best annual travel insurance singapore

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[GIVEAWAY | Receive your cash as fast as 30 days*]      • Enjoy up to   50% off your policy premium • Get  S$10  via PayNow and S$30 Revolut cash reward  with eligible premiums spent. T&Cs apply.      PLUS, score S$100 Revolut cash reward in our giveaway on top of existing rewards when you are the 8th and 88th person  to sign up for a Revolut Account each week.  T&Cs apply.

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Duration: 08 Jul 2024 - 10 Jul 2024

FWD Premium

[GIVEAWAY | FLASH SALE | MoneySmart Exclusive]        • Enjoy up to 35% off your Single Trip policy premium. • Get S$30 Revolut cash reward  and an Eskimo Global 1GB eSIM with every policy purchased .  T&Cs  apply.        BONUS: For a limited time only, there are S$3,200 worth of gifts to be given away on top of existing rewards: • 4x Samsonite Apinex 69/25 Luggage (worth S$600). T&Cs apply. • S$100 Revolut cash reward when you are the 8th and 88th person to sign up for a Revolut Account each week. T&Cs apply.

DirectAsia Voyager 1000 Annual Plan

[GIVEAWAY | Receive your cash as fast as 30 days*]   • Enjoy 40% off your policy premium • Get  up to S$20  via PayNow and S$30 Revolut cash reward  with eligible premiums spent. T&Cs apply.   PLUS, score S$100 Revolut cash reward in our giveaway on top of existing rewards when you are the 8th and 88th person  to sign up for a Revolut Account each week.  T&Cs apply.

Great Eastern TravelSmart Premier Classic

[GIVEAWAY | MoneySmart Exclusive]   • Enjoy up to 30% off your policy premium. • Get S$30 Revolut cash reward  with every policy purchased .  T&Cs  apply.    PLUS, score S$100 Revolut cash reward in our giveaway on top of existing rewards when you are the 8th and 88th person  to sign up for a Revolut Account each week.  T&Cs apply.

Singlife Travel Plus

[GIVEAWAY | Receive your cash as fast as 30 days*]   • Enjoy 25% off your policy premium • Get S$30 Revolut cash reward and an  Eskimo Global 1GB eSIM with every policy purchased. • Additionally, receive  up to S$30  via PayNow with eligible premiums spent. T&Cs apply.   PLUS, score S$100 Revolut cash reward in our giveaway on top of existing rewards when you are the 8th and 88th person  to sign up for a Revolut Account each week.  T&Cs apply.

AIG Travel Guard® Direct - Supreme

[GIVEAWAY | Receive your cash as fast as 30 days*]   • Get an Eskimo Global 1GB eSIM with every policy purchased. • Additionally, receive  up to S$150  via PayNow and S$30 Revolut cash reward  with eligible premiums spent. T&Cs apply.   PLUS, score S$100 Revolut cash reward in our giveaway on top of existing rewards when you are the 8th and 88th person  to sign up for a Revolut Account each week.  T&Cs apply.

Allianz Travel Basic

[GIVEAWAY | Receive your cash as fast as 30 days*]   • Enjoy an exclusive 57% off your policy premium • Get S$30 Revolut cash reward and an Eskimo Global 1GB eSIM with every policy purchased. • Additionally, receive  up to S$40  via PayNow with eligible premiums spent. T&Cs apply.   PLUS, score S$100 Revolut cash reward in our giveaway on top of existing rewards when you are the 8th and 88th person  to sign up for a Revolut Account each week.  T&Cs apply.

[GIVEAWAY | MoneySmart Exclusive]  

• Enjoy 40% off your Single Trip policy premium and 80% off Covid-19 add-on for Annual Plans. T&Cs apply • Get S$30 Revolut cash reward   with every policy purchased.  T&Cs  apply.    PLUS, score S$100 Revolut cash reward in our giveaway on top of existing rewards when you are the 8th and 88th person  to sign up for a Revolut Account each week.  T&Cs apply.    [Etiqa's 10th Year 2024 Grand Draw] Stand a chance to win S$10,000 cash or a Singapore Mint Lunar Dragon 1 gram 999.9 fine gold medallion (worth S$173) with eligible Etiqa/Tiq by Etiqa plans purchased. T&Cs apply.

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The Wise Traveller Premium

Starr TraveLead Comprehensive Bronze

[GIVEAWAY | Receive your cash as fast as 30 days*]      • Enjoy 45% off your policy premium • Get  S$30 Revolut cash reward and an  Eskimo Global 1GB eSIM with every policy purchased. • Additionally, receive up to S$20 via PayNow with eligible premiums spent. T&Cs apply.      BONUS: For a limited time only, there are S$3,200 worth of gifts to be given away on top of existing rewards: • 4x Samsonite Apinex 69/25 Luggage (worth S$600). T&Cs apply. • S$100 Revolut cash reward when you are the 8th and 88th person to sign up for a Revolut Account each week. T&Cs apply.

Great Eastern TravelSmart Premier Elite

HL Assurance Travel Protect360 Premier

Starr TraveLead Comprehensive Silver

Allianz Travel Platinum

DirectAsia Voyager 250 Annual Plan

The Wise Traveller Secure

FWD Business

AIG Travel Guard® Direct - Enhanced

Starr TraveLead Comprehensive Gold

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What customers say about their travel insurance purchase, review by doreenngsk ng.

"Purchased travel insurance on Moneysmart with cash rebate deal. Great value after discount. MS is good platform to peruse available travel policies to choose from, giving us choices to consider appropriate for our requirements."

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Review by Ron Tay

"I always use MoneySmart when i need a travel insurance..... It easy and convenient to use, let me easy to compare each travel insurance package..... Highly recommended!"

Review by Jodel Tan

"Purchasing travel insurance was easy, fast and smooth... had a good deal of getting cashback by purchasing the insurance. Steps from claiming to receiving the cashback was simple too. A good experience overall."

What Do Travel Insurance Plans Cover?

While pricing is a an important factor when comparing travel insurance plans, other features such as overseas medical coverage, trip cancellation coverage and many other related aspects are as important. These benefits and the extent of coverage for each type of benefit usually varies from insurer to insurer. Here are a few aspects you’ll want to look out for when it comes to choosing a suitable travel insurance with adequate coverage .

Overseas medical expenses

In the event you get diagnosed with some sort of unexpected disease, you’ll be able to claim for the necessary and reasonable overseas medical costs incurred within a certain number of days of your trip (usually 90 days) up to the limit as specified according to your selected plan. For some plans there are also tiered coverage limits for different age groups.

In-hospital cash overseas or allowance

Reimbursements for in terms of cash for hospital stays is another benefit that many insurers include in their plans now, especially after the Covid-19 pandemic.

Emergency medical evacuation and emergency medical repatriation

This is one of the fundamental aspects of every coverage plan. Any costs incurred for emergency medical evacuation and repatriation (including repatriation of mortal remains back to Singapore) that are related to your severe injury/illness diagnosis will be covered.

Keep in mind to have someone on your behalf to contact the insurer’s emergency service to provide your full name, dates of trip, NRIC/FIN number, policy number, name of the place and the telephone number that your insurance provider can reach you, as well as the nature of help required during the emergency, in case you are unable to do so during the emergency.

Trip cancellation/alteration/interruption/delay

Trip cancellations, postponements, delays, and interruptions are often covered if you as the traveller or you relatives travelling with you are diagnosed with a severe illness/get severely injured before the date of departure, subject to terms and conditions.

Pre-existing conditions

This benefit is not commonly included in most travel insurance plans, but currently there are several insurers providing such plans and they include MSIG TravelEasy® Pre-Ex, Income Insurance Enhanced PreX® (formally known as Income) and Etiqa Pre-Ex. The premiums are higher than regular plans, but they provide overseas medical expenses that cover pre-existing conditions.

Does Travel Insurance Cover Cancelled Flights?

Not always! While all travel insurance policies have a "Trip Cancellation" benefit, you can only claim for this if it's for an insured event, such as a serious illness or accident, or unforeseen events such as riots or natural disasters. However, different insurers exclude different scenarios, so it's best to read the policy wording carefully. The following are types of flight cancellations that are NOT covered by travel insurance.

Flight Cancellation Due to Known Event

Flight cancellations due to events which are already made known as public knowledge are not covered by travel insurance, as you are expected to have known about these at the point of buying your tickets. However, if you bought your flights and activated your travel insurance before they became public knowledge, you might still be able to make a claim.

Flight Cancellation with Refund / Replacement

If your flight was cancelled but you were put on a replacement flight, or your fare was refunded, you will not be able to make a travel insurance claim under the trip cancellation benefit. In general, travel insurance is only for unrecoverable costs. However, you may claim for trip delay benefits, such as an extra night's accommodation or extra meals.

You Cancelled Your Own Flight / Trip

Travel insurance typically covers insured events that are beyond your control. If you are the one who changed your mind about your trip, you generally won't be able to claim anything - unless your insurer offers a "Cancellation for Any Reason" benefit. However, in public health emergencies like the COVID-19 outbreak, airlines usually waive the usual penalties for flight cancellations, out of goodwill.

Different Types Of Travel Insurance Coverage

Single trip plans.

If you’re thinking of only taking one or two trips in a year, single-trip travel insurance is probably more suitable for you. As the name suggests, single-trip insurance plans are made for individual travellers, and those who are travelling as families, who need travel coverage for a single trip or holiday, especially for long overseas trips (usually up to 180 days).

It makes more economic sense for those who don't travel very often, plus, single-trip insurance plans can be purchased easily online, with less time in planning and consideration as compared to annual multi-trip plans. But on the flip side, you’ll face the hassle of getting a new travel insurance policy every time you go on an overseas trip. For some, a single-trip insurance plan can get relatively expensive if the trips are short.

Annual Multi-trip plans

Annual travel insurance plans, which are also known as multi-trip travel insurance plans, are designed for those who travel several times in a year. The great thing about this kind of travel insurance is that you only need to do the purchase once, and you’re covered for the next 12 months. It is a good option if you’re a frequent traveller who intends to make many long trips or short weekend getaways abroad in a year.

Individual plans

Going solo as an occasional traveller or frequent traveller means that you’ll most likely need a single-trip individual travel insurance plan or an annual multi-trip travel insurance plan, depending on the frequency of travel.

Family plans

Family travel insurance plans usually cover you and the members of your family who travel with you on your trip, with a maximum number of adults and children to be insured per policy purchased. The people who are insured under a family travel insurance plan may comprise of you and your spouse, and/or your children or grandchildren.

You may want to consider purchasing a family travel insurance plan if you are travelling with your family and thinking of getting a single policy for your family members who are travelling with you, as getting a family travel insurance plan can be more cost-effective than getting separate single trip plans for each family member. What if you and your loved ones are travelling very often as a family? Some travel insurers also offer annual multi-trip travel insurance for families who are frequent travellers.

Single-trip or Annual multi-trip plan - Which one should you pick?

Now that we've detailed out what the different types of travel insurance plans are, it’ll be easier for you to make a decision. If not, here are some examples to help you understand better.

Joshua flies frequently in and out of the country for his business trips. As he works as a legal advisor, his job requires him to travel between Singapore and Thailand twice or once a month. Each trip will last for about a week. In this case, multi-trip travel insurance works best for him as he wouldn't have to keep getting travel insurance before every trip.

Lisa and Amanda are university friends planning to take a long post-graduation trip to Australia. They seldom travel and even if they did, they go on overseas vacations once a year with their own families. For them, the single travel insurance policy is a more suitable choice Australia .

How Do I Choose The Best Travel Insurance?

When choosing travel insurance plans for your holiday or business trips, there are several factors to consider, depending on your priorities. Here are four simple steps to pick a suitable travel insurance plan.

Check general coverage

Instead of deciding solely by price, you should compare the benefits and reimbursement limits for common claims like medical expenses, trip cancellations, flight delays and baggage theft and/or damage.

Compare policy premiums

How much your travel insurance costs depends on your destination and length of stay. Most travel insurance companies have 2 to 3 tiers of plans at different price points, with varying comprehensiveness and reimbursement limits.

Special activities coverage

The breadth of coverage needed largely depends on your itinerary. For instance, if you’re planning to go skydiving, make sure you get a policy that covers aerial sports like MSIG’s TravelEasy® Standard, Elite and Premier plans. Or if you’re going golfing overseas, pick a policy that insures your equipment.

Consider the trip duration

This is one of the important determining factors of which kind of travel insurance you get. Single trip travel insurance plans are usually for short trips. If you’re the kind who travels far and for months, it might be worthwhile to consider buying annual travel insurance.

Unlike single trip travel insurance, annual travel insurance often charges a flat premium and insures you for an entire year of travel. It usually costs about $200 to $300 per year, which is more suitable for a frequent traveller who is probably going to travel overseas more than 7 or 8 times a year, at least.

Best Travel Insurance Plans in Singapore Benefits Coverage

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Travel Surveys

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Travel Insurance Claims

How do travel claims work.

Before you make a claim from your travel insurance provider, there are several important things to take note of, whether it is for claims related to your COVID-19 diagnosis, loss of baggage, trip cancellation, or other reasons. These include knowing what type of plan you purchased, when did the incident/illness occur (pre-trip, during-trip or post-trip), what belongings or items to claim for, and who are involved.

Here are 3 simple steps to submit your travel insurance claim

Get your supporting documents ready.

Most travel insurers require claims within 30 days. Submit via mail, WhatsApp, their app, or online portal to avoid policy breaches. Keep originals for 6 months in the event the travel insurance provider needs to sight them. Required documents often include personal info, medical reports, ownership proof, trip records, and reports (e.g., police, airline).

Fill in your details and attach your supporting documents in your submission

Log in to your insurer's claims app or portal. Fill in your info, and the necessary details for the claims (email address. policy number, departure date or policy purchase date), upload soft copies of your documents and submit. Alternatively, mail hard copies of your original documents.

Receive an acknowledgement email and await for settlement

After submitting, you'll receive an acknowledgment email. Your claim will be reviewed. For COVID-19-related claims, contact the provided hotline or email. Upon approval, your insurer will coordinate payments, often offering cashless reimbursement through PayNow or iBanking for speed and convenience.

Frequently Asked Questions

What is travel insurance and how does it help me, what's the difference between single-trip or annual multi-trip travel insurance.

When you buy travel insurance you can choose from 2 types of policies, either the single trip or annual multi-trip travel insurance plan. Single trip travel insurance covers you for a single trip and is usually for individual travellers, or those who are travelling as families, who need travel coverage for a single trip or holiday, especially for long overseas trips (usually up to 180 days).

Annual travel insurance plans, which are also known as multi-trip travel insurance plans, cover you for all trips starting and ending in Singapore, and are designed for those who travel several times in a year, each trip lasting for about less than 180 days. You should consider buying Annual Travel Insurance if you travel frequently (more than 10 times a year). You will enjoy significant savings, and you won't have to worry about purchasing travel insurance every single time as you’ll be covered for the entire year.

Are family travel insurance plans cheaper?

Can i buy travel insurance once i'm overseas, how do i compare travel insurance policies, what are the best travel insurance for east and southeast asia countries.

We have written a quick guide on buying the best travel insurance to the nearby countries whether you are travelling to Malaysia , taking a weekend trip to Thailand , holidaying in Bali , planning a trip to Japan or a getaway to South Korea . Before jetting off, here are the 5 must have list of travel essentials that you will need when on holiday.

Does travel insurance cover flight cancellation due to illness?

Is there a difference between family travel insurance plans and group travel insurance plans, we asked singaporeans about flight disruptions, and they answered..

Find out the worst airlines with delays and cancellations according to Singaporean travellers.

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10 Best Travel Insurance in Singapore for that Next Flight Out [2024]

With the gradual opening up of travel, we see travel starved Singaporeans rushing to get that flight ticket out of Singapore.

Singapore Business Owners

Getting the right travel insurance during this period becomes all the more important, so read on for our top travel insurance in Singapore picks to cover you on your next trip!

1. AXA Wanderlust Travel Insurance

Choose from their range of affordable plans based on your travel needs. They offer 3 plans – Lite, Easy and Pro plan. If you would like more medical expenses coverage, you can opt for the Easy or Pro plans which offer S$250,000 and S$300,000 respectively for medical expenses coverage.

Furthermore, the Pro plan covers up to S$500,000 for personal accident coverage.

2. AXA SmartTraveller Travel Insurance

Be a smart traveller and make sure to take all the necessary precautions with AXA’s SmartTraveller insurance. One can consider their essential plan which provides the most basic coverage or opt for the comprehensive plan which provides more extensive coverage.

The comprehensive plan is quite value for money, covering medical expenses up to S$600,000, twice that of what the essential plan covers with just a small top-up. Indeed one of our top travel insurance in Singapore picks!

3. MSIG Travel Easy

TravelEasy provides comprehensive cover with over 50 benefits and also COVID-19 coverage which is automatically included for Single Trip plans.

Furthermore, they are running a promotion now where one can enjoy 20% off for Single Trip plans and also get a free Polymerase Chain Reaction (PCR) test (worth S$138) when you purchase the Annual Plan.

4. Starr Cruise-to-No-Where

With the slowing down of air travel, cruises to nowhere have been all the hype. Insurers such as Starr Insurance have cruise insurance tailored for each individual.

Other than the above-stated benefits, they provide 24 hours Global Emergency Assistance Services for medical treatment and transportation.

We also like them for the seamless payment process which can be done through PayNow, indeed one of our top travel insurance in Singapore!

5. Starr TravelLead Insurance

Like many other insurance plans, the Starr Insurance travel insurance plan allows for customisation between an annual trip plan and also single trip plans. All of their plans have medical coverage which covers:

• Accidental Death and Disablement
• Compassionate Death Cash due to Accident
• Medical Expenses
• Starr Global Emergency Assistance Services

Easily choose add-ons for your plans such as gold protection, cruise vacations, scuba diving and also snow sports! We like them for their flexible coverage which allows you to create a travel insurance plan with different types of coverage and add-ons.

6. FWD Travel Insurance

FWD offers 3 types of insurance plans – from the most basic premium plan to the mid-tier business plan and the first plan which offers the most coverage.

Some things we like about FWD’s travel insurance is the range of convenient payment modes that they offer, allowing clients to pay with PayNow and Grabpay etc. The prices offered are also pretty affordable with no hidden costs!

7. Allianz Travel

Find a travel insurance plan that suits you with their comprehensive bronze, silver and platinum plans. Allianz’s travel insurance is catered to different needs, for frequent travellers, one-off trips and also family coverage that comes with affordable premiums.

8. Income’s Travel Insurance

Income Travel Insurance is now running a promotion of 40% off the Classic, Deluxe and Preferred single trip plans with COVID-19 coverage to ensure you get the necessary protection.

One thing we like about them is their Enhanced PreX plans which provides comprehensive coverage for pre-existing injuries and illnesses that you knew about or sought treatment for before your trip.

9. Sompo TravelJoy

If you’re travelling to Japan, Sompo’s TravelJoy insurance may be the most suited one as they offer Japan specific coverage. Their Go Japan!  plan is specially tailored plan for travellers to Japan, covering cashless services at 740 clinics and hospitals.

Furthermore, they also provide free over the phone translation services while you’re in Japan for your holiday. We also like their trip distribution cover of $100 which covers un-utilised paid event tickets to theme parks or concerts etc.

10. Great Eastern TravelSmart Premier

Great Eastern’s TravelSmart Premier allows you to head on your VTL trip with a peace of mind, with no additional premium. We like them for their COVID-19 coverage that covers you for COVID-19 related conditions during your trip.

They also offer a range of plans of which you can choose from – TravelSmart Premier Basic, Classic and Elite Plans of which you can choose one based on your travel needs.

In support of Singapore’s COVID-19 vaccination efforts, enjoy a premium discount for Elite and Classic plans if you have been fully vaccinated against COVID-19. Indeed one of our top travel insurance in Singapore!

Do you have any reviews and comments to share regarding our choices for the best travel insurance in Singapore for that next flight out of Singapore?

While  SBO  is committed to supporting our local businesses, we welcome any feedback and anonymous sharing regarding your experience with the above-listed best travel insurance in Singapore.

We hope that this guide will be useful in helping you to make a better decision when it comes to finding the best travel insurance in Singapore.

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SAFE TRAVELS START WITH SINGAPORE'S BEST COVID-19 TRAVEL INSURANCE

PROTECT YOUR JOURNEY WITH THE BEST TRAVEL INSURANCE

Important Notice

The Ministry of Foreign Affairs has put up travel advisories against non-essential travel to Israel and Palestinian Territories. Please click here if you intend to or have purchased a travel plan to these areas.

current promotion

Purchase your travel insurance policy with HL Assurance and you’ll have the chance to win a flight ticket of your choice to your dream destination. The more you purchase, the more points you earn and the more chances of winning! Terms apply.

How to participate.

Get your dream holiday!

Protect you and your family with our COVIDSafe Travel Protect360.

Stand a chance to WIN a flight ticket of your choice

Single Trip

Travel insurance promotion 45% discount, ncd th customer + 1 buddy + ncd-->.

Be protected from COVID-19 with the new travel insurance offer in Singapore – COVIDSafe0 Travel Protect360! Not only will you be covered for Overseas Medical Expenses and Trip Cancellation due to COVID-19 under our travel protection plan, but we are also now rewarding you with No Claim Discount. *Terms apply.

Please refer to below Single Trip Travel Insurance Promotion Terms and Conditions for more redemption details.

Annual Unlimited

Annual travel insurance promotion 50% discount, ncd.

Travelling more than twice in a year? Get our annual multi-trip insurance policy and additional travel perks at just $0.52 / day. This travel insurance annual promotion in Singapore could be better value than buying single trip insurance for each holiday! Take advantage of our best annual travel insurance promotion and discounts today!

Please refer to below Annual Multi Trip Travel Insurance Promotion Terms and Conditions for details.

COVIDSafe Travel Protect360.

Packed with all-inclusive enhanced benefits to give you peace of mind, COVIDSafe Travel Protect360 is the best travel insurance with COVID-19 coverage in Singapore. Choose from a variety of recommended plans that secure protection and peace of mind today: single trip, annual, long term, family, seniors and more. Buy your travel insurance online to ensure a hassle-free trip for you and your loved ones.

Enhanced Benefits with COVID-19 Cover

*NEW FEATURE* Making your vacation safe even during a pandemic

Get a peace of mind when you are travelling during the pandemic with our new COVID-19 benefits for Travel Protect360! Even if you require medical assistance or trip cancellation due to COVID-19, you can be assured that you are well covered!

Travel No Claims Discount

Get Rewarded for Safe Travels

We want to celebrate your safe travels with you! If you do not make any claims from your travel insurance, you get additional up to 10% off your next travel insurance purchase on top of our promotions.

Travel Inconvenience Protection

Be protected with comprehensive Travel Inconvenience cover

No traveller will wish for travel cancellations and travel interruptions and we are here to protect you from these inconveniences! No matter if it is the loss of baggage or insolvency of travel agencies, be assured that you are well protected!

Why You Should Choose Our COVID-19 Travel Insurance in Singapore?

Packed with all-inclusive enhanced benefits to give you peace of mind, COVIDSafe Travel Protect360 is the best travel insurance with COVID-19 coverage in Singapore. Choose from a variety of recommended plans that offer secure protection and peace of mind today: single trip, annual, long term, family, seniors and more. Buy your travel insurance online to ensure a hassle-free trip for you and your loved ones.

24/7 COVID-19 Travel Concierge

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Best COVID-19 Travel Insurance Coverage

Travelling during a pandemic can be stressful, not knowing if your insurance plans provide proper coverage. With our enhanced COVIDSafe Travel Protect360 Insurance, you can travel knowing that you are covered up to $200,000 in overseas medical expenses incurred due to COVID-19.

COVID-19 Quarantine Allowance

Be reimbursed with up to $1,500 even when you are quarantined overseas as part of our many COVID-19 travel insurance coverage benefits.

Enjoy No Claim Discount

If you do not make any claims from your travel insurance, you get up to 10% off your next travel insurance purchase with HL Assurance.

Greater Flexible Coverage

If you have to make changes to your trip due to the COVID-19 pandemic, COVIDSafe Travel Protect360 allows you to make adjustments to your policies. When your family is protected by COVIDSafe Travel Protect360 insurance, we are happy to make adjustments even when the trip needs to be cancelled because of one person in the family.

Stay Protected From Travel Inconvenience

Be it loss of baggage or insolvency of travel agencies, our comprehensive COVID-19 travel insurance cover ensures that you are well protected from travel cancellations, travel interruptions and other inconveniences! Buy your travel insurance online today.

Enhanced Benefits of our Travel Insurance

With our enhanced travel insurance, you can now be ready for all your adventures and travel with peace of mind. COVIDSafe Travel Protect360 insurance provides the comprehensive travel insurance coverage you need for your holiday.

COVID-19 Cover

Overseas Medical Expenses

Extensive Travel Inconvenience Benefits

What Our Customers Have To Say About Us

  preferred travel insurance in singapore.

Customer Review by Lee Meng Tong

Thank you so much for your efforts in processing and finalising my travel claims. My wife and I are very appreciative of the care and excellent service provided by you and your staff. Rest assured that HL Assurance would be our preferred insurance for all our travels.

  Hassle-Free Claims

Customer Review by Jack Wong

For my annual travel insurance, I always go with HLAS, their price is most reasonable with good enough coverage and the claim process is hassle-free. I always recommend my friends and colleagues to them.

  Prompt And Excellent Service

Customer Review by H L

What professionalism! Prompt and excellent service for travel insurance as well as car insurance. I had immediate attention and was certainly impressed! 😀👌🏻

 Seamlessly Easy And Convenient

Customer Review by Rasidah Maya

We get our travel insurance regularly from HL Assurance. Seamlessly easy and convenient online purchase. Thank you Jerry He for assisting me with the changes I needed and the advice given for my queries.

 Good Choice For Travel Insurance

Customer Review by Choon Xiang

I am really inspired with HLAS travel NCD. You get rewarded for Safe Travels which everyone wishes. No doubt is your good choice for travel insurance.

No Claim Travel Insurance Discount Programme Terms and Conditions

Promotion terms and conditions.

• The promotion is held from now until 30 September 2024, customers who purchase any Travel Insurance policy (COVIDSafe Travel Protect360 Single Trip or Travel Protect360 Annual Trip) will automatically be enrolled into COVIDSafe Travel Protect360 No Claim Discount programme.
• For COVIDSafe Travel Protect360 Single Trip Policyholder(s) who return from Trip and has no claims within stipulated timeframe of 30 days from the policy end date, will be eligible for a 5% discount promotion code.
• For subsequent travel purchases with the utilising the 5% discount promotion code, where the policyholder(s) who return from Trip and has no claims within stipulated timeframe of 30 days from the policy end date, will be eligible for an additional 10% discount promotion code.
• Thereafter for subsequent travel purchases utilising the 10% discount promotion code, where the policyholder(s) who return from Trip and has no claims within stipulated timeframe of 30 days from the policy end date, will be capped at 10% discount promotion code.
• For COVIDSafe Travel Protect360 Annual Plan Policyholder(s) who has completed the policy period of one (1) year and has no claims during the policy period and within stipulated timeframe of 30 days from the policy end date, will be eligible for a 10% discount promotion code refund upon the next Travel Protect360 Annual Plan renewal.
• Promotional codes provided for the Single Trip can only be utilised for the next Single Trip purchase and can only be used once.
• The promotional codes are not transferable.
• Should there be any claims incurred, the No-claims discount promotion code will no longer be applicable.
• Each policy is only eligible for one promotion code.

Note:  Swipe left or right to view the full table on your mobile screen.

• HL Assurance, at any time, at its sole discretion and without prior notice, can vary, modify, delete or add to these terms and conditions. Please refer to the policy wording for full details.
• In the event of any dispute, HL Assurance management’s decision is final.
• HL Assurance’s full disclaimers, terms, and conditions apply to individual products. © 2024 HL Assurance is a registered service mark of Hong Leong Group. HL Assurance Private Limited Co. Reg. No. 201229558W.
• “HL Assurance” means HL Assurance Private Limited.
• HL Assurance’s Travel Insurance is underwritten by HL Assurance Pte. Ltd. Co. Reg. No. 201229558W. This policy is protected under the Policy Owner’s Protection Scheme, which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic, and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact HL Assurance Pte. Ltd. or visit the GIA or SDIC websites (www.gia.org.sg or www.sdic.org.sg). This is not a contract of insurance. Accordingly, the information should be read and construed in the light of, and subject to, all terms and conditions contained in the Policy. Full details are stated in the Policy.

Terms and Conditions for COVIDSafe Travel Protect360 Insurance Promotion (Single Trip)

• The promotion is held from now until 31 July 2024.
• Eligible customers who successfully purchase any COVIDSafe Travel Protect360 Single Trip policies during the Promotion Period will be entitled to 45% discount.
• This promotion is only applicable for new purchases made via HL Assurance website at www.hlas.com.sg/personalinsurance/travelinsurance.
• New purchases refer to purchases via HL Assurance website (as per stated above), and are not applicable to any purchase from HL Assurance’s agency partner.
• This promotion is not valid with any ongoing travel discounts, schemes or privileges.
• HL Assurance’s full disclaimers, terms, and conditions apply to individual products. © 2021 HL Assurance is a registered service mark of Hong Leong Group. HL Assurance Private Limited Co. Reg. No. 201229558W.

Terms and Conditions for COVIDSafe Travel Protect360 Insurance Promotion (Annual Trip)

• The promotion is held from now until 30 September 2024.
• Eligible customers who successfully purchase any COVIDSafe Travel Protect360 Annual Trip policies during the Promotion Period will be entitled to a 50% discount, provided that the policy is not subsequently cancelled.
• New purchases refer to purchases via HL Assurance website (as per stated above), and is not applicable to any purchase from HL Assurance’s agency partner.

Terms and Conditions for COVIDSafe Travel Protect360 Get eSIM (Single/Annual Trip)

Please click the link for terms and conditions: COVIDSafe Travel Protect360 Get eSIM Terms and Conditions

Terms and Conditions for COVIDSafe Travel Protect360 Insurance Mid-Year Deal Promotion (Single Trip)

• The Mid-Year Deal Promotion is held from now until 29 May 2024.
• Eligible customers who successfully use the promo code ‘MIDYEAR5’ to purchase any COVIDSafe Travel Protect360 Single Trip policies during this Promotion Period will be entitled to an additional 5% off the base discount.
• This promotion is only applicable for new purchases made via HL Assurance website at www.hlas.com.sg/personal-insurance/travelinsurance .
• HL Assurance’s full disclaimers, terms, and conditions apply to individual products. © 2024 HL Assurance is a registered service mark of Hong Leong Group. HL Assurance Private Limited Co. Reg. No. 201229558W.
• HL Assurance’s Travel Insurance is underwritten by HL Assurance Pte. Ltd. Co. Reg. No. 201229558W. This policy is protected under the Policy Owner’s Protection Scheme, which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic, and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact HL Assurance Pte. Ltd. or visit the GIA or SDIC websites ( www.gia.org.sg or www.sdic.org.sg ). This is not a contract of insurance. Accordingly, the information should be read and construed in the light of, and subject to, all terms and conditions contained in the Policy. Full details are stated in the Policy.

What our Travel Insurance in Singapore Covers

Read the full terms and conditions

Policy Owners’ Protection Scheme

This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact HL Assurance Pte. Ltd. or visit the GIA or SDIC websites (  www.gia.org.sg  or  www.sdic.org.sg ).

Frequently Asked Questions for COVIDSafe Travel Protect360 Insurance

Q: can i continue my medical treatment for injury or sickness sustained overseas when i return to singapore.

A: Yes, the Company will indemnify you for follow-up treatment within thirty (30) days after Your return from the Trip, provided you have sought initial treatment overseas for Bodily Injury or Sickness which occurred outside Singapore during the Trip within the Period of Insurance and such initial treatment is claimable under the Overseas Medical Expenses benefits.

Q: If I was injured or sick overseas but did not seek medical treatment, can I do so upon my return to Singapore?

A: Yes. The Company will indemnify you up to the Benefits Payable under the Policy for the treatment sought within three (3) days after your return from the Trip where initial treatment for Bodily Injury or Sickness was not sought overseas, up to a maximum of thirty (30) days from the date of first treatment in Singapore, and subject to a limit of S$100 per visit.

Q: What is the time frame for submitting a travel claim when I return to Singapore?

A: You will need to submit a claim within thirty (30) days upon returning to Singapore.

Q: What should I do if I lose my money or travel documents during my trip?

A: If your loss arises out of robbery, burglary or theft, you should report the loss to the local police within 24 hours after the loss / incident and obtain a written statement from the police to substantiate your travel insurance claim.

Q: What should I do if I need assistance while overseas?

A: One of the benefits of our travel insurance is the 24 hours Travel, Emergency Medical and Evacuation Assistance which provides for loss of travel documents and baggage, air ticket arrangements, emergency medical evacuation, referral services for interpreters / translators, legal, embassy, hospital admission and other medical facilities etc. These services are available 24/7 by calling our Hotline at (65) 6922 6009.

Q: I am currently under medication for some medical conditions. Can I claim for medical expenses related to these medical conditions during the trip?

A: No. Our Travel Insurance Policy excludes all pre-existing medical conditions prior to the trip.

Q: If I am pregnant, am I covered for any medical treatment incurred overseas?

A: No. Our travel insurance policy does not cover any pregnancy-related issues.

Q: Is dental treatment covered while I am overseas?

A: Yes, dental treatment is covered (as a result of Bodily Injury only).

Q: Will I be covered if I am going overseas to receive medical treatment?

A: No. The travel insurance plan does not cover you if you are travelling contrary to the advice of any Qualified Medical Practitioner or for the purpose of obtaining medical treatment.

Q: Are adventure activities and indoor / outdoor sports covered by COVIDSafe Travel Protect360 insurance?

A: No. Our travel insurance does not cover adventure activities. You can find the list of exclusions in our policy wordings .

Q: Is there a waiting period for COVIDSafe Travel Protect360 Insurance coverage to take effect?

A: A 3-day waiting period applies only to trip cancellation, postponement, and curtailment due to COVID-19 in Enhanced Travel Inconvenience (for COVID-19).

Q: How to buy travel insurance from HL Assurance?

A: Buying your travel insurance from HL Assurance is a straightforward process. You can purchase your desired policy online. Simply visit our travel insurance section, select the plan that suits your needs, and follow the steps for a hassle-free purchase experience.

Q: Can I extend my travel insurance coverage if my trip is extended?

A: Yes. This is subject to our underwriter’s approval. You can call or email us before the policy expires. If you’re wondering where to buy travel insurance for extended trips, you can easily do so through our website or contact our customer support at 6702 0202 for assistance.

Q: Can I buy travel insurance after departure?

A: Generally, travel insurance should be purchased before your trip commences.

Q: Can I cancel my travel insurance policy if my plans change?

A: You may cancel the Policy before the start of your trip with administrative charges applicable.

Q: Annual Trip Insurance vs Single Trip Insurance - Which is better?

A: Single Trip Travel Insurance provides coverage for the destination you’ve indicated. Meanwhile, an Annual Trip Travel Insurance gives better value should you have already planned to go on more than two trips in the year.

Q: Does COVIDSafe Travel Protect360 Insurance cover me if I travel to multiple countries?

A: Please indicate the countries you will be travelling to when you buy your travel insurance online. If you’re wondering where to buy travel insurance online, simply visit our website’s travel insurance section for a seamless online purchase experience.

Q: What are the Terms and Conditions for COVIDSafe Travel Protect360 Insurance?

A: You can find out more about our Terms and Conditions for COVIDSafe Travel Protect360 here .

Q: What does COVIDSafe Travel Protect360 Insurance cover?

A: We provide comprehensive travel insurance coverage of four (4) levels with diverse limits: Basic, Enhanced, Superior and Premier. Though the limits vary, the coverage is broad and has everything you’re looking for in a travel insurance plan.

All plans cover the following travel benefits:

• Overseas Medical Expenses (Child, Adult, Senior / Elderly)
• Medical Expenses in Singapore
• Personal Accident: Accidental Death & Permanent Disablement
• Travel Inconvenience
• Travel Postponement
• Travel Misconnections
• Insolvency of Travel Agency (Excluding Basic Plan)
• Trip Disruption
• Flight Inconvenience and Diversion
• Hijack of Common Carrier
• Kidnap & Hostage (Excluding Basic Plan)
• Personal Liability
• Loss of Home Contents
• Credit Card Protections (Excluding Basic Plan)
• Rental Car Excess
• Enhanced Medical Benefits due to COVID-19 (Excluding Basic Plan)
• Enhanced Travel Inconvenience, Cancellation, Postponement or Curtailment due to COVID-19 (Excluding Basic Plan)

Chat with us if you have any questions via WhatsApp and we will be happy to answer your queries!

For 24-Hour Emergency Travel Assistance Service, please contact 6922 6009 .

File a travel insurance claim, claims procedure and documentation.

Please submit your claim to us with the original Claim form and supporting documents within 30 days upon returning from your trip.

Common documents required for all Travel Insurance Claims:

• Copy of flight itinerary
• Proof of travel, i.e. original boarding pass, air tickets, copy of passport, etc.

Supporting documents needed when making a claim for:

• Medical Report and Medical Certificate
• Original Medical bills / receipts
• Death Certificate, autopsy report, coroner’s findings, if applicable (for death claim)
• Documentary proof of relationship between deceased and claimant (for death claim)
• Motor accident report / police report (for injury / death resulting from a traffic accident)
• Baggage loss or damage report / Property irregularity report from the carrier / airline
• Baggage tag(s) issued from the carrier / airline during check-in
• Written confirmation of carrier / airline’s settlement / rejection of claim for damage / loss of property
• Photographs of damaged items
• Original purchase receipts of damaged/lost items
• Copy of police report lodged at place of loss within 24 hours
• Receipts for replacement of passport / visa
• Transportation and / or hotel bills / receipts incurred for replacement of document
• Baggage delay report
• Written confirmation from carrier / airline on reason and duration of delay
• Acknowledgement receipt of baggage received
• Medical Report and other medical documents / Death Certificate
• Proof of relationship (if due to sickness, injury or death of related person)
• Written advice or medical certificate from a Registered Medical Practitioner to cancel / curtail trip
• Original tour booking invoice / receipt
• Travel agent and / or airline’s confirmation of the refund amount
• Original invoice / receipt for charges incurred in amending or purchasing additional air ticket (for trip curtailment)
• Written confirmation from carrier / airline on reason and duration of delay, overbooked flight, travel misconnection, and / or diversion
• Air ticket and Boarding pass
• Copy of police report lodged within 24 hours upon discovery
• Invoice of damaged items / quotations
• Original photographs of damaged items
• Do not admit any liability or make any offer, promise or payment without our prior consent
• Forward all correspondence / documents from third parties concerning the accident to us immediately
• Copy of police report lodged (if applicable)

We will contact you for any additional documents that may be required.

You may submit your claims online . Kindly note that it may take longer to process a claim if we require additional information or documents from you. For any claims enquiry, amendment of details or submission of supporting or original documents, please email our friendly claims officers at [email protected] with our acknowledgement reference number – MTC/YYYY/000000.

We will keep you updated on your claim(s) by email. You can also call our Hotline at 6922 6003 to check on your claim(s).

Thank you for insuring with us.

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• Best Annual Travel Insurance 2024

Annual travel insurance plans are a smart and economical option for frequent travellers. Below, you'll be able to compare our top picks out of the 80 thoroughly researched annual travel insurance plans available in Singapore based on where you are planning to go, the benefits you want and your budget.

* COVID-19 and Travel : While Singapore and certain neighboring countries are seeing success in decreasing COVID-19 transmission and are opening up their international borders, please note that COVID-19 transmission is still persisting in many countries. Therefore, we recommend following the Ministry of Health's travel advisories; following all pre- and post-travel guidelines at your destination and upon return to Singapore; and buying travel insurance that provides coverage for COVID-19.

• Allianz Travel Silver : Maximum trip inconvenience and medical benefits for the price-point
• The Wise Traveller Secure : Great deal for global trips, as plans cost 45% below average for worldwide coverage
• ERGO Essential : Good value for money option, cheapest annual plan for ASEAN cover
• Budget Direct : Cheapest annual travel insurance on the market
• Etiqa Basic : Modest coverage overall, but has above average personal accident coverage
• Allianz Travel Silver : Offers 20-30% higher benefit limits for trip inconvenience benefits like cancellations and delays
• Direct Asia 200 : Good option for families who want affordable plan for travel to Asian or ASEAN regions.
• FWD Business : Competitive price and generous sports equipment coverage makes it good value for adventurous travellers
• Aviva Travel Plus : Offers above average S$2,000,000 of medical coverage
• HL Assurance Enhanced : Offers promotions for hotels and car rentals, saving money on trip overall
• Wise Traveller : Best value for money for budget travellers, especially for global travellers
• Aviva Travel Gold : Offers unlimited medical, hospital and dental cvoerage for sickness and accidents
• Aviva Prestige : Offers 50-80% higher benefit limits for baggage-related claims and lets you cancel trip for any reason
• Income Pre-EX : Offers annual plans that cover pre-existing conditions; covers COVID-19 claims for certain countries

Picking the Best Annual Travel Insurance

We thoroughly researched 80 annual travel insurance products available in Singapore to help you compare and buy a policy that will be the best fit based on your budget, desired coverage and travel habits.

• Cheapest Annual Insurance FWD, Etiqa & more
• Best Value Annual Insurance Aviva, Allianz Travel & more
• Best Coverage & Benefits Aviva, Allianz Travel
• Best for Pre-X Conditions Income
• Best Annual Plans for Sports Direct Asia, Aviva & more
• Best Promotions FWD, Etiqa & more

Cheapest Annual Travel Insurance

• BudgetDirect: Use Affinity Code VALUE5 for an extra 5% off (new customers only)
• with SGSaver Exclusive Promotion: Get up to S$35 via PayNow

For consumers looking for the cheapest annual travel policies, Etiqa, Wise, Budget Direct and ERGO can be good options to consider. For instance, their basic-tier ASEAN region annual travel insurance plans cost 37-42% less than the basic-tier industry average of S$190.

Budget Direct's Basic plan offers the cheapest annual plans on the market regardless of destination. However, due to its very modest coverage it may only work for consumers whose main priority is cost. For instance, it does not include coverage for trip cancellations or trip delays. However, it does cover injuries due to riots and passive war.

Etiqa's Tiq plan is another good choice for travellers who frequently fly outside of Asia as it offers the cheapest rates for global coverage. Furthermore, it is a good option for adventurous travellers since it offers coverage for a myriad of sports and activities like skiing, hiking (up to 3,000 metres) and snorkeling. For a small fee, you can also add modest sports equipment coverage.

ERGO's Essential plan is the cheapest option for travellers who tend to stick around the ASEAN region. Its premium is 42% cheaper than basic plans for ASEAN coverage and it offers modest coverage for a wide array of potential travel inconveniences, such as missed connections, delays, cancellations, medical emergencies and even pregnancy sicknesses. Furthermore, it includes adventurous activity and sports equipment coverage at no extra cost.

Premiums & Benefits

Best value annual travel insurance plans trips in asean and asia.

For frequent travellers within the ASEAN and Asia regions, Allianz, Aviva, Direct Asia and FWD will give you the highest value plans.

Due to its low price, Direct Asia's 200 plan is a great choice for consumers who want a budget-focused plan. It is especially competitive among Asian or ASEAN-region annual plans, as it costs S$149, S$100 less than average for those regions. Furthermore, it can be a good option for family travellers because its child limits are the same as adult limits, which is a fairly unique feature among travel insurance plans.

For consumers who want a good balance of both medical and trip inconvenience coverage, Allianz Travel Silver could be a good fit as it offers above average medical, travel delay/cancellation and baggage loss coverage. However, Allianz is only a good fit for people looking for annual plans that provide coverage throughout Asia, as it doesn't offer ASEAN annual plans. Furthermore, though it's priced on the more expensive side, it offers the best package we've seen for this climate-24/7 emergency assistance, a variety of cruise benefits (for domestic tourism) and medical/trip inconvenience coverage for pandemics.

FWD's Business plan offers sports equipment coverage as an add-on with higher than average personal accident coverage, making it a good option for frequent sports enthusiast travellers. To get the most for your money, we recommend waiting until FWD offers a promotion between 20-25%, as its current 10% discount makes its pricing less competitive compared to other insurers.

Aviva's Travel Plus plan is one of the highest value plans as it offers competitive pricing along with above average medical and trip inconvenience coverage. However, it has below average baggage coverage compared to Allianz.

FWD's Business plan offers sports equipment coverage as an add-on with higher than average personal accident coverage, making it a good option for frequent sports enthusiast travellers.

Best Value Annual Travel Insurance Plans for Global Trips

If you often fly outside of Asia and you want to maximise the coverage you get for your dollar, choosing either Allianz, Aviva, Wise Traveller or DirectAsia will ensure you get the most value for your dollar. The plans cost between S$209 and S$346 and have competitive trip inconvenience, medical and personal accident benefits.

If you are worried about trip inconvenience such as trip cancellations and baggage delays, Allianz Travel Silver offers 20-30% higher total coverage than the industry average.

If you want to maximise medical protection, Aviva's Travel Plus offers great above average medical coverage of S$2,000,000 with a comprehensive list of inclusions like burns, war, emergency pregnancy, motorcycle accidents and injury due to smoke, fumes or gas.

Wise Traveller Premium is best for a high value budget plan as it only costs S$215, almost 35% cheaper than the industry average for global annual plans. However, it is known for having fairly strict exclusions so travellers should read the policy wording before purchasing.

Lastly, while DirectAsia has some of the highest value plans for both individual travellers and families thanks to its affordable pricing and generous benefits. Its 500 plan offers everything you need to protect your trip including coverage for missed connections, trip delays, medical emergencies, damage to belongings and rental car excess with coverage limits that are more than high enough to ensure any emergency is covered.

Annual Travel Insurance with the Best Coverage

If you are not restricted by price and want the highest possible coverage, then Allianz and Aviva will give you the greatest protection whether you want maximum medical, travel inconvenience or personal accident coverage.

Allianz Travel Platinum is best for those who want medical protection, as it has unlimited medical, hospital and dental coverage for sickness and accidents, S$50,000 for outpatient expenses and S$100,000 in personal accident coverage. They also provide plenty of coverage for adventurous travellers, pandemics/endemics and cruise trips. However, please note they do not provide annual trip coverage for the ASEAN.

If you travel with expensive belongings and want to make sure they are well protected, Aviva's Prestige plan offers respectively 50% and 80% more baggage-related coverage than the industry average. Another notable perk for Aviva is that you can change or cancel your trip for any reason, although you'll be only be able to claim between S$3,000-S$5,000.

Best Annual Travel Insurance for Pre-Existing Medical Conditions

If you have pre-existing medical conditions, Income offers a line of travel insurance plans specifically for people with pre-existing conditions. The only caveat is that if you want to purchase the annual plan, you can only do so if you call them directly and you have to be ready to pay a 50% deductible if you file a claim for a reason arising out of a pre-existing condition. However, for travellers with chronic illnesses or other medical conditions that could complicate their trips, Income's annual travel insurance policies are a must-have.

Annual Travel Insurance with the Best Cover for Sports

• Etiqa: 45% off single-trip and 30% off annual-trip travel insurance; add'tl 10% off on Fridays

If you're planning to pursue high-octane activities like sky-diving or snowboarding while abroad, FWD , Etiqa , DBS , Direct Asia and MSIG are our picks for insurers with the best sports coverage. Additionally, you can also consider Aviva is great choice for sports equipment coverage as you can cover your own or rented winter or water sports equipment for an additional S$5-7.

In general, all of these insurers cover the basic winter, water, outdoor and miscellaneous adventurous activities such as hiking, skiing, scuba diving and sky-diving. However, you should always be sure to read the terms and conditions to make sure your specific activity will be covered. If you would like to read a more in-depth review on travel insurance policies that have generous extreme sports activity coverage, we've written a guide to some of the best policies in the market for this criteria.

If you're planning to pursue high-octane activities like sky-diving or snowboarding while abroad, FWD , Etiqa , , Direct Asia and DBS are our picks for insurers with the best sports coverage. Additionally, you can also consider Aviva is great choice for sports equipment coverage as you can cover your own or rented winter or water sports equipment for an additional S$5-7.

Annual Travel Insurance for Golf

If you frequently travel on golfing trips, you can consider annual plans that offer generous golf benefits. If you're planning to golf, want to make sure that your golf equipment is covered by your travel insurance plan, and wouldn't mind a few perks thrown in such as a credit for an unused green fee or rewards for getting a hole in one, FWD, Aviva, MSIG, American Express and AIG are all examples of insurers that have designed their travel insurance plans with golfers in mind.

If you want basic coverage for just your golfing equipment, FWD offers up to S$2,000 of sports equipment coverage and will cover you up to S$100/day for rentals. Since it doesn't have fully-fledged golf coverage, its low price and benefits makes it a better choice for travellers interested in trying golfing, rather than experienced golfers.

If you're a serious golfer looking for plans with abundant golf-related benefits, plans like Aviva , MSIG and American Express have very comprehensive coverage, which includes equipment (hired and owned), unused green fees and hole in one coverage.

Travel & COVID-19 Updates

As of June 15, 2020, all Singaporeans are advised to avoid travel. Several countries are experience increasing rates of infection and may be risky for travel. However, there is an exception for essential business and official travel operating under the Green/Fast Lane arrangements. Furthermore, please note that if you are planning a trip and have recently bought a travel insurance policy, you may not be eligible for claims related to Covid-19. Furthermore, upon return to Singapore, you will be require to serve a mandatory Stay-Home Notice (SHN) as well as a test.

Please note as of July 19th, 2020, travellers who stayed the past 14 days in Australia (besides Victoria), Brunei Darussalam, Macao SAR, mainland China, New Zealand, South Korea, Taiwan and Vietnam no longer need to serve their SHN at an SHN Dedicated Facility. Instead, Singaporean citizens and permanent residents can serve their 14 day SHN at home. To learn more please click here .

For travellers, please note that insurers who do provide coverage for COVID-19 (like Income ) will not cover COVID-19 claims of you travel to nations designated as high-risk by the World Health Organisation. Currently these nations are: Albania, Andorra, Armenia, Austria, Azerbaijan, Belarus, Belgium, Belize, Bermuda, Bosnia and Herzegovina, Botswana, Brazil, Bulgaria, Cabo Verde, Canada, Colombia, Costa Rica, Croatia, Curaçao, Cyprus, Czech Republic, Denmark, Estonia, France, French Guiana, French Polynesia, Georgia, Germany, Hungary, Italy, Jersey, Jordan, Kosovo, Latvia, Lebanon, Liechtenstein, Lithuania, Luxembourg, Malta, Mayotte, Montenegro, Netherlands, North Macedonia, Occupied Palestinian Territory, Panama, Poland, Portugal, Puerto Rico, Republic of Moldova, Romania, Russian Federation, Saint Barthélemy, Saint Martin, San Marino, Serbia, Sint Eustatius, Sint Maarten, Slovakia, Slovenia, Sweden, Switzerland, The United Kingdom, Turkey, Ukraine, United States of America, United States Virgin Islands.

Methodology

To arrive at a list of best annual travel insurance products in Singapore, we collected data on hundreds of insurance product offerings by more than 20 insurers in the country. The data we collected regarding benefits and coverage range from personal accident/death, medical, emergency repatriation, trip cancellation, lost or damaged baggage, trip/baggage delays to sports coverage. We also collected pricing information for each product by destination country and compared each plan to its competitors to arrive at our judgments of the plans that offer the best deal for Singapore consumers. For the full list of insurers we used, please see the table below.

In order to arrive at our picks for the top travel insurance plans in Singapore, we examined multiple factors. First, we considered the amount of money one is entitled to receive from the insurer when certain events or accidents occur (i.e. medical and inconvenience). Then, we create a ratio of benefits to cost of insurance to measure how good of a value each product offers. This measure is a proxy for how much an insured person can get for what he pays.

We weighed each benefit area in terms of frequency of claims : travel inconvenience is given a weighting of 60% while personal accident and medical benefit is given a weighting of 40%. According to some studies, about 20% of all flights globally are either canceled or delayed, and this statistic could be significantly higher for tropical regions. As a result, we felt the plans that had high coverage amounts for common occurrences like flight delays were of greater value compared to plans with high coverage for less likely occurrences like repatriation or death. Thus, our value ratio helped to figure out which plans offer the best value to customers based not only on coverage and cost, but also on the likelihood of use.

Anastassia is a Senior Research Analyst at ValueChampion Singapore, evaluating insurance products for consumers based on quantitative and qualitative financial analysis. She holds degrees in Economics and International Business Management and her prior working experience includes work in the capital markets sector. Her analyses surrounding insurance, healthcare, international affairs and personal finance has been featured on AsiaOne, Business Insider, DW, Vice, Her World, Asia Insurance Review, the Australian Institute of International Affairs and more.

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7 Best Annual Travel Insurance in Singapore

• Financially Reviewed by Edward Hee

• Published: 1 May, 2023
• Last Updated: 29 February, 2024

At Dollar Bureau, we’re committed to providing you with reliable, unbiased financial guidance. Our content is crafted by everyday Singaporeans who are trained in finance and insurance, ensuring relatable and practical guidance. We uphold strict editorial independence, regularly update our reviews, and value your feedback to keep our information accurate and relevant.

Discover more about our editorial guidelines here .

Table of Contents

Are you planning on travelling abroad in the near future?

While travel can be exciting and rewarding, it has its fair share of risks.

From lost luggage to medical emergencies, unexpected events can quickly derail your trip and leave you with a hefty bill. That’s where travel insurance comes in.

If you’re a Singaporean traveller, you’re in luck.

In this article, I’ll explore the best annual travel insurance plans available in Singapore that offer comprehensive coverage at affordable prices.

Whether you’re a frequent traveller or planning a long-term trip, there is an insurance plan that can meet your needs.

So, let’s dive in and find the perfect annual travel insurance plan to protect you on your next adventure.

Why Annual Travel Insurance?

Annual travel insurance is cost-effective for frequent travellers, especially in Singapore.

Instead of purchasing a new travel insurance policy for each trip, you can buy an annual policy that covers you for multiple trips throughout the year.

This is a great option for those who travel frequently for work or leisure. Not only does it save you time and hassle, but it can also save you money in the long run.

In comparison, purchasing multiple single-trip plans can be more expensive and time-consuming, especially if you travel frequently.

With an annual policy, you can have peace of mind knowing that you’re covered for all your trips throughout the year without worrying about purchasing a new policy for each trip.

Prefer single-trip plans instead?

Click here to find our picks for the best single-trip travel insurance in Singapore .

Comparing the Best Annual Travel Insurance in Singapore

These are the best annual travel insurance plans in Singapore that will be compared throughout this article.

• AIG Travel Guard Direct
• AIA Around the World Plus (II)
• Allianz Travel Bronze
• FWD Travel Insurance
• MSIG TravelEasy
• NTUC Income Travel Insurance
• Singlife Travel Insurance
• Etiqa TIQ Travel Insurance (with Covid-19 cover)

Cheapest Annual Travel Insurance – MSIG TravelEasy Standard

The basis for this comparison will be on the coverage for a single 25-year-old individual travelling to Thailand for a year and the lowest-tiered plan across all insurers (except for AIG).

If you’re going on an annual trip, you are likely to incur a lot of expenses during your trips.

Whether it’s for your accommodation or flight, it may end up in hefty amounts.

Thus, you may be looking for the cheapest travel insurance out there when it comes to annual trips.

The cheapest travel insurance for annual trips would have to be MSIG TravelEasy Standard since it offers the cheapest premium at $231.20 for a whole year.

That amounts to about $19.20 a month, which is pretty affordable.

Take a look at some of MSIG TravelEasy Standard’s notable benefits:

• Personal Accident & Death: $50,000
• Medical Expenses: $250,000
• Emergency Evacuation & Repatriation: $250,000

Not too shabby for paying $19.20 a month.

So if you’re merely looking for the cheapest travel insurance for your annual trip, get MSIG TravelEasy Standard.

Best Annual Travel Insurance with Highest Overseas Medical Expenses Coverage – Singlife Travel Insurance Prestige

This comparison will be based on coverage for a single 25-year-old individual travelling to Thailand for a year and the highest-tiered plan across all insurers (except AIG).

Overseas medical expenses coverage is one of the most critical factors for travel insurance – more so for annual trips since you’ll be away from your home country for much longer.

Because of this, you’re more prone to face some unexpected circumstances that may just land you in the hospital.

This means it certainly can’t hurt to have the highest coverage for any overseas medical expenses you may incur if you are hospitalised.

Looking at the table above, it’s clear that  Singlife Travel Insurance Prestige  is the best annual travel insurance in this category as it’s the only one offering unlimited coverage for overseas medical expenses!

The best part about its premium is that it is not the most expensive among the insurers!

Seems like a pretty good deal if you ask me.

So, if you’re a frequent traveller looking for the highest overseas medical expenses coverage – you should go for  Singlife Travel Insurance Prestige.

Best Annual Travel Insurance for Those with Pre-Existing Conditions going – Etiqa TIQ Travel Insurance Pre-Ex (with Covid-19 cover)

In Singapore, there are currently 2 travel insurance plans that offer coverage for pre-existing medical conditions, such as:

• MSIG TravelEasy Pre-Ex
• Etiqa TIQ Travel Insurance Pre-Ex

Since MSIG TravelEasy Pre-Ex doesn’t offer coverage for annual trips, the only option you’re left with is  Etiqa TIQ Travel Insurance Pre-Ex (with Covid-19 cover) .

Thus, here’s a breakdown of the plan’s key coverage and benefits.

They offer 3 tiers of coverage to cater to travellers with different budgets

This comparison will be based on a single trip coverage for a single 25-year-old individual travelling to Thailand for a year.

Besides the fact that COVID-19 coverage is not available for Etiqa’s TIQ Pre-Ex plans, it seems pretty comprehensive for most travellers going on annual trips with pre-existing medical conditions.

Their premiums can also be pricier, but it’s a price to pay to be safer than sorry!

Best Annual Travel Insurance with Highest Benefit for Loss or Damage of Baggage and Personal Belongings – AIG Travel Guard Direct Supreme

This comparison will be based on coverage for a single 25-year-old individual travelling to Thailand for a year and the highest-tiered plan across all insurers.

This is one of the common travel inconveniences that any traveller can face, especially when you need your essentials to carry out your itinerary as planned.

I mean, what if you’re planning to make a vlog to document your long trip? You would probably pack your camera and laptop for taking pictures and editing.

And what if you brought along your brand new luxury bag or jewellery overseas to dress up throughout this trip?

And, of course, your travel documents and passport should also be with you.

What happens if the airport loses your baggage and all those personal belongings? What will you do then?

Thus, it is essential to choose an annual travel insurance plan that covers you well for these situations, such as  AIG Travel Guard Direct Supreme,  which offers up to $10,000 for the loss or damage of your baggage and personal belongings.

Although it is the 2nd most expensive premium at $554, paying slightly more for higher protection should be the least of your worries when it comes to your essentials.

Especially if you carry luxury items or personal electronics such as your phone/laptop.

Remember that all travel insurance plans also impose benefit limits for certain items, such as your laptop or mobile phone.

In the case of AIG Travel Guard, the item limits for a laptop computer, jewellery, and all other items are $1,000, $1,000, and $500, respectively, which applies to all AIG Travel Guard tiers.

So if you’re travelling on an annual trip and wish to be covered in case you lose your important belongings at the airport,  AIG Travel Guard Direct Supreme  is the travel insurance you should go for.

Best Annual Travel Insurance for Active Travellers – Etiqa TIQ Travel Insurance Luxury (with Covid-19 cover)

This comparison will be based on coverage for a single 25-year-old individual travelling to Thailand for a week and the highest-tiered plan across all insurers.

This one goes out to all those adrenaline seekers who love the outdoors and need a travel insurance plan to protect them should an accident happen.

In these cases, personal accident benefits should appeal to you most.

We can see that there are 5 insurers who offer the highest personal accident benefit of $500,000.

But there’s one that stands out the most:  Etiqa TIQ Travel Insurance Luxury (with Covid-19 cover).

And for 2 main reasons – it has the cheapest premium of just $369 and covers an extensive list of leisure and recreational type of holiday outdoor activities that most insurers don’t even cover!

Here is what’s covered in the TIQ plan:

• Hot air balloon
• Scuba diving
• Skiing and other ice/snow sports
• Hiking or trekking
• Marathons and other competitions (excluding ultramarathons, biathlons, and triathlons)
• Paragliding, hang gliding, parachuting
• Bungee jumping

We told you, it’s an extensive list!

And if you’re an active traveller going for many adventures on your long trip, there’s bound to be an activity listed above that you would most likely partake in on your travel.

So to our adventure junkies and outdoorsy people,  Etiqa TIQ Travel Insurance Luxury (with Covid-19 cover)  is your annual travel insurance.

Best Annual Travel Insurance with Highest COVID-19 Coverage – Allianz Travel Platinum

These days, COVID-19 coverage has become a norm in travel insurance since the pandemic. What this means is that you will be able to claim from your travel insurance if you get COVID-19 while travelling.

From the table above, you can see that there are many factors that are covered in case you contract the virus.

Which of these is actually important for you to consider when it comes to choosing coverage?

Well, it is likely that everyone in Singapore by now has gotten their vaccinations before they are allowed to travel overseas.

But that’s not to say you may not be infected by the virus, especially if that country you’re travelling to still has high infection rates.

So, if you get infected there, you may incur a huge bill when you seek medical treatment, as it depends on the country’s current COVID-19 measures and protocol.

Thus, you should be looking out for the overseas medical expenses benefit from each insurer.

In this case,  Allianz Travel Platinum  wins for the highest coverage for overseas medical expenses at a whopping $1,000,000!

Plus, if you need to be medically evacuated and repatriated, Allianz offers unlimited coverage for both cases!

Even though those factors are not as important (since you most likely only need them once) – but it’s good to have!

Of course, that’s not saying that the overseas medical expenses benefits are all you should look at.

You should also look at the trip cancellation and postponement component because these are important for you to check if the coverage is “sufficient” to cover the cancellation cost of your air tickets, long-term accommodation, and itinerary should you contact the virus before you fly.

If you’re concerned about this aspect,  Allianz Travel Platinum  is still your go-to travel insurance plan because they offer the highest coverage of $15,000!

However, their premiums are the most expensive compared to other plans, standing at $570.

That might deter you a little, but you must not forget that you may have a higher likelihood of contracting the virus more than once because you’re making multiple trips a year and possibly staying in the country for a longer period of time.

Thus, a $1,000,000 overseas medical expenses benefit can be very useful in those situations.

Not to mention unlimited coverage for emergency medical evacuation and repatriation.

So, if you’re looking for an annual travel insurance plan with the highest COVID-19 coverage – you should definitely pick Allianz Travel Platinum.

Most Value Annual Travel Insurance – Etiqa TIQ Travel Insurance Entry (with Covid-19 cover)

The basis for this comparison will be on the coverage for a single 25-year-old individual travelling to Thailand for a week and the lowest-tiered plan across all insurers.

When it comes to travelling, it is a common practice to source around for the best deals – and it shouldn’t be any different for travel insurance.

Plus, you’re already putting aside expenses for your long trip, why wouldn’t you want a travel insurance plan that will be a bang for your buck?

Thus, in terms of cost-to-benefit ratio, Etiqa TIQ Travel Insurance Entry (with Covid-19 cover) stands out as the best value option for annual trip travellers.

It is a worthy competitor even with it having the cheapest premium of $369! That’s about $30.75 a month for a year.

I mean, for just $30.75 a month, you get

• An affordable travel insurance to ease your travel worries
• A reasonably high extent of coverage for overseas medical coverage ($200,000!)
• $200,000 for Accidental death and TPD coverage (the highest amongst ALL plans, and comparable to higher priced plans like FWD!)
• Coverage for an extensive list of adventurous activities – which many plans don’t have!

So, you can see why Etiqa TIQ Travel Insurance Entry (with Covid-19 cover) is a great value plan for short-trip travellers.

They also have 2 other tiers for you to consider – Savvy and Luxury for those with a higher budget to spare.

But one thing’s for sure, they will remain a value-for-money travel insurance plan.

Frequently Asked Questions

What are the benefits of getting an annual travel insurance plan in singapore.

Annual travel insurance plans offer a wide range of benefits to Singaporean travellers:

– Cost savings as compared to single-trip travel insurance plans.

– Convenience since you do not need to purchase travel insurance for each subsequent trip and are protected all year.

– Comprehensive coverage includes protection from medical emergencies and personal accidents, baggage loss/damage, missed flight or delayed luggage, and more.

How do I compare different annual travel insurance plans in Singapore?

To compare different annual travel insurance plans in Singapore, you should consider factors such as coverage, exclusions, deductibles, premiums, and benefits.

You can start by researching and comparing different insurance providers and their offerings, reading customer reviews and ratings, and seeking advice from insurance agents or brokers.

Can I purchase an annual travel insurance plan in Singapore if I have a pre-existing medical condition?

Yes, you can purchase an annual travel insurance plan in Singapore even if you have a pre-existing medical condition.

However, the terms and conditions of coverage for such a plan may vary depending on the insurance provider and your medical condition.

It is best to contact the insurer directly to get more information about what kind of coverage is available for your specific situation.

What is the average cost of an annual travel insurance plan in Singapore?

The average cost of an annual travel insurance plan in Singapore is $293.1. This is based on the lowest tier of all the annual insurance plans compared above.

In conclusion, annual travel insurance is a must-have for frequent travellers.

It provides peace of mind and protection against unexpected situations that could ruin your trip.

With so many options available in Singapore, it’s important to do your research and choose a policy that suits your needs and budget.

So, before your next adventure, make sure you have the best annual travel insurance in Singapore.

You’ll be able to confidently explore the world, knowing that you’re covered for any unforeseen circumstances.

Safe travels!

Disclaimer: Each article written obtained its information from reliable sources and should be purely used for informational purposes only. The information provided by Dollar Bureau and its affiliated parties is not meant to be construed as financial advice. Dollar Bureau shall not be held liable for any inaccuracies, mistakes, omissions, and losses incurred should you act upon any information listed on this website. We recommend readers to seek financial planning advice from qualified financial advisors. 

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Compare Best Travel Insurance Plans 2024 by Insurance Providers

What does travel insurance cover is it necessary.

Travel insurance will give you peace of mind every time you leave Singapore. It is recommended to buy your travel insurance as soon as you confirm your travel plans to protect yourself from expenses incurred due to unforeseen travel disruptions. Travel insurance is cheap and covers a whole range of unexpected scenarios that may be beyond your control. Here are some of the main benefits of travel insurance:

Medical coverage

In Singapore, we are covered by subsidised healthcare and health insurance (Integrated Shield Plans). But should you fall sick or get into an accident overseas, you may end up having to pay for huge medical bills. Travel insurance covers your medical expenses overseas, even in places where healthcare is extremely expensive.

Flight delay or cancellation

Your flights may be delayed or cancelled due to unforeseen circumstances like bad weather. Should this happen to you while you are overseas, you may need to make last-minute accommodation arrangements that incur costs. Travel insurance covers those unexpected costs so you can breathe easy.

Natural disaster protection

Going abroad to a place known for natural disasters like earthquakes, hurricanes, tsunamis, floods or volcanic eruptions? Travel insurance can cover your medical expenses or emergency repatriation in the event that you are injured or grievously hurt. Your risk exposure to natural disasters can be covered with insurance.

Protect your belongings

Travel insurance protects you in the event that you lose or damage your important documents, money, luggage and any other valuables.

Does travel insurance cover COVID-19?

Travel insurance may cover certain scenarios inclusive of COVID-19, but the COVID-19 cover may not be offered for certain countries and at certain periods and may come with conditions. Please contact us at [email protected] or +65 3106 4522 to understand more about the travel insurance coverages.

How do you compare travel insurance policies?

For such a simple, short-term product, travel insurance policies can be very long and full of insurance jargon! However, it is important not to ignore the policy wording and benefits as you would want your travel insurance plan to be an appropriate fit for your destination. Here are the five important parts of your policy to compare.

Travel insurance premiums are calculated based on your destination(s) and the number of days you are there. If you are travelling as a group or couple, it is usually cheaper to buy a group travel insurance policy.

Most travellers are concerned about having their medical expenses covered when overseas. Check that your medical claim limit is adequate for your destination — choose a higher tier plan if you are going to an expensive country. Also, look for post-trip medical coverage.

Travel disruption coverage

Travel insurance covers flight delays/cancellations, luggage delays/loss, and trip cancellations (e.g. due to the insolvency of your travel agent). These could be costly and it can be very tough to recover the costs from the airline or agent.

Pre-existing conditions

Generally, travel insurance does not cover pre-existing medical conditions such as diabetes or asthma. Should you require medical treatment (on your trip) because of a flare-up, the insurer will not cover it. However, NTUC Income, MSIG, TIQ and FWD offer travel insurance plans that cover pre-existing conditions.

Adventure activities

Some travel insurance plans cover adventure activities like mountain hiking, skydiving and scuba diving, while others don't. If you have any of such activities planned, do check your policy's list of exclusions (found in the policy wording) and make sure your intended activities are not excluded.

How do you make travel insurance claims?

Every travel insurance provider has a different claims process. Typically, you can make claims online with the relevant supporting documents. Some insurers even let you submit claims through their apps. You also have the option to mail the documents. Travel insurance claims should be submitted ASAP, usually within 30 days of your return. The specified time frame is detailed in your policy wordings. If you are unsure of the documents you need to submit, each insurer should have a claim submission instruction page that lets you know what they need for each type of claim. Here's a general guide to what documents you need to provide in common travel scenarios.

Emergency assistance

Before you travel, save the insurer's emergency assistance hotline and your policy details to your phone. In the event of an emergency, contact the number as soon as possible (have your policy number handy) to arrange for help.

Personal accident / medical expenses

You will need to pay for your expenses overseas and then claim a reimbursement. Make sure to keep all original receipts, your full medical report and a police report (if applicable). File your claim as soon as possible upon your return to Singapore. You may need to submit the original documents by mail.

Travel disruption / cancellation

To claim for travel disruption benefits, you will need to show written proof of the delay/cancellation from your airline, hotel or travel agent, as well as a receipt of your payment made.

Lost / damaged personal belongings

To make a claim for your personal belongings, you will need to submit a police report, the original invoice/receipt for your item, your bill for repairs (if applicable), and in some cases, a report from the repair workshop.

Rental vehicle expenses

Most travel insurance policies cover expenses arising from a rental vehicle accident. To claim, you will need to submit the police report, your own photos and proof of the accident, your repair bills and the rental car contract.

Frequently asked questions

Which are the best travel insurance companies.

There is no single “best” travel insurance provider; it depends on your personal needs. Established companies like NTUC Income and MSIG tend to have great reputations and better products for older travellers (like plans that cover pre-existing conditions). Newer ones like Etiqa and FWD tend to have a fully-digital claims experience and may be more accommodating with adventure activities. Claim experience is also a consideration when you compare travel insurance!

Which travel insurance is cheapest?

There is a lot of competition among travel insurers, so prices tend to be very competitive. Insurance coverage for a three-day trip in Southeast Asia starts from only about S$11. The actual pricing varies with any ongoing travel insurance promotions.

Is your credit card's free travel insurance enough?

Some credit cards, especially miles cards, offer free travel insurance coverage if you book and pay for your flights and/or accommodation through the card. However, the coverage tends to be low. We recommend supplementing it with a more comprehensive travel insurance plan.

Can foreigners buy travel insurance in Singapore?

You will need to provide your FIN and show your employment pass or work permit to apply. Foreigners in Singapore can buy travel insurance from most of the insurance companies such as MSIG, NTUC Income, FWD, Etiqa, Sompo, Allianz, AIG, etc.

What are the key differences between family travel insurance plans and group travel insurance plans?

Both allow more savings than buying individual travel insurance for each traveller on the same trip. Family travel insurance plans are designed to cover family members (related) travelling together. Group travel insurance offers a collective coverage option for travellers on the same trip and it caters to non-familial groups.

What's the difference between single-trip or annual multi-trip travel insurance?

Single-trip travel insurance covers one specific journey, ideal for occasional travellers. Annual travel insurance insures your trips year-round, as long as your destination is within your insurance coverage. We recommend getting an annual insurance for people who travel more than four to six times per year, as this is perfect for frequent travellers and offers convenience and potentially significant savings.

When should I buy travel insurance?

You should buy travel insurance preferably as soon as you book your trip. The latest you can buy a policy is just before your trip (leaving Singapore), although some insurers reduce coverage for cancellation benefits three days before your travel date. You cannot buy a travel insurance policy after you have left for your trip.

How should I choose my travel destination/ country for my travel insurance if I am going to multiple countries?

If you are travelling to more than one country, please select the region of travel/ country based on the furthest destination from Singapore. For example, if you are travelling to Thailand and the USA, please select: - Thailand, USA (if the portal/ application allows); or - Worldwide (if the selection is by region); or - USA (if the selection is by country) If you are travelling to Thailand and returning to Singapore before setting off to the USA, it will be considered as two trips. You will need to purchase two travel insurance policies (one policy for “Singapore - Thailand - Singapore”; another policy “Singapore - USA - Singapore”) to cover each trip separately.

How does "trip cancellation for any reason" benefit work?

"Trip cancellation for any reason" is a benefit offered by some insurance companies (such as Singlife and FWD, for certain tier of plans or as an optional add on benefit). The insurance policy/ benefit must be purchased within seven days of you making the initial payment for your trip. For example, if you've purchased an air ticket on 1 April 2023 and paid for your accommodation on 15 May 2023, for a trip from 1 June 2023 to 14 June 2023, you would've had to secure your travel insurance by 8 April 2023 to be covered under this benefit.

Why buy travel insurance from us?

Value for money.

We compare our partners' insurance plans based on best price and coverage to give you the best bang for the buck.

Customer-oriented

We are always online to serve you and your needs to your best interests - because you come first.

Time-saving

We save your details securely and cut your time by half the next time you purchase another policy with us.

Compare Best Travel Insurance Plans 2024 by Coverage

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10 Best Savings Accounts in Singapore with the Highest Interest Rates (Jul 2024)

Savings accounts have a simple premise, but often come with complex mechanisms for you to earn bonus interest.

When you open a savings account with a bank, you deposit money into it and let that money earn interest. You’ll enjoy higher interest rates on a savings account than you would on your normal account (called a checking account). 

The issue is that  not all savings accounts are made equal. Different banks offer different interest rates, have different minimum sums, and require you to hit different spend/transaction criteria (one of the savings accounts below has 9 types of transactions you can choose from to fulfil!).

So to help you out with navigating savings accounts in Singapore, we’ve compiled the best savings accounts in Singapore with the highest interest rates in 2024 for different personal and financial needs.

Note: We update this article on a monthly basis with the latest rates. The rates below were updated on 2 Jul 2024.

What are the best savings accounts in Singapore with the highest interest rates in 2024?

• Best savings accounts at a glance
• Citi Wealth First Account

Standard Chartered Bonus Saver

UOB One Account

Ocbc 360 account.

• Bank of China Smart Saver
• Maybank SaveUp Account

DBS Multiplier Account

• CIMB FastSaver Savings Account
• POSB SAYE Account
• HSBC Everyday Global Account

1. At a glance: Best savings accounts in Singapore with highest interest rates (Jul 2024)

Most savings accounts require you to jump through a whole bunch of hoops to enjoy their best rates. But let’s be realistic here. Most of us aren’t going to be taking a home loan, buying insurance from the bank, and investing with the bank—and certainly not all at the same time. What will you earn if you only credit your salary and spend using the bank’s debit/credit card? Here’s our realistic summary:

Note: The table above assumes you earn at least $3,000 a month, spend $500 a month, and have a regular banking relationship. If you earn more, spend more, or are a premier or private banking client, you may enjoy better rates. Read the individual sections on each savings account below to find out more.

1. Citi Wealth First Account

The Citi Wealth First Account has a simple mechanic for calculating its total interest rate: base interest (0.01%) + bonus interest (up to 7.50%) .

Its base interest starts at 0.01% for everyone, whether you’re a Citibanking, Citi Priority, Citigold, or Citigold Private Client customer. That’s the lowest base interest rate out of all the savings accounts on this list.

Next, beef up that measly 0.01% up with bonus interest rates. You get different bonus rates depending on which of the following categories you fulfil:

• Spend (+1.5%) : Spend at least $250/month on your Citibank Debit Mastercard.
• Invest (+1.5%): Purchase one or more new single lump sum investments totalling at least $50,000/month. Investments can include Unit Trust, Structured Notes and Bonds.
• Insure (+1.5%) : Purchase one or more new single premium policies totalling at least $50,000/month. This excludes policies purchased using Central Provident Fund Savings or Supplementary Retirement Schemes.
• Borrow (+1.5%) : Take up a new home loan of at least $500,000. 
• Save (+1.5%) : Deposit more money into your account, increasing your account’s average daily balance by at least $3,000 from the previous month’s.

If you fulfil all of the transaction categories above, the maximum interest rate you can get with the Citi Wealth First Account is a generous 7.51 % . That’s one of the highest rates among the savings accounts this month. Plus, it applies to the first $50,000 to $150,000 in your account, and not just the first $25,000 after the first $100,000 or something like that (looking at you, UOB One). That means 7.51% p.a. is the effective interest rate !

Realistically speaking, most of us can only deposit our salaries in the account, i.e. “ Save “, and “ Spend “. If you only fulfil these 2 criteria, you’ll earn 3.01%  p.a. interest on the Citi Wealth First Account. That’s $1,505 earned per year from your first $50,000.

The only advantage to starting a Citigold or Citigold Private Client banking relationship is that the bonus interest rates can apply to a larger sum of money. For Citibanking and  Citi Priority customers, bonus interest rates are applied to only the first $50,000, according to the Citi Wealth First T&Cs  (Clause 7). This increases to $100,000 for Citigold and $150,000 for Citigold Private Client.  

However, you’ll need to maintain $250,000 in your account for Citigold, and $1,500,000 for Citigold Private Client. If you fall below these thresholds, the bonus 7.51% will only apply to the first $50,000 just like for everyone else.

Citi Wealth First Account 

• Minimum balance : $15,000
• Fall below fee : $15
• Bonus interest cap : $50,000 – $150,000

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2. Standard Chartered BonusSaver account interest rates

The Standard Chartered BonusSaver savings account used to offer the highest maximum interest rate on a savings account— 7.88 % p.a.. This maximum rate got reduced to 7.68% p.a. on 1 May 2024, following UOB’s own  rate cut on their flagship savings account .

Here’s a breakdown of the changes that took effect on 1 May 2024:

You’ll notice that after 1 May 2024, the interest rates for investing or buying insurance with Standard Chartered went up, while the rates for salary credit , credit card spending , and GIRO components fell. Unfortunately, the latter are the lowest hanging fruit and pretty much everyone will now find it harder to get bonus interest with a Standard Chartered BonusSaver account.

While 7.68% p.a. is still pretty high, it isn’t easy to hit this maximum interest rate on the Standard Chartered BonusSaver. You’d need to fulfil all 5 requirements: credit your salary, spend on your credit card, pay 3 bills, invest, and buy insurance. 

On the plus side, 7.68% p.a. is applied to the entire sum of $100,000 , whereas accounts like the UOB One savings account are only going to give the highest interest rate to a smaller sum based on a tiered system. (Check our  review of the UOB One account to see the effective interest rates on the entire $100,000 sum.)

Moreover, the Standard Chartered Bonus Saver savings account occupies a niche: It gives you pretty high bonus interest just for spending tons of money:

• Pay 3 bills online or via GIRO and you’ll get an additional 0.23% p.a. interest .
• Spend at least $2,000 on your BonusSaver credit or debit card and you’ll already get 1.40% p.a.  bonus interest on your savings.

This comes up to a total of  1.63% p.a. bonus interest.  Not bad if your card’s main function is to pay for your kid’s tuition fees, dental checkups, condo MCST fees and what-not. However, you’ll get a higher rate of  2.25% p.a. with UOB One on your first $100,000 just for spending $500 a month on your credit card and making 3 GIRO debit transactions.

If you’re gunning for this and need a Standard Chartered credit card, my top pick is the  Standard Chartered Simply Cash Credit Card —I’m a fan of fuss-free unlimited cashback cards with $0 minimum spend.

Standard Chartered Simply Cash Credit Card

Earn 4,250 SmartPoints or up to S$350 Cash via PayNow  when you apply and spend a min. of S$1,000 in eligible transactions within 60 days from card approval date!  T&Cs apply .   Use 4,250 SmartPoints to fully redeem a product from our Rewards Store . If the product costs more, redeem with your points and top up the rest by purchasing additional SmartPoints e.g. get an Apple 10.9-inch iPad Wi‑Fi 64GB (10th Generation) at only S$189 on top of your earned SmartPoints.

Key Features

Flat 1.5% cashback rate for all eligible purchases

No cashback cap and no minimum spend

Enjoy dining and shopping discount privileges at over 3,000 outlets in Asia with Standard Chartered’s The Good Life Program

1 year annual fee waiver, no minimum spend required

At MoneySmart, we strive to keep our information accurate and up to date. This information may be different from what you see when you visit a financial institution, service provider, or specific product site. MoneySmart shall not be liable to compensate the Customer should the information is not as updated as our Partner.

Crediting your salary will get you an additional 2.00%  interest. That’s not too bad a rate, but you have to be earning at least $3,000 per month to qualify for the bonus interest. If you earn less, I suggest the OCBC 360 savings account instead—it’ll give you the same 2.00% p.a. interest on your first $75,000 for crediting a minimum salary of $1,800 .

Now let’s talk realistically. Many of us may only credit our salary and meet the requirement to spend $500 a month on a Standard Chartered credit card . If you only do these 2 things, you’ll enjoy an interest rate of 2.65% p.a. on your first $100,000, inclusive of the base interest rate . For meeting the same 2 requirements, the OCBC 360 account ( 4.05% p.a. on first $100,000) UOB One ( 3.38% p.a . on first $100,000 or  4.00% p.a. on first $150,000) are going to be a lot more attractive.

• Minimum balance : $3,000
• Fall below fee : $5
• Bonus interest cap : $100,000

3. UOB One savings account interest rates

UOB One savings account interest rates (from 1 May 2024)

Up to 2.50% p.a. interest rates

Up to $200 cash credit when you sign up online and sign up for a UOB credit card. T&Cs apply

Low initial deposit of $500

Withdraw cash conveniently without an ATM card using Mobile Banking

UOB Young Professionals Solution is a combination of UOB One Account, UOB YOLO and the unique Sweep feature that allows you to automatically invest your earned account interests and card rebate into a Unit Trust

The UOB One savings account has taken a hit and no longer has the highest maximum interest rate for a savings account in Singapore, but it may still be worth it for you. For our full breakdown of what these new rates mean for you, read our review of the UOB One savings account , where we talk effective interest rates, spending requirements and more.

For now, I’m happy to report that at least UOB isn’t changing the mechanics of how to earn bonus interest on the UOB One. That means the winning quality of the  UOB One account  remains intact—its criteria to snag the highest interest rate is easy peasy.  You only need to fulfil these 2 requirements:

• Credit your salary to the UOB One account via GIRO
• Spend at least $500 spend per month on an eligible UOB Card

The eligible cards you can hit the $500 spend on are:

UOB One Card

• UOB Lady’s Card
• UOB EVOL Card
• UOB One Debit Visa Card
• UOB One Debit Mastercard
• UOB Lady’s Debit Card
• UOB Mighty FX Debit Card

Among these cards, the UOB One Card works best with the UOB One savings account. Find out why in our full review of the UOB One account .

Up to 10% cashback on McDonald's (including McDelivery®)

Up to 10% cashback at Shopee Singapore (excludes ShopeePay)

Up to 10% cashback at DFI Retail Group (Cold Storage, CS Fresh, Giant, Guardian, 7-Eleven & more)

Up to 10% cashback at Grab (including GrabFood, excludes Grab mobile wallet top-ups)

Up to 10% cashback (bus and train rides)

Up to 10% cashback on UOB Travel

Up to 4.33% cashback on Singapore Power utilities bill.

Up to 3.33% cashback on all retail spend (based on S$500, S$1,000 or S$2,000)

Fuel savings of up to 22.66% at Shell and SPC

Exclusions and T&Cs at uob.com.sg/onetncs

If you prefer a card with $0 minimum spend, the recently revamped UOB Lady’s Card is right up your alley. And yes, men can apply too!

UOB Lady's Card

Up to 25X UNI$ for every S$5 spend (equiv. to 10 miles per S$1) on your preferred rewards category(ies) with no minimum spend required. Choose from Beauty & Wellness, Dining, Entertainment, Family, Fashion, Transport and Travel.

10X UNI$ (4 miles per S$1) + additional up to 15X UNI$ (6 miles per S$1) when you save with UOB Lady's Savings Account

Flexibility to change your Preferred Category(ies) Spending every quarter.

UOB Lady's LuxePay Plan 6 or 12-month installment plan with no interest or processing fees

Free e-Commerce protection for online purchases up to USD$200

Earn up to 6.0% p.a. interest with UOB One Account

Don’t have a fixed monthly salary? You can still get up to 3.00% p.a.  on $50,000 after the first $75,000 with the UOB one account if you pay 3 bills by GIRO. This is great for those without a regular pay check, such as freelancers, retirees or homemakers. If you go for this option, the interest rate rises with every additional $30,000 or $15,000 in your UOB One account, up to $75,000.

UOB One Account effective interest rates (EIR)

Everyone is enticed by the 6% p.a. carrot that UOB dangles, but note that this is only applied on the $25,000 after your first $125,000—unlike the Standard Chartered Bonus Saver, which applies 7.68% p.a. on the full first $100,000 you bank with them.

What you need to look at is the effective interest rate —the true interest rate on the full amount you deposit in your UOB One Account. Here’s how much you’ll really earn with different account balances and with the fulfilment of different criteria:

Simply for crediting your salary and spending $500/month on your credit card, the UOB One Account’s 4% p.a. EIR  (on first $150,000) is currently one of the highest out there—second only to OCBC 360’s 4.05% p.a. . Comparatively, Standard Chartered will give you 2.65% p.a. to fulfil the same criteria, or 3.45% p.a. if your credit card spending is at least $2,000/month.

UOB One savings account

• Minimum balance : $1,000
• Fall below fee : $5 (Waived for first 6 months for accounts opened online)

4. OCBC 360 savings account interest rates

Minimum salary credit of S$1,800 via GIRO

OCBC 360 is a savings account with a base interest rate of 0.05% per annum on the account’s balance

You enjoy bonus interest rates when you credit your monthly salary, meet certain deposit amounts such as S$500 monthly increases or S$200,000 total balance, purchase insurance, or invest with OCBC

Increase your OCBC 360 account savings balance by S$500 monthly to enjoy 1.20% bonus interest on the first S$75,000, followed by 2.40% bonus interest for the next S$25,000.

If your account balance is above S$200,000, you enjoy an additional 2.40% on your first S$100,000 deposited

The OCBC 360 savings account is now one of Singapore’s highest interest savings accounts. It starts at a base interest of 0.05% p.a., and gives you varying bonus rates for crediting your salary, spending on your credit card (minimum of $500/month), growing your balance, insuring and investing. If you fulfil several of these requirements, this is what your maximum Effective Interest Rate (EIR) will be on your first $100,000:

• Salary + Save : 4.05% p.a.
• Salary + Save + Spend : 4.65% p.a.
• Salary + Save + Spend + Insure / Invest : 6.15% p.a.
• Salary + Save + Spend + Insure + Invest : 7.65% p.a.

To recap, the UOB One account gives you an EIR of up to 4.00% on the first $15o,000 or 3.38% p.a. on the first $100,000. While that’s a lower maximum rate than OCBC 360, don’t forget that the UOB One account rewards you with their maximum rates simply for crediting your salary and spending on your credit card.

The OCBC 360 is more complicated than the UOB One, but also more flexible in that there is no one mandatory requirement. This account is perfect for those who don’t hit the $3,000 minimum salary requirement many other savings accounts have. You’ll get  a bonus 2% just for crediting your salary to the OCBC 360 account through GIRO, FAST, or PayNow. UOB only counts your salary credit if it’s via GIRO.

You also get a bonus 1.2% every month that your account balance increases by $500 or more, so that might encourage you to save more even if you don’t hit the other criteria.

Do note that the $500 monthly spend category for a bonus 0.60% p.a. interest applies only to selected OCBC credit cards :

OCBC 365 Credit Card

Ocbc infinity cashback card.

• OCBC NXT Credit Card
• OCBC 90°N (available in both Visa and Mastercard versions)
• OCBC Rewards Card

My top pick is the  OCBC 365 Credit Card  for its high cashback rates:

5% cashback on everyday dining (including local, overseas and online food delivery)

6% cashback on fuel spend at all petrol service stations locally and overseas

3% cashback on groceries, land transport, online travel, recurring telco and electricity bills

Earn 1,890 SmartPoints or S$200 Cash via PayNow when you apply and spend a min. of S$500 in qualifying spends within 30 days from card approval date. T&Cs apply .   Use 1,890 SmartPoints to fully redeem a product from our Rewards Store. If the product costs more, redeem with your points and top up the rest by purchasing additional SmartPoints e.g. get an Apple 10.2 inch iPad Wi-Fi (9th Generation) 64GB at only S$315 on top of your earned SmartPoints.

0.25% cashback on everything else

Min. spend of S$800 per month, with cashback capped at S$80 per month

Unlock up to S$160 cashback per month with a min. spend of S$1600 per month

2 years fee waiver for principal card (S$194.40), subsequent years waived with min. spend of S$10,000 p.a.

But if you’ve jumped through enough hoops for your savings account and just want a blanket 1.6% cashback rate from your credit card, the OCBC INFINITY Cashback Card is a better fit.

Earn 1.6% in unlimited cashback on transactions made in stores or online, locally or overseas.

No minimum spending required to earn cashback

No limit to the cashback you can earn

Cashback willl be credited automatically to your card account

• Fall below fee: $2. Waived for first year.

5. Bank of China SmartSaver account interest rates

The Bank of China SmartSaver account is a good choice for high earners.  They offer probably the highest interest rates in Singapore for those who take home a monthly salary of at least $6,000. You get a cool 2.6% p.a. just for opening the account and crediting your salary to it. If raking up a bill of at least $1,500 on your Bank of China credit card is no problem for you, you’ll get an additional 0.8% bonus interest. Consider the  Bank of China Sheng Siong Card for  up to 6% cash rebate at Sheng Siong and 1.5% unlimited—yes, no cap!—cash rebate on your overseas spend, including online purchases.

The Bank of China SmartSaver account also awards a wealth bonus of 2.4% per annum for 12 consecutive months. However, to qualify, you’ll have to put down a pretty hefty sum on their insurance products. We’re talking a minimum of $12,000 in annual premiums with a 10-year premium term.

If you max out the bonus interest in all categories, you can enjoy a rate of up to 6.7% p.a.  on your first $100,000 saved with the Bank of China. On the other hand, let’s say you only credit your salary (which is below $6,000) and spend ($500 a month). You’ll earn an interest rate of 2.5% on your first $100,000 .

Bank of China SmartSaver 

• Minimum balance : $200 (Maintain at least $1,500 to enjoy bonus interests)
• Fall below fee : $3

6. Maybank Save Up Programme interest rates

The Maybank Save Up Programme lets you choose from 9 different Maybank products/services to get bonus interest:

• GIRO payment (min. $300) OR salary credit (min. $2,000)
• Credit card spending (min. $500) on Maybank Platinum Visa Card and/or Horizon Visa Signature Card
• Invest in structured deposit (min. $30,000)
• Invest in unit trust (min. $25,000)
• Buy insurance (min. $5,000 annually)
• Home loan (min. $200,000)
• Renovation loan (min. $10,000)
• Car loan (min. $35,000)
• Education loan (min. $10,000)

The Maybank Save Up Programme starts with a higher base interest rate than most other savings accounts. However, the bonus interest rates aren’t competitive unless you fulfil 3 transactions.  Assuming you hit 3 transactions and start with a bonus interest rate of 0.25%, you’ll get 4.3% on your first $50,000 and 5.5% p.a. on the next $25,000. For comparison, the OCBC 360 account will give you 4.65% p.a. for hitting the 3 categories of crediting your salary, saving, and spending on your credit card.

Speaking of  credit card spending, do note that Maybank only considers credit card spending on the  Maybank Platinum Visa Card and  Horizon Visa Signature Card . Spending on other Maybank credit cards doesn’t count. On the plus side, these cards give you good cash rebates both locally and overseas.

Maybank Platinum Visa Card

3.33% cashback on all local and foreign spend, up to S$200 per quarter

3.33% cashback on insurance payment (only 50% of each tier considered)

Complimentary Travel Insurance coverage up to S$500,000

Maybank Horizon Visa Signature

Earn 2.8 air miles (7X TREATS Points) for every S$1 spent on air tickets and foreign currency transactions when you charge a min. of S$800 per calendar month

Earn 1.2 air miles (3X TREATS Points) for every S$1 spent on all local shopping, groceries, dining, hotel bookings and many more

Complimentary lounge access with minimum spend of S$1,000 in a single transaction on a retail purchase, accompanying guest(s) enjoys 20% off walk-in rates for lounge access.

Complimentary Travel Insurance up to S$1,000,000

3 years annual fee waived; spend min. S$18,000 per year to get subsequent waiver

Maybank Save Up Programme

• Fall below fee : $2. Waived for individuals below age 25.
• Bonus interest cap : $50,000

7. DBS Multiplier savings account interest rates

The DBS Multiplier account’s interest rates are only competitive if you hit 3 categories across credit card spending, home loan, insurance, and investment .

No minimum salary credit

DBS Multiplier Account is a deposit account with a base interest rate of 0.05% per annum

Bonus interest rates: 1.40% to 3.80% per annum. DBS Multiplier Account 2020 interest rates have been updated as of 1 August 2020

To enjoy bonus interest rates, you need to credit your salary or dividends via GIRO to any DBS/ POSB deposit account that you hold, and transact a minimum of S$2,000 on any DBS/ POSB credit card you hold, DBS/ POSB home loan monthly instalments, DBS/ POSB insurance regular monthly premium, or DBS investments. Your bonus interest rate increases if you transact in more of the above categories

Bonus interest rates for 29-year-olds and below: Credit your income and spend above S$500 via PayLah! to qualify for 0.30% bonus interest rates on your PayLah! retail spend

DBS Multiplier 2020 interest rate updates: As of 1 August 2020, interest rates have been revised for DBS Multiplier account holders with transactions in 1 and 2 categories. Refer to Bonus Interest Rate tab below to see the change in interest rates

Students, NSF, self-employed, salaried or retired individuals are eligible to apply

The rates in the table above apply to you if you credit your salary/dividends/SGFinDex to any DBS or POSB account (yes, it doesn’t need to be your DBS Multiplier account!). You need to have at least $500 worth of transactions  from 1 or more of the following categories:

• Credit card or PayLah spending (no minimum) 
• Home loan (cash + CPF components counted)
• Selected insurance policies (life insurance, critical illness, endowment plans and selected single premium policies)
• Selected investments (regular savings plan, unit trust, online equities trade, digiPortfolio or bonds, and structured products)

The more categories you hit, the higher bonus interest rates you get.

One thing I really like about the DBS Multiplier is that there is no minimum amount required for the credit card or DBS PayLah! spend. You can also choose either, although I would recommend the credit card route for extra cashback or miles. You can earn up to 10 miles per dollar with the DBS Altitude Visa Signature Card on your travel spend at Expedia and Kaligo, and 2.2 miles per dollar on other overseas spend.

DBS Altitude Visa Signature Card

Earn up to 4.3 miles per S$1 on eligible spends

Enjoy first year annual fee waiver

Receive 10,000 bonus miles when you pay for your annual fee of S$196.20 (inclusive of GST)

Earn Miles for Life! DBS Points earned do not expire.

Miles are awarded in the form of DBS Points which are awarded for every S$5 spent (1 DBS Point = 2 miles) on a per transaction basis.

Enjoy exclusive dining, shopping and travel offers

The  DBS Vantage Visa Infinite Card comes with an even bigger welcome miles bonus, although it isn’t the most accessible credit card due to its high minimum income requirement.

DBS Vantage Visa Infinite Card

1.5 miles or 1.5% cashback for every S$1 local spend

2.2 miles or 2.2% cashback for every S$1 overseas spend

Switch your rewards flexibly between up to 2.2 miles per S$1 or 2.2% Cashback

Receive 25,000 bonus miles (in the form of 12,500 DBS Points) when you pay the annual fee of S$599.50 (inclusive of GST)

What if you don’t have any DBS credit card , insurance, or investments? If you’re 29 years old or below, you can still earn  1.5% p.a. on the first $50,000 . You don’t need to credit your salary to a DBS/POSB account, but DBS will still require you to at least use PayLah!.  The good news is that there isn’t a minimum amount for PayLah! spend. Just use it to pay for anything, even if it’s a $1+ cup of kopi at your local coffeeshop. Easy!

Overall, the DBS Multiplier account makes it easy to earn bonus interest with its zero minimum spend transaction categories and the flexibility to credit your salary into any DBS account, not necessarily the DBS Multiplier. 

However, DBS Multiplier account interest rates start pretty low, especially if you don’t credit your salary to a DBS/POSB account.  Comparatively, CIMB FastSaver’s interest rates start at 1.50% p.a. for just opening the account and depositing a minimum of $1,000.

DBS Multiplier

• Fall below fee : $5. Waived for first-time customers & those up to age 29.

8. CIMB FastSaver savings account interest rates

The  CIMB FastSaver account is the easiest savings account to earn money with this month. From now till 31 Jul 2024, earn up to 3.50% p.a.  simply by depositing a minimum of $5,000 into the account!

The EIR is 3.50% p.a. with no conditions to hit a certain credit card spend, requirements to buy insurance, or other hoops to jump through to enjoy this rate.

Admittedly, 3.50% p.a. interest is not a lot. But we have to give the CIMB FastSaver account credit where it’s due—it’s almost zero effort required. Their mechanic is as simple as it gets: deposit money, earn interest. The only requirement is to maintain at least $5,000 in your account for you to earn the advertised interest rates. To me, it’s like a fixed deposit account you can withdraw money from with no penalty.

The current 3.5% p.a. promotion is running from now till 31 Jul 2024. However, you’ll only get your bonus interest credited into your CIMB FastSaver account on 2 Sep 2024. Don’t close your account before that, or you’ll forfeit the bonus.

This account is also perfect for most young adults starting out their career, because of the very low minimum balance of $1,000 (note, however, that you need to maintain $5,000 for the current promotion) and no fall below fee.

CIMB FastSaver 

• Fall below fee : None!
• Bonus interest cap : $75,000

9. POSB SAYE savings account interest rates

What if you want to open a savings account, but don’t want to do anything but credit money into it? The best zero-effort contender is the POSB SAYE (Save As You Earn) account.

You need to set up a standing order to credit a fixed amount every month (anything from $50 to $3,000) into your SAYE account, then resist the urge to touch it for 2 years. As a reward for your restraint, you earn 3.5% p.a..

Note that it’s a whole lot less liquid than any other savings account, so for the love of God, please don’t put your emergency stash in here.

10. HSBC Everyday Global Account

HSBC Everyday Global Account (Personal Banking)

A multi-currency account that meets your transactional needs in up to 11 different currencies

Get real-time exchange rates with Online GetRate

Instant worldwide transfers to your other HSBC accounts with Global Transfers

Perform FX transactions through HSBC Singapore app

Receive up to S$600 in cashback and bonus interest every month through the HSBC Everyday+ rewards programme

Bonus cashback and interest granted by spending on HSBC debit/credit cards, making GIRO bill payments, and increasing account balance

Our last savings account on this list is the most headache-inducing, but also has the highest effective interest rate at the moment due to their June promotion. The HSBC Everyday Global Account is a multi-currency account that also doubles up as a savings account…masquerading as an interest/cashback-earning hybrid. Yikes. Let me explain.

The HSBC Everyday Global Account lets you transact in 11 different currencies, but that’s probably not the reason why you’re reading this article. More importantly for our purposes today, it also functions as a savings account. But unlike the others on this list, the HSBC Everyday Global Account doesn’t stack bonus interest the more you spend/save/borrow/invest/insure. Instead, t he account works hand in hand with the  HSBC Everyday+ Rewards Programme  to, overall between the account and the programme, earn you an extra 1% bonus interest and 1% cashback per year .

When you have an HSBC Everyday Global Account and also qualify for the  HSBC Everyday+ Rewards Programme, you can earn up to 4.60% p.a. from now to 31 Jul 2024 :

• 0.05% p.a. Everyday Global Account’s prevailing interest rate
• + 3.55% p.a. Everyday Global Account Bonus Interest
• + 1.00% p.a. when you qualify for the HSBC Everyday+ Rewards Programme

How do I qualify for the HSBC Everyday+ Rewards Programme?

The third component above (1% additional interest) comes from qualifying for the HSBC Everyday+ Rewards Programme. Here are the requirements:

• Deposit at least $2,000 (for Personal Banking customers) or $5,000 (for Premier customers) into the account
• Transactions made with a HSBC personal credit card *
• Transactions made with a HSBC Everyday Global Debit Card
• GIRO bill payments
• Fund transfers to a non-HSBC account

What do I earn from the HSBC Everyday+ Rewards Programme?

Qualifying for the Everyday+ Rewards Programme gets you:

• 1% bonus interest  (as we talked about) on the money you top up into your account each month (capped at $300/month)
• 1% cashback  on your HSBC Everyday Global Debit Card transactions and GIRO bill payments (capped at $300/month for Personal Banking customers, $500/month for HSBC Premier customers)

Note that you can use an   HSBC credit card  to qualify for the HSBC Everyday+ Rewards Programme, but credit card spending won’t earn you cashback once you qualify the programme. I know, I’m not a fan of this either. This change was implemented by HSBC on 2 May 2024 and is also spelled out in their updated terms and conditions .

On the plus side, HSBC doesn’t limit you to a select few credit cards for the credit card spending criteria, so take your pick of the HSBC credit cards available. My personal pick is the new  HSBC Live+ Credit Card . From now till the end of the year, earn 8% cashback on this card on your dining, shopping, and entertainment spending.

HSBC Live+ Card

Savour sweet deals of 15% discount at over 200 restaurants through our curated Live+ Dining Programme

Enjoy 1-for-1 dining, travel and lifestyle partners through your complimentary ENTERTAINER with HSBC app

On top of the interest and cashback, HSBC will give you one-time cash bonuses of up to $150 (for Personal banking customers)  / $300 (Premier customers) when you deposit at least $100,000 (Personal banking) / $200,000 (Premier Banking) and meets the eligibility criteria above for the first 6 months.

How to register for the HSBC Everyday+ Rewards Programme

To register, send an SMS to 74722 with the following format:

EGA<Space>first 9-digit of your Everyday Global Account number (e.g. EGA 123456789)

We’ve also reviewed the Best Banking Accounts in HK . Check them out!

Know someone who needs to switch their savings account ? Share this article with them!

About the author

Vanessa Nah  is a personal finance content writer who pens articles on the ins and outs of savings accounts, the T&Cs of credit cards, and the ups and downs of alternative investments. She’s a researcher at heart and leaves no stone unturned when it comes to breaking down complex finance concepts and making them easy to understand for the everyday Singaporean. When Vanessa’s not debunking finance myths, you’ll find her attending dance classes, fingerpicking a guitar, or (most im paw tently) fulfilling her life mission to make her one-eyed cat the most spoiled and loved kitty in the world.

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