UOB and OCBC have lowered their 6-month fixed deposit rate to 2.7% p.a. in June 2023. We explore options such as higher fixed deposit rates offered by other banks and T-bills for your savings to work harder. What happened? We are always on the lookout for the highest fixed deposit rate in Singapore, as many of you have asked where is the best place to park your savings. When we were checking the bank websites for the latest fixed deposit rates, we were surprised to see that UOB has lowered its 6-month and 10-month fixed deposit rates to 2.70% p.a. from 21 June 2023. This is lower than the rate of 3.10% previously, and the first time the fixed deposit rate has dipped below 3% this year. Source: UOB as of 22 Jun 2023 When we went to check the fixed deposit rates offered by other banks, we were likewise surprised to see that OCBC has also lowered its fixed deposit rate to 2.70%. ...