Both DBS and Stanchart will be cutting interest rates even further on your banking deposits from 2021. From Jan 1 2021, interest rates on DBS Multiplier will fall by more than 50% across multiple categories, especially for eligible transactions in the middle of the range ($2000 to $15,000). DBS Multiplier changes, effective Jan 2021 For most average Singaporeans, you are most likely going to earn less than 1% per year in interest when putting your money in your Multiplier account. This is the third such change in less than a year, which comes alongside a pandemic that has not been fully contained globally. Similarly, Stanchart’s popular Jumpstart account which initially promised 2% annual yields on deposits up to $20K, will see its rates cut to 0.4% per year from next year. The above changes reflect a challenging global economic environment with the Federal Reserve keeping interest rates low in the US, amidst a soaring US stock market that has reached all-time highs and a bumper year for high-profile tech IPOs (e.g. Airbnb, Doordash)....