Interview on 8world News 8视界新闻 Apr 2025

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Last updated on 2025-04-15

Phone Interview on 8world News 8视界新闻

Money Lobang's representative 孙鼎盛 was interviewed in April 2025 for his opinions about the recent moves by banks to lower deposit rates on their flagship savings deposit accounts, similar trend in Fixed Deposits rates and future expectations for deposit rates.

Lower Deposit Rates for Savings Deposit Accounts

During the phone call, there was a discussion about how rates on UOB One Account will be adjusted lower from an effective interest rate of 4.00% p.a. to 3.30% p.a. It was noted by our representative this move came about after a similar adjustment on deposit rates to Standard Chartered Bonu$aver Current Account and OCBC 360 Account this year.

Similar Trend in Fixed Deposit Rates

Our representative further elaborates that the moves by the bank are expected as Savings Deposit rates are merely moving in tandem with Fixed Deposits which have been adjusted lower from above 3.00% p.a. last year to around 2.40% this year.

Future Expectations

Deposit rates are expected to drop further in the near future and the headline effective interest rates for savings deposit accounts for banks could end up between 2.00% p.a. to 3.00% p.a. for the rest of the year. Depositors will do well to lock in to higher returns in the form of Singapore Savings Bonds or other longer term deposit products if possible.