Written reply to Parliamentary Question on data on interest rate of savings accounts
Date: For Parliament Sitting on 5 February 2024
Name and Constituency of Member of Parliament
Mr Chua Kheng Wee Louis, Sengkang GRC
Question:
To ask 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 the effective interest rate earned in 2023 at major local banks.
Answer by Mr Lawrence Wong, Deputy Prime Minister and Minister for Finance, and Chairman of MAS:
1. MAS does not collect the requested data.
2 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.