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Bank Savings Account Interest Rates and Singapore Savings Bond

The interest rates for the flagship savings account of the 3 local banks have gone up.  As of 1 November 2022, the interest rates are as follows:

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. 
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2 comments:

  1. AnonymousNovember 3, 2022 at 1:58 PM

    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.

    The banks then take these deposits and lend the money to borrowers, such as home buyers for their mortgages or businesses for investments.

    ReplyDelete
  2. AnonymousNovember 3, 2022 at 2:00 PM

    Trust Bank on Tuesday (1 November) raised its base interest rate to 1.5 per cent per annum for its savings account.

    ReplyDelete