DBS, StanChart slash savings rates further

Singapore

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 one per cent - and will remain at 0.1 per cent for balances above S$20,000. The bank previously halved rates in July.