Bank Account – High interest accounts

Information correct as of 2nd November 2017
I hope that this comparison will help you to decide and choose the one that will help to maximise your returns from your bank account. In this post, the following bank accounts will be compared:
1. OCBC 360
2. UOB One
3. DBS Multiplier
4. Bank of China SmartSaver
5. Maybank SaveUp
6. Standard Chartered BonusSaver

Key points of the comparison

1. Salary credit, card spend and bill payment are common criteria
These three criteria are the only common criteria for the six accounts compared. For salary credit, all bank accounts require salary to be credited via GIRO. For the card spend, some includes debit card spending, some includes all credit card spend and some are credit card specific. Bill payment criteria require the account holder to pay via the respective bank’s internet banking platform or via GIRO.

2. Bonus interest depends on number of activities carried out with the bank, total transaction amount, bank account balance or combination 
Criteria for OCBC 360, Standard Charterd BonusSaver and Bank of China SmartSaver are pretty straightforward. Each category of transaction will award a fixed additional bonus interest.
Meanwhile, UOB One’s interest is tiered based on average daily balance in addition to meeting card spending. The interest for each tier will be higher if the account holder also meet the card spending criteria and salary credit or bill payment criteria.
Maybank SaveUp requires the account holder to make at least one to three from the nine types of transaction. The bonus interest is tiered based on the number of different transactions.
DBS Multiplier’s bonus interest is tiered based on the number of transactions (Salary credit is compulsory) and the total transaction value.

3. Card spend with Standard Chartered’s BonusSaver does not earn cash rebates or reward points
Card spend on the Standard Chartered’s BonusSaver credit and debit card do not earn any cash rebates or reward points. This is the only outlier.

4. Bonus interest for insurance and investment is limited for first 12 months
Bonus interest for insurance and investment are usually for the first 12 months after the purchase of the product. However, it seems like it is not the case for purchase of  insurance for Maybank SaveUp as it is not clearly stated in the terms and condition.

4. Extra saving interest OCBC 360 account and Bank of China SmartSaver
OCBC 360 offers extra 1% interest for account holder’s first S$70k if the bank account balance is above S$200k.
Bank of China SmartSaver offers extra 0.6% interest for bank account balance above S$60k, capped S$1 mil, if any one of the criteria is met.

Edit: 24th Jan 2018. DBS informed me via Alvin from DrWealth that there are other updates to the products and conditions of the DBS Multiplier account. 

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