UOB to cut maximum interest rate for flagship savings account from May 1

SINGAPORE: UOB will decrease the interest charges for its flagship savings legend from Could perhaps well perhaps 1, making it the first native monetary institution to produce in expose market expectations originate up for the seemingly for charge cuts by the US Federal Reserve within the upcoming months.

In a letter addressed to its potentialities on Monday (Apr 1), the revision of interest charges for its UOB One Fable is finished “to align with long-duration of time charge of interest environment expectations”.

Like the flagship savings accounts provided by DBS and OCBC, UOB’s One legend provides tiered interest charges that bolt up as potentialities grow their legend steadiness or spend a minimal on pick playing cards and conduct assorted transactions with the monetary institution equivalent to taking on a mortgage.

In unhurried 2022, the lenders made aggressive hikes to the interest charges on their flagship savings accounts amid a rising charge environment, with UOB offering one of the best maximum charge of interest of seven.8 per cent.

With its latest transfer, the tiered interest charges for UOB One legend holders with balances of up to S$100,000, credit rating their wage to the monetary institution and meet a minimal spend of S$500 a month on an eligible monetary institution card will range from 3 per cent to 4.5 per cent per annum.

Right here is down from the new 3.85 per cent to 7.8 per cent.