SINGAPORE: OCBC will be cutting the interest rates for its 360 account from May 1, the bank said in a memo to customers on Tuesday (Mar 31).
This comes on the back of two cuts that kicked in on May 1 and Aug 1 last year.
The savings account offers tiered interest rates on deposits, with higher rates for those who grow their account balance, spend a minimum amount on selected credit cards and conduct other activities with the bank, such as purchasing an insurance product.
With the latest move, customers can earn up to 4.45 per cent a year on the first S$100,000 (US$77,000) in their accounts, OCBC said in a notice on its website.
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That will be for customers who credit their salary of at least S$1,800, spend at least S$500 on selected credit cards, increase their account balance by at least S$500 monthly, buy a selected insurance product and buy a selected investment product from the bank.
According to the website, the maximum effective interest rate is currently 5.45 per cent.
Local banks have been lowering interest rates since 2024, when the market began to expect the United States Federal Reserve to cut rates. That came after aggressive hikes in late 2022 when interest rates were expected to rise.
UOB most recently cut interest rates on Dec 1 last year. The bank said the rates were revised "to align with long-term interest rate environment expectations".
The maximum effective interest rate on the One account is 1.90 per cent per year for deposits of S$150,000, for customers who spend S$500 on eligible cards and credit a minimum salary of S$1,600 each calendar month.
The highest interest rate on DBS' Multiplier account stands at 4.1 per cent per annum for the first S$100,000 in deposits.
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This comes on the back of two cuts that kicked in on May 1 and Aug 1 last year.
The savings account offers tiered interest rates on deposits, with higher rates for those who grow their account balance, spend a minimum amount on selected credit cards and conduct other activities with the bank, such as purchasing an insurance product.
With the latest move, customers can earn up to 4.45 per cent a year on the first S$100,000 (US$77,000) in their accounts, OCBC said in a notice on its website.
CNA Games
Show More Show Less
That will be for customers who credit their salary of at least S$1,800, spend at least S$500 on selected credit cards, increase their account balance by at least S$500 monthly, buy a selected insurance product and buy a selected investment product from the bank.
According to the website, the maximum effective interest rate is currently 5.45 per cent.
Local banks have been lowering interest rates since 2024, when the market began to expect the United States Federal Reserve to cut rates. That came after aggressive hikes in late 2022 when interest rates were expected to rise.
UOB most recently cut interest rates on Dec 1 last year. The bank said the rates were revised "to align with long-term interest rate environment expectations".
The maximum effective interest rate on the One account is 1.90 per cent per year for deposits of S$150,000, for customers who spend S$500 on eligible cards and credit a minimum salary of S$1,600 each calendar month.
The highest interest rate on DBS' Multiplier account stands at 4.1 per cent per annum for the first S$100,000 in deposits.
Continue reading...