We break down three of the most attractive savings accounts for the average young working adult in Singapore so that you are able to make a more informed decision about how to best maximise your savings.
+2.40% p.a. on first S$100kSpend S$500/month on OCBC credit card+2.00% p.a. on first S$75k+1.20% p.a. on first S$75kEffective Interest Rate for the average young working adultMax EIR is highest at a S$100k balance even with the Grow Bonus left inactive. Promotional rates, if any, are not included
The total EIR that you are able to obtain with OCBC’s 360 savings account on an account balance of S$100,000, without the growth bonus, would be 7.65% p.a. This is the highest maximum EIR of the three accounts showcased in this article. If you are considering depositing S$200,000 in the OCBC 360 savings account to meet the growth bonus criteria, this would make the interest earned on the first $100,000 in your savings account a whopping 10.05% p.a. The interest on the next S$100,000 would only be the base interest of 0.05% p.a. The extra interest you would earn from doing so would be S$290 in a year .
Realistically, most of us will not choose to purchase an investment or insurance product purely to unlock the bonus interest. The average Singaporean is also unlikely to keep S$200,000 in a savings account. A more realistic expectation would be to meet the salary, save and spend bonuses criteria to get an EIR of 4.65% p.a. for an account balance of S$100,000. For an account balance of S$10,000, the effective interest rate would be 4.30% p.
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