Let us explore why UOB and OCBC might have lowered their fixed deposit interest rates, and what we can do to make our savings work harder. When we went to check the fixed deposit rates offered by other banks, we were likewise surprised to see that OCBC has also lowered its fixed deposit rate to 2.70%.įor many of us who have been enjoying the high fixed deposit rates offered by the banks over the past year, this would undoubtedly be a disappointment.

This is lower than the rate of 3.10% previously, and the first time the fixed deposit rate has dipped below 3% this year. When we were checking the bank websites for the latest fixed deposit rates, we were surprised to see that UOB has lowered its 6-month and 10-month fixed deposit rates to 2.70% p.a.

We are always on the lookout for the highest fixed deposit rate in Singapore, as many of you have asked where is the best place to park your savings.