Are you a student in Singapore looking for the best savings account to help you manage your finances? With so many options available, deciding which one is right for you can be hard. Luckily, we’ve researched and compiled a list of the top 7 student savings accounts in Singapore to help you make an informed decision.
Understanding savings accounts can be confusing, but knowing what you’re getting into before you open an account is essential. With a savings account, you can earn interest on your savings and keep your money safe.
However, different accounts have different features and requirements, so choosing the one that best suits your needs is essential.
In this article, we’ll look at Singapore’s top student savings accounts, key features to consider when choosing an account, and tips for managing your savings. We’ll also discuss eligibility requirements, how to apply, and additional perks and offers that some banks provide.
By the end of this article, you’ll better understand the best options available and be on your way to maximising your savings.
Key Takeaways
- Many student savings accounts are available in Singapore, but choosing the one that best suits your needs is essential.
- When choosing an account, consider factors such as interest rates, fees, and eligibility requirements.
- By managing your savings effectively and taking advantage of additional perks and offers, you can maximise your savings and set yourself up for financial success.
Understanding Savings Accounts
What Is a Savings Account?
If you’re a student in Singapore, it’s important to have a savings account to keep your money safe and secure. A savings account is a type of bank account that allows you to save money and earn interest on your deposits. With a savings account, you can deposit money and withdraw it whenever you need it.
Savings accounts are a great way to start saving money, especially for students who are just starting to manage their finances. They are easy to open and require a low minimum balance. You can also set up automatic transfers to your savings account, which makes it easy to save money without even thinking about it.
Benefits of a Savings Account for Students
There are many benefits of having a savings account as a student. First and foremost, a savings account helps you save money. By depositing money into your savings account, you can start building up your savings and work towards your financial goals.
Another benefit of a savings account is that it earns interest. Interest is the money that the bank pays you for keeping your money in the account. The interest rate is usually expressed as an annual percentage rate (APR), and it can vary depending on the bank and the type of savings account.
When looking for a savings account, it’s important to compare interest rates to find the best one for you. Some savings accounts offer higher interest rates than others, which means you can earn more money on your deposits.
Finally, a savings account can also help you learn about investments. Many banks offer investment options that allow you to invest your savings in stocks, bonds, and other securities. This can be a great way to grow your money over time and work towards your long-term financial goals.
In summary, a savings account is an essential tool for students in Singapore who want to save money and earn interest on their deposits. By understanding the benefits of a savings account and comparing interest rates, you can find the best account for your needs and start building your savings today.
Top Student Savings Accounts in Singapore
OCBC Frank Savings Account
If you’re a student looking for a savings account with no minimum salary credit requirement, then the OCBC Frank Savings Account could be an excellent choice for you. With this account, you can enjoy attractive interest rates and a linked debit card with cashback benefits, making it ideal for managing your finances while studying.
DBS Multiplier Savings Account
The DBS Multiplier Savings Account is another great option for students, especially if you primarily bank with DBS. With no minimum salary credit requirement and the potential to earn higher interest rates, this account offers flexibility and attractive features tailored to students’ needs.
UOB One Account
The UOB One Account is a popular choice for students seeking a savings account that rewards regular savings and spending. With the potential to earn higher interest rates and cash rebates on daily essentials, this account provides a comprehensive solution for managing your finances effectively.
CIMB Fastsaver Savings Account
For students looking for a straightforward and hassle-free savings account, the CIMB Fastsaver Savings Account could be an excellent fit. With competitive interest rates and no multiple conditions to fulfill, this account offers simplicity and convenience for students.
Maybank Save Up Programme
The Maybank Save Up Programme offers students the opportunity to enjoy tiered interest rates, providing a rewarding way to grow your savings. With no minimum balance required, this account is designed to help students achieve their financial goals while studying.
Standard Chartered Jumpstart
The Standard Chartered Jumpstart account is tailored for students, offering attractive interest rates with no minimum balance required. With additional perks such as cashback on eligible debit card spend, this account provides a seamless banking experience for students.
POSB SAYE Account
The POSB SAYE Account is an excellent choice for students who want to kickstart their savings journey. With competitive interest rates and the flexibility to save regularly, this account is designed to help students build a strong financial foundation for the future.
Key Features to Consider
When choosing the best student savings account in Singapore, there are several key features that you should consider. These features can help you determine which account is the best fit for your needs and financial goals. Here are some of the most important features to consider:
Interest Rates and Bonus Interest
One of the most important features to consider when choosing a student savings account is the interest rate. Look for an account that offers a competitive base interest rate, as well as bonus interest rates for meeting certain criteria, such as salary credit or minimum balance requirements.
Minimum Balance Requirements
Some student savings accounts require a minimum balance to be maintained in order to earn interest or avoid fall below fees. Make sure you understand the minimum balance requirement for any account you are considering, and choose an account that fits your budget and financial goals.
Fall Below Fees and Other Charges
Another important consideration is fall below fees and other charges. Some accounts charge fees if your balance falls below a certain threshold, or if you exceed a certain number of monthly transactions. Look for an account with low fall below fees and other charges, or choose an account that offers fee waivers for meeting certain criteria.
Accessibility and ATM Network
Finally, consider the accessibility and ATM network of any account you are considering. Look for an account with a wide network of ATMs, as well as convenient online and mobile banking services. This can help you manage your account easily and avoid unnecessary fees.
By considering these key features, you can choose the best student savings account in Singapore for your needs and financial goals.
Maximising Your Savings
As a student, every dollar counts, and you want to make the most of your savings. Here are some tips to help you maximise your savings and earn more interest.
Leveraging Bonus Interest Rates
Many banks offer bonus interest rates on their savings accounts. To get the bonus interest, you need to meet certain requirements, such as making a minimum deposit or maintaining a minimum balance. For example, the SCB JumpStart Account offers bonus interest rates of up to 0.4% p.a. on the first S$20,000 in your account when you invest with SCB. Make sure you understand the requirements and conditions for earning bonus interest rates and plan your savings strategy accordingly.
Understanding the Impact of Salary Credits and Monthly Transactions
Some banks offer higher interest rates if you credit your salary into your savings account or make a certain number of transactions each month. For example, the UOB One Account offers up to 1.5% p.a. interest if you credit your salary and spend S$500 on your UOB card each month. Make sure you understand the impact of salary credits and monthly transactions on your interest rates and plan your spending and savings accordingly.
Using Linked Debit and Credit Cards Wisely
Some savings accounts offer higher interest rates if you link your debit or credit card to your account and use it to spend. For example, the OCBC 360 Account offers up to 3.45% p.a. interest if you spend at least S$500 on your OCBC card each month. Make sure you use your linked debit and credit cards wisely to maximise your savings and earn more interest.
By leveraging bonus interest rates, understanding the impact of salary credits and monthly transactions, and using linked debit and credit cards wisely, you can maximise your savings and earn more interest on your student savings account.
Additional Perks and Offers
As a student, you can enjoy additional perks and offers when you open a savings account. These benefits can help you save more money and make the most out of your account. Here are some of the additional perks and offers that you can enjoy:
Cashback and Rewards
Some savings accounts offer cashback and rewards when you use your debit card for transactions. For example, the OCBC Frank Savings Account offers cashback on online shopping, entertainment, and dining. The DBS Multiplier Account offers cashback on selected categories such as groceries, dining, and transport. Make sure to check the terms and conditions of each account to see how you can earn cashback and rewards.
Insurance and Investment Products
Some savings accounts also offer insurance and investment products to help you grow your money. For example, the UOB Stash Savings Account offers a range of investment products such as unit trusts, bonds, and stocks. The POSB SAYE Account offers free life insurance coverage of up to S$50,000 for NSFs and students working part-time. Make sure to do your research and understand the risks involved before investing your money.
Overall, additional perks and offers can help you get more out of your savings account. Take the time to compare different accounts and see which one offers the best benefits for your needs. Remember to read the terms and conditions carefully and make an informed decision.
Eligibility and How to Apply
If you’re a post-secondary student or young professional looking for the best savings account in Singapore, you’ve come to the right place. Here, we’ll guide you through the eligibility requirements and application process for the top 7 student savings accounts.
Meeting the Minimum Age and Initial Deposit Requirements
To open a savings account in Singapore, you must be at least 16 years old. However, some banks may require you to be older, such as 18 or 21. Therefore, it’s important to check the minimum age requirement of the bank you’re interested in.
Most student savings accounts have a low initial deposit requirement, ranging from $0 to $500. For example, Standard Chartered’s JumpStart Account requires a minimum initial deposit of just $0, making it an ideal choice for students who may not have a lot of savings yet.
Navigating the Application Process for Students
The application process for student savings accounts in Singapore is typically straightforward and can be done online. To apply, you’ll need to provide your personal details, such as your name, address, and identification number. You may also need to provide proof of enrollment or employment, depending on the bank’s requirements.
If you’re an NSF (National Service Full-time) or a student who doesn’t have a valid ID card, you can still apply for a savings account. Some banks, such as DBS, allow you to apply with your student pass or SAFRA membership card.
Once your application has been approved, you’ll receive your account details and can start using your new savings account. Most banks also offer internet banking, which allows you to manage your account online and make transactions from the comfort of your own home or school.
Overall, opening a student savings account in Singapore is a simple and hassle-free process. By choosing the right account and meeting the eligibility requirements, you can start building your savings and securing your financial future.
Tips for Managing Your Student Savings Account
Avoiding Common Fees
As a student, managing your finances can be challenging, especially when it comes to saving money. One of the most important things to keep in mind is to avoid common fees that can eat into your savings. For instance, if you don’t maintain a minimum monthly average balance, you may be charged a fall below fee. Therefore, it is crucial to choose a savings account that has low or no minimum balance requirements to avoid such fees.
Another way to avoid fees is to opt for a savings account that has low risk and offers fee waivers. For example, some banks offer fee waivers for salaried workers or those who maintain a total relationship balance with the bank. It is worth exploring these options to ensure that you are not paying unnecessary fees.
Balancing Studies and Savings
As a student, it can be challenging to balance your studies and your savings goals. However, it is essential to make saving a priority, even if you are living on a tight budget. One way to do this is to set aside a portion of your allowance or income each month and put it into your savings account.
Another way to balance your studies and savings is to choose a savings account that offers a high-interest rate. This way, you can earn more money on your savings without having to put in extra effort. Additionally, some banks offer savings accounts that come with perks such as cashback or rewards points, which can be a great way to save money on your purchases.
In conclusion, managing your student savings account is crucial to ensure that you are making the most of your money. By avoiding common fees and balancing your studies and savings, you can achieve your financial goals and set yourself up for a successful future.
Looking Ahead: Saving Beyond Graduation
Congratulations, you have successfully navigated through your student years and have made the wise decision to open a savings account. But what happens after graduation? It’s time to start thinking about your long-term financial goals and how you can continue to save and invest for your future. Here are some things to consider as you transition from student to young professional.
Transitioning from Student to Young Professional
As you start your new job, you’ll likely have a higher income than you did as a student. It’s important to continue to save consistently and not let lifestyle inflation get the best of you. Consider setting up automatic transfers from your checking account to your savings account each month to ensure that you’re consistently saving.
You may also want to consider opening a low-risk investment account to help grow your savings over time. Do your research and speak with a financial advisor to determine what type of investment account is best for you.
Planning for Long-Term Financial Goals
Inflation is a real concern when it comes to saving for your long-term financial goals. It’s important to make sure that the interest rate on your savings account is keeping up with inflation. Consider looking for a savings account that offers a higher interest rate than the current inflation rate.
You’ll also want to consider your long-term financial goals, such as buying a house or saving for retirement. Look into different types of investment accounts, such as a 401(k) or IRA, to help you save for these goals.
Remember, it’s never too early to start thinking about your long-term financial goals. By continuing to save consistently and invest wisely, you’ll be well on your way to achieving your financial dreams.
Comparing Student Savings Accounts
As a student in Singapore, you have several options when it comes to choosing a savings account. Each bank offers different features and benefits, so it’s important to compare them and find the one that suits your needs.
Analysing Different Banks’ Offers
Let’s take a look at some of the top banks in Singapore and what they offer for student savings accounts:
- OCBC Frank: This account is great for young adults who are just starting to save money. It has no fees or minimum balance requirements, and you can earn up to 0.2% interest on your savings. Plus, you can get cashback on your debit card purchases.
- DBS Multiplier: This account is ideal for students who have a lot of savings and want to earn higher interest rates. You can earn up to 2.5% interest on your savings if you meet certain requirements, such as having a monthly salary credit or making a certain number of transactions.
- UOB Stash: This account is perfect for students who want to save in multiple currencies. You can earn up to 0.05% interest on your SGD savings and up to 0.1% interest on your foreign currency savings.
Identifying the Best Options for Your Needs
When choosing a student savings account, it’s important to consider your own needs and preferences. Here are some factors to consider:
- Interest rates: Look for an account with high interest rates to maximise your savings.
- Fees: Check for any fees or minimum balance requirements that may apply.
- Convenience: Consider the bank’s location and whether it has a mobile app or online banking services.
- Rewards: Some accounts offer rewards such as cashback or discounts on purchases.
- Multi-currency account: If you frequently travel or make purchases in foreign currencies, consider an account that allows you to save in multiple currencies.
Overall, the best student savings account for you will depend on your individual needs and preferences. Take the time to compare different options and choose the one that suits you best.
Conclusion
Congratulations! You have now discovered the top 7 student savings accounts in Singapore! In this article, we have highlighted the best options for students looking to save money and earn interest on their savings.
When choosing a savings account, it’s important to consider factors such as interest rates, fees, and account requirements. Based on our research, we have found that the following savings accounts are the best options for students in Singapore:
- Standard Chartered JumpStart Account
- CIMB FastSaver Account
- DBS Multiplier Account
- UOB One Account
- OCBC 360 Account
- Maybank iSAVvy Savings Account
- POSB eMySavings Account
Each of these accounts offers unique features and benefits, so it’s important to choose the one that best suits your needs. For example, if you’re looking for a savings account with no minimum balance requirement, the CIMB FastSaver Account may be the best option for you. On the other hand, if you’re looking for an account that offers high interest rates and cashback rewards, the DBS Multiplier Account may be the way to go.
No matter which account you choose, remember to always read the terms and conditions carefully before opening an account. This will help you avoid any surprises or hidden fees down the road.
We hope this article has been helpful in your search for the best student savings account in Singapore. Happy saving!
Frequently Asked Questions
What’s the top pick for a student savings account with the highest interest rate in Singapore?
The DBS Multiplier Account is a great option if you’re looking for a student savings account with the highest interest rate. With the Multiplier Account, you can earn up to 2.5% interest on your savings balance. Plus, it’s easy to qualify for the higher interest rate.
You only need to credit your salary, make bill payments, or spend on your DBS/POSB credit card.
Can you tell me which bank offers the best savings account for students without needing a salary credit?
Yes, CIMB FastSaver is a great savings account option for students who don’t need a salary credit. With a competitive interest rate of 0.5%, no minimum balance required, and no monthly fees, it’s a great choice for students who want a simple and straightforward savings account.
Which bank in Singapore is currently leading the pack for student savings accounts?
DBS Bank is currently leading the pack for student savings accounts in Singapore. With the DBS Multiplier Account, DBS JumpStart Account, and DBS Savings Plus Account, DBS offers a range of student options. Plus, DBS is known for its user-friendly mobile banking app, making it easy for students to manage their finances on the go.
I’m a student eager to maximise my savings; which DBS account should I consider?
The DBS Multiplier Account is a great option if you’re a student looking to maximise your savings. With the Multiplier Account, you can earn up to 2.5% interest on your savings balance. Plus, it’s easy to qualify for the higher interest rate. You only need to credit your salary, make bill payments, or spend on your DBS/POSB credit card.
Is the OCBC savings account a good match for students looking to grow their money?
Yes, the OCBC 360 Account is a good match for students looking to grow their money. With the 360 Account, you can earn up to 1.2% interest on your savings balance.
Plus, you can earn bonus interest by completing certain actions, such as crediting your salary, making bill payments, or spending on your OCBC credit card.
Are there any insider tips from Reddit on Singapore’s best student savings accounts?
According to Reddit users, the DBS Multiplier Account and the OCBC 360 Account are two of the best savings accounts for students in Singapore. Both accounts offer competitive interest rates and bonus interest for completing certain actions.
Additionally, some users recommend the UOB One Account for students who can maintain a high balance in their savings accounts.
