DBS is an excellent choice to take into consideration if you’re searching for a dependable and effective savings account in Singapore.
There are several types of accounts available, so you may select the one that best fits your requirements and financial objectives. DBS has you covered whether you want to save for a rainy day, a major purchase, or retirement.
The finest savings account isn’t always the one with the highest interest rate; rather, it’s the one that fits your demands in terms of banking and lifestyle.
But make sure you have read about How to Open DBS Bank Account
You can look into the DBS accounts that might be best suitable for you below.
DBS Bank Account Types And Benefits
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DBS My Account
This is the entry account for anyone who wants to own a bank account at DBS. There are no minimum requirements or age limits. In fact this is one of the best for many citizens who are new to owning a bank account.
If you want an account for a family member, you have the chance to set up one alone or jointly with a kid. Accounts can be opened by visitors from other countries as well as Singaporean nationals and PRs.
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DBS Multiplier Account
This sort of account is open to all users, regardless of their employment status: salaried, NSF, student, gig worker, or even retiree. On your first S$50,000 balance with any credit card, you may earn 1.50% p.a. with the Multiplier Account.
You must transact a minimum of S$2,000 on any DBS/POSB credit card you hold, DBS/POSB home loan monthly instalments, DBS/POSB insurance regular monthly premium, or DBS investments in order to qualify for bonus interest rates. You must also credit your salary or dividends via GIRO to any DBS/POSB deposit account that you hold. If you deal in many categories listed above, your bonus interest rate will rise.
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eMySavings Account
There would be no monthly account charge, fall below fee, minimum average balance, or initial deposit needed. High interest rates and convenient fund access are provided with the eMySavings Account, an online savings account.
If you keep your savings with a minimum amount of S$10,000, you can receive interest of up to 2.8% per year.
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POSB SAYE Account
Simple savings with attractive interest rates is provided by the POSB Saye Account. If you credit your pay, select a preset monthly savings amount, and don’t take any withdrawals from your account, you may enjoy an extra 2.00% p.a. interest rate for the first two years.
Additionally, to assist you in growing your savings, you earn 3.5% p.a. in Cash Gift Interest on the amount you save each month.
You can allocate any amount, up to a maximum of S$3,000 (in multiples of S$10), towards your fixed monthly savings.
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POSB Payroll Account
Work permit holders, including migrant laborers and migrant domestic workers, are the target audience for the POSB Payroll Account.
You may benefit from interest rates as high as 4.1% p.a. on larger savings of up to S$100,000 with this. To obtain a DBS debit card for convenient spending and withdrawals, you can have your pay instantly transferred into this account.
You may transfer money home from your account with DBS Remit with ease using your smartphone.