[Stoki]

Banks likely to keep interest rates high on deposits as race for customers’ wallets continues

UPDATED 27 DEC 2022, 10:55 PM SGT

SINGAPORE – Interest rates on deposit accounts are tipped to climb further as banks battle it out to lure customers seeking higher-yielding assets, analysts told The Straits Times.

Banks have raised rates on fixed deposits and flagship savings accounts in recent months as the fight for market share intensifies.