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SINGAPORE: OCBC will be cutting the interest rates for its 360 account from May 1, the bank said in a memo to customers on Tuesday (Mar 31).<\/p>\n
This comes on the back of two cuts that kicked in on May 1 and Aug 1 last year.<\/p>\n
The savings account offers tiered interest rates on deposits, with higher rates for those who grow their account balance, spend a minimum amount on selected credit cards and conduct other activities with the bank, such as purchasing an insurance product.<\/p>\n
With the latest move, customers can earn up to 4.45 per cent a year on the first S$100,000 (US$77,000) in their accounts, OCBC said in a notice on its website.<\/span><\/p>\n 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.<\/span><\/p>\n According to the website, the maximum effective interest rate is currently 5.45 per cent.<\/span><\/p>\n Local banks have been <\/span>lowering interest rates since 2024,<\/span> when the market began to expect the United States Federal Reserve to cut rates. That came after <\/span>aggressive hikes<\/span> in late 2022 when interest rates were expected to rise.<\/span><\/p>\n 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”.<\/span><\/p>\n The m<\/span>aximum 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.<\/p>\n The highest interest rate on DBS’ Multiplier account stands at 4.1 per cent per annum for the first S$100,000 in deposits.<\/p>\n<\/div>\n