As we ushered in the new year, we also ushered in a new low in savings account interest rates in Singapore. A check on the 3 major local banks, DBS, OCBC & UOB, the interest rates for savings accounts are uniformly low at 0.05%, this is down from last year's 0.15%. This is when SIBOR is at 0.3%!
Considering inflation of 5%, and ~3% if you exclude private transport and housing, the 0.05% savings account interest rate is still way too low for any meaningful preservation of purchasing power.
Considering inflation of 5%, and ~3% if you exclude private transport and housing, the 0.05% savings account interest rate is still way too low for any meaningful preservation of purchasing power.
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