Bonus Interest Savings Account: How DBS Multiplier, OCBC 360 & UOB One Boost Your Rate
A bonus interest savings account pays a low base interest rate plus extra bonus tiers — for salary credit, card spend, bill payments, or investment and insurance purchases — that can lift the effective rate well above a standard savings account, typically capped on the first S$50,000 to S$150,000 of balance.
Not financial advice. All figures for educational reference only. Data as at July 2026.
Key Takeaways
- As of mid-2026, DBS Multiplier pays up to 4.10% p.a. on the first S$100,000; OCBC 360 pays up to 4.45% p.a. on the first S$100,000 after being cut from 5.45% effective 1 May 2026; UOB One pays up to 1.90% p.a. on the first S$150,000 after two rate cuts since September 2025.
- Bonus interest is tiered and stacks — the more categories you fulfil, such as salary credit, card spend, bill payments, and insurance or investment purchases, the higher your blended rate.
- Balances above the bonus cap, for example above S$100,000 on DBS Multiplier, typically earn only the base rate, often as low as 0.05% p.a., so parking excess cash there wastes yield.
- Digital banks such as GXS Bank, MariBank, and Trust Bank generally offer a simpler flat bonus rate without needing salary credit or card spend, trading complexity for a lower ceiling.
- Bonus interest rates are reviewed and cut frequently — all three of Singapore’s largest local banks have lowered a bonus tier at least once since September 2025 as global interest rates have eased.
What Is a Bonus Interest Savings Account?
Unlike a plain savings account, which pays a single flat rate on your entire balance, a bonus interest savings account starts with a very low base rate and then adds extra interest tiers depending on your banking behaviour that month. Meet more of the bank’s defined conditions, and your blended rate climbs — sometimes from under 1% to over 4% per annum.
The three flagship examples in Singapore are DBS Multiplier, OCBC 360, and UOB One, each run by a local bank with slightly different qualifying categories. Digital banks such as GXS Bank, MariBank, and Trust Bank later entered the market with a simpler proposition: a single flat bonus rate requiring only a minimum balance or a small monthly spend, without needing salary credit.
Because banks compete aggressively on headline “up to X%” rates, it’s easy to overestimate what you’ll actually earn — the maximum rate usually requires fulfilling every qualifying category, which many account holders don’t do every single month.
How Bonus Interest Accounts Work in Singapore (2026)
| Account | Max Bonus Rate (2026) | Cap | Key Qualifying Categories |
|---|---|---|---|
| DBS Multiplier | Up to 4.10% p.a. | First S$100,000 | Salary credit + 2 more categories (card spend, home loan, insurance, investments) |
| OCBC 360 | Up to 4.45% p.a. | First S$100,000 | Salary, save, spend, plus insure/invest to reach the top tier |
| UOB One | Up to 1.90% p.a. | First S$150,000 | Salary credit or S$500+ card spend, plus 3 GIRO bill payments |
| Digital banks (GXS/MariBank/Trust) | ~1.5%–3% p.a. (varies) | Often lower, e.g. S$50,000–S$75,000 | Minimum balance or small monthly spend, no salary credit needed |
Source: Bank websites and financial comparison sites, as at July 2026 — rates change frequently and should be verified directly with each bank.
Bonus Interest Example
Ms Lim credits her S$5,000 monthly salary to her OCBC 360 account, sets up 3 GIRO bill payments, and spends S$500 on her linked credit card each month, but does not buy any insurance or investment products through the bank.
- She qualifies for the Salary + Save + Spend tier at 1.95% p.a. on her balance, not the full 4.45% top tier.
- To reach 4.45%, she would additionally need to purchase a qualifying insurance or investment product through OCBC that month.
- On a S$50,000 balance, the difference between 1.95% and 4.45% is roughly S$1,250 in extra annual interest — a meaningful gap most account holders don’t realise they’re missing.
Advantages of Bonus Interest Savings Accounts
- Materially higher yield than a plain savings account. Even the mid-tier rates on these accounts beat a standard passbook savings rate of around 0.05%.
- Rewards an existing banking relationship. If you already credit your salary and pay bills through one bank, the bonus tiers may cost you nothing extra to unlock.
- No lock-in. Unlike a fixed deposit, funds remain fully liquid and can be withdrawn anytime without penalty.
- Digital bank alternatives simplify the trade-off. For savers who don’t want to juggle multiple categories, a flat-rate digital bank account can be a lower-effort compromise.
Risks and Limitations
- Rates are cut with little notice. OCBC 360 and UOB One have both reduced their maximum rates since September 2025 — a rate you signed up for is not guaranteed to last.
- Requires ongoing behaviour, not a one-time setup. Missing a qualifying category in any given month drops you to a lower blended rate for that month.
- Balances above the cap earn almost nothing. Money above S$100,000–S$150,000 typically reverts to the base rate, often under 0.1% p.a.
- Opportunity cost versus T-bills and SSBs. Singapore Savings Bonds and Treasury Bills can offer a comparable or higher guaranteed yield without needing to meet monthly spending conditions.
Bonus Interest Savings Account vs Fixed Deposit
| Feature | Bonus Interest Savings Account | Fixed Deposit |
|---|---|---|
| Liquidity | Fully liquid, withdraw anytime | Locked for the deposit tenure |
| Rate certainty | Can change monthly, cut with short notice | Fixed for the entire tenure once placed |
| Effort required | Must meet qualifying categories monthly | None after placing the deposit |
| Typical cap | S$50,000–S$150,000 for top rate | No cap, but rate may tier by amount |
| Best for | Emergency funds needing daily banking activity anyway | Cash not needed for a fixed period |
The Bottom Line
For Singapore savers, a bonus interest savings account can meaningfully outperform a plain savings account, but only if you consistently meet the qualifying categories and keep your balance within the bonus cap — with rates having been cut across the board since late 2025, it’s worth re-checking your actual blended rate rather than assuming the headline “up to” figure applies to you.
Frequently Asked Questions
What is the highest bonus interest savings account rate in Singapore in 2026?
As at mid-2026, OCBC 360 offers up to 4.45% p.a. on the first S$100,000, followed by DBS Multiplier at up to 4.10% p.a. on the first S$100,000, with rates subject to change.
Do I need to credit my salary to earn bonus interest?
For the flagship bank accounts like DBS Multiplier, OCBC 360, and UOB One, salary credit is typically one of the qualifying categories needed to reach higher tiers, though some digital bank accounts don’t require it.
What happens to money above the bonus interest cap?
Any balance above the account’s bonus cap, commonly S$100,000 for DBS Multiplier and OCBC 360, generally earns only the low base interest rate, often around 0.05% p.a.
Why did UOB One cut its interest rate?
UOB One’s rate was reduced twice since September 2025, in line with the broader trend of Singapore banks trimming bonus rates as global interest rates eased from their 2023–2024 peaks.
Are bonus interest savings accounts better than Singapore Savings Bonds?
It depends on your situation. Bonus accounts can offer a higher and more liquid return if you already meet the qualifying categories through normal banking activity, while Singapore Savings Bonds offer a guaranteed, behaviour-independent rate with early redemption flexibility.
Can I hold more than one bonus interest savings account?
Yes, many Singaporeans split funds across two or three accounts, for example DBS Multiplier and a digital bank account, to maximise the bonus rate cap available across multiple providers.