On Aug 1, Singapore’s biggest lender revised its headline interest rates from 3.0% p.a. to 3.5% p.a. for savings above $50,000 and up to $100,000.
Perhaps the most obvious sign that the local banks are preparing for battle is the sudden hike in headline interest rates for their respective savings accounts last month.
While some may argue these are delayed responses to higher interest rates set by the US Federal Reserve, DBS Bank was the first to raise rates with its signature Multiplier account.
