UOB One Account- 3.6%
DBS Multiplier Account- 4.1%
OCBC 360 - 4.65%
Meanwhile, Singapore Savings Bond (SSB) 10 year average interest rate of the December tranche = 3.47%
Which one is more attractive?
I think the SSBs are a good long term holding. While the interest rate seems less, you don't really have to jump through any hoops or fulfill any spend/save/salary kind of criteria to earn the higher interest rates.
Given how the SSBs were oversubscribed in the last tranche, I think I will opt for a 10k sum for this tranche.
Mr Christopher Gee, head of the governance and economy department at the Institute of Policy Studies, said that the business model of a retail bank is to take in deposits, usually from depositors, for a period of one to 12 months, though the durations can sometimes be longer.
ReplyDeleteThe banks then take these deposits and lend the money to borrowers, such as home buyers for their mortgages or businesses for investments.
Trust Bank on Tuesday (1 November) raised its base interest rate to 1.5 per cent per annum for its savings account.
ReplyDelete