Keeping money in a savings account is a safe and reliable way of setting something aside for a rainy day, but one can still maximise the earning potential of parked funds in high-yield savings accounts.
Six best high-yield accounts in Asia Pacific
GXS Bank (Singapore) - GXS Bank offers substantial daily interest payouts for daily expenses.
Kakaobank (South Korea) - Kakaobank provides interest upon the opening of an account, offering a unique approach to rewarding depositors.
DBS Multiplier Account (Singapore) - UOB One offers tiered interest rates based on deposit amounts and transaction volumes, with higher rates for maintaining a steady balance over several months.
OCBC 360 Account (Singapore)- OCBC 360 provides bonus interest rates upon fulfilling specific requirements such as spending on OCBC credit cards, bill payments, and receiving salary credits.
Tonik Bank Stash (Philippines) - Tonik is the first digital-only bank in Southeast Asia, offering one of the highest-interest rate savings accounts in the Philippines through Stashes, separate savings pockets for different financial goals .
UOB One Account (Singapore) - UOB One offers tiered interest rates based on deposited amounts and transaction volumes, with higher rates for maintaining a steady balance over several times.
Global trends in high-yield accounts
Across the globe, features of high-yield savings accounts vary, with different regions offering distinct features and competitive rates. In the United States, for instance, online banks such as Ally Bank and Marcus by Goldman Sachs offer their attractive interest rates and user-friendly platforms. Meanwhile, in Europe and Asia, digital banking disruptors like Revolut and N26 are reshaping the banking industry with their innovative approaches to savings and investment.
According to recent data from Delloite and Finch ratings show that the average interest rates on high-yield savings accounts have remained relatively stable in major markets, with slight fluctuations influenced by economic conditions and central bank policies. However, competition among financial institutions continues to drive innovation and incentivise higher yields for savers.
Attaining financial wellness
High-yield savings accounts can help individuals establish a solid financial foundation. By leveraging competitive interest rates, individuals can save faster, thereby laying the groundwork for financial stability and attainment of short-term and long-term financial goals.
These accounts also provide a secure option for building an emergency fund, offering both liquidity and better returns. Used properly and with discipline, high-yield accounts can help individuals secure their future and attain financial well-being throughout their life.