Local banks race to raise interest rates on savings accounts

IN THE span of 2 days, OCBC and UOB both raised the interest rates of their savings accounts in a bid to stay competitive amid a rising rate environment.

On Wednesday (Aug 31), UOB announced that it will raise the interest rates of its One account from Thursday, with the maximum rate rising to 3.6 per cent, up from the promotional rate of 3 per cent which came into effect on Aug 1.

To earn the maximum rate on the first S$100,000 of their bank balance, customers will need to credit at least S$1,600 in salary to their account and spend a minimum of S$500 on select credit and debit cards.