Best High-Yield Online Savings Accounts of 2024

Written by

Yannie Woon

Updated on: January 24, 2024

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Best High-Yield Online Savings Accounts of 2024

High-yield savings accounts are increasingly becoming a cornerstone for prudent savers. Boasting annual percentage yields (APYs) as high as 7.88% or more, these accounts offer a significantly more potent growth potential compared to the standard savings account rates.

Amidst changing economic conditions and Monetary Authority of Singapore’s (MAS) monetary policies, these high-yield accounts present a timely opportunity for individuals looking to elevate their savings strategy. Whether you’re augmenting your emergency fund or accumulating savings for substantial future expenses, Loanstreet’s guide will assist you in navigating through the array of financial products available.

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What is a High-Yield Savings Account?

A high-yield savings account is a type of savings account offering considerably higher interest rates compared to traditional savings accounts. Leading options like UOB One, DBS Multiplier, and OCBC 360 have raised their rates to as much as 7.88% p.a., reflecting the dynamic financial landscape​​.

Why Choose a High-Yield Savings Account?

Opting for a high-yield savings account in Singapore is particularly advantageous due to:

  • Attractive Interest Rates: Rates as high as 7.88% p.a. significantly accelerate the growth of your savings​​.
  • Flexibility and Accessibility: These accounts offer easy digital access to funds, unlike some fixed-term investments.
  • Inflation Hedging: A higher interest rate can help maintain the purchasing power of your savings in an inflationary environment.
  • Reduced Fees: Typically, these accounts come with lower fees than traditional bank accounts.

Difference Between High-Yield and Traditional Savings Accounts

The primary differences include:

  • Interest Rates: High-yield accounts offer rates up to 7.88% p.a., whereas traditional accounts typically offer lower rates​​.
  • Digital Accessibility: High-yield accounts are primarily online, offering round-the-clock access, while traditional accounts may involve more in-branch services.
  • Minimum Balance Requirements: High-yield accounts often have more accessible minimum balance requirements.
  • Banking Services: Traditional accounts may provide a wider array of banking services.

Alternatives to High-Yield Savings Accounts

While high-yield savings accounts are an attractive option for many, it’s worth exploring alternatives that can suit different financial needs and goals:

  1. Fixed Deposits: Offering a guaranteed return, fixed deposits are a safe investment, albeit with generally lower returns compared to high-yield savings accounts. They’re ideal for those who don’t require immediate access to their funds.
  2. Investment-linked Products: For those willing to take on more risk for potentially higher returns, investment-linked products like stocks, bonds, or mutual funds might be appealing. However, these come with market risks.
  3. Retirement Accounts: Specific retirement accounts, such as the Supplementary Retirement Scheme (SRS), offer tax advantages and are designed for long-term savings.
  4. Insurance-linked Savings Plans: Some insurance policies combine savings and protection elements, offering a combination of investment returns and insurance cover.
  5. Multi-Currency Accounts: For individuals dealing with multiple currencies, these accounts can be useful, especially in a global hub like Singapore.

Interest Earnings on $10,000 After a Year

To illustrate the potential of a high-yield savings account, let’s consider a deposit of S$10,000. With an account offering an APY of 5.00%, typical for a high-yield account in Singapore, the interest earnings after one year would be approximately S$500​​. This calculation assumes the interest rate remains constant throughout the year and that the interest is compounded annually.

In contrast, a traditional savings account with an APY of around 0.5% would yield only S$50 in the same period, showcasing the significant difference in potential earnings.

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How Do I Choose the Best High-Interest Savings Accounts?

Selecting the best high-interest savings account involves considering several key factors:

  1. Interest Rates: Look for accounts with competitive APYs to maximise your returns. However, understand that higher rates may come with specific conditions.
  2. Account Requirements: Some accounts have prerequisites like a minimum balance or regular deposits. Ensure these requirements align with your financial habits.
  3. Fees: Be aware of any monthly maintenance fees, transaction fees, or penalties for not maintaining a minimum balance.
  4. Accessibility and Convenience: Consider how easily you can access your funds. Online and mobile banking features can add significant convenience.
  5. Additional Benefits: Some accounts offer extra perks, such as rewards or rebates on linked debit or credit cards.

High-Yield Savings Accounts: Pros and Cons

High-yield savings accounts offer several advantages and some drawbacks. It’s important to consider both sides to make an informed decision.


  • Higher Returns: The primary advantage is the potential for higher earnings on your savings.
  • Ease of Access: Most high-yield savings accounts offer easy online access and quick transfers.
  • Flexibility: They typically don’t lock in your funds, providing flexibility for withdrawals.


  • Variable Rates: Interest rates on these accounts can fluctuate, depending on economic conditions.
  • Higher Requirements: Some accounts may have higher minimum balance requirements or other conditions to earn the maximum APY.
  • Limited Services: As many of these accounts are offered by online banks, they might lack some traditional banking services.

The Highest APY Savings Accounts are Easy to Access

One of the appealing features of high APY savings accounts is their accessibility. Here’s what makes them user-friendly:

  • Online Banking: Most high-APY accounts offer robust online banking platforms, allowing you to manage your finances anytime, anywhere.
  • Mobile Apps: With mobile banking apps, you can check balances, transfer funds, and even deposit cheques remotely.
  • Automated Features: These accounts often come with automated savings options, making it easier to manage regular deposits.

How to Open an Account with the Best Interest Rates

Opening a high-interest savings account is a straightforward process:

  1. Research: Start by comparing different accounts. Look at their interest rates, fees, and terms.
  2. Eligibility: Check if you meet the eligibility criteria, such as age and residency requirements.
  3. Documentation: Prepare necessary documents like identification and proof of address.
  4. Application: Apply online or in person. Online applications are usually quicker and more convenient.
  5. Deposit: Some accounts require an initial deposit. Arrange for the transfer of funds to your new account.

What to Do if You Can’t Open a High-Interest Savings Account

If you’re facing difficulties in opening a high-interest savings account, consider these alternatives:

  • Consult the Bank: Speak with a representative to understand any obstacles and find possible solutions.
  • Check Other Institutions: Different banks have varying requirements. Explore other options that might be more accommodating.
  • Improve Financial Standing: Sometimes, improving your credit score or financial situation can make you eligible for these accounts.
  • Consider Joint Accounts: Opening a joint account with someone who meets the criteria could be an alternative.

Are High-Yield Savings Accounts Safe?

Safety is a key consideration:

  • Insurance Protection: In most cases, savings accounts are insured up to a certain amount, offering peace of mind.
  • Regulated Institutions: Banks offering these accounts are regulated, ensuring adherence to financial standards and practices.

High-Yield Savings Account Terminology

Understanding common terms associated with high-yield savings accounts can aid in making informed decisions:

  • APY (Annual Percentage Yield): Reflects the total interest earned in a year, including compound interest.
  • Compounding Interest: Interest earned on both the initial principal and accumulated interest.
  • Minimum Balance Requirement: The lowest amount that must be maintained in the account to avoid fees or earn the stated APY.

Final Thoughts

As we wrap up our discussion on high-yield savings accounts, I can’t help but reflect on how these accounts represent more than just a financial decision. They’re a testament to the evolving landscape of personal finance, where savvy savers are empowered with options that weren’t available just a decade ago.

Navigating the world of finance can often feel like a complex maze, but it’s enlightening to see how accessible and beneficial high-yield savings accounts have become. It’s not just about the higher interest rates; it’s about having more control over our financial future. The ability to manage our savings efficiently, with the flexibility and convenience that modern banking offers, is something that resonates with me, and I’m sure it does with many of you as well.

In a time where every little bit counts, choosing the right place to grow your savings is crucial. And while high-yield savings accounts are not a one-size-fits-all solution, they certainly offer an attractive option for many. Whether you’re just starting on your financial journey or looking to optimise your existing savings strategy, it’s worth considering these accounts as part of your financial toolkit.

As always, the key is to stay informed, weigh your options carefully, and choose what aligns best with your financial goals and lifestyle. And remember, in the realm of personal finance, staying adaptable and open to new opportunities can often lead to the most rewarding paths.

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