Dear readers, in this post, let us learn about the latest June 2023 Fixed Deposit promotion from UOB Bank. This latest Fixed Deposit promotion is a surprise to me but is also not unexpected.
Before I continue, let us recap the previous fixed deposit interest rates from UOB Bank as follows:
May 2023: 3.45% per annum
Mid May 2023: 3.20% per annum
Jun 2023: 3.10% per annum
Based on the above trend of past UOB fixed deposit interest rates, it is expected that interest rate for the next updated fixed deposit interest rates from UOB may just go lower. And they are indeed.
From 6 June 2023 to 30 June 2023, for deposit amount of fresh funds of $10,000 and above, UOB is offering a fixed deposit interest rate of 2.90% for a tenure period of 6-month and 10-month. In view of the aforementioned declining fixed deposit interest rate, the 2.90% per annum offering is not unexpected.
What is surprising to me, is that at this time of writing, UOB seems to be the first local bigger banks whose fixed interest rates went below the often-benchmarked interest rate of 3% for fixed deposits. Some smaller banks are still holding up fixed deposit interest rates of well above 3% per annum.
With fixed deposit interest rates falling below 3% per annum and this coming from a big local bank, I believe it is a matter of time before more banks’ fixed interest rates go below 3% per annum.
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