New Rates Offer Customers Up to 2.5% with Additional Bonus Interest
Singapore, Sept. 1, 2022 /PRNewswire/ – RHB Singapore has announced revisions to its interest rates, offering base rates as high as 2.5% per annum on its flagship deposit accounts, marking the highest rates amid recent increases from local banks.
Effective September 1, 2022, customers can benefit from enhanced base rates starting at 1.20% per annum, rising to 1.50% per annum on the RHB High Yield Savings Plus Account. Additionally, the RHB Premier Plus Current Account offers an appealing interest rate of 1.50% up to 2.50% per annum.
In conjunction with the rate hike, RHB is launching a promotional offer for incremental balances, providing an extra 3% bonus interest per annum from September 1 to November 30, 2022. During this promotional period, customers will earn the additional bonus interest on any incremental balances compared to the previous month, potentially reaching up to 5.5% per annum for the Premier Plus Current Account and 4.5% for the High Yield Savings Plus Account.
Ms. Coreen Kwan, Head of Retail Banking at RHB Singapore, highlighted what sets the bank apart in the competitive landscape: “Both products offer high interest rates without any underlying requirements, such as monthly credit card usage, salary deposits, or transactions. Customers seeking guaranteed returns and flexibility without a lock-in period will find these deposit accounts appealing. Simply save more to earn higher interest.”
An RHB analyst noted that the uptick in deposit rates aligns with the global rise in interest rates and economic conditions in Singapore. The increasing bond yields have driven demand for Singapore Savings Bonds, and the enhanced deposit rates are expected to attract more savings and foster growth in customer deposits.
RHB Singapore is dedicated to offering straightforward financial products that deliver optimal returns for wealth and savings growth. New customers can conveniently open an account via the RHB Mobile SG app or by visiting any RHB branch across the island.
Interest Rate Revisions Summary:
A detailed table showcasing the latest interest rate changes at RHB Singapore can be found below.
