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So if you do not want your money tied up in a fixed deposit for 1 year, where can you park your money for easy transfer? Wouldn’t it be great if there is an account that gives you extra interest for crediting your salary every month and allow your money to grow? After doing our research, we have compiled a list of savings/current accounts that gives you additional interest if you follow the requirements and top up the minimum every month. For the uninitiated, current account comes with a chequebook and a savings account does not. Citibank was the first to come up with the Step-Up Interest program, but this has since fallen from grace since the interest rates are pathetic. The flavour of the month has to be DBS/POSB , since it has a current promotion of 0.25+3%. All you need to do is park a minimum of $800/month and not withdraw for the next 6 months. What’s more, there are no account charges.Otherwise, CIMB would be something to consider as well.

*Updated 15/1/13 2347H – As pointed out by one reader, for the DBS/POSB promotion, the 3% bonus interest is only for the amount that you put in for that month and NOT for your entire balance. Meaning if you put in $800, you get $800*3%*30/365 = $1.97 for that month. Check out the link here for more details

Step Up Interest Savings Account

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4 Responses to Which savings account should I credit my salary into?

  1. tham says:

    for eMySavings acct the 3%is applied on the Monthly contribution amt and not on the total balance so based on promo six months rate ,it is actually average of only 0.5%ie 0.25%+0.5% till june 13 and even lower after july 13

    • Cheaponana says:

      Thank you for pointing this out! It is seldom that a local bank gives a better promotion than a foreign bank, so here’s the catch! Have already updated the post to reflect this. Cheers.

  2. Nikhil Natesan says:

    Hi
    I work in the merchant navy and wish to open an account in Singapore. I am an indian resident with relatives in Singapore so giving their address won’t be a problem and I can give the corresponding address as my current address in india as stated in the passport. I would like to know a few things
    1) which would be the most practical bank
    2) will there be any tax deduction Etc in Singapore as an NRI I don’t have any tax in india
    3) will a bank keep my salary in USD as my sal gets credited in usd.
    4) is there any good pension schemes in Singapore where I pay a normal amount and later get a good decent pension and not be cheated.
    Thank u in advance for taking the time to help me with these matters.
    Rgds,
    Nikhil natesan….

    • Cheaponana says:

      Hi there,
      Unfortunately I’m not very familiar with the foreigners market but I know you can open a USD account with most banks like Citibank or Standard Chartered. Exact details please check with the bankers

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