Local Banks revise interest rates wef Oct'11

last SG · 2011-09-26T16:12:00+00:00

The interest rate for deposit accounts is going down. I hope they can do likewise for the interest rate of housing loan, study loan etc. You wait long long

Planet Hitman SG

another world recession???

then interesrt rate will be reduced an need to wait 2 years to go up again!

BanguIzai SG

countries with weaker currencies have higher % rates, is it a norm ?

FireIce SG

OCBC also announces adjustments
wef 1 Oct

https://www.ocbc.com/personal-banking/downloads/banking/Internet_InterestRateRevision_100924.pdf

FireIce SG

UOB too!
wef 12 Oct

http://www.uob.com.sg/assets/pdfs/deposit-account-revised.pdf

it means u are screwed left right up down inside out no matter which bank.

everyone, get ready your biscuit tins!

βέτά SG

Pathetic!!!

Not even 1/10 of 1%!!!

Singapore is going down the same path as Japan, national recession with high savings.

Planet Hitman SG

UOB too!
wef 12 Oct

http://www.uob.com.sg/assets/pdfs/deposit-account-revised.pdf

it means u are screwed left right up down inside out no matter which bank.

everyone, get ready your biscuit tins!

queen fifi,

theres the foreign currency fixed deposit account from dbs /posb.

interest rates are 4%/year.

Planet Hitman SG

aussie $$$ is 4%/yr.

Rooney9 SG

u dunno meh? the banks are flushed with money inside their vaults, hence the low or non-existent interest rates given for your savings account.

Darkness_hacker99 SG

they use our money to invest, gained at least 6%.

We gather our money in the bank, and we get back 0.00000001%. That is crap.

Planet Hitman SG

they use our money to invest, gained at least 6%.

We gather our money in the bank, and we get back 0.00000001%. That is crap.

that was in good times.like 2 years ago or 1 year ago inbterest rate was 7.2%/year if placed in bank for 5 years.damn should have put more in!!!!

Rooney9 SG

nobody park all their money in savings account as the interest thee banks gave out is as good as zero. you might as well park it in time deposit and other money market instruments to get higher returns. if you can stomach the volatility, go buy shares as it has tumbled quite a lot since August.

likeyou SG

Probably the local banks have too many cash in the vault.

Hence, reduce the interest rate to force pple to spend?

Rooney9 SG

in the 80s the banks do give out between 4-6% in savings account. in the 90s the banks are flushed with money and started giving out less. in the 2000s it is as good as negligible.

likeyou SG

Next time in future, local banks will say:

I KEEP THE MONEY FOR YOU FOC WITHOUT INTEREST.

Fcukpap SG

love in times of low interest rates...

Loor SG

Next time in future, local banks will say:

I KEEP THE MONEY FOR YOU FOC WITHOUT INTEREST.

then let's start a SgF-bank, where we pay at least some and lend out at lower than current rates....profits will be lower than others, but shud still be good. Especially if everyone boycott.

likeyou SG

It was meant (saving account) for reduction of bills, bills and more bills.

Seem like every month, I have to park more and more money to pay off all those increasing bills.

Sigh!

Siliconchip SG

Is standard charted better than dbs?

FireIce SG

forcing ppl to go for FD and investment-linked products

kilfer SG

With interests rates so low, I need to shift my millions elsewhere :(

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