OCBC, UOB tweak savings interest rates

ST ILLUSTRATION: CEL GULAPA

Customers get bonus interest when they meet conditions like insuring with bank

Local banks are introducing higher bonus interest rates to get customers to save more, which experts say is a move that aligns with the current higher interest rate environment.

CIMB Private Bank economist Song Seng Wun said: "Our local interest rates tend to track global interest rates, especially US rates."

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A version of this article appeared in the print edition of The Straits Times on October 31, 2018, with the headline 'OCBC, UOB tweak savings interest rates'. Print Edition | Subscribe