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

UOB : U11 0% 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.