At the end of each year, banks provide a cumulative amount of interest income earned on savings accounts for the past year.
It always shocked me at the figures provided by three local banks (DBS, UOB, OCBC). The amount of interest income received on savings accounts for the whole of 2021:
DBS = $33
OCBC = $19
UOB = $20
The savings interest rates were 0.05% per year.
Putting money in savings accounts is not going to help in alleviating the cost of living increases. For November 2021, core inflation rose 1.6% (headline inflation rose 3.8%).
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