There have been a small battle recently between the banks in Singapore to wrestle more deposits from risk adverse folks.
It started with a few banks like DBS, UOB and Standard Chartered offering more interest on incremental deposits with a higher interest rate.
This sounds very “scammy” to my friends because it is on the incremental amounts and not on all your money.
What do you think banks are? Charity? The prevailing interest rates is near 0%. They aren’t going to offer you more unless they are in need of your deposits or that they can loan out your deposits at a much higher rate.
The next phase of the war started by DBS who came up with the Multiplier which lets you earn 2% more if you consolidate your finances under DBS.
OCBC then this past week came up with a similar offer for their 360 account.
OCBC wants …