With the interest rate cut by US Fed, the era of high-interest yielding savings accounts is coming to an end. With effect from 1 May 2020, the 3 local banks will be revising the interest rates of their savings accounts, namely the DBS Multiplier, OCBC 360 and UOB One Account.

This article aims to provide an overview of the upcoming changes, how the existing account holders may be affected by the revision and to reveal which are the banks that still offer the best interest rate. 

Revision of Interest Rates for DBS Multiplier AccountDBS Multiplier Account has underwent a major revamp recently in February which you may refer to in the previous post for more information

Starting from May, DBS will be reducing the interest rate for accounts that are only able to fulfill Income criteria as well as transaction in 1 additional category

As shown in the table above, the interest rate for transaction amount in the range