High Savings Account With No Loops To Cross For Self-Employed

Based on my earlier post where I planned to accumulate 2 years worth of dividends before beginning my Barista FIRE journey, I have to find a place to park the funds, and preferably earn some interest instead of sitting idly in the account.  For the salaried individuals, there are many options as recommended by Seedly, with United Overseas Bank (UOB) One Account, Oversea-Chinese Banking Corporation (OCBC) 360 Account being the top choices, where, with salary crediting and fulfilling spending requirements, one is able to achieve interest rates of up to approximately 7%.  However for individuals without a fixed monthly salary being credited into any accounts like myself, a self-employed individual, it will be great if there is an account with reasonably good interest rate, but without all the hoops and loops to cross to achieve decent rates.

Note that the full credit for this post goes to Singsaver, and I selectively highlighted a 4 accounts that suit my personal needs best.

1)     SIF GoSavers Account

The SIF GoSavers Account is a savings account that pays you a high interest without requiring salary crediting.  Indeed, all you need is to park your savings to enjoy up to 3.50% per annum.

You’ll earn 2.50% per annum on your first SGD 100,000, 3.00% per annum on your next SGD 150,000, and 3.50% per annum on amounts above SGD 250,000.

This makes the SIF GoSavers Account a good option for students, homemakers, retirees, freelancers, and National Servicemen (NSFs) who want a simple savings account without jumping through hoops.  It's also great for those with large account balances, as you can earn 3.50% per annum interest for balances SGD 250,000 and above. 

What's more, there's no early account closure fee, no minimum initial deposit requirement, and the interest is calculated based on your daily balances (and credited at the end of the month), so you can withdraw your money at any point in time without worrying about losing interest.

*The account is a premier savings account offered by Sing Investments & Finance Limited and is the company’s flagship product.  This institution is not only licensed but also under the regulatory oversight of the Monetary Authority of Singapore (MAS), signifying its compliance with local financial standards.*

Minimum initial deposit: SGD 0.00
Minimum daily balance: SGD 1,000.00
Monthly fall-below fee: SGD 2.00
Bonus interest cap: Not Applicable

2)     GXS Savings Account (No Available Accounts For Now)

GXS Savings Account is a savings account by GXS Bank (a joint consortium between Singtel and Grab).

The GXS Savings Account comprises a Main Account and eight Saving Pockets which can be allocated for different savings goals (education, loans, renovation, holiday, etc.). 

The interest rate for the main account is 2.38% per annum, while each Savings Pocket will earn you 2.68% per annum.

What sets the GXS Savings Account apart from other savings accounts is that the interest is credited daily.  In other words, you can withdraw your money at any point in time without having to worry about losing out on the interest (which is unlike most savings accounts where the interest is based on your average daily balance).

Also, while the maximum you can hold in your account is SGD 75,000, the funds in your account will continue to earn interest.

Moreover, there are no hoops to jump through, meaning you can earn interest from your first dollar without needing to meet a monthly credit card spend, credit your salary, or buy an insurance or investment product.  You also don't need to maintain a minimum balance or commit to a lock-in period.

GXS savings account also comes with a complimentary debit card, where you will earn rewards when you spend at least SGD 10 on eligible transactions.

Minimum initial deposit: SGD 0.00
Minimum daily balance: SGD 0.00
Monthly fall-below fee: SGD 0.00 
Bonus interest cap: SGD 75,000.00

2)     MariBank (Alternative to GXS Bank)

MariBank is a fully digital bank that offers banking services online.  It has no physical offices, service branches or ATMs, so all transactions can only be performed over the internet.  To access MariBank services, users will need to download the MariBank mobile app to their phones, and sign for an account.  Account registration requires a Singapore-registered phone number and a SingPass ID.

The Mari Savings Account is a no-frills savings account that pays 2.88% per annum on your deposits.  There is no minimum deposit required, no salary crediting, and no minimum spending required to earn this interest rate.  Interest earned is credited to your account daily, so you get a nice, steady trickle of passive income.  Note that this 2.88% per annum interest is a promotional rate which lasts until 30th June 2024, and prevailing base rate of 2.50% per annum shall apply thereafter.

The Mari Savings Account can also be used for payments.  One way is by linking your account to Shopee.  This allows you to top up your ShopeeWallet with your Mari Savings Account balance, or pay directly from it during checkout.  Your Mari Savings Account also supports payments via PayNow QR codes.  You can also send and receive funds via PayNow. 

There are no fees or charges for opening or using a Mari Savings Account.

Minimum initial deposit: SGD 0.00
Minimum daily balance: SGD 0.00
Monthly fall-below fee: SGD 0.00 
Bonus interest cap: SGD 75,000.00

3)     CIMB Fastsaver Account

The CIMB FastSaver Account is for those who prefer a simple savings account that doesn't require you to meet different requirements to earn a higher interest.  In fact, all you need to do is to park your money!

Because unlike most savings accounts, you don't have to fulfill different requirements to unlock higher interest, whether it’s signing up for a credit card, investing in an insurance product, or meeting a monthly minimum spend.  All you need to do is increase your account balance. 

You will earn 1.50% per annum on your first SGD 25,000, 2.50% per annum on your next SGD 25,000, and 3.50% per annum on your next SGD 25,000.  However, for amounts above SGD 75,000, the interest rate drops to a meagre 0.80% per annum.

On top of this, CIMB is running a promo from 1 March to 31 May 2024 where you can earn bonus and additional interests, or up to 4.00% per annum.  Details of the promotion is available here.

Aside from that, another benefit of the CIMB FastSaver Account is there's no lock-in period or monthly fall-below fees.  Though, you do need a minimum of SGD 1,000 to start the account and maintain a monthly average balance of SGD 1,000 to earn interest.  

Minimum initial deposit: SGD 1,000.00
Minimum monthly balance: SGD 0.00 (minimum SGD 1,000.00 to earn interest)
Monthly fall-below fee: SGD 0.00
Bonus interest cap: Not Applicable

4)     RHB High Yield Savings Plus Account

If you want a no-frills account that doesn't require jumping through hoops to earn bonus interest, the RHB High Yield Savings Plus Account is for you.

The RHB High Yield Savings Plus Account works like a traditional savings account where the interest earned is based on the funds you have in the account.  You will earn 1.50% per annum on your first SGD 50,000, 1.60% per annum on your next SGD 25,000, and 1.80% per annum on your next SGD 25,000.  The highest interest you can earn is 2.00% per annum for deposits above SGD 100,000. 

Minimum initial deposit: SGD 1,000.00
Minimum daily balance: SGD 0.00
Monthly fall-below fee: SGD 0.00
Bonus interest cap: Not Applicable

These are the 4 high savings accounts available currently with no loops for one to fulfill before one can earn the interest on their spare cash or emergency funds.  However, do note that these conditions may change from time to time, so it is imperative for individuals to keep a constant lookout on their respective terms and conditions.  If these interest rates do not entice you in anyway and you are fine with limiting liquidity for short durations, then perhaps 6-months T bills are good for you will yields still above 3.5% for now.  If one-month wait is not a problem for you, then Singapore Savings Bonds (SSB) is also a good place to park your cash, but do not that every withdrawal from SSB involves a SGD 2.00 transaction fee.  Barista FIRE, here I come...!