Top of main content

Types of savings accounts

There are several types of savings accounts you can choose from. The right one for you will depend on what you're saving for or the specific savings goal you want to achieve.

It can be a good idea to hold a number of different savings accounts, each for a specific type of saving. For example, you could use one to cover unexpected costs, one to fund a holiday, one to save up for a down payment on a home, and so on.

You can also choose to place your money in investment instruments such as a fixed deposit instead of a savings account.

Here are some common types of savings accounts, and what savings goals they might be good for:
Type Key features Good for
Current/Savings Account (Everyday Global Account)
  • Fast or immediate access to your money
  • Competitive interest rates 
  • Multi-currency account 

Consolidating all your transactions and salary into one account and earning attractive interest and cashback when you transact and save with HSBC with our Everyday+ Rewards Programme.

Time deposit (Also known as Fixed deposit)
  • Tenor of time deposit ranges from a few months to years where your money is locked-in during that period
  • Early withdrawal charges will be applied should you choose to withdraw early 
  • Minimum deposit of SGD 5,000 
  • Interest rates are better than savings accounts
Depositing funds that you know you won't need for a set period of time, so it could be suitable for longer-term savings goals.
Investment Account
  • Comes with the risk that you might not get back what you invested
  • If you're able to set your money aside for 5 years or more, you can consider investing in  Unit Trusts or trade stocks to make your money work hard than it would in a savings account
Setting aside money you're not going to need for years, such as your retirement.
Here are some common types of savings accounts, and what savings goals they might be good for:
Type Current/Savings Account (Everyday Global Account) Current/Savings Account (Everyday Global Account)
Key features
  • Fast or immediate access to your money
  • Competitive interest rates 
  • Multi-currency account 
  • Fast or immediate access to your money
  • Competitive interest rates 
  • Multi-currency account 
Good for

Consolidating all your transactions and salary into one account and earning attractive interest and cashback when you transact and save with HSBC with our Everyday+ Rewards Programme.

Consolidating all your transactions and salary into one account and earning attractive interest and cashback when you transact and save with HSBC with our Everyday+ Rewards Programme.

Type Time deposit (Also known as Fixed deposit) Time deposit (Also known as Fixed deposit)
Key features
  • Tenor of time deposit ranges from a few months to years where your money is locked-in during that period
  • Early withdrawal charges will be applied should you choose to withdraw early 
  • Minimum deposit of SGD 5,000 
  • Interest rates are better than savings accounts
  • Tenor of time deposit ranges from a few months to years where your money is locked-in during that period
  • Early withdrawal charges will be applied should you choose to withdraw early 
  • Minimum deposit of SGD 5,000 
  • Interest rates are better than savings accounts
Good for Depositing funds that you know you won't need for a set period of time, so it could be suitable for longer-term savings goals. Depositing funds that you know you won't need for a set period of time, so it could be suitable for longer-term savings goals.
Type Investment Account Investment Account
Key features
  • Comes with the risk that you might not get back what you invested
  • If you're able to set your money aside for 5 years or more, you can consider investing in  Unit Trusts or trade stocks to make your money work hard than it would in a savings account
  • Comes with the risk that you might not get back what you invested
  • If you're able to set your money aside for 5 years or more, you can consider investing in  Unit Trusts or trade stocks to make your money work hard than it would in a savings account
Good for Setting aside money you're not going to need for years, such as your retirement. Setting aside money you're not going to need for years, such as your retirement.

HSBC Singapore offers variety of Savings Accounts and fixed deposits.

Articles

Learn how interest rates work to help your savings could grow over time through investing.

Discover ways to balance your finances and your needs wisely to make the most of your money.

Explore what investment options are available so you can grow your money over time.

Making a head start on saving for retirement or topping up your CPF can be beneficial to your overall financial well-being.