On 1 Apr 2020, the top 3 local banks made announcements one after another. They all bore a similar theme- interest rates cuts on their high interest-rate savings accounts. It was not even a cruel April Fool’s joke because these changes would take effect as soon as 1 May 2020. This article summarises the reductions in interest rates made by the Singapore banks on their best savings accounts. Heartland Boy also offers his views and tips on how to maximise the interest rates on these popular savings accounts. UOB One Account Now Yields 1.8% Interest Rate As shown in Diagram 1 below, prior to 1 May 2020, UOB One Savings Account provides 2.436% interest rate. From 1 May 2020, this interest rate reduces to 1.796%. The cut in interest rate by UOB on its One Account is the steepest compared to the other banks. The effective reduction in interest...