By The Ledger desk · Last verified 11 October 2026
A bonus-interest savings account pays a small base rate (often 0.05% a year) on everything, then adds bonus interest each month you meet set criteria: crediting your salary, spending a minimum (commonly S$500) on the bank’s credit card, paying bills by GIRO, or buying the bank’s insurance or investments. The bonus applies only to a capped slice of your balance, typically the first S$100,000 to S$150,000, and it is split into tiers with different rates. The headline “up to” rate assumes you hit every criterion with the full capped balance. Your real return is the effective rate on your own balance, for the criteria you actually meet.
The good news: once you see how the tiers stack, comparing these accounts takes ten minutes and a calculator. Here is the method.
Quick facts
- Base interest on the well-known accounts is around 0.05% a year; the bonus is where the money is.
- Common criteria: salary credit, card spend, GIRO bills, insurance, investments, a home loan, or growing your balance.
- Bonuses are paid only up to a balance cap; money above it earns the base rate.
- Many bonuses are judged on your monthly average balance, not the closing balance.
- Banks revise these rates often, sometimes several times a year; always check the bank’s own page before moving money.
- Deposits are insured by SDIC up to S$100,000 per depositor per bank.
How do the tiers work?
Think of your balance as stacked layers. Each layer earns its own rate, and the rate often rises as you move up the stack, provided you meet the criteria. UOB One shows this clearly. As of October 2026, its published effective rates are:
| Balance layer (UOB One) | Card spend only (S$500) | Card spend + 3 GIRO debits | Card spend + salary (min. S$1,600) |
|---|---|---|---|
| First S$75,000 | 0.65% | 1.00% | 1.00% |
| Next S$50,000 | 0.05% | 2.00% | 2.50% |
| Next S$25,000 | 0.05% | 0.05% | 3.40% |
| Above S$150,000 | 0.05% | 0.05% | 0.05% |
Notice the trap and the opportunity in one table: the highest rate sits on the last S$25,000, so it only helps if your balance reaches that layer.
Worked example: what you actually earn
Using the UOB One rates above, with S$500 card spend and a salary credit every month:
- First S$75,000 at 1.00% = S$750 a year.
- Next S$50,000 at 2.50% = S$1,250.
- Next S$25,000 at 3.40% = S$850.
- Total on S$150,000 = S$2,850 a year, an effective 1.90%.
With only S$75,000 in the account, the same criteria earn S$750, or 1.00%. Same account, same habits, very different result. That is why the headline rate alone tells you little.
Category-based accounts: OCBC 360 and DBS Multiplier
Other accounts add a separate bonus for each category you hit. OCBC 360, as of October 2026, pays bonus interest on the first S$100,000 for each of these:
| OCBC 360 category | What you do each month | Effective bonus on first S$100,000 |
|---|---|---|
| Salary | Credit at least S$1,800 salary | 1.25% |
| Save | Raise average daily balance by at least S$500 | 0.40% (0.65% promotional, 1 Aug to 31 Dec 2026) |
| Spend | Charge at least S$500 to an eligible OCBC card | 0.25% |
| Insure / Invest | Buy an eligible product above the minimum | 1.25% each, for 12 months |
| Grow | Keep an average daily balance of S$250,000 or more | 1.20% |
Salary plus Save on S$100,000, with the 0.05% base: S$1,250 + S$400 + S$50 = S$1,700, an effective 1.70% (1.95% while the promotional Save rate runs). DBS Multiplier works differently again: the rate depends on your total monthly eligible transactions (salary, card spend, insurance, investments, home loan) and how many categories they span. DBS advertises up to 4.1% a year on the first S$100,000 at its highest tier; check its online calculator for your own figures.
How to choose, in five steps
- List what you already do: where your salary lands, which card you use, which bills go by GIRO.
- Ignore criteria you would only meet by spending or buying more than you would anyway.
- Work out the effective rate on your balance with the bank’s calculator or the layer method above.
- Check the minimum balance and fall-below fee (for example, UOB One charges S$5 if the average balance dips below S$1,000).
- Diary a check every few months, because rates are revised and promotions end.
The WahLiao Verdict
Pick the account that rewards what you already do, not the one with the shiniest “up to” number. For most salaried people, salary credit plus normal card spend captures the bulk of the bonus without buying anything new. Never take an insurance or investment product just to unlock a bonus for 12 months; judge it on its own merits. Keep an eye on the balance cap and the S$100,000 SDIC limit, and move surplus cash elsewhere once you pass them.
Questions people ask
Does my salary have to be from an employer?
Banks usually require it to arrive by GIRO, FAST or PayNow with a salary transaction code, and some accept other payouts such as CPF LIFE. Self-employed people should check each bank’s alternatives, often GIRO debits or a higher card spend.
When is the bonus paid?
Typically the month after you qualify. DBS, for example, credits bonus interest by the seventh working day of the following month.
What counts towards the card spend?
Only eligible cards and eligible transactions. Banks commonly exclude items such as some bill payments, top-ups and fees; the exclusion list is in each account’s terms.
Should I split money across banks?
Often, yes. Since bonuses stop at a cap and SDIC cover is per bank, spreading savings above the cap can keep more of it earning and insured.
Sources: UOB, UOB One Account rates and criteria; OCBC, OCBC 360 Account bonus categories; DBS, DBS Multiplier account. The Ledger explains; it does not advise.
Read next: Deposit Insurance in Singapore: What SDIC Covers, Up to S$100,000 · Fixed Deposits in Singapore: How They Work, and What Breaking One Early Costs · Back to The Ledger
For what’s worth it this week, with the bill shown, read The WahLiao Week.
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