As we navigate through 2023, the economic landscape is becoming increasingly challenging. With inflation and a looming recession, it’s crucial to be financially savvy. One of the most straightforward ways to safeguard your finances is by utilizing a savings account. These accounts allow you to deposit money and earn interest over time. However, it’s important to note that not all savings accounts are created equal. Different banks offer varying interest rates and minimum sums.

To assist you, we’ve compiled a list of the best savings accounts in Singapore with the highest interest rates in 2023, catering to diverse personal and financial needs.

  1. Standard Chartered Bonus Saver: Offering the highest maximum interest rate of 4.88% p.a., this account is a top contender. To qualify for the bonus interest, you need to credit your salary, spend on your credit card, pay bills, invest, and buy insurance.
  2. UOB One: With an interest rate of up to 2.5% p.a., this account is an excellent choice for freelancers and self-employed individuals. To qualify for the bonus interest, you need to credit your salary and spend at least S$500 per month on an eligible UOB card.
  3. OCBC 360: This account offers an effective interest rate of up to 4.4% p.a. To qualify for the bonus interest, you need to credit your salary, increase your average monthly balance, spend on your OCBC 365 card, and invest or insure with OCBC.
  4. Citi Wealth First Account: With an interest rate of up to 7.51% p.a., this account is a good choice for those who already have other Citibank products. To qualify for the bonus interest, you need to fulfill a variety of requirements, such as spending on your Citibank Debit Mastercard and investing or insuring with Citibank.
  5. Bank of China Smart Saver: This account offers an interest rate of up to 6.7% p.a. To qualify for the bonus interest, you need to credit your salary and spend on your Bank of China credit card. You can also earn a wealth bonus by purchasing insurance products.
  6. Maybank Save Up Programme: With interest rates of up to 3.0625% p.a., this account is great for home, education, and car loan users. To qualify for the bonus interest, you need to fulfil various requirements, such as crediting your salary, spending on your Maybank credit card, and investing or insuring with Maybank.
  7. DBS Multiplier: This account offers interest rates of up to 3.8% p.a. To qualify for the bonus interest, you need to credit your salary or dividends, transact a minimum of S$2,000 on a DBS/POSB credit card, and make other transactions, such as home loan repayments or insurance premium payments.
  8. CIMB FastSaver: With interest rates of up to 3.5% p.a., this account is great for young adults starting their careers. There are no requirements to fulfil, except for maintaining a minimum balance of S$1,000.
  9. POSB SAYE: This account offers a fixed interest rate of 3.5% p.a. for 2 years. To qualify, you need to set up a standing order to credit a fixed amount every month and not touch the money for 2 years.
  10. HSBC Everyday Global Account: This account offers an interest rate of up to 1.05% p.a. To qualify for the interest and cashback, you need to deposit a certain amount into the account and make a minimum number of transactions.

Remember, choosing the right savings account depends on your financial goals and lifestyle. Consider the interest rates, requirements, and benefits of each account before making your decision. Happy saving in 2023!

Wrapping Up

In conclusion, there are many great savings accounts in Singapore with high-interest rates. The best one for you will depend on your personal and financial needs. Whether you’re a high-spender, a freelancer, a student, or a retiree, there’s a savings account out there that’s right for you. So start saving your money today and watch it grow over time.


FMS take on building passive income using dividend funds: Building passive income is a smart investment strategy for anyone looking to create long-term wealth. Instead of relying on a single source of income, passive income allows you to earn money from multiple sources without having to actively work for it. One great way to build passive income is by investing in dividend funds.

Dividend funds are investment funds that focus on stocks that pay regular dividends. Dividends are a portion of a company’s profits that are distributed to shareholders. By investing in dividend funds, you can earn a regular stream of income without having to sell your shares.

For example, let’s say you invest $48,000 per year for 10 years in a dividend fund that yields 6% per year. After 10 years, your total investment would be $480,000. Assuming the yield remains at 6%, your portfolio would be worth $603,000. This means you would have earned $123,000 in passive income over 10 years.

The annual passive income generated from this portfolio would be $36,180. This is calculated by multiplying the portfolio value ($603,000) by the yield (6%). So by investing in dividend funds, you can generate a significant amount of passive income over time.

There are three distinct reasons why building passive income is beneficial.

  1. First, passive income provides financial security. Having multiple streams of income can protect you from unforeseen circumstances, such as job loss or economic downturns.
  2. Second, passive income gives you flexibility. It allows you to pursue your passions and spend time with loved ones without having to worry about money.
  3. And third, passive income creates wealth. By reinvesting your earnings, you can grow your portfolio over time and achieve financial independence.

In conclusion, building passive income through dividend funds is a smart investment strategy. By investing in dividend funds, you can earn a regular stream of income without having to actively work for it. Whether you’re saving for retirement, a down payment on a house, or a dream vacation, dividend funds can help you achieve your financial goals. So start investing in dividend funds today and watch your passive income grow over time.

Book a call with Ben to learn how to create passive income using dividend funds. Hundreds of my clients have already started. Some of them make $39,600 per year.


Benjamin Low
Benjamin Low

Benjamin is known as The Passive Income Guy. He has helped hundreds of people to build passive income. He is also a member of the Million Dollar Round Table, and Certified Financial Planner™ (CFP®) and Certified Private Banker (CPB).

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