FILE PHOTO: A view of United Overseas Bank in Singapore May 3, 2023. REUTERS/Caroline Chia/File PhotoSINGAPORE: UOB will be lowering the interest rates for its flagship savings account from May 1, making it the first local bank to do so as market expectations build up for the possibility of rate cuts by the US Federal Reserve in the coming months.
For example, interest earned on balances between S$100,000 to S$125,000 will go up to 4.5 per cent per annum from the current 0.05 per cent. At its last policy meeting, the US central bank left its benchmark overnight interest rate unchanged while holding onto its outlook for three cuts in borrowing costs this year.
Market watchers will be keeping a close eye on inflation and household spending data in the coming months.
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