Explore the Benefits of Best Savings Account in Singapore

Your financial status can be dire right now. Inflation and the possibility of a recession make it difficult for us to satisfy our financial obligations this year, even with the dividends announced in the budget. 

It is more important than ever to save money in times like these. One easy and quick solution to deal with this scenario is to use a savings account.

A savings account Singapore that you open through a bank allows you to deposit money and receive interest.

Compared to your regular account (also known as a checking account), a savings account will yield higher interest rates.

However, not all savings accounts are made equal. Each bank has a different minimum amount and interest rate. For a variety of personal and financial purposes, check out Singapore's top savings account with the greatest interest rates.

Find the Best Salaried Employee Savings Account 

There are several high-interest savings account alternatives available to Singaporean salaried workers. Almost all banks provide a savings account that allows you to deposit your paycheck and use their credit cards to earn extra interest. You should keep in mind that some of them request a minimum wage demand.

Why Is the Best Savings Account DBS Multiplier?

 The bank has raised our rates for all customers in an effort to help them save more. By paying you while you fulfil your financial needs, DBS/POSB Multiplier aims to make it easier for you to raise your funds. Among the advantages are: ​ 

There is no minimum quantity needed.

Since each person is different, their demands are also unique. To begin receiving bonus interest rates for any DBS/POSB product category, the bank does not call for a minimum purchase quantity. 

It provides versatility.  

Adding fresh categories of products to your DBS/POSB account can generate greater interest. When you have access to additional product categories, you may quickly increase your investment.

It assists you in making financial plans. 

You may either connect the SGF index to NAV Planner or credit your earnings or dividends to see all of your money in one location and start managing your budget with ease while earning extra interest.

Qualifications and costs 

- It is necessary to be at least eighteen years old.

- There is no requirement for an upfront payment.

A $5 monthly service fee, which comprises the SGD amount of the foreign currency amount, will be applied if your average everyday balance is less than S$3,000. This service charge won't be charged if: 

- You are under 29 years of age.

- DBS Multiplier is your first DBS/POSB account (only for online applications).

An early account closure fee of S$30 is assessed if the account is closed before the six-month mark.

How Does One Go About Creating a DBS Multiplier Account Online? 

- New DBS/POSB customers can use the Digibank app to open an account immediately.

- Create a SingPass account if you haven't already.

- Download the Digibank app from the app store, add your passport (or, if you're Malaysian, your front and rear Malaysian ID), and use SingPass to create an account.

- Digital Bank Online

- Select Apply, Deposit Accounts, and open a DBS Multiplier Account OR apply right away.

- Request for an Opt-in Program for Bank and Earnings 

Along with credit cards and PayLah, you can earn up to 4.1% annually by spending money on bonds, structured products, Digi Portfolio, regular/single premium insurance, and more. There are now more flexible payment alternatives (cash, SRS, and CPF). Paylah! Spend has a lower interest rate of 0.55% p.a. as of January 2023, but credit card spending has a higher interest rate of 0.90% p.a. 

To receive larger interest rates, you can combine your booster account with a POSB Save As You Earn account. To receive 3.5% p.a. interest on your savings for two years, set aside a specific amount of your monthly pay check from your DBS/POSB salary crediting account and deposit it into a POSB SAYE account.

It was never more crucial for us to help customers save more. Additionally, you ought to be able to build your money without jumping through any difficult hoops, regardless of where you are in your financial journey.

With Multiplier, we have made it simpler for everyone—students, non-profits, first-time employees, gig economy workers, and retirees to increase their savings.