Again this week, Singapore banks have been raising interest rates to stay competitive in the fight for deposits.
That rate comes with some strings attached too. The customer must have at least S$1,800 of salary credited via Giro monthly, must increase the deposit by S$500 a month and must spend at least S$500 monthly on certain OCBC credit cards. The banks then take these deposits and lend the funds out to borrowers, such as home buyers for their mortgages or businesses for their investments.
And given the expectation that borrowing rates in these major economies will continue to rise this year until inflation is under control, the interest rates in the banks here will most likely follow suit, he added.Analysts TODAY spoke to said it is up to the individual to seek the best possible rate available to deposit their funds, but there are some considerations they can take into account.
He added that"base rates" on regular savings accounts will not move so quickly, and when they do, they will move by less significant margins.
Source: Loan Digest (loandigest.net)
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