Following the recent changes to the OCBC 360 update, it’s time to update this article as well since the last article was written in 2017 Mar! There’s been some changes to DBS Multiplier & OCBC 360, and instead of the Citibank InterestPlus, I’ve decided to add in the Citibank MaxiGain account, which is much simpler to maintain to qualify for the bonus interest as compared to the former.
- Bank of China SmartSaver
This is the account with the 2nd highest bank interest (up to 3.55%) if all conditions are fulfilled. Salary accrual tends to be more on the high side, requiring >$6k/month to yield the higher interest of 1.2%. However, they have an easy 0.35% to accrue for bill payments – which requires 3 bills of $30 each. The 1.6% for credit card spending is also very generous if you can spend more than $1500/month. All in all, this is a very wholesome package that suits many people. Just note that the cap is $60k for the bonus interest.
2. Citibank Maxigain
This account has the highest cap of $150k amongst all the accounts mentioned above. In addition, the requirements are very simple – just ensure that there is an increment compared to the previous month. A more detailed review is available here. Will strongly suggest to anyone who is interested in a high yielding account to sign up early to accumulate the step-up counters (it takes one year to hit the max!)
3. DBS Multiplier
This savings programme has been revised twice over the last few years (see last revision here). Overall, this package requires a salary credit + 2 others (either loan, credit card spending or investments) to yield the higher interests. The jump is especially significant once you cross the $30k barrier, where the interest goes from 2.3% to 3.5%! This is also the only programme where you can trade stocks freely to chalk up the total sum of $30k so that you can yield the highest tier interest of 3.5%, despite not earning a very high monthly income. The only issue is the quantum of $50k which earns the bonus interest – the lowest in the group!
4. Maybank SaveUp
The programme is the most comprehensive of all, considering there are 8 different options available, and you just need to fulfil 3 of them to yield the highest interest of 3%. However, one must read the T&C carefully since there are a lot of minimum criteria to fulfil, like minimum $2k salary, $300 GIRO and $500 credit card spending…
5. OCBC 360
Following the recent revamp of the OCBC 360 programme on 1 Nov, this savings account has become less attractive. There is now no more bonus interest for bill payments through OCBC. Unless you have a lot of money to split amongst the various banks, this will be one of those that I will drop first.
6. Standard Chartered Bonus$aver
This account has the 2nd highest limit of $100k, and this account suits those who spend >$2k/month on their Standard Chartered credit card and credit their salary there, plus perform 3 bill payments, as that will easily accrue 3% interest p.a. However, the only good credit card in the Standard Chartered right now is the Visa Infinite which yields 3 mpd on overseas spend, provided you spend a minimum of $2000 per month. The alternative is of course the cash rebate cards e.g. Unlimited Cashback Credit Card which is not desirable with its measly 1.5% cash rebate.
7. UOB ONE
This is the only other savings account apart from Citibank Maxigain that does not require salary credit, yet can yield very good interest. There are only 2 criteria to fulfil – spend >$500 per month on any UOB credit card, and make 3 bill payments via GIRO (not too difficult if you have a lot of credit card bills to pay each month!) However, always be careful with UOB as they tend to inflate the numbers, so the effective interest rate is actually 2.43% instead of 3.33%.
Unless you are receiving multiple sources of income, it’s impossible to credit your salary to so many different banks. As such, there is a need to sit down and understand the different savings account to see which one suits your need. In addition, Citibank Maxigain is a nice addition to anyone who hopes for a high yielding interest account without doing too much work, and the UOB ONE will be a nice accompaniment as well for those who have UOB credit cards and do routine bill payments via GIRO.
Right now, Citibank is having a promotion for new signups above $70k where you get an additional cash gift of $750, so do click here to sign up if you are interested.