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UOB cutting One savings account rates; DBS, OCBC staying put for now on similar products

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Michelle Zhu
Tan Nai Lun

Michelle Zhu &

Tan Nai Lun

Published Mon, Apr 1, 2024 · 12:43 PM — Updated Tue, Apr 2, 2024 · 09:36 AM
    • The reduced interest rates are applicable to all new and existing UOB One accounts.
    • The reduced interest rates are applicable to all new and existing UOB One accounts. PHOTO: BLOOMBERG

    UOB is introducing lower interest rates for its One savings account members ahead of anticipated rate cuts by the US Federal Reserve.

    In a Monday (Apr 1) letter addressed to its One Account customers seen by The Business Times, the bank cited a need to “align with long-term interest rate environment expectations”.

    The reduced interest rates will come into effect on May 1, and are applicable to all new and existing UOB One accounts.

    UOBBanksSingapore banksCentral banksUS Federal ReserveInterest rates

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