Joint accounts are convenient. You can forget the hassle of transferring money to your spouse for bills. They make it easier to co-manage finances with your parents or siblings. And if you opt for a joint-all account, it can also safeguard your non-tech-savvy relatives against the many scammers running rampant these days.
Still, a savings account is a savings account, and interest rates and fees matter. Today, we’ll cover 5 recommendations for joint savings accounts, including:
- Interest rates
- Fees and charges
- Minimum deposits and balances
- Any unique perks
- Whom we think they’re best for
Quick Overview: Joint-Alternate vs Joint-All Accounts
There are two main types of joint accounts in Singapore:
- With a joint account (a.k.a. joint-all account), all account holders must agree to a transaction before it’s executed.
- With joint-alternate accounts, either party may execute a transaction independently of consent from all account holders.
The type of joint account you choose depends on the trust between account holders and the type of transactions the account is meant for.
Best Joint Savings Accounts in Singapore
| Account | Annual Interest | Service Fee | Minimum Deposit / Balance |
|---|---|---|---|
| DBS eMySavings Account with DBS Multiplier | 0.05% – 4.1% | S$5 | S$0 / S$3,000 |
| Bank of China Multi-Currency Savings Account with SmartSaver Account | 0.4% – 7% | S$3 | S$200 / S$1,500 |
| Maybank Save Up | 0.15% – 3% | S$2 | S$500 / S$1,000 |
| UOB One Account | 0.05% to 7.8% | S$5 | S$1,000 / S$1,000 |
| Standard Chartered Bonus$aver | 0.05% – 7.88% | S$5 | S$0 / S$3,000 |
1. DBS eMySavings Account (with DBS Multiplier)
Used in combination with the DBS Multiplier, you can earn up to 4.1% Effective Interest Rate (EIR) per year on a balance of up to S$100,000.
You’ll need to do all your banking, investing, insuring, and spending with DBS (accumulating S$30,000 in eligible transactions) to qualify for the highest interest rates, so using this as a joint account would make it easier to hit those requirements.
Account type: Joint-Alternate
Eligibility: At least 18 years old
Minimum deposit: None
Fees: S$5 if average daily balance goes below S$3,000 (for DBS Multiplier)
Current promotion: None.
Whom is it best for: Dual-income families with a DBS credit card, home loan, and investment plan. Crediting both your salaries and taking a home loan through DBS will already make up a significant chunk of the eligible transaction requirement.
2. Bank of China (BOC) SmartSaver Account
BOC SmartSaver is a savings plan for its Multi-Currency Savings (MCS) account holders to earn bonus interest. Since January 2023, you can earn up to a whopping 7% p.a. on balances up to S$100,000.
The SmartSaver is also one of the few options that gives you passable interest beyond the recommended balance: you’ll get 0.60% p.a. for balances between S$100,000 and S$1,000,000. Most other accounts on this list will drop you to the base interest rate if you exceed the cap.
This makes Bank of China one of the most generous with their interest, though you’ll have to meet requirements like crediting at least S$6,000 in salaries, spending above S$1,500 on a linked card, and buying an eligible insurance plan.
Account type: Joint
Eligibility: 18 years old and above
Minimum deposit: S$1,500
Fees: S$3 if monthly balance falls below S$200, but you’ll need S$1,500 minimum to qualify for bonus interest
Current promotion: None.
Whom is it best for: Those with a large sum of idle cash (e.g. from the sale of property) that they need to keep liquid for the interim.
3. Maybank Save Up Programme
While other banks have updated their interest rates for 2023, Maybank doesn’t seem to have done the same. You’ll get just 3% p.a. interest (2.994% EIR) for the first S$50,000 of your savings balance.
Then again, Maybank has lower spending and minimum balance requirements, making it a good option for the more budget-conscious.
Like most banks, Maybank grants you more bonus interest the more you engage with their products. To max your bonus interest, you’ll have to do at least 3 of the below:
- At least S$2,000 in salary credit and/or GIRO payments of S$300 monthly
- Spend at least S$500 monthly with the Maybank Platinum Visa or Horizon Visa Signature Card
- Invest S$30,000 in structured deposits
- Invest S$25,000 in unit trusts
- Purchase insurance with an annual premium of S$5,000
- Take out a home loan of at least S$200,000
- Take out a car loan of at least S$35,000
- Take out a renovation loan of at least S$10,000
- Take out an education loan of at least S$10,000
Account type: Joint
Eligibility: At least 18 years old
Minimum deposit: S$500
Fees: S$2 if monthly balance falls below S$1,000
Current promotion: Receive S$150 cash credit for opening and activating a Maybank SaveUp Account online. You’ll need to deposit S$50,000 in fresh funds to be eligible.
Whom is it best for: Consistent savers and investors – especially those looking to get a Maybank Platinum Visa or Horizon Visa Signature Card.
4. UOB One Account
Up from a mere 1% in 2022, the UOB One now offers an eye-popping 7.8% interest p.a. on balances up to S$100,000 (EIR 5.003%).
They’ve also kept their low requirements: all you have to do is spend S$500 monthly on your linked UOB card and credit your salary (min. S$1,600) to earn max interest. That’s extremely achievable for the average working professional.
The interest rate gets the biggest hike between S$75,000 and S$100,000 of your balance, though. That means if you have less than S$75,000 in savings, your EIR is only about 4.07% at most. Still, that’s excellent considering how low-maintenance the account is.
Account type: Joint-alternate
Eligibility: At least 18 years old
Minimum deposit: S$1,000
Fees: S$5 if monthly balance falls below S$1,000
Current promotion: None.
Whom is it best for: Those who want high interest from a fuss-free savings account with low spending requirements.
5. Standard Chartered Bonus$aver Account
At 7.88% EIR, Standard Chartered offers the highest interest on this list – though it also has one of the heaviest requirements.
To get maximum bonus interest, you’ll need to fulfill all five pillars of spending, salary credit, investing, insuring, and bill payments.
Account type: Joint
Eligibility: At least 21 years old
Minimum deposit: None
Fees: S$5 if monthly balance falls below S$3,000
Current promotion: Until 31 March 2023, new applicants will get S$188 cashback when they deposit and maintain at least S$50,000 in fresh funds AND apply for a Bonus$aver World Mastercard Credit Card.
Whom is it best for:
International citizens and account holders who are ready to purchase insurance and invest in Unit Trusts with Standard Chartered.