[SINGAPORE] UOB will cut interest rates on its flagship savings account, the One Account, in line with interest rate expectations.
With effect from May 1, the maximum interest rate will be cut to 3.3 per cent per annum on the first S$150,000, down from 4 per cent.
This is the second year in a row that UOB has cut rates on its One Account. Prior to May 2024, the One Account offered up to 5 per cent per annum on deposits up to S$100,000.
The lender also joins OCBC in cutting rates on its flagship savings account this year.
Earlier in March, OCBC announced it would cut rates on its 360 Account in line with prevailing market conditions.
From May 1, the maximum effective interest rate for the 360 Account will be cut to 6.3 per cent per annum on the first S$100,000, from the current 7.65 per cent.
Meanwhile, interest on the “grow” category will fall to 2.2 per cent from 2.4 per cent, while the qualifying criteria for the category will be raised to S$250,000, from S$200,000.
The US Federal Reserve cut rates four times in 2024, while markets expect there will be more rate cuts announced later this year.
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