Banks see surge in savings account openings as interest rates rise

Rates have been rising as the United States central bank tries to tame surging inflation. ST PHOTO: CHONG JUN LIANG
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SINGAPORE - Singaporeans are squirrelling away more money in the bank after local lenders raised interest rates on their flagship savings accounts.

DBS Bank lifted the yield last month on its DBS Multiplier from 3 per cent to 3.5 per cent for balances from $50,000 to $100,000, among other increases.

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