Working on savings accounts in every country is the same, there are some minute changes in the overall perspective. In Singapore, you have some extra cash/money, and you want to save it and gain some kind of interest in it. You go to the bank, and they will open a savings account for you. The owner of the account will earn interest rates per annum. The interest rates are not fixed; it differs from banks. Generally, most banks provide a 0.05% interest rate per annum. You can add money through ATM, deposit slip, wire transfer, mobile transfer, and direct deposit.