Credit Your Salary to These Banks for Higher Interest Rates
The main draw of these salary credit accounts is higher interest rates packaged with other benefits or perks that cannot be found with other savings accounts. We take a look at some of the more popular salary accounts in Singapore today.
Why Credit Your Salary?
Most major banks in Singapore offer tiered interest rates when you credit your monthly salary into their designated accounts. Compared to a standard savings account which offers a flat 0.05% p.a., these accounts can offer significantly higher effective interest rates when combined with credit card spending and GIRO bill payments.
Popular Accounts to Consider
- DBS Multiplier Account: Great for those who consolidate their insurance, investments, and home loans with the bank.
- UOB One Account: A straightforward cashback and interest structure for users who hit specific spending quotas.
- OCBC 360 Account: Allows for flexible growth by boosting your interest rate through salary crediting, saving, and spending.
Note: Always review the Terms and Conditions of each bank, as interest rates and eligibility requirements are updated frequently.