Dear readers, UOB announced its fixed deposit interest rate promotion for August 2023 yesterday.
Before we take a look at Aug 23 fixed deposit interest rates from UOB, as a recap, the Jul 23 fixed deposit interest rate promotion from UOB is 2.7% per annum.
In an earlier post, I have suggested that UOB, being one of the three biggest local banks, could have increased its fixed deposit interest rate, especially since some smaller banks here are still giving higher interest rates to consumers. And beside, a higher interest rates will be deem fitting to reward the many Singaporean savers who have grown up with the three biggest banks here including UOB.
Thus, it is a surprise that UOB is still giving 2.7% per annum as fixed interest rates for its fixed deposit promotion to savers for a 6-month or 10-month tenure.
Or is it not surprising given that high interest rates may not be perennial and UOB may just want to be prudent?
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