Monetary Authority of Singapore — Deposit Accounts— MAS consumer explainer on how deposit accounts and insurance work in Singapore.
Why does the effective rate differ from the advertised rate?
Banks advertise the maximum possible rate — often requiring a high balance, salary crediting, credit card spend, and multiple GIRO bill payments. The EIR shown here reflects what you actually earn given your specific balance and whether you meet the bonus criteria. If you don't meet all criteria, your effective rate will be lower.
- OCBC 360 Interest Rates— Advertised maximum rate (4.45% EIR) requires meeting all 6 bonus categories: Salary, Save, Spend, Grow, Insure, and Invest. Missing any category reduces the rate.
- UOB One Account Rate Revision (Dec 2025)— Maximum 1.90% EIR on S$150,000 requires both S$500 eligible card spend AND minimum S$1,600 salary credit via GIRO/PAYNOW.
- DBS Multiplier — How It Works— Bonus interest tiers determined by total eligible transaction amounts. Advertised maximum assumes high transaction volumes across multiple categories.
What balance should I use to maximize returns?
Each account has a different sweet spot. Some (like OCBC 360) cap bonus interest at the first S$100,000, while others (like UOB One) cap at S$150,000. Use the calculator to try different balances and see which bank gives you the best EIR for your specific situation. Generally, spreading money across multiple accounts to capture each bank's best tier is more optimal than putting everything in one account.
- OCBC 360 — Balance Cap— Bonus interest applies on the first S$100,000 of account balance. Grow Bonus requires S$250,000.
- UOB One Account — Balance Cap— Maximum effective interest rate applies on deposits up to S$150,000.
- DBS Multiplier — Balance Cap— Bonus interest applies on the first S$100,000 (or S$50,000 for the no-income tier for those aged 29 and below).
- MoneySmart — Best Savings Accounts Singapore— Independent comparison of savings account rates, minimum balances, and criteria across Singapore banks.
How often are the rates updated?
We monitor official bank pages and update the data as soon as changes are announced. Banks typically revise rates monthly or quarterly, though some have held rates steady for over a year. The "Updated at" column in the comparison table shows the last confirmed date for each bank. You can also view the full rate history on the Rate History page or each bank's detail page.
- OCBC 360 Rate Revision (May 2026)— Example of a recent rate change: OCBC 360 restructured rates effective 1 May 2026, announced one month prior.
- UOB One Rate Revision (Dec 2025)— Example: UOB One revised rates to 1.90% EIR effective December 2025, announced one month prior.
- The MileLion — Savings Accounts— Independent blog tracking rate changes across Singapore savings accounts, often faster than bank official announcements.
Are these rates guaranteed?
No. Interest rates are subject to change by the banks at any time without notice. The rates shown are based on publicly available information and are intended as a guide only. Always verify the latest rates on the bank's official website before making decisions. This tool is not financial advice.
- OCBC 360 — Terms & Conditions— Banks reserve the right to vary interest rates and bonus criteria at any time without prior notice, as stated in account terms.
- MAS — Consumer Advisory on Deposit Products— MAS guidance that deposit product rates are not guaranteed and consumers should verify terms directly with the financial institution.
What is the minimum balance required for these accounts?
Minimum initial deposits range from S$0 (Trust Bank, GXS Bank, DBS My Account) to S$1,000 (OCBC 360, UOB One, Maybank SaveUp). However, most accounts also have a fall-below fee if your average daily balance drops below a threshold: DBS Multiplier requires S$3,000 ADB (S$5/month fee), OCBC 360 requires S$3,000 ADB (S$2/month fee), UOB One requires S$1,000 ADB (S$5/month fee). Trust Bank and GXS Bank have no fall-below fees. Check each bank's fee schedule on the detail page.
- DBS — Fall Below Fee— DBS Multiplier: S$5/month fall-below fee if average daily balance is below S$3,000. No initial deposit required.
- OCBC 360 Account Details— OCBC 360: S$1,000 initial deposit, S$2/month fall-below fee if average daily balance is below S$3,000.
- Trust Bank Savings Account— No minimum balance and no fall-below fees. Base rate of 0.05% p.a. with optional bonus interest categories.
- MoneySmart — Savings Account Comparison— Filterable comparison of minimum balances, fall-below fees, and interest rates across all major Singapore banks.
How do I open a HYSA in Singapore?
Most banks allow you to open an account online via SingPass (MyInfo) in under 10 minutes. You'll need: (1) your NRIC or FIN, (2) SingPass login, and (3) an initial deposit (if required). Some digital-only banks like Trust and GXS Bank can be opened entirely via their mobile app. Physical branch visits are generally not required for standard savings accounts.
- DBS — Account Opening Documents— Account opening via SingPass MyInfo. For foreigners: FIN number and Singapore mobile number required. Face Verification available for instant registration.
- DBS — New to Singapore (Foreigners)— Foreigners can open accounts with passport, pass (EP/S-Pass/Student Pass), proof of residential address, and SingPass.
- SingPass — MyInfo— MyInfo is a government service that pre-fills personal data (NRIC/FIN, address, employment) for bank applications, eliminating manual form filling.
- Statrys — How to Open a Bank Account in Singapore (2026)— Comprehensive guide covering account opening for both locals and foreigners, including pass types accepted, document requirements, and digital bank options.
What's the difference between EIR and nominal interest rate?
The nominal rate is the base rate before accounting for compounding. The Effective Interest Rate (EIR) includes the effect of monthly compounding. For the same nominal rate, monthly compounding produces a slightly higher EIR. This calculator shows EIR because it's the apples-to-apples way to compare accounts — it's what you actually earn over a year.
- MAS — Interest Rate Disclosure Guidelines— MAS requires banks to disclose Effective Interest Rate (EIR) to enable consumers to compare deposit products on a like-for-like basis.
- Investopedia — Effective Annual Interest Rate— The effective annual interest rate accounts for intra-year compounding. EIR = (1 + nominal_rate/n)^n − 1, where n = compounding periods per year.
Do I need to lock in my money (fixed deposit vs HYSA)?
No. High Yield Savings Accounts (HYSAs) are demand deposit accounts — you can withdraw your money at any time without penalty. This is the key advantage over fixed deposits, which lock your money for a set period (typically 3–24 months). The tradeoff is that fixed deposit rates are sometimes higher, especially in a falling-rate environment where they let you lock in a rate.
- SDIC — Scope of DI Coverage— SDIC categorises savings accounts and fixed deposits as distinct insured deposit types. Savings accounts are demand deposits with no fixed maturity.
- DBS Fixed Deposit vs Savings— Fixed deposits lock funds for a specified tenure (1–36 months) with a guaranteed rate. Early withdrawal typically forfeits interest or incurs a penalty.
- MoneySmart — Fixed Deposits vs Savings Accounts— Side-by-side comparison of FD and HYSA products, including rate trends, lock-in periods, and early withdrawal penalties.
Are HYSA returns taxable in Singapore?
No. Interest earned on savings accounts in Singapore is tax-free for individuals. Singapore does not tax personal savings interest, dividend income, or capital gains. This applies to both Singapore citizens and foreigners. However, if you earn interest through a business or corporate account, different rules may apply.
- IRAS — Interest (What Is Taxable, What Is Not)— Interest earned on deposits in savings, current, or fixed deposit accounts with approved banks and licensed finance companies in Singapore is exempt from tax for individuals.
- IRAS — Individual Income Tax Basics— Comprehensive list of taxable and non-taxable income categories for individuals in Singapore.
Can I have multiple HYSA accounts?
Yes, and many people do. Having multiple accounts lets you capture the best bonus tiers from different banks. However, most bonus interest categories (like salary crediting) can usually only be applied to one account at a time. Some banks also require a minimum balance to avoid fall-below fees, so factor that into your calculation.
- DBS Multiplier FAQs— Eligible transactions are automatically detected across all DBS/POSB products held by the same customer. You only need to deposit funds in your Multiplier Account.
- OCBC 360 Account— Salary crediting bonus requires salary to be credited via GIRO specifically to the OCBC 360 account. Salary split across banks may not qualify each individually.
- Seedly — Maximising Multiple HYSA Accounts— Community discussions on strategies for splitting salary, GIRO payments, and spend across multiple HYSA accounts to maximise total returns.
Is my money insured (SDIC coverage)?
Yes. The Singapore Deposit Insurance Corporation (SDIC) insures up to S$100,000 per depositor per bank. This covers all SGD deposits in savings accounts, current accounts, and fixed deposits. If you hold more than S$100,000 in a single bank, the excess is not insured. Note: SDIC coverage does not apply to investment products, insurance policies, or foreign currency deposits.
- SDIC — Scope of DI Coverage— SDIC covers SGD deposits in savings, current, and fixed deposit accounts. Does NOT cover foreign currency deposits, structured deposits, unit trusts, shares, or other securities.
- SDIC — Deposit Insurance FAQs— Maximum coverage is S$100,000 in aggregate per depositor per DI Scheme member. CPFIS and CPFRS monies are aggregated and insured separately up to S$100,000.
- Standard Chartered — SDIC Coverage Update— Banks are required to disclose SDIC coverage limits to depositors. Coverage is per depositor per bank, not per account.
- SDIC — Full DI Scheme Member List— Complete and current list of all banks and finance companies that are members of the Deposit Insurance Scheme in Singapore.
How do I qualify for bonus interest rates?
Each bank has its own set of qualifying criteria. Common requirements include: (1) crediting your monthly salary via GIRO, (2) spending a minimum on the bank's credit card, (3) making at least 3 GIRO bill payments, (4) purchasing an insurance or investment product, (5) maintaining a minimum account balance, and (6) using PayNow or the bank's mobile app. The calculator assumes you meet the criteria for each account. Check each bank's detail page for the exact requirements.
- DBS Multiplier — Eligible Transactions— Salary must be credited via GIRO with purpose code SAL (code 22). Recognises income, credit card/PayLah! spend, home loan instalments, insurance, and investments.
- UOB One Account Criteria— Two criteria: (1) minimum S$500 eligible card spend, AND (2) either credit minimum S$1,600 salary via GIRO/PAYNOW or make 3 GIRO debit transactions.
- OCBC 360 Bonus Categories— Six bonus categories: Salary (credit S$1,800+ via GIRO), Save (increase ADB by S$500+), Spend (S$500+ on OCBC credit card), Grow (S$250,000+ balance), Insure, and Invest.
- Trust Bank — Flex Plan Scoops— Flex plan allows choosing any 3 of 8 bonus 'scoops': salary crediting, card spend, FX spend, incoming PayNow, balance maintenance, savings increase, referral, and investment purchase.
What are the typical bonus interest categories?
The most common bonus categories across Singapore HYSAs are: Salary Crediting (0.5–2.0% bonus), Credit Card Spend (0.3–1.0% bonus), GIRO Bill Payments (0.3–0.5% bonus), and Account Balance Growth (0.5–1.0% bonus). Some accounts like DBS Multiplier bundle these into tiers and calculate a blended rate, while others like OCBC 360 stack individual bonuses additively. Use the comparison table to see which categories matter most for your lifestyle.
- DBS Multiplier — Blended Tier System— Uses a total eligible transaction amount to determine a single blended bonus rate. Categories include income, credit card, home loan, insurance, and investments.
- OCBC 360 — Additive Bonus Structure— Stacks individual bonus interest rates additively: Salary (1.50%), Save (0.60%), Spend (0.60%), Grow (0.50%), Insure (0.50%), Invest (0.75%) — each added independently.
- Maybank SaveUp Programme— Customisable programme: earn bonus interest by salary crediting, GIRO payments, card spend, home loan, insurance, or investments. Each category adds incremental bonus interest.
Which bank is the best for newcomers to Singapore?
For newcomers (EP/S-Pass holders): DBS Multiplier and OCBC 360 are the most accessible — both allow opening with a FIN number and SingPass. Trust Bank and GXS Bank are also good options with no minimum balance and simple bonus structures, though they have lower rate caps. If you don't have a salary crediting to Singapore yet, some accounts (like CIMB FastSaver) offer good base rates without bonus criteria.
- DBS — For Foreigners: New to Singapore— DBS offers online account opening for foreigners with passport, valid pass (EP/S-Pass/Student Pass), proof of residential address, and SingPass. Instant approval available.
- Statrys — Bank Account Opening Guide (2026)— Foreigners on EP, S-Pass, LTVP, Student Pass, EntrePass, or Dependent Pass may be eligible at major banks. Digital banks like GXS and MariBank require SingPass.
- Trust Bank Singapore— Digital bank with no minimum balance, no fall-below fees. Flex plan allows customising bonus categories. Accessible via mobile app with SingPass.
- CIMB FastSaver — No Criteria Base Rate— Flat interest rate with no bonus criteria, no minimum spend, and no salary crediting requirement. Good option before salary crediting is set up.
How do I switch banks without losing interest?
Interest is typically calculated on a daily basis and credited at the end of the month. If you withdraw mid-month, you still earn interest for the days your money was in the account (at the applicable rate for that month). To minimize lost interest, time your transfer for the 1st of the month after your previous month's interest has been credited. Also ensure your new account is fully set up (salary crediting, GIRO) before closing the old one.
- DBS — Interest Calculation Method— Interest is calculated daily based on end-of-day balance and credited at the end of each month. Partial-month balances earn interest for the days held.
- OCBC 360 — Interest Crediting— Bonus interest is calculated based on the current month's average daily balance and qualifying criteria, credited by the 7th business day of the following month.
Can foreigners open HYSA accounts in Singapore?
Yes, most Singapore banks accept foreigners with a valid Employment Pass, S-Pass, or Student Pass. You'll need your FIN (Foreign Identification Number), passport, and SingPass (or MyInfo). Non-resident foreigners without a Singapore visa or employment pass may have more limited options and higher minimum deposits. Digital banks like Trust and GXS are generally more accessible for foreign residents.
- DBS — Account Opening Documents— Foreigners can open accounts with FIN number and Singapore mobile number. Face Verification for instant registration via SingPass.
- DBS — New to Singapore (Foreigners)— Requires passport, valid pass, proof of residential address, and proof of tax residency. Students can use school acceptance letter in lieu of Student Pass.
- Statrys — Foreigner Bank Account Guide— Accepted pass types vary by bank. Digital banks (GXS, MariBank) available to foreigners with valid passes but require SingPass. DBS accepts IPA letters from MOM.
What happens if I miss a month's bonus criteria?
If you fail to meet the bonus criteria for a given month (e.g., didn't spend enough on your credit card), you lose the bonus interest for that month only. Your base interest still applies. For most accounts, bonus interest is calculated monthly and resets each month — missing one month does not affect the next. The exception is accounts with quarterly or annual bonus structures (less common), where missing one month can affect the entire period.
- DBS Multiplier — Bonus Interest Calculation— Bonus interest is calculated monthly based on that month's eligible transactions. No carry-forward or penalty for missing criteria in a prior month.
- OCBC 360 — Monthly Bonus Reset— Each bonus category is evaluated independently each calendar month. Missing the spend criteria in one month does not affect bonus eligibility for subsequent months.
Do salary crediting requirements matter?
Yes — salary crediting is the single most impactful bonus category for most Singapore HYSAs, often contributing 0.5–2.0% EIR by itself. The salary must be credited via GIRO with the transaction code "SAL" to qualify as salary crediting. Manual transfers or PayNow transfers labeled as salary typically do not qualify. If you switch jobs or are self-employed, you may need to check with the bank on acceptable alternatives.
- DBS Multiplier — Eligible Salary Transactions— Salary must be credited via GIRO with purpose code SAL (GIRO code 22). Manual FAST transfers, even if labeled 'salary', do not qualify.
- OCBC 360 — Salary Crediting Requirement— Minimum S$1,800 salary credited via GIRO-SALARY. 1.50% p.a. bonus interest on first S$100,000. Only salary with SAL transaction code qualifies.
- UOB One — Salary via GIRO/PAYNOW— Minimum S$1,600 salary credit via GIRO with PAYNOW-SALA reference to qualify as salary crediting for bonus interest.
Is my financial data stored or tracked?
No. All calculations run entirely in your browser using JavaScript. Your balance, monthly deposit, and bonus criteria selections are stored only in your browser's localStorage — they never leave your device. There is no backend server, no database, and no user accounts. We do not use analytics trackers, cookies, or third-party scripts that could capture your financial inputs. The source code is fully open source on GitHub, so you can verify this yourself. When you clear your browser data or click 'Clear' in the app, all locally stored data is permanently removed.
- GitHub — SG HYSA Calculator Source Code— The full source code is publicly available. No backend server, no API calls for user data, and no analytics integration. All logic is client-side React/TypeScript.
- MDN — Web Storage API (localStorage)— localStorage is a browser-native key-value store scoped to the origin. Data never transmitted to a server unless explicitly sent via JavaScript — which this app does not do.
How do referral bonuses work?
Many banks offer referral bonuses (S$20–S$50 cash or vouchers) when an existing customer refers a new customer who opens an account. These are one-time bonuses separate from interest rates. Ask friends or colleagues for referral codes before opening an account. Some fintech platforms and credit card comparison sites also aggregate referral offers. These bonuses are typically credited 1–2 months after account opening once eligibility conditions are met.
- Trust Bank — Referral Bonus (Flex Plan)— Trust Bank includes a Referral Bonus Rate of 1.20% p.a. as one of the Flex Plan scoops, requiring at least one new credit card customer referral approved per month.
- OCBC — Referral Programme— OCBC offers cash rewards for referring new customers who open qualifying accounts. Terms and eligibility vary by campaign period.
- MoneySmart — Bank Referral & Welcome Offers— Aggregated list of current bank sign-up promotions, referral bonuses, and welcome gifts for new account openings in Singapore.