OCBC said that since 2020, at least one in five OCBC 360 account holders have average account balances exceeding $75,000, and these customers could immediately stand to earn higher interest with the changes taking effect next month. Customers earn 3 per cent interest on this balance tier if they spend at least $500 on an eligible UOB card and credit their salary via Giro, up from 0.05 per cent previously for all balances above $75,000. UOB also increased rates on its One Account for a new tier of balances above $75,000 and up to $100,000. All three local banks had cut interest rates on their flagship savings accounts several times over the past two years amid the Covid-19 pandemic.Įarlier this month, DBS Bank increased rates for its Multiplier account, which means that its customers can now earn a maximum of 3.5 per cent a year, up from 3 per cent previously, for balances of more than $50,000 and up to $100,000.
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