SINGAPORE, Sept. 1, 2022 /PRNewswire/ -- RHB Singapore announces interest rate revisions of up to 2.5% per annum with additional 3% bonus interest per annum to its flagship deposit accounts, highest amid recent spate of competitive rising rates released by local banks.
With this revision from 1 September 2022, customers will be able to earn higher base rates starting from 1.20% per annum up to 1.50% per annum on the RHB High Yield Savings Plus Account, and an attractive 1.50% per annum up to 2.50% per annum on the RHB Premier Plus Current Account.
On top of the across-the-board rate increase, the bank is also running an incremental balance promotion where customers will enjoy an additional boost of 3% per annum bonus interest from 1 September 2022 to 30 November 2022. During this period, incremental balances compared to the previous month will earn an extra bonus interest of 3% per annum for the month, which can add 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.
On how this sets RHB Singapore apart in this competitive rate environment, the bank's Head of Retail Banking Ms Coreen Kwan said, "The unique selling point for both products is the high interest rates with no underlying criteria to fulfil, such as monthly credit card usage, salary crediting, payment transactions or purchase of an investment product. Account holders looking for assured returns, higher yield and flexibility with no lock-in period will find these deposit accounts most suitable. Simply save more to earn higher interest."
An analyst at RHB said that, "the recent increase in deposit rates is in tandem with the rise in interest rates in global economies and Singapore. Earlier, rising bond yields had led to strong demand for Singapore Savings Bonds. Higher deposit rate offerings should attract more savings and sustain growth in banks' customer deposits."
RHB Singapore is committed to providing our customers with simple, straightforward products with the best returns to grow their wealth and savings. Customers who do not have an account with RHB yet can simply download the RHB Mobile SG app to open an account immediately or step into any RHB branch across the island.
Below tables capture RHB Singapore's interest rate revisions at a glance.
| Current High Yield Savings Plus Rates |
| Account Balance | Interest Rates (p.a.) |
| First S$50,000 | 0.30 % |
| Next S$25,000 | 0.40 % |
| Next S$25,000 | 0.50 % |
| Above S$100,000 | 0.20 % |
| Revised High Yield Savings Plus Rates Effective 1 September 2022 |
| Account Balance | Interest Rates (p.a.) |
| First S$50,000 | 1.20 % |
| Next S$25,000 | 1.30 % |
| Next S$25,000 | 1.40 % |
| Above S$100,000 | 1.50 % |
| Current Premier Plus Rates |
| Account Balance | Interest Rates (p.a.) |
| Below S$200,000 | 0.08 % |
| S$200,000 to S$3,000,000 | 0.468% on whole balance up to S$3,000,000 |
| Above S$3,000,000 | 0.08 % |
| Revised Premier Plus Rates Effective 1 September 2022 |
| Account Balance | Interest Rates (p.a.) |
| First S$200,000 | 1.50 % |
| Next S$300,000 | 2.00 % |
| Next S$500,000 | 2.50 % |
| Above S$1,000,000 | 1.50 % |
Issued on behalf of RHB Singapore by the Brand Marketing and Communications department.
About RHB Singapore
RHB Singapore was first established in 1961 through a series of rapid expansion and strategic mergers. For more than half a century in Singapore, RHB has garnered invaluable financial experience and transferred those insights of service excellence on to clients, helping individuals and corporations fulfil their financial goals. RHB Singapore's core businesses are streamlined into five pillars, namely Retail Banking, Commercial Banking, Corporate and Investment Banking, Treasury and Asset Management. RHB Banking Group aspires to deliver superior customer experience and shareholder value; and to be recognised as a Leading Multinational Financial Services Group.
Find out more about RHB Singapore at www.rhbgroup.com.sg
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