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 August 2020, 3 more financial institutions will be revising the interest rates of their savings accounts, namely the DBS Multiplier, BOC Smartsaver 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 Account Starting from August, DBS will be implementing changes in 2 main areas. First, the scope of dividend crediting will be expanded as follows:
Instead of confining to SGX, the eligible sources of dividends will include all markets via DBS Vickers. Furthermore, dividends from DBS Unit Trust and