Starting from yesterday, interest rates on the savings accounts at both DBS and POSB will be reduced.
The interest rate for the first $50k held at PSOB will be cut from 0.25% to 0.125% while DBS Savings Plus account holders will get 0.1% for the first $50k.
Rates at other banks are similarly low. For example:
UOB – 0.125% on first $15k
OCBC – 0.125% on first $10k
SCB – 0.125% from amount between $1000 and $2500
With the cut by DBS and POSB, the 3-month treasury bills could be an alternative to those who has excess cash but do not wish to park it into a long tenure fixed deposit. Currently, the 3-month T-Bill is yielding about 0.25% p.a. You can apply for it on a weekly basis via ATMs of the local banks without the hassle of going down to the bank branches.
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