DBS, Standard Chartered make further cuts to deposit account rates

DBS and Standard Chartered (StanChart) will again slash rates on their respective savings accounts from Jan 1, 2021 on the back of a grim interest rate environment.

The interest rate for StanChart's popular Jumpstart savings account will be lowered to 0.4 per cent per annum for the first S$20,000 - down from the prevailing 1 per cent - and will remain at 0.1 per cent for balances above S$20,000. The bank previously halved rates in July.

Meanwhile, Singapore's largest lender DBS will make the third cut on its flagship deposit account since May. The DBS Multiplier account offers customers tiered interest rates that are stepped up if they have more transactions with the bank, and transact in larger amounts. The determined rate is then applied on the account balance.