Although the market still expects the Federal Reserve to maintain high interest rates, local benchmark interest rates continue to fall. As of Monday (19th), the local three-month SGD overnight interest rate (SORA) was 2.3%, lower than the level of 3% at the beginning of the year.
Maribank, a digital bank under Sea, has lowered the benchmark interest rate for savings accounts from 2.28% to 1.88% from June 16.
Maribank notified bank users last Friday (May 16).
Since the beginning of this year, Maribank has lowered its savings account interest rate twice: it was reduced from 2.7% to 2.5% at the beginning of the year, and from 2.5% to 2.28% in April. Previously, several local banks have lowered interest rates, including Overseas Chinese, Digital Bank GXS and Trust Bank.