OCBC to cut interest rates for savings account from May 1

That will be for customers who credit their salary of at least S$1,800, spend at least S$500 on selected credit cards, increase their account balance by at least S$500 monthly, buy a selected insurance product and buy a selected investment product from the bank.

According to the website, the maximum effective interest rate is currently 5.45 per cent.

Local banks have been lowering interest rates since 2024, when the market began to expect the United States Federal Reserve to cut rates. That came after aggressive hikes in late 2022 when interest rates were expected to rise.

UOB most recently cut interest rates on Dec 1 last year. The bank said the rates were revised “to align with long-term interest rate environment expectations”.

The maximum effective interest rate on the One account is 1.90 per cent per year for deposits of S$150,000, for customers who spend S$500 on eligible cards and credit a minimum salary of S$1,600 each calendar month.

The highest interest rate on DBS’ Multiplier account stands at 4.1 per cent per annum for the first S$100,000 in deposits.