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Singapore's Trust Bank raises base interest rate to 1.5%

An image showing stacks of coins growing from left to right, to illustrate a story on Trust Bank increasing its base interest rate.
Trust Bank on Tuesday (1 November) raised its base interest rate to 1.5 per cent per annum for its savings account.

By Tria Dianti

SINGAPORE – Trust Bank on Tuesday (1 November) raised its base interest rate to 1.5 per cent per annum for its savings account.

The base rate will now apply to the first S$75,000 deposit – previously, it was capped at S$50,000.

NTUC Union members will also be eligible for an additional bonus interest per year of 1 per cent – previously 0.4 per cent – while non-union members can earn bonus interest of 0.5 per cent – previously 0.2 per cent. To be eligible, customers will have to make five transactions monthly with the Trust Bank debit or credit card.

DBS, OCBC also increased interest rates

This increase comes after several Singapore banks boosted interest rates on their savings accounts as they compete to protect deposits as global interest rates rise.

Besides Trust Bank – a digital bank launched in September by Standard Chartered Bank and NTUCDBS has also announced higher rates for high-yield savings accounts.

The interest rates on the DBS Multiplier account have increased to up to 4.1 per cent per annum for the first S$100,000, up from 3.5 per cent.

OCBC Bank also raised the interest rates for its flagship OCBC 360 account to up to 4.65 per cent per annum on a customer's first S$100,000 in his or her bank account. Account holders will need to credit salary of at least S$1,800 a month to the account, and save, as well as make charges to certain credit cards.

The revised rate is a significant jump from the 1.85 per cent per annum rate for account holders who do the same things.

Both the DBS and OCBC rates came into effect on Tuesday.

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