With Central Banks across the globe raising their countries’ respective interest rates, banks have also been looking to build their deposit investors by raising fixed deposit rates, some by even unprecedented levels.
Singapore banks are offering customers the to open fixed deposit accounts with returns never before seen for over 2 decades. UOB in its latest promotion pushed the boundary by upping the return per annum between 2.65% to 2.9% followed by HSBC, RHB, OCBC, and Standard Chartered. But Maybank took the crown with a 3% return as banks look to compete with each other in the tightly fought market.
According to the local news agency, CNA, the country last saw these sorts of 12-month interest rates 24 years ago when banks offered 3.11% based on data from the Monetary Authority of Singapore.
For those who opt to park the money even longer, lenders are willing to go up to 3.2%.
