Selecting the right savings account is very important if you wish to make the most out of your savings and salary. You sure have a lot more to put into consideration apart from the interest rates while choosing a better savings account, such as minimum balance requirements and bonus features. You may easily tally the best savings account to grow your money by making comparisons and being considerate of your financial needs. Good news is that, there are a lot of banks that offer a no minimum balance requirement! This would promote accesibility and convenience as you can open an account without worrying about meeting the required minimum deposit— this could also mean that you won’t be experiencing hassle about incurring penalties due to not reaching the required balance!
With the emerging different digital banks with no minimum deposit, this will allow you to open multiple accounts and assign them for different goals! For example, you could use your Trust bank if you wanna save up for your travel fund, or MariBank for your investment fund, and GXS for your savings! And what’s good with having a savings account with no minimum deposit is that even if you have S$0 on each account, you will be free from the fall below fee! For investments, i do not use roboadvisors at the moment, as I do my own investments. Instead, I save up a chunk and wait for a market correction to buy the stocks I want or an ETF.
You also don’t have to worry about your money’s safety as these banks and even digital banks are a part of the Deposit Insurance (DI) Scheme of the Singapore Deposit Insurance Corporation (SDIC), and they are likewise protected against deposit loss just like traditional banks.
Here are the Best Savings Accounts in Singapore with No Minimum Balance:
Banks | Base Interest Rate |
Maribank Savings Account | 2.70% (until 31 Dec 2024) 2.50% will apply thereafter |
GXS Savings Account | 2.38% |
Standard Chartered JumpStart Account (up to age 26) | 2.00% |
RHB High Yield Savings Plus Account | 1.50% |
Trust Savings Account | 1.25% |
MariBank Savings Account
Key Features:
- Promotional interest rate of 2.70% p.a. is valid till 31 Dec 2024. Prevailing base rate of 2.50% p.a. shall apply thereafter
- No salary crediting needed
- Interest credited daily 2.70% p.a. interest earnings credited to your account daily. Earnings calculated based on your previous day’s balance.
- Check out on Shopee or top up your ShopeePay wallet with Mari Savings Account and enjoy exclusive rewards on Shopee
- Send and receive money instantly with PayNow. On top of that you can also make payments at stores which accept PayNow QR codes.
- Safe and Secured – Your account is protected with the latest encryption technology and transactions are protected by multi-factor authentication process. Your savings is insured (both principal and interest) up to S$100,000 in aggregate per depositor by Singapore Deposit Insurance Corporation (SDIC)
Eligibility:
Age: 16 years old and above
Citizenship: Singaporean, Permanent Resident or foreigner with a valid pass
How to open a Mari Savings Account?
1. Download the MariBank app from the Apple App Store or Google Play Store
2. Key in the promo code: 2OJA50ZV
3. Register for a MariBank account with a valid Singapore mobile number.
4. Open a Mari Savings Account digitally with Singpass.
* Applications will be processed either immediately or over the course of one to two days. Depending on your selected communication method, they will inform you via email, SMS, and/or push notification on the MariBank app about the status of your application.
GXS Savings Account
Key Features:
- Earn 2.38% p.a interest rate and up to 2.68% on Saving Pockets
- Interest is credited to your GXS Savings Account daily
- The maximum account balance limitations is one significant drawback of the GXS Savings Account. At the moment, deposits into the account are limited to S$75,000 only
- You can use up to eight (8) Saving Pockets to personalize your saving goals, plus, you can earn 2.68% interest on each pocket!
- You can withdraw any amount from your saving pockets anytime, back to your main account with no penalties
- SDIC protected and insured of up to S$100,000
Eligibility:
Age: 16 years old and above
Citizenship: Must have a residential address in Singapore, be a Singapore citizen, Singapore Permanent Resident or have a valid visa e.g. Dependant’s Pass (DP), Employment Pass (EP), Work Permit
How to open a GXS Savings Account?
- Simply download the GXS Bank app from Apple Store or Google Play store
- Launch the app, and tap on GXS Savings Account ‘Sign up now’— there will be instructions on the process
- Sign up using the code AUDR190 to get up to S$40 (S$20 for signing up the GXS Savings account and S$20 for signing up for GXS Debit card). This is limited to the first 10,000 referrals.
- Following review and approval of your documentation, your GXS Savings Account will be activated and ready to use.
Standard Chartered JumpStart Account (up to age 26)
Key Features:
- Has a 2.00% p.a base interest rate for first S$50,000, 0.10% thereafter
- comes with a debit card (Mastercard linked to the account) with 1% cashback on eligible spends
- No minimum deposit
- No requirement for salary crediting
- No minimum spends or fees for cashback debit card
- No lock-in period
Eligibility:
Age: between 18 years old and 26 years old
Citizenship: valid SingPass with MyInfo Profile, Singapore mobile number and email address
How to open Standard Chartered Jumpstart Account?
- Make sure you are eligible to apply based on the age range
- Click on the Apply Here button
- Enter the code: DBF6F to receive S$30 cashback
RHB High Yield Savings Plus Account
Key Features:
- Earn 1.50% p.a on the first S$50,000 deposit and up to 2% for deposits above S$100,000
- No lock-in period nor fall below fees charged
- simple account that doesn’t require you to fulfill any conditions in order to receive bonus interest
Eligibility:
Age: 16 years old and above
Citizenship: Singaporeans or Singapore Permanent Residents; Foreigners with Employment Pass or Work Permit Holders
How to open RHB High Yield Savings Plus Account
Download the App through the links below and register in-app:
Trust Savings Account
Key Features:
- 1.25% p.a for deposits up to $500k and 0.05% for deposits above $500k
- Earn Bonus interest (accrued daily) up to 3.50% when you do these:
- Maintain a min. S$100K Average Daily Balance (ADB) for the month to unlock this bonus rate: +0.5%
- Make 5 Qualifying Trust Card Transactions of Min. S$30 per transaction each month: NTUC Union Member: +1% ; Non NTUC Union: +0.5%
- Bonus Interest from Salary crediting: Credit at least S$1.5k of monthly salary to Trust account through GIRO within the month): +0.75%
- Can withdraw cash from ATMs operated by Trust / Standard Chartered Bank (SCB) on local and overseas ATMs that accept Visa.
Eligibility:
Age: 18 years old and above
Citizenship: Singapore citizen, Singapore permanent resident or foreigner
How to open Trust Savings Account:
- Download the App through the links below
- Key in the code: FW93AGA4 to get S$10 FairPrice E-Voucher
- Have your mobile phone and MyInfo authentication ready fill out your application form
- Once done, approval will take almost instantly!?
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