SINGAPORE: UOB will be reducing interest rates on its savings accounts beginning May 1, 2024, anticipating a rate cut from the U.S. Federal Reserve as
SINGAPORE: UOB will be reducing interest rates on its savings accounts beginning May 1, 2024, anticipating a rate cut from the U.S. Federal Reserve as early as June. UOB becomes the first local bank to adjust its rates downward, with the new rates ranging from 3% to 4.5% per annum, down from the previous 3.85% to 7.8%.
These revised rates will apply to both new and existing UOB One accounts with balances between S$30,000 and S$75,000, for customers who spend at least S$500 monthly on an eligible UOB card and credit a salary of over S$1,600 via Giro. The maximum bonus interest rate will apply only to the first S$30,000 balance.
The UOB One account, similar to other banks, offers tiered rates based on criteria such as account balance growth, spending minimums on select cards, and bank transactions like mortgage uptake. To align with the long-term interest rate outlook, UOB has introduced two new account tiers. Account holders with balances above S$100,000 will see improved rates, with balances between S$100,000 and S$125,000 earning 4.5% and balances between S$125,000 and S$150,000 earning a maximum bonus rate of 6%.
This change means customers could earn up to S$6,000 in interest annually on a deposit of S$150,000 by meeting spending and salary crediting requirements. Currently, OCBC’s 360 savings account offers a maximum of 7.65%, and the DBS Multiplier account’s top rate is 4.1%.
COMMENTS