This morning, I check Montly Saving Account of DBS bank Singapore. I tried with their calculator via this link and came up with this.

Total monthly savings   $ 3,600.00

Total interest earned   $ 7.84

Total balance   $ 3,607.84

Let's say...I save $300 monthly, the interest rate is 0.2 because the interest rate is tied to monthly saving amount (In this case: $300 - $790 0.2000). Please check this link

However, I am not clear on how the interest is calculated, could you guys don't mind sharing me the ideas? 0.2 means % per month?

1 Answer 1


If you read the last line on the first link you posted ...
"Rates quoted are in % p.a. and are subject to change without prior notice."

So the rate of 0.2% is per annum and not monthly.

The interest is calculated on monthly balance. For the first month [Jan] 300*0.2*31/365 = 0.05, for second month on 600 around 0.1 etc.

However I notice that the actual results are different, maybe the calculator is not using the rates published and the rates are different

  • I also couldn't make the numbers in the calculator equal the ones on the rate sheet. Jul 13, 2012 at 10:56
  • Actually I guess it would be calculated daily or on some sort of average balance. That may be why you cannot get it to match - lets say you have inserted 350 in the beginning of the month and over the course of the month you have spend 50, resulting in a "net-savings" of 300, your interest will then actually be more than above.
    – ssn
    Jan 24, 2018 at 8:45

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