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Singapore Bank Savings Interest Rate 30 Years History

Period: 1985 – 2015

30 Years Bank Savings Interest Rate History Singapore Chart 1985-2015

Key Observations:

1985 – 1990: Similar to most developing countries, Singapore had a high interest rate environment during the period.  Savings interest rates in banks was 6.3% in 1985 and ended at 2.98% in 1990.  Depositors earned a high savings rate during the period.

In 1985, Savings Account Pays 6.3% p.a.

1991 – 1996: As Singapore approached developed nation status, savings interest rates ranged lower: 2.72% –  3.73%.

1997 – 1998: Asia was severely affected by the Asian Financial Crisis in 1997 and interest rate spiked up to 3.49% in 1998.

1999 – 2002: The recovery was short-lived as the dot-com bust in 2000 followed by terrorist bombing of World Trade Centre in United States affected global economic growth.  Bank’s savings interest rates fell to 1.41%, 1.34% and 1.28% respectively for the period.

2002 – 2015: Bank savings rate stayed the lowest ever in the history of Singapore as savings interest rates fell to 0.75% and in 2015, 0.11%.

Many countries including Singapore had referenced monetary policies after the United States monetary policies.  Post-2001, US Federal Reserve was on an ultra-low interest rate policies till 2006.  The Federal Reserve Chairman was Alan Greenspan from 1987 – 2006.

As Singapore embarked on a journey to turn Singapore into a financial & wealth management hub, there was huge influx of funds into Singapore banks, keeping banks savings interest rate low for the entire period.

  • 1985: 6.3%
  • 1995: 2.93%
  • 2005: 0.23%
  • 2010: 0.16%
  • 2015: 0.11%
Bank Savings Interest Rates Data 1985 – 2015
19856.319952.9320050.23
19865.0319962.7220060.26
19873.0519972.7220070.25
19882.7519983.4920080.25
19892.8319991.4120090.22
19902.9820001.3420100.16
19913.7320011.2820110.12
19922.720020.7520120.11
19931.7920030.4420130.11
19941.8520040.2420140.12
20150.11

Source:

  • Monetary Authority of Singapore 2015
  • Leading 10 Banks & Finance Co. in Singapore
  • Average Interest Rates in All January

 

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