The OCBC Bank Singapore has decided recently that it will again lower the interest rates on its flagship savings account. This is the fourth round of revisions since May last year. The bank states that they might improve the offers once the interest rate improves.
OCBC Bank on 5 January 2021 stated that there will be a decline in the interest rate for its 360 savings account users.
|
First $25,000 |
0.3% |
0.1% |
0.3% |
0.3% |
|
|
Next $25,000 |
0.6% |
0.2% |
0.6% |
0.6% |
0.4% |
|
Next $25,000 |
1.2% |
0.4% |
1.2% |
1.2% |
|
|
|
Salary Credit your salary of at least 1,800 SGD through GIRO
|
Save Increase your average daily balance by at least 500 SGD from the previous month |
Insure Insure with OCBC Bank and earn this bonus interest for 12 months. |
Invest Invest with OCBC Bank and earn this bonus interest for 12 months.
|
Grow Earn this extra bonus on the first SGD 75,000 if your account balance is SGD 200,000 and above. |
Source: OCBC Bank
From 1 February, the balances up to $25,000 in the OCBC 360 account will earn 0.3% in salary credit bonus interest, down from the prevailing 0.4% credit bonus interest that was established last October. Source: OCBC Bank
The balances lying between $25,000 and $50,000 will earn 0.6% interest that is reduced from 0.8%. And the balances between $50,000 and $75,000 will continue to earn the unchanged 1.2% interest.
The OCBC Bank on its website also said “If and when the interest rate situation improves, you may be assured that we will adjust our product offerings accordingly”.
Along with OCBC Bank, the DBS and Standard Chartered also recently lowered the rates on their respective savings accounts.
From 1 January, the interest rate of StanChart’s Jumpstart savings account has been slashed to 0.4% from 1% per annum for the deposit of $20,000. And it will remain at 0.1% for the balances above $20,000. The banks already halved these rates in July 2020.
On 1 January, DBS Bank made its third cut to the Multiplier account in May 2020. To sum up, the Multiplier account offers the customers graded interest rates that are increased if they conduct more transactions with the bank and transact in larger amounts. Then the determined rate of interest is applied to the account balance.
Various other financial institutions also have followed suit.
Last November 2020, Singlife also lowered interest payouts on the Singlife account for up to 2% for the first $10,000. This was previously up to 2.5%. However, the crediting rate of up to 1% for the next $90,000 is still the same. Along with this, Robo-adviser StashAway reduced the interest rate for its cash management portfolio StashAway Simple from 1.9% to 1.4% in September.
