Editor’s Note: Updated 3 Aug 2022 to correct certain inaccuracies (e.g. DBS and Maybank’s max Effective Interest Rates).
Getting a head start with your financial planning is hard enough as a student.
You have to scrape by with a small allowance (if at all) and whatever meagre earnings you can get with part-time or holiday jobs.
So it sucks when the prices of things like eggs suddenly shoot up – or when banks slap you with fall-below fees because you had to withdraw some money in a pinch.
Today, we’ll introduce some of the best savings accounts for students, ideally with:
- Low or no salary credit requirements
- Low or no minimum balances to maintain
- Account fee waivers
- Decent interest rates (or at least higher than 0.05%)
For each savings account, we’ll also cover how it stands out and whom we think it would be best for.
Read also: Top 7 High Paying Jobs for Students in Singapore
TL;DR: 9 Savings Accounts for Students
| Min. Initial Deposit | Minimum Balance | Max EIR with $20k | Best For | |
|---|---|---|---|---|
| SCB JumpStart | S$0 | S$0 | 1% | Students below 26 interested in investing |
| Maybank Save Up Programme | S$500 | S$1,000 | 2.98% | Undergrads considering a BTO in the near future |
| CIMB FastSaver Savings Account | S$1,000 | N.A | 1% | Students considering the CIMB Visa Signature Card |
| OCBC Frank Savings Account | S$0 | S$1,000 | 0.1% | Students who want a linked debit card with cashback |
| POSB SAYE Account | S$0 | S$50 | 2.25% | NSFs & students working part-time |
| DBS Multiplier Account | S$0 | S$3,000 | 2.5% | Students below 29 who bank mostly with DBS |
| UOB Stash Savings Account | S$1,000 | S$1,000 | 0.3% | Students with a lot in savings (>$10,000) and considering the UOB One Card |
| OCBC Monthly Savings Account | S$0 | S$500 | 0.1% | Slow and steady savers |
| OCBC Bonus+ Savings Account | S$5,000 | S$3,000 | 0.55% | Students who earn at least S$500 monthly |
Now let’s dive right into each account!
1. Standard Chartered Bank’s JumpStart Account
Before the pandemic, JumpStart was known for its 2% p.a interest for the first S$20,000 accumulated. Now, it’s dropped to just 0.5%.
Even so, it’s still a modest, low-maintenance account for post-secondary students aged 18 to 26.
If you have over S$20,000 in savings though, we’d recommend a different savings account – like the OCBC Bonus+ Savings Account – for higher interest than the 0.1% SCB offers.
Interest Rates:
- 0.5% p.a interest for account balances up to S$20,000
- 0.5% p.a. bonus interest on balances up to $20,000 when you invest with SCB
Requirements: Aged between 18 and 26
Minimum Initial Deposit: None
Minimum Average Monthly Balance: None
Fees: None
Unique Perks: 1% cashback on eligible debit card spending, capped at S$60/mo
Who Should Consider This: Post-secondary students under 26 interested in investing. You get a bonus 0.50% interest annually when you invest with Standard Chartered.
Read also: A Guide to Part-Time Jobs for Students 16 Years and Above
2. Maybank Save Up Programme
Maybank’s Save Up Programme enables customers to earn bonus interest rates when they use other MayBank products, like credit cards, home loans, and investment plans.
This is great for undergrads planning their BTO and home ownership journeys. You can consider a home or renovation loan on top of your usual spending to qualify for an extra 2.75% interest.
That said, Maybank’s requirements for bonus interest are difficult for the average student to achieve. For example, having investments with Maybank will count towards the requirements, but you’ll need to put down at least S$25,000 to qualify. Most students will only be able to meet the GIRO or credit card spending requirements.
Interest Rates:
- Base Interest: Starts at 0.15% p.a. For the first S$3,000
- Choose 3 more Maybank products or services for an extra 2.75% annual interest:
- GIRO payments or salary credit
- Credit cards
- Structured deposits
- Unit trusts
- Insurance
- Home loan
- Car loan
- Renovation loan
- Education loan
Requirements: An existing Maybank savings account
Minimum Initial Deposit: S$500
Minimum Average Monthly Balance: S$1,000
Fees: Fall below fee of S$2 (waived for customers below 25 years old)
Unique Perks: Bonus interest rates of up to 2.75% if you own more than 1 existing Maybank product
Who Should Consider This: Students who already have an existing Maybank account and are considering a home loan or miles-focused card in the near future. The Maybank Horizon Visa and Platinum Visa are decent travel cards with high miles-per-dollar ratios for local spending.
3. CIMB FastSaver Savings Account
At 1% per annum, the CIMB FastSaver offers the most competitive rate so far for account balances below S$10,000.
There are just two requirements to note: first, you’ll only earn interest if your balance is above S$1,000; second, you’ll need a CIMB Visa Signature card to maximise your earned interest.
The minimal requirements makes it popular amongst students. Unlike with other banks, you don’t need to worry about minimum spend, salary credit, monthly fees, or investment plan purchases.
Interest Rates:
- First S$10,000: 1% p.a
- Next S$65,000: 0.3% p.a
- Above S$75,000: 0.15% p.a
Requirements: Above 16 years of age
Minimum Initial Deposit: S$1,000
Minimum Average Monthly Balance: None
Fees: None
Unique Perks: Chance to win a Round the World Trip (inclusive of flights, accommodation, and travel allowance)
Who Should Consider This: Students looking for an easy, low maintenance savings account with great interest rates up to their first S$10,000.
4. OCBC Frank Savings Account
Known for their debit cards that come in a multitude of designs, this is a fuss-free savings account that most students would be familiar with.
The interest rates here aren’t the best, so the main draw here is the additional discounts when shopping on stores like ASOS and Lazada.
Interest Rates:
- First S$25,000: 0.1% p.a
- Next S$25,000: 0.2% p.a
- Above S$50,000: 0.05% p.a
Requirements: Above 16 years of age
Minimum Initial Deposit: None
Minimum Average Monthly Balance:
- None for those below 26
- S$1,000 if 26 and above
Fees:
- Waived for account holders 26 and below
- S$2 for those above 26
Unique Perks:
- 1% unlimited cashback on fast food and selected transport, online merchants, and convenience stores
- Over 60 debit card designs to choose from
Who Should Consider This: Young adults or tertiary students looking for a low-maintenance starter account with a linked cashback card.
5. POSB Save As You Earn (SAYE) Account
This is an account that will appeal to consistent savers: the idea is to deposit a fixed sum each month to get a bonus interest of up to 2% on top of the base interest rate. This amount does not have to be big (e.g. S$50/month), but it has to be recurring.
The catch here is to not make any withdrawals from the SAYE account and make your deposits between the 1st and 25th of each month. You can set this up at the start so it’ll be automatic afterwards.
Interest Rates:
- Account deposits between S$50 – S$290: 0.05% p.a
- Account deposits between S$300 – S$790: 0.2% p.a
- Account deposits between S$800 – S$3,000: 0.25% p.a
- Additional bonus interest if deposit is made with no withdrawals for 24 months: +2% p.a.
Requirements:
- Applicants need to be above 16 years of age
- Have an existing DBS/POSB Savings/Current Account as your salary crediting account
Minimum Initial Deposit: None
Minimum Average Monthly Balance: None
Fees: None
Unique Perks: High bonus interest provided you don’t withdraw any money for 2 years
Who Should Consider This: Students with a part-time job or full-time NSFs that are able to deposit at least S$300 monthly to capitalise on the higher interest rates.
6. DBS Multiplier Account
With no minimum salary credit required, the DBS Multiplier Account works well for students who work at least part-time and have multiple DBS products. The more you bank with DBS, the higher the interest tier you’ll qualify for.
PayLah! spending also counts, which is good news for younger students.
Like Maybank’s SaveUp Programme, DBS products aren’t the most student-centric. You’ll need things like a home loan, insurance, and investments to qualify for the highest interest rates, so students will probably see a max interest of 0.55% p.a. instead.
Interest Rates:
Requirements: Above 18 years of age
Minimum Initial Deposit: None
Minimum Average Monthly Balance: S$3,000.
Fees: S$5 fall below fees (waived for customers below 29 years old)
Unique Perks: Interest increases in tiers as you use more DBS products.
Who Should Consider This: Those under 29 who do all their banking at DBS/POSB – for example, buying insurance, credit card/PayLah! spending, and so on.
7. UOB Stash Savings Account
The UOB Stash is a bit like the Citi MaxiGain Savings Account: as long as you maintain or grow your monthly average balance, you’ll qualify for bonus interest. The caveat is that you only start earning that bonus interest when you have more than S$10,000 in savings, which puts this out of reach of the typical tertiary student.
Side Note: The UOB Stash is super easy to maintain since all you have to do is not withdraw OR deposit a sum of money consistently. But if you want a higher base interest rate, check out the UOB One Account instead. This requires S$500 minimum spending and S$1,600 salary credit every month.
Interest Rates:
| Monthly Average Balance | Base Interest (p.a) | Bonus Interest (p.a) | Total Interest (p.a) |
|---|---|---|---|
| First S$10,000 | 0.05% | None | 0.05% |
| Next S$30,000 | 0.05% | 0.25% | 0.3% |
| Next S$30,000 | 0.05% | 0.55% | 0.6% |
| Next S$30,000 | 0.05% | 0.95% | 1% |
| Above S$100,000 | 0.05% | None | 0.05% |
Requirements: Above 15 years of age
Minimum Initial Deposit: S$1,000
Minimum Average Balance: S$1,000
Fees: S$2 fall below fees (waived for first 6 months for accounts opened online)
Unique Perks: Up to 3% cashback when coupled with the UOB One debit Mastercard. Minimum monthly spend of S$500 required to qualify for cashback and rebates are capped at S$20 per calendar month.
Who Should Consider This: Students sitting on a large amount of savings and who can afford to leave it in the account or top up regularly.
8. OCBC Monthly Savings Account
Like the POSB SAYE, you’ll qualify for bonus interest with the OCBC Monthly Savings Account as long as you make regular deposits and don’t withdraw your savings. This is an easy starter account if you don’t have a lot in savings (below S$1,000) as you’ll still be able to qualify for the 0.1% interest.
It does require a minimum average balance of S$500, so it isn’t quite as low-maintenance as the POSB SAYE. But you’ll get a fee waiver for the first year, so you have ample time to save up S$500 if you deposit at least S$50 each month.
Interest Rates:
- Base Interest: 0.05% p.a
- Bonus 0.05% interest when you deposit S$50 or more and make no withdrawals in the same month.
Requirements: Above 16 years of age
Minimum Initial Deposit: None
Minimum Average Monthly Balance: S$500
Fees: S$2 fall below fees (waived for the first year)
Who Should Consider This: Students with not much capital but want to start saving monthly with decent interest rates.
9. OCBC Bonus+ Savings Account
If you have at least S$5,000 saved up, this is an account you can consider for higher interest rates. The initial deposit requires S$5,000 in fresh funds, meaning you can’t transfer or withdraw the sum from existing OCBC Bank accounts.
Even if you can’t reach the highest bonus interest tier each month, the middle tier is easy enough to qualify for – all you have to do is let your savings sit in the account.
Interest Rates:
- Base Interest: 0.05% p.a.
- Bonus 0.1% interest when you don’t withdraw in a month
- Additional 0.4% interest when you deposit at least S$500 and make no withdrawals in the same month.
Requirements: Above 16 years of age
Minimum Initial Deposit: S$5,000. These funds must not come from any existing OCBC accounts.
Minimum Average Daily Balance: S$3,000
Fees: S$2 fall below fee
Who Should Consider This: Students with relatively high savings and an existing job to top up their savings account monthly.