The BEST Savings Account!

With the new year just starting out, it's perhaps time to review whether my current savings account is still the best!

There was a time when all the hype was about OCBC 360 Account, which grants you over 3% p.a. interest rate.
I rode on the wave quite early, but it seems like the wave is dying now. haha..
Other banks such as UOB and BOC has since created 'new waves'.

Instead of diligently checking the updates from every possible bank in Singapore, I usually surf around the local forums and those finance blogs to get a sense of what's hot at the moment.

The information I have gathered so far shows that the current Top 3 contenders on the BEST savings account are:

1. BOC SmartSaver

2. OCBC 360 Account

3. UOB One Account

The information given by the banks are usually quite comprehensive, but might be confusing due to the overload of it.

Here's my attempt to decipher what the individual bank is promoting about their savings account, and what is the best option in my situation.

		BOC SmartSaver	OCBC 360	UOB One
Maximum Amt Applicable for Bonus Interest		$60,000	$60,000	$50,000
Prevailing Interest Rate (p.a.)		< $5,000 - 0.25% ≥ $5,000 - 0.275% ≥ $20,000 - 0.35% ≥ $50,000 - 0.40%	0.05%	0.05%
Condition 1	Credit/Debit Card Expenditure	$500 (min)	$500 (min) Credit Cards only	$500 (min) One Card/Direct Visa Debit Card
	Bonus Interest (p.a.)	1.55%	0.50%	First $10,000 - 1% Next $20,000 - 1.5% Next $20,000 - 2% => For $50,000 - 1.6%
Condition 2	Salary Credit	$2,000 (min)	$2,000 (min)	$2,000 (min) *Either Condition 2 or 3 will be considered.
	Bonus Interest (p.a.)	1.00%	1.20%	First $10,000 - 0.5% Next $20,000 - 0.5% Next $20,000 - 1.33% => For $50,000 - 0.832%
Condition 3	Bills Payment	3 bills online/GIRO OR 1 BOC Mortgage Repayment	3 bills online/GIRO	3 bills via GRIO *Either Condition 2 or 3 will be considered.
	Bonus Interest (p.a.)	0.60%	0.50%	First $10,000 - 0.5% Next $20,000 - 0.5% Next $20,000 - 1.33% => For $50,000 - 0.832%
Condition 4	Insure/Invest	-	Financial or Investment products	-
	Bonus Interest (p.a.)	-	1.00%	-
Condition 5	Incremental Acct Balance	-	Increase in Avg Daily Balance	-
	Bonus Interest (p.a.)	-	1.00% of Incremental Amt	-
Maximum Interest Rate (p.a.)		0.40% + 1.55% +1.00% + 0.60% = 3.55%	0.05% + 0.50% + 1.20% + 0.50% = 2.25% (excludes Condition 4 & 5)	0.05% + 1.60% + 0.832% = 2.482%
Maximum Interest		3.55% of $60,000 = $2,130/year = $177.50/mth	2.25% of $60,000 = $1,350/year = $112.50/mth	2.482% of $50,000 = $1,241/year = $103.42/mth

The short answer from the table is that, BOC SmartSaver is the obvious winner~!
The difference from OCBC 360 I can potentially get from BOC SmartSaver in just a month is $65!
I can eat a lot of chicken rice with $65.

However, the long answer is, it depends on what kind of criteria can you fulfill.
My situation is that I would fulfill all the 3 conditions needed to attain the maximum benefits.
But if you can't, you probably have to work out which savings account is the optimal choice for yourself.
For example, if you're unable to hit $500 for credit/debit card expenditure, UOB One is definitely out of the picture.
BOC SmartSaver will yield 1.60%, but OCBC 360 will yield 1.70%.
In this case, OCBC 360 wins.

Things get more complicated when you have way over $60,000, and are deciding on a second savings account, and can fulfill the criteria of the second savings account.

But at the moment, I'm only capable of just one savings account.
The choice is clear, and I have made my choice.
Well-researched and calculated. haha..

Hopefully my wealth will start to grow grow grow~