Data on Savings Accounts Earning Base Interest Rate Versus Higher Rate

Mr Chua Kheng Wee Louis asked the Prime Minister (a) whether the Monetary Authority of Singapore has data on the proportion, by dollar amounts of deposits, of (i) savings accounts that earn the current base interest rate of 0.05% per annum and (ii) savings accounts that earn more than the base interest rate; and (b) for savings accounts that earn more than the base interest rate, what is effective interest rate earned in 2023 at major local banks.

The Monetary Authority of Singapore (MAS) does not collect the requested data.

As stated in the response to a Parliamentary Question in January this year, deposit rates are set competitively in the market. Apart from basic savings accounts, consumers can choose from a range of other savings and fixed deposit products – with higher interest rates – offered by banks.