Martin Lee @ Sg
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DBS and POSB to Cut Savings Interest Rate

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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