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Safe alternatives for your savings as interest rates come down
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Depositors who want a relatively safer option could opt for a fixed deposit.
PHOTO ILLUSTRATION: UNSPLASH
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SINGAPORE – Depositors were in a sweet spot in late 2022 as banks went on an aggressive push to get more deposits by raising interest rates on savings accounts.
At that time, UOB was paying as much as 7.8 per cent per annum on its One Account, OCBC Bank was offering up to 7.65 per cent per annum on the 360 Account, and the maximum interest rate for the DBS Multiplier was, and still is, 4.1 per cent.
