THIS WEEK IN MARKETS
If you have some money to spare, you’d have noticed the higher interest rates that Singapore banks have been dangling.
Just this week alone, OCBC raised interest rates on its 360 account to up to 4.05% per annum. UOB increased interest rates for its UOB One account shortly after.
And then we saw the highly anticipated launch of digital banks in Singapore. Grab and Singtel’s “Gen Z digital bank” GXS can deposit up to S$5000 and earn daily interest of 0.08% per annum (don’t ask us who’s the target market).
By now, you’d probably have received a promo code from a well-meaning friend for Stanchart and Fairprice’s digital bank, Trust Bank.
But what caught our attention was the Singapore 6-month treasury bill’s interest rate of 2.99% per annum.
This stands out especially as the interest rates on the latest Singapore Savings Bond (SSB) has fallen from the previous month. ...
