Your financial situation may be currently looking grim for 2023. Despite the payouts declared during Budget 2023, it looks difficult to meet our financial commitments this year due to inflation and a potential recession. Saving money is more crucial than ever in situations like these. Using a savings account is one quick and simple way to handle this situation. You can deposit funds into a savings account you open with a bank, where you can earn interest. A savings account will pay you more interest than your regular account (designated as a checking account). Nonetheless, not every savings account is created equal. The interest rates and minimum amounts are different between banks. Check the best savings account Singapore banks offer with the highest interest rates for 2023 for various financial and personal needs.

Know the Best Savings Account for Salaried Employees

Salaried workers in Singapore have a range of options for high-interest savings accounts. Almost every bank offers a savings account that rewards you with extra interest for using their credit cards and depositing your pay check. A few of them ask for a minimum wage requirement, which you should remember.

Why Is DBS Multiplier the Best Savings Account?

To help the customers to save more, the bank has increased our rates for everyone. By remunerating you while you meet your funding requirements with DBS/POSB Multiplier focused on making it simpler for you to increase your money. Some of the benefits are: ​

• No minimum amount is required

Everybody is unique, and they all have different needs. The bank does not require a minimum purchase amount for any DBS/POSB product category to activate bonus interest rates for this.

• Offers flexibility

Gain additional interest by adding more product categories to your DBS/POSB account. You can easily multiply your money if you have access to more product categories.

• Helps you with financial planning

To see all of your money in one place and begin planning your finances easily while receiving more interest, you can either credit your salary or dividends or just connect SGF index to NAV Planner.

Eligibility & fees

• At least 18 years of age is required.
• No initial payment is necessary.
• If your average daily balance is less than S$3,000, a monthly service fee of $5 will apply, which includes the SGD equivalent of the foreign currency balance. This service fee will not apply if:

• You are younger than 29 years old,
• Your very first DBS/POSB account is DBS Multiplier (online applications only).
• The account is closed earlier than six months, there is a S$30 early account closure fee.

What Is the Online Procedure for Opening a DBS Multiplier Account?

• New DBS/POSB clients can open an account right away on the Digibank app
• Sign up for SingPass, if you have not
• Get the Digibank app from your app store, apply for an account using SingPass, and upload your passport (or, if you’re a Malaysian, your front and back Malaysian IC).
• Digibank Online
• To apply immediately, choose to Apply, Deposit Accounts, and start a DBS Multiplier Account OR
• Request for a Bank and Earnings Opt-in Program

You can earn up to 4.1% per year in addition to credit cards and PayLah! Spending on regular/single premium insurance, Digi Portfolio, bonds, structured products, and more. Payment options are now more flexible (CPF, SRS, and cash). From January 2023, Paylah! spend comes for a lower interest rate of 0.55% p.a. while spending on credit cards attracts a higher interest rate of 0.90% p.a. You can merge your multiplier account with a POSB Save As You Earn account to get higher interest rates. Save a predetermined portion of your monthly pay check from your DBS/POSB salary crediting account into a POSB SAYE account to earn an interest rate of 3.5% p.a. on your savings for two years.