OCBC, StanChart to cut savings rates

Published Mon, Jun 1, 2020 · 09:50 PM

Singapore

AMID a weakening interest rate environment and the challenging macro climate, Standard Chartered will cut rates on several savings accounts, while OCBC will likewise cut interest rates on its flagship deposit account. These take effect from July 1.

Interest payout for StanChart's Jumpstart savings account will be halved to 1 per cent for the first S$20,000 - down from the prevailing 2 per cent - and to remain at 0.10 per cent for balances above S$20,000.

As for its Bonus$aver account, payout of all interest (including prevailing interest and bonus interest) on the first S$80,000 eligible deposit balance will be capped at 3 per cent per annum from July 1, down from the current 3.8…