RHB Singapore raises deposit interest rates to up to 5.5%

It attributed this to the “recent spate of competitive rising rates by local banks.”

RHB Singapore has joined the bandwagon of local banks that have raised the interest rates for their deposit accounts.

Customers can enjoy an interest rate revision of up to 2.5% per annum with an additional 3% bonus interest per annum to its flagship deposit accounts–reportedly the highest amongst its peers.

In a press release, RHB Singapore attributed its decision to the “recent spate of competitive rising rates released by local banks.”

Two of the country’s biggest lenders by assets, OCBC and UOB, have also raised their interest rates. UOB One account holders will reportedly be able to earn a maximum rate of 3.6% on balances above S$75,000 and up to S$100,000.

RHB customers can earn higher base rates starting from 1.2% per annum up to 1.5% per annum on the RHB High Yield Savings Plus Account.

Customers of the RHB Premier Plus Current Account will enjoy an attractive 1.5% per annum up to 2.5% per annum.

Apart from these higher base rates, RHB Singapore is running an incremental balance promotion where customers will avail an additional boost of 3% per annum bonus interest from 1 September to 30 November. During this period, incremental balances compared to the previous month will earn an extra bonus interest of 3% per annum for the month.

Stacked, this brings the total interest to up to 5.5% per annum for the Premier Plus Current Account, and up to 4.5% per annum for the High Yield Savings Plus Account, RHB said.

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