Banks in Singapore have come under pressure as central banks worldwide slash interest rates to support growth and mitigate the economic fallout from COVID-19. It’s therefore no surprise that interest rates on popular high yield savings accounts such as DBS Multiplier, OCBC 360, UOB One, and StanChart Bonus$aver have been lowered. Most recently, OCBC again cut the interest rate on the 360 account, halving the salary credit bonus across the board.
Even Singapore Savings Bonds (SSB) – often seen as a better alternative to park your savings as compared to fixed deposits – have not been spared. Singapore government bonds have been hitting new record lows in interest rates over the past couple of months.
If you’re looking to beat Singapore’s current inflation rate of 1.9% and grow your wealth, here’s how you can still earn higher returns on your cash.
What to do with your cash savings
To get a shot at boosting your net worth