Banks like to attach unpleasant conditions to their accounts, such as high minimum balances and lower fees, to force people to leave more money with them while making some money off of sinful customers.
In the past, we might have been willing to accept these conditions in exchange for higher interest rates….
But now that most Interest rates on savings accounts have been reducedit might be time to Savings accounts with no minimum balance — and thus maximum liquidity.
6 best savings accounts with no minimum balance
Savings account |
Interest rate (pa) |
Features |
DBS multiplier account (up to 29 years) |
0.4% to 3%, depending on the total amount of transactions |
Bonus interest based on salary credit and expenses |
Standard Chartered JumpStart Account (up to 26 years) |
0.4% up to $20,000 |
No hurdles to arouse interest |
CIMB FastSaver Account |
0.3% on the first $75,000 |
No hurdles to arouse interest |
OCBC Frank Account (up to 26 years) |
0.1% on the first $25,000; 0.2% on the next $25,000 |
Debit card offers 1% cashback at selected retailers |
DBS My Account |
0.05% |
Multiple currencies |
Standard Chartered SuperSalary account |
0.01% base interest + 0.27% bonus interest for the first 8 months |
Bonus interest for new customers |
1. DBS multiplier account (up to 29 years)
If you’re in your twenties, you’re in luck! You have several options when it comes to savings accounts with no underpayment fees, as you’ll see below.
The most lenient of all is the DBS Multiplier account, which doesn’t require a minimum balance until age 29. However, once you hit 30, you’ll need to keep at least $3,000 on it or you’ll have to pay a hefty $5 service fee.
The DBS Multiplier Account, although watered down, still pays out decent bonus interest as long as you’re willing to use it as your everyday account. You’ll need to deposit your salary, swipe a DBS credit card and/or make Paylah! transactions to receive it.
Read more: The 7 best savings accounts in Singapore with the highest interest rates
High interest rates
DBS Multiplier Account
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Further details
Main features
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No minimum wage credit
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The DBS Multiplier Account is a deposit account with a base interest rate of 0.05% per annum
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Bonus interest rates: 1.40% to 3.80% pa The interest rates for the DBS Multiplier Account 2020 were updated as of August 1, 2020.
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To enjoy bonus interest, you must remit your salary or dividends to any DBS/POSB deposit account via GIRO and remit at least S$2,000 to any DBS/POSB credit card, monthly instalment payments for DBS/POSB mortgage loans, regular monthly premium for DBS/POSB insurance or DBS investments. Your bonus interest rate will increase if you make transactions in more than one of the above categories.
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Bonus Interest for 29 years old and below: Credit your income and spend over S$500 through PayLah! to qualify for 0.30% bonus interest on your PayLah! retail spend.
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DBS Multiplier 2020 Interest Rate Updates: Effective 1 August 2020, interest rates for DBS Multiplier account holders with transactions in Categories 1 and 2 have been revised. Please refer to the Bonus Interest Rate tab below for the change in interest rates.
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Students, NSF, self-employed persons, employees and pensioners can apply
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2. Standard Chartered JumpStart Account (up to 26 years)
The Standard Chartered JumpStart account is only available to young adults aged 18 to 26. If age is on your side, this account is pretty good as it gives you 0.4% per annum on your account balance without you having to do anything.
That 0.4% only applies to the first $20,000, but hey, if you’re young and broke, that’s a pretty respectable savings. After your 27th birthday, you can keep this account open, but the interest will drop to the “usual” rates.
The account also comes with a free debit card that gives you 1% cash back on all eligible spend.
Standard Chartered JumpStart account
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Further details
Main features
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0.40% per annum on deposit balances up to $20,000
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1% p.a. cashback on eligible debit card spending
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No fees and no minimum deposit balance required
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The applicant must be between 18 and 26 years old
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3. CIMB FastSaver ACto count
I have a soft spot for Malaysian banks as they often offer very good interest rates to entice their customers to overlook their less glamorous image.
The CIMB FastSaver account does not disappoint. The account offers an annual interest rate of 0.3% on your first $75,000 and 0.15% on amounts over $75,000. You don’t have to worry about bonus interest – and you don’t have to be in the prime of youth, either.
The main disadvantage is that you must make an initial deposit of $1,000 and on days when your account balance falls below $1,000, you will not receive interest for that day.
Otherwise, the account has no under-balance fees, so you can withdraw the entire amount in your account without worrying about incurring any costs.
4. OCBC FRANK account (up to 26 years)
OCBC’s FRANK account is aimed at young and presumably penniless customers, which is probably why they decided not to charge under-account fees… but only if you are up to the age of 26.
Otherwise, you will be charged $2 for the overage crime if your balance falls below $1,000.
On the plus side, the account’s interest rates aren’t terrible compared to other savings accounts of its kind. You’ll earn 0.1% per year on your first $25,000 and 0.2% on your next $25,000. Anything over $50,000 will earn 0.05%.
Another advantage is that the free debit card that comes with the account offers 1% cashback when you shop at certain merchants including Grab, Comfort, CityCab, Go-Jek, TADA, Cheers, 7-Eleven and FairPrice Online.
OCBC FRANK
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Further details
Main features
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Suitable for students
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Base interest rate: 0.05%
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First S$10,000: 0.2%
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S$10,001 to S$100,000: 0.3%
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S$100,001 to S$500,000: 0.4%
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Unusual card designs to choose from
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5. DBS My Account
DBS My Account functions not only as a regular savings account but also as a multi-currency wallet. It is free to use and no deposit is required, however you will have to pay $2 per month if you want to receive paper statements.
In addition to SGD, you can hold 11 foreign currencies in your account, including AUD, USD, Euro, HKD, Japanese Yen and Thai Baht. You can then use your card to shop online without paying currency conversion fees.
Your savings in SGD will earn 0.05%, while your savings in USD will earn 0.03%. All other currencies will not earn any interest.
In addition, you can exchange currencies 24 hours a day and, when international travel is possible again, you can pay with your card without incurring the currency conversion fees you would pay when using a regular credit card.
This account can make your life easier if you use a separate account for your foreign currencies or a travel wallet like Revolut and want to consolidate everything into one account. However, a major downside is that withdrawals from ATMs abroad cost $7.
6. Standard Chartered SuperSalary Account
Even with a salary far from super pension, it’s still easy to qualify for the Standard Chartered SuperSalary account as there’s no minimum deposit and the minimum balance is $0 total.
The account pays a not so great base interest rate of 0.01%. New customers can also receive a bonus interest rate of 0.27% in the first 8 months after opening the account.
Since there are no under-balance fees, you can use the account for 8 months to benefit from the 0.01% basic interest + bonus interest and then simply switch to another account. However, this is only worthwhile if you have a relatively large amount of cash.
The account also entitles you to a Standard Chartered CashBack debit card, which earns 1% on eligible spend.
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