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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

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    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.

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    UOBBanksSingapore banksCentral banksUS Federal ReserveInterest rates

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