Earlier today, OCBC has announced that they are lowering their interest rates for their savings account, marking the fourth round of revision since May last year. Of course, other than OCBC, other banks have also lowered their interest rates over the past few months as global interest rates continue to remain low. For OCBC, starting February 1, 2021, OCBC 360 account’s salary bonus interest will be revised downwards according to balances in the account: Balances up to S$25,000: Drops to 0.3 per cent (previously 0.4 per cent) Balances between S$25,000 and S$50,000: Drops to 0.6 per cent (previously 0.8 per cent) Balances between S$50,000 and S$75,000: Remains at 1.2 per cent. OCBC new interest rate Jan 2021 For most people, i’d think he or she can fulfill only the “salary” and “save” criteria consistently, hence potentially earning 0.4% – 0.8% of interest rate. To put that in context, if you have S$25,000 of savings, you earn S$100 in interest a year, and if you have S$50,000 of savings, you earn S$400 in interest a year....