Dear readers, with the ongoing inflation, mortgage loan interests have generally interested and so are the interest rates offered by financial institutions.
For example, the most prominent and high interest rates are the ones offered by the Aug 2022 Singapore Savings Bonds. For a holding period of 10-years, a saver can reap a 3% per annual interest on his savings, with a minimal interest rate of 2% for Year 1 and this is actually a very good interest rate.
Against the current market backdrop, I believe banks here must up their interest rates else it is natural that savers will go elsewhere with higher interest rates for their savings. Before banks here increase their interest rates, one of the better interest rates is the OCBC’s Bonus + Savings Account offered by OCBC at up to 0.55% per annum for depositing at least $500 per month in the account and not making any withdrawals.
I was quite happy to know right now that OCBC Bonus + Savings Account has increased its interest rate to up to 0.95% per annum (details are here).
Having been a saver with OCBC Bonus + Savings Account, I am happy that my savings with OCBC will be increased and any interests earned will go towards partly offsetting the high cost of living here.