DBS vs. UOB vs. OCBC: What’s Singapore’s Best Interest Rate?

We’re living in the times of higher interest rates which means we can finally earn something on our cash – yay!

That’s a good thing, people. So, even though inflation is higher, we can earn a yield from placing cash in a bank account.

In Singapore, the most obvious options for interest-generating savings accounts are the three big banks: DBS, UOB and OCBC.

But the million-dollar question is: which of the big Singapore banks gives you the best interest rate?

And more crucially, which one gives the best effective interest rate (that means the average and NOT the promo headline rate) without you having to jump through a million hoops?

To do this, I’m going to assume readers credit their salary to the bank account, spends S$500 on one of bank’s credit cards and saves S$500 every month.

Let’s find out which Singapore bank comes out on top!

1. DBS Multiplier Account = 1.8% per annum

Alright, so DBS is Singapore’s biggest bank and clearly doesn’t need our money that much.

It’s giving a pretty paltry effective interest rate (EIR) of 1.8% per year – on the first S$100,000 in savings – for its DBS Multiplier Account.

2. OCBC 360 Account = 4.7% per annum

Alright next up is OCBC, which gives you an EIR of 4.7% per year – on the first S$100,000 of cash savings – in its OCBC 360 Account.

The one thing to note here is that you need to save at least S$500 per month to get this rate.

However, that is very achievable from a cash savings perspective.

3. UOB One Account = 0.7% per year

Finally, we have the UOB One Account which gives you an EIR of 0.7% per year – on the first S$100,000 in cash savings – based on salary crediting.

However, we should note that this rate could be an EIR of 5.1% if account holders spend S$500 per month on only three eligible credit cards; UOB One, UOB Lady’s and UOB EVOL.

It’s UOB up to their usual shenanigans though, i.e. you can only get the rate if you spend on this or that card (why not ANY credit card like DBS or OCBC)?

So, I have to penalise them for that. Additionally, the UOB Lady’s Card is only for women so men actually only have a choice of two credit cards.

Winner = OCBC 360 Account

It’s pretty straightforward that the OCBC 360 Account gives you the best EIR for the first S$100,000, with the least amount of hoop jumping.

If you do own any one of the three UOB credit cards, though, then those could also potentially offer you a higher EIR of 5.1%.

Remember that these interest rates are tiered, so what you earn on your first S$50,000 may differ from the next S$50,000.

Make sure to read all the terms and conditions to make sure you’re getting the best deal for your cash money!