POSB Savings account pays interest at 0.05% per annum for savings up to $350,000.
If you are holding cash for at least a year, instead of keeping it in savings account, consider placing them in fixed deposit (also termed as time deposit). Some banks are offering pomotional rates during this period. MayBank, UOB and OCBC provide promotional rates on fresh funds only.
|12 – month||$25,000 to <$50,000||1.10 % pa|
|12 – month||= & > $50,000||1.35% pa|
|8 – month||= & > $20,000||1.25 % pa|
|12 – month||$20,000 to $999,999||1.20 % pa|
As for DBS Bank, I could not see any promotional rates for fixed deposits on its webpages. The usual board rate applies. For 12-month tenor fixed deposit, the interest rate is 0.25% pa for amount up to $999,999.
Go to the homepages of these banks and see for yourself as to the end of these promotional interest rates.
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