Singapore savings account interest rates
Singapore savings account interest depends on your balance and banking habits. Compare Trust and OCBC using the same S$50,000, without adding shopping or insurance purchases to chase a bonus.
Your savings account advertises an impressive rate. Your interest payment looks considerably less impressed.
Which Singapore savings account pays more without extra spending? Using terms checked on 8 November 2026, Trust’s Level Up promotion pays more than OCBC 360 in our S$50,000 example. The difference depends on qualifying conditions, not just the advertised percentage.
What does the same S$50,000 earn?
Consider an illustrative full 30-day month while both promotions apply. Each account has S$50,000 average daily balance: the average of its daily closing balances.
Assume Trust’s October average was zero. For OCBC, assume the previous month’s average was S$49,500 and at least S$1,800 of employer salary arrives through qualifying GIRO, FAST or supported PayNow salary crediting.
No card-spending bonus, insurance or investment purchase is included. One-off joining rewards are excluded.
Trust Level Up: S$50,000 of qualifying incremental balance earns 2.00% a year, approximately S$82.19 for 30 days.
OCBC 360: At this balance, 1.00% salary bonus plus 0.50% promotional Save bonus plus 0.05% base interest produces 1.55% a year, approximately S$63.70 for 30 days.
Calculate balance × annual rate × 30 ÷ 365, before bank rounding and without compounding. These annualised rates are not promises of twelve months at that rate.
The difference is about S$18.49. Worth checking; hardly a licence to start buying things to unlock another bonus.
Fresh funds and salary are different conditions
Trust requires a Savings Pot named “Level Up” and qualifying deposits by 30 November 2026. Its promotion runs until 31 January 2027.
Fresh funds are measured against October’s average daily balance. Moving existing money between pots does not make it fresh. A deposit partway through a month can produce a lower monthly average than the amount transferred.
The 2.00% includes regular interest. Trust pays the promotional top-up separately by 15 February 2027.
OCBC requires the illustrated salary crediting and at least S$500 growth in average daily balance. Depositing S$500 on the last day will not achieve that increase.
Its enhanced Save bonus ends 31 December 2026. OCBC credits bonus interest by the seventh business day of the following month. Rates also vary by balance tier.
For general information only, not personal financial, investment, tax or legal advice. Investments carry risk. Check information independently and seek qualified advice for your circumstances. Editorial policy and corrections.
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