A year when banks cut rates on savings accounts
Rate and product changes come amid low interest environment following US Fed cuts
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The three local banks - OCBC, UOB and DBS - have adjusted their interest rates. Some also cut interest multiple times throughout the year, with the latest round of changes for DBS Bank's flagship Multiplier account to take effect from Jan 1 next year.
ST FILE PHOTO
The coronavirus pandemic has hit many businesses this year, but one change that has also reached consumers is banks cutting their interest rates on savings accounts.
This was the inevitable result of a low interest rate environment, the banks said.
