OCBC, StanChart to cut savings rates

Singapore

AMID a weakening interest rate environment and the challenging macro climate, Standard Chartered will cut rates on several savings accounts, while OCBC will likewise cut interest rates on its flagship deposit account. These take effect from July 1.

Interest payout for StanChart's Jumpstart savings account will be halved to 1 per cent for the first S$20,000 - down from the prevailing 2 per cent - and to remain at 0.10 per cent for balances above S$20,000.