UOB cutting One savings account rates; DBS, OCBC staying put for now on similar products
Add BT as a preferred source
Michelle Zhu &
Tan Nai Lun
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.
TRENDING NOW
Profit with purpose: Kim Choo Kueh Chang’s pivot from public listing to protecting heritage
Singapore Kitchen CEO, senior manager charged with alleged fraud, falsifying accounts; both to stay in jobs for now
Record Singapore-US rate gap may widen further on inflows and hawkish Fed outlook
Marco Polo Marine shares plans to unlock value as boutique fund manager becomes substantial shareholder
