DON'T expect interest rates to rise

wyfet

THE Straits Times
23rd November 2009
DON'T expect interest rates to rise:Experts Annual average savings rate this year likely to fall below last year's 0.22%
Monthly average savings rates have been on a downward trend from January to last month. This means the annual average rate for this year is likely to dip below last year's already paltry 0.22 per cent.

Rubbing salt into saver's wounds -- inflation is likely to rise next year.

based on figures from 10 banks and financial institutions compiled by the Monetary Authority of Singapore (MAS), savings accounts earned an average of 0.22 per cent a year in January, before holding at just 0.16 per cent from July to last month.

" With the current interest rates, your funds will just remain idle and there are many people out there who still do not realise that." Said, Raymond Ng, President, Association of Financial Advisers.