The 2025 Investment Day | 2025 Family Office Summits | Family Office Circle
Investment / Alternatives Summit - March / Oct / Nov
Investment Day - March / July / Sept / Oct / Nov
Private Wealth Summit - April / Oct / Nov
Family Office Summit - April / Oct / Nov
View Events | Register
This site is for accredited investors, professional investors, investment managers and financial professionals only. You should have assets around $3 million to $300 million or managing $20 million to $30 billion.
Singapore MAS Chairman Lawrence Wong on Fair Basic Interest Rates for Savings Account of 0.05% p.a. by All 3 Local Banks DBS, OCBC & UOB: Singapore MAS Does Not Intervene in Pricing of Products, Expect Banks to Treat Depositors Fairly, Banks Offer Fixed Deposits Between 3.1% to 3.4%, Can Invest in Alternatives Including Singapore Savings Bonds, Singapore Government Securities & Treasury Bills Which Pays Above 3%
12th January 2024 | Hong Kong
Singapore central bank Monetary Authority of Singapore (MAS) Lawrence Wong (Chairman, Singapore Deputy Prime Minister, Minister for Finance) reply on raising fair basic interest rates for savings account of 0.05% p.a. by all 3 local banks (DBS, OCBC & UOB) – Singapore MAS does not intervene in pricing of products, expect banks to treat depositors fairly, banks offer fixed deposits between 3.1% to 3.4%, can invest in alternatives including Singapore Savings Bonds, Singapore Government Securities & Treasury Bills which currently pays above 3%. Singapore MAS Chairman Lawrence Wong: “Deposit rates are set competitively in the market. MAS does not directly intervene in the pricing of bank deposits, but expects banks to treat their depositors fairly and clearly disclose information on the available deposit options and the corresponding product features … … Apart from basic savings accounts, banks offer a range of other savings and fixed deposit products with higher interest rates. For example, based on the latest public information, depositors can earn interest of between 3.1% and 3.4% per annum on fixed deposits if they meet requirements such as tenor and minimum deposit amounts, which could be as low as S$1,000. Some banks also offer accounts that provide higher interest if customers credit their salary or CPF LIFE payouts to the account, and conduct other transactions with the bank. Besides bank deposits, consumers can also access alternatives like Singapore Savings Bonds, Singapore Government Securities, and Treasury Bills that currently pay in excess of 3%.” More info below:
- Hong Kong Bank Interest Rates Increases: Fixed Deposit Rates Rises to 4.5% to 5%, Savings Account Interest Rate Rises to 0.875%, Additional Perks for Deposits Include Airline Mileages & Fee Waivers
- UK Financial Conduct Authority Issues Statement of Concern to 42 Investment Platforms with 71% Retaining Interest Earned on Cash Balances & 61% of Firms Charging Fees for Holding Cash on Platforms, Firms to Make Changes by 29th February 2024
“ Singapore MAS Chairman Lawrence Wong on Fair Basic Interest Rates for Savings Account of 0.05% p.a. by All 3 Local Banks DBS, OCBC & UOB: Singapore MAS Does Not Intervene in Pricing of Products, Expect Banks to Treat Depositors Fairly, Banks Offer Fixed Deposits Between 3.1% to 3.4%, Can Invest in Alternatives Including Singapore Savings Bonds, Singapore Government Securities & Treasury Bills Which Pays Above 3%
“
Caproasia Access | Events | Summits | Register Events | The Financial Centre
The 2025 Investment Day | 2025 Family Office Summits | Family Office Circle
Basic Member: $5 Monthly | $60 Yearly
Newsletter Daily 2 pm (Promo): $20 Monthly | $180 Yearly (FP: $680)
Hong Kong | Singapore
March / July / Sept / Oct / Nov
Private Equity, Hedge Funds, Boutique Funds, Private Markets & more. Join 20+ CIOs & Senior investment team, with > 60% single family offices with $300 million AUM. Taking place in Hong Kong and in Singapore. Every March, July, Sept, Oct & Nov.
Visit | Register here
10th April & 16th Oct Hong Kong Ritz Carlton | 24th April & 6th Nov Singapore Amara Sanctuary Resort
Join 80 single family offices & family office professionals in Hong Kong & Singapore
Links: 2025 Family Office Summit | Register here
March / Oct / Nov in Hong Kong & Singapore
Join leading asset managers, hedge funds, boutique funds, private equity, venture capital & real estate firms in Hong Kong, Singapore & Asia-Pacific at the Investment / Alternatives Summit. Join as delegate, speaker, presenter, partner & sponsor.
Visit | Register here
April / Oct / Nov in Hong Kong & Singapore
Join CEOs, CIOs, Head of Private Banking, Head of Family Offices & Product Heads at The Private Wealth Summit. Join as delegate, speaker, presenter, partner & sponsor.
Visit | Register here
Singapore MAS Chairman Lawrence Wong on Fair Basic Interest Rates for Savings Account of 0.05% p.a. by All 3 Local Banks DBS, OCBC & UOBs
9 January 2024
Name and Constituency of Member of Parliament
Mr Murali Pillai, MP, Bukit Batok SMC
Question:
To ask the Prime Minister whether the Monetary Authority of Singapore will consider taking steps to ensure that the current base interest rate for bank savings accounts standing at 0.05% per annum for all three local banks is fair, competitive and in tandem with the prevailing high interest rate environment.
Answer by Mr Lawrence Wong, Deputy Prime Minister and Minister for Finance, and Chairman of MAS:
1. Deposit rates are set competitively in the market. MAS does not directly intervene in the pricing of bank deposits, but expects banks to treat their depositors fairly and clearly disclose information on the available deposit options and the corresponding product features.
2. Apart from basic savings accounts, banks offer a range of other savings and fixed deposit products with higher interest rates. For example, based on the latest public information, depositors can earn interest of between 3.1% and 3.4% per annum on fixed deposits if they meet requirements such as tenor and minimum deposit amounts, which could be as low as S$1,000. Some banks also offer accounts that provide higher interest if customers credit their salary or CPF LIFE payouts to the account, and conduct other transactions with the bank. Besides bank deposits, consumers can also access alternatives like Singapore Savings Bonds, Singapore Government Securities, and Treasury Bills that currently pay in excess of 3%.
3. MAS will continue to monitor banks’ deposit products and processes, and work with the industry to ensure that information on the wide range of deposit options are effectively communicated to all bank customers.
For Investment Managers, Hedge Funds, Boutique Funds, Private Equity, Venture Capital, Professional Investors, Family Offices, Private Bankers & Advisors, sign up today. Subscribe to Caproasia and receive the latest news, data, insights & reports, events & programs daily at 2 pm.
Join Events & Find Services
Join Investments, Private Wealth, Family Office events in Hong Kong, Singapore, Asia-wide. Find hard-to-find $3 million to $300 million financial & investment services at The Financial Centre | TFC. Find financial, investment, private wealth, family office, real estate, luxury investments, citizenship, law firms & more. List hard-to-find financial & private wealth services.
Have a product launch? Promote a product or service? List your service at The Financial Centre | TFC. Join interviews & editorial and be featured on Caproasia.com or join Investments, Private Wealth, Family Office events. Contact us at angel@caproasia.com or mail@caproasia.com
Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets?
The 2025 Investment Day | 2025 Family Office Summits | Family Office Circle
2020 List of Private Banks in Hong Kong
2020 List of Private Banks in Singapore
2020 Top 10 Largest Family Office
2020 Top 10 Largest Multi-Family Offices
2020 Report: Hong Kong Private Banks & Asset Mgmt - $4.49 Trillion
2020 Report: Singapore Asset Mgmt - $3.48 Trillion AUM
For Investors | Professionals | Executives
Latest data, reports, insights, news, events & programs
Everyday at 2 pm
Direct to your inbox
Save 2 to 8 hours per week. Organised for success
Register Below
Get Ahead in 60 Seconds. Join 10,000 +
Save 2 to 8 hours weekly. Organised for Success.
Sign Up / Register
Please click on desktop.
Caproasia Users
- Manage $20 million to $3 billion of assets
- Invest $3 million to $300 million
- Advise institutions, billionaires, UHNWs & HNWs
Caproasia Platforms | 11,000 Investors & Advisors
- Caproasia.com
- Caproasia Access
- Caproasia Events
- The Financial Centre | Find Services
- Membership
- Family Office Circle
- Professional Investor Circle
- Investor Relations Network
Monthly Roundtable & Networking
Family Office Programs
The 2025 Investment Day
- March - Hong Kong
- March - Singapore
- July - Hong Kong
- July - Singapore
- Sept- Hong Kong
- Sept - Singapore
- Oct- Hong Kong
- Nov - Singapore
- Visit: The Investment Day | Register: Click here
Caproasia Summits
- The Institutional Investor Summit
- The Investment / Alternatives Summit
- The Private Wealth Summit
- The Family Office Summit
- The CEO & Entrepreneur Summit
- The Capital Markets Summit
- The ESG / Sustainable Investment Summit
Contact Us
For Enquiries, Membershipmail@caproasia.com, angel@caproasia.com
For Listing, Subscription
mail@caproasia.com, claire@caproasia.com
For Press Release, send to:
press@caproasia.com
For Events & Webinars
events@caproasia.com
For Media Kit, Advertising, Sponsorships, Partnerships
angel@caproasia.com
For Research, Data, Surveys, Reports
research@caproasia.com
For General Enquiries
mail@caproasia.com
a financial information technology co.
since 2014
