Most Singapore banks have been revising their interest rates on savings accounts upwards in tandem with rising global interest rates. Previously, salary crediting didn’t earn you much extra interest but things have changed. Now, salary credit can earn you pretty substantial additional interest.
Read this post from Seedly for overall best interest rate: Best Savings Accounts Singapore (2022 Dec): Which Bank Has The Best Interest Rate? I wanted to focus just on salary crediting in this post because my cash flow system (sub accounts and GIRO debits) is pretty much set in stone already, and salary credit is the easiest for me to shift around.
Summary
I picked out the bigger banks DBS, OCBC, UOB, and Standard Chartered. CIMB warranted special mention because of the good interest rates. I’ve excluded other foreign banks since they don’t offer competitive rates IMO (let me know if you think otherwise).
| Bank | Account | Salary credit | Minimum |
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