Best High Yield Savings Accounts

There are several banks offering quite good interest rate for you to grow your monthly saving with some conditional. The most attractive are that this is capital protected and no lock-in period, not like fixed deposit you must hold it to mature date in order to earn the interest.


BOC SmartSaver

BOC SmartSaver used to offer highest interest rate 3.55%, but after Dec 2016, they have revised their criteria and was getting harder to achieve the max rate. So, I had shifted my majority money back to OCBC 360 Account. Details are as follows:

  1. Card Spend: Spend at least $1,500 – 1.6%, spend at least $500 but less than $1,500 – 0.8%
  2. Salary Crediting: Credit salary at least $6,000 – 1.2%, credit salary at least $2,000 but less than $6,000 – 0.8%
  3. Payment: Pay 3 bills with minimum $30 per bill – 0.35%
  4. Extra Saving: The portion of account balance above $60,000 up to $1,000,000 – 0.6% provided you fulfil one of the criteria in 1 to 3.
  5. Base rate: < $5,000 – 0.25%, $5,000 – $19,999 – 0.275%, $20,000 – $49,999 – 0.35%, >= $50,000 – 0.4%

With $60,000 saving,  salary credit $3400, card spend $500, pay 3 bills we can earn 2.35% which ~$117.5

With $60,000 saving,  salary credit $3400, pay 3 bills we can earn 1.55% which ~$77.5

OCBC 360 Account
This is my current main saving account. Details are as follows:

  1. Card Spend: Spend at least $500 – 0.5%
  2. Salary Crediting: Credit salary at least $2,000 – 1.2%
  3. Payment: Pay 3 bills with minimum $30 per bill – 0.5%
  4. Invest: Insurance plan at least $8,000 per year or invest at least $40,000 – 1.0%
  5. Extra Saving: Increment on average daily account balance compare to previous month’s average daily balance – 1.0%.
  6. Base rate: 0.05%

With $60,000 saving,  salary credit $3400, card spend $500, pay 3 bills we can earn 2.25% which ~$112.5

With $60,000 saving,  salary credit $3400, pay 3 bills we can earn 1.75% which ~$87.5

Standard Chartered BonusSaver

  1. Card Spend: Spend at least $2,000 – 1.78%, spend at least $500 but less than $2,000 – 0.78%
  2. Salary Crediting: Credit salary at least $3,000 – 1.0%
  3. Payment: Pay 3 bills with minimum $50 per bill – 0.25%
  4. Invest: Insurance plan at least $12,000 per year or invest at least $30,000 – 0.75%
  5. Base rate: < $200,000 – 0.1%, $200,000 and above- 0.2%

With $60,000 saving,  salary credit $3400, card spend $500, pay 3 bills we can earn 2.13% which ~$106.5

With $60,000 saving,  salary credit $3400, pay 3 bills we can earn 1.35% which ~$67.5

UOB One Account

  1. Card Spend: Spend at least $500
  2. Salary Crediting: Credit salary at least $2,000 or
  3. Payment: Giro 3 bills
  4. Base rate: 0.05%

With $50,000 saving,  salary credit $3400, card spend $500, pay 3 bills we can earn ~2.43% which ~$101.3

Any balance above $60,000 can move to SC eSaver account

  • < $50,000 – 1.23%
  • $50,0000 – <$200,000 – 1.28%
  • > $200,000 – 1.38%

CIMB FastSaver Account offers 1.0% with no minimum balance required which is also quite a good option to park your extra money.

I can’t ensure I can spend $500 for every month, so I will part my majority saving in OCBC 360 account and the rest will save in SC eSsaver account. You may want to share how you allocate your saving to maximize your monthly interest earn.

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