Dear readers, recently, I shared a piece of good news in that UOB has finally increased its fixed deposit interest rates.
From my personal tracking, since July 2023, UOB has been offering a 2.70% per annum fixed deposit interest rate. And it is only recently, that the bank offered savers with a higher 3.10% per annum fixed deposit interest rate.
At this time of writing, OCBC is offering savers with a 2.70% per annum fixed deposit interest rate, for a minimum amount of Singapore $30,000. From what I have noted, 2.70% per annum interest rate has been the fixed deposit interest rate from OCBC since June 2023.
As one of Singapore’s largest banks, should OCBC follow UOB in increasing its fixed deposit interest rate going forward? While definitely, higher interest rates can be obtained from Singapore Savings Bonds and T-Bills, higher fixed deposits from banks should still be much welcome by Singapore savers as they will provide them with a diversified source of growing their savings.
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