Gold set for worst week in six months as trade calm dents safe-haven appeal

[BENGALURU] Gold prices eased on Friday (May 16) and were on track for their steepest weekly decline in six months, as a stronger US dollar and waning trade war concerns dampened its appeal as a safe-haven asset.
Spot gold was down 0.1 per cent at US$3,235.59 an ounce, as at 0027 GMT. Bullion lost more than 2 per cent so far this week, and on track for its their worst weekly performance since last November.
US gold futures rose 0.4 per cent to US$3,239.20.
The US dollar was up 0.4 per cent so far for the week, heading towards its fourth consecutive weekly gain. A stronger US dollar makes greenback-priced gold more expensive for overseas buyers.
Earlier this week, the US and China agreed to temporarily slash harsh reciprocal tariffs, de-escalating a trade war which sparked fears of global recession.
Meanwhile, data showed US producer prices unexpectedly fell in April, while retail sales growth slowed. Earlier this week, a report showed consumer prices rose less than expected in April.
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Federal Reserve governor Michael Barr said on Thursday the US economy is on solid footing with inflation heading to the central bank's 2 per cent target, but trade policies have clouded the outlook.
Markets are pricing in 57 basis points of rate cuts this year, with the easing projected to start in September.
Gold, traditionally seen as a hedge against economic and political uncertainties, thrives in a low-rate environment.
'While imminent concerns have eased, risks remain in terms of tariff implementation and the fact that even reduced tariffs pose inflation risks and could weigh on demand,' Suki Cooper, an analyst at Standard Chartered said in a note.
Spot silver eased 0.2 per cent to US$32.61 an ounce, platinum rose 0.3 per cent to US$992.55 and palladium lost 0.7 per cent to US$961.50. REUTERS

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10 best savings account in Singapore with the highest interest rates (June 2025), Money News

For the longest time, UOB One and OCBC 360 were the top dogs when it came to high-interest savings accounts in Singapore. Even after both got nerfed, they still managed to stay ahead of the pack — and were pretty much neck and neck. But now, Standard Chartered has thrown down the gauntlet. Its bonus interest rate just jumped to a massive 8.05 per cent p.a. (up from 6.05 per cent) — if you hit all the criteria. Even with just salary crediting and credit card spend, you'll get 3.05 per cent p.a. With this latest move, is StanChart pulling ahead and giving OCBC 360 a run for its money? There's a lot to consider. How much you earn from a savings account really depends on how much you put in and how many bonus requirements you can hit. Banks love making us jump through hoops — salary credit, card spend, bill payments, the works. One of the accounts below even gives you nine different types of transactions to choose from! To help you out with navigating savings accounts in Singapore, we've compiled the best savings accounts in Singapore with the highest interest rates in 2025 for different personal and financial needs. Note: We update this article on a monthly basis with the latest rates. The rates below were updated on June 12, 2025. 1. At a glance: Best savings accounts in Singapore with highest interest rates (June 2025) Savings account Interest rates (effective interest rates) Best for Standard Chartered BonusSaver Up to 8.05% (on first $100,000, fulfil 4 criteria) High spenders OCBC 360 Up to 7.65% (on first $100,000, fulfil 5 criteria) Lower income earners ($1,800 min. salary) Citi Wealth First Account Up to 7.51% (on first $50,000 – $500,000 , fulfil 5 criteria ) Those with other Citibank products Bank of China Smart Saver Up to 6.00% (on first $100,000, fulfil 4 criteria) High spenders UOB One Up to 4% (on first $150,000, fulfil 2 criteria) Freelancers & self-employed Maybank Save Up Up to 4.30% (on first S$50,000 , fulfil 3 criteria ) Home, education, car loan users DBS Multiplier Up to 4.10% (on first $50,000 – $100,000, fulfil 3 criteria) Salaried workers CIMB FastSaver 3.19% (on first $25,000, fulfil 2 criteria) Young adults starting their careers POSB SAYE (Save As You Earn) 3.50% (just deposit and maintain money, no criteria to fulfil!) Students or first-jobbers HSBC Everyday Global Account Up to 3.55% (register and qualify for the HSBC Everyday+ Rewards Programme) HSBC Everyday+ Rewards Programme, HSBC Everyday Global Debit Card users Most savings accounts require you to jump through a whole bunch of hoops to enjoy their best rates. But let's be realistic here. Most of us aren't going to be taking a home loan, buying insurance from the bank, and investing with the bank — and certainly not all at the same time. What will you earn if you only fulfil two or three criteria, such as crediting your salary and spending on your credit card? Here's our realistic summary for those with $50,000 and $100,000 to stash away: Savings account and the 2-3 easiest requirements to fulfil Effective interest rate and earnings on first $50,000 Effective interest rate and earnings on first $100,000 Citi Wealth First Account Save $3,000/month + Spend $250/month 3.01% (up to first $50,000) You earn: $1,505 per year (~$125 per month) 1.53% p.a. (for regular Citibanking customers, 3.01% only applies to the first $50,000) You earn: $1,530 per year ($128 per month) Standard Chartered BonusSaver Credit min. $3,000 salary + Spend $1,000/month 3.05% p.a. (up to first $100,000) You earn: $1,525 ($127.08 per month) 3.05% p.a. (up to first $100,000) You earn: $3,050 ($254.17 per month) UOB One Credit min. $1,600 salary + Spend $500/month 2.30% p.a. (up to first $75,000) You earn: $1,150 ($96 per month) – 2.68% (EIR on first $100,000) You earn: $2,680 ($223 per month) Note: The maximum EIR of 3.30% p.a. applies on first $150,000. OCBC 360 Credit min. $1,800 salary + Spend $500/month + Save $500/month 2.75% p.a. (up to first $75,000) You earn: $1,375 per year (~$115 per month) 3.30% p.a. (EIR on first $100,000) You earn: $3,300 ($275 per month) Bank of China SmartSaver Credit min. $2,000 salary + Spend $750/month 2.65% p.a. (up to first $100,000) You earn: $1,325 per year (~$110 per month) 2.65% p.a. (up to first $100,000) You earn:$2,650 per year (~$221 per month) Maybank Save Up Programme Credit min. $2,000 salary + Spend $500/month 1.24% p.a. (up to first $50,000) You earn: $619 per year (~$52 per month) 1.12% p.a. (EIR on first $100,000, since bonus interest only applies to the first $75,000) You earn: $1,121.50 per year (~$93 per month) DBS Multiplier Credit salary + 1 category ($500 min. in monthly transactions) 1.80% p.a. (up to first $50,000) You earn: $900 per year (~$75 per month) 0.925% p.a. (since 1.80% p.a. only applies up to first $50,000) You earn: $927 per year (~$77 per month) CIMB FastSaver Credit salary/schedule GIRO transfer + Spend $800/month on CIMB Visa Signature Credit Card 2.64% p.a. (up to first $50,000) You earn: $1,320 per year (~$110 per month) 2.20% p.a. (EIR on first $100,000) You earn: $2,200 per year (~$183 per month) POSB SAYE (Save As You Earn) No requirements, but cannot withdraw for 2 years 3.50% p.a. You earn: $1,750 per year (~$146 per month) 3.50% p.a. You earn: $3,500 per year (~$292 per month) HSBC Everyday+ Rewards Programme Deposit min. $2,000 and make 5 transactions 2.70% p.a. interest + 1% cashback (capped at $300 a month) You earn: $1,350 per year (~$113 per month) (excludes cashback) 2.70% p.a. interest + 1% cashback (capped at $300 a month) You earn: $2,700 per year (~$225 per month) (excludes cashback) Note: The table above assumes you have a regular banking relationship. If you earn more, spend more, or are a premier or private banking client, you may enjoy better rates. Read the individual sections on each savings account below to find out more. 1. Citi Wealth First Account Citibanking, Citi Priority Citigold Citigold Private Client Deposit amount First $50,000 First $250,000 First $500,000 Base interest rate 0.01% p.a. Spend (min. $250/month on Citibank Debit Mastercard) 1.5% p.a. Invest (min. $50,000/month) 1.5% p.a. Insure (min. $50,000/month) 1.5% p.a. Borrow (min. $500,000 home loan) 1.5% p.a. Save (min. $3,000/month) 1.5% p.a. TOTAL 7.51% p.a. The Citi Wealth First Account has a simple mechanic for calculating its total interest rate: base interest (0.01 per cent) + bonus interest (up to 7.50 per cent). Its base interest starts at 0.01 per cent for everyone, whether you're a Citibanking, Citi Priority, Citigold, or Citigold Private Client customer. That's the lowest base interest rate out of all the savings accounts on this list. Next, beef up that measly 0.01 per cent up with bonus interest rates. You get different bonus rates depending on which of the following categories you fulfil: Spend (+1.5 per cent): Spend at least $250/month on your Citibank Debit Mastercard. Invest (+1.5 per cent): Purchase one or more new single lump sum investments totalling at least $50,000/month. Investments can include Unit Trust, Structured Notes and Bonds. Insure (+1.5 per cent): Purchase one or more new single premium policies totalling at least $50,000/month. This excludes policies purchased using Central Provident Fund Savings or Supplementary Retirement Schemes. Borrow (+1.5 per cent): Take up a new home loan of at least $500,000. Save (+1.5 per cent): Deposit more money into your account, increasing your account's average daily balance by at least $3,000 from the previous month's. If you fulfil all of the transaction categories above, the maximum interest rate you can get with the Citi Wealth First Account is a generous 7.51 per cent. That's one of the highest rates among the savings accounts this month. Plus, it applies to the first $50,000 to $150,000 in your account, and not just the first $25,000 after the first $100,000 or something like that (looking at you, UOB One). That means 7.51 per cent p.a. is the effective interest rate! Realistically speaking, most of us can only deposit our salaries in the account, i.e. "Save", and "Spend". If you only fulfil these two criteria, you'll earn 3.01 per cent p.a. interest on the Citi Wealth First Account. That's $1,505 earned per year from your first $50,000. The only advantage to starting a Citigold or Citigold Private Client banking relationship is that the bonus interest rates can apply to a larger sum of money. For Citibanking and Citi Priority customers, bonus interest rates are applied to only the first $50,000, according to the Citi Wealth First T&Cs (Clause 7). This increases to $250,000 for Citigold and $500,000 for Citigold Private Client. Citi Wealth First Account Minimum balance: $15,000 Fall below fee: $15 Bonus interest cap: $50,000 - $500,000 2. Standard Chartered BonusSaver account interest rates The Standard Chartered BonusSaver savings account just got a boost. After being nerfed on Jan 1, 2025 to a maximum interest rate of 6.05 per cent p.a., it's now back up to a maximum of 8.05 per cent p.a. — the highest in the account's history. Here's a breakdown of the changes that took effect on June 1, 2025: Transactions Current interest rates None (base interest) 0.05% Salary credit (min. $3,000) +1.00% +1.50% Credit card spending (min. $1,000) +1.00% +1.50% Invest in eligible unit trust (min. $20,000) +2.00% +2.50% for 6 months Buy eligible insurance (min. $12,000) +2.00% +2.50% for 6 months Total interest 6.05% p.a. 8.05% p.a. While 8.05 per cent p.a. is very high, it isn't easy to hit this maximum interest rate on the Standard Chartered BonusSaver. You'd need to fulfil all four requirements: credit your salary, spend on your credit card, invest, and buy insurance. Tough! If you only catch the lowest hanging fruit, salary credit and credit card spending, you'll still earn a decent 3.05 per cent p.a. However, for meeting the same two requirements, even the nerfed UOB One Account (3.30 per cent p.a. on first $150,000) is more attractive. If you can also save at least $500 a month, the OCBC 360 account (3.30 per cent p.a. on first $100,000) is also comparable. On the plus side, 8.05 per cent p.a. is applied to the entire sum of $100,000, whereas accounts like the UOB One savings account are only going to give the highest interest rate to a smaller sum based on a tiered system. (Check our review of the UOB One account to see the effective interest rates on the entire $100,000 sum.) Do note that you only get the bonus interest for crediting your salary if you're earning at least $3,000 per month. If you earn less, I suggest the OCBC 360 savings account instead — it'll give you 2.00 per cent p.a. interest on your first $100,000 for crediting a minimum salary of $1,800. Standard Chartered Bonus Saver Minimum balance: $3,000 Fall below fee: $5 Bonus interest cap: $100,000 3. UOB One savings account interest rates The UOB One Account did us all a great service from December 2022 to April 2024, offering a rate of up to 7.80 per cent (EIR: 5.00 per cent p.a.) back then for simply spending on a UOB credit card and crediting our salaries to the account. Oh, the glory days. But Singapore's highest interest savings account relinquished its throne on May 1, 2024 when it reduced its maximum interest rate to 6.00 per cent p.a. (EIR: 4.00 per cent p.a.). Then, exactly one year later, it got nerfed again. UOB One savings account - new interest rates from May 1, 2025 Account Monthly Average Balance $500 spend per month on eligible UOB Card $500 spend per month on eligible UOB Card + 3 GIRO debit transactions $500 spend per month on eligible UOB Card + credit salary via GIRO First $75,000 0.65% 2.00% 1.50% ↓ 3.00% 2.30% ↓ Next $50,000 0.05% 3.00% 2.50% ↓ 4.50% 3.80% ↓ Next $25,000 0.05% 0.05% 6.00% 5.30% ↓ Above $150,000 0.05% 0.05% 0.05% The highest tier interest is now 5.30 per cent p.a., down from six per cent p.a. However, remember that the advertised interest rates above are only applied on specific tiers — for example, the 5.30 per cent only applies to the $25,000 after your first $125,000. To properly assess your earnings with the UOB One Account, what you need to look at is the effective interest rate-the true interest rate on the full amount you deposit in your UOB One Account. Effective interest rates on UOB One Account from 1 May 2025 Account Monthly Average Balance $500 spend per month on eligible UOB Card $500 spend per month on eligible UOB Card + 3 GIRO debit transactions $500 spend per month on eligible UOB Card + credit salary via GIRO $75,000 0.65% 1.50% 2.30% $125,000 0.41% 1.90% 2.90% $150,000 0.35% 1.59% 3.30% $200,000 0.275% 1.21% 2.49% From May 1, 2025, the maximum EIR you can earn with UOB One is 3.30 per cent p.a. on your first $150,000, down from the current 4.00 per cent p.a. This assumes you spend on a UOB credit card and credit your salary to the account (we'll get to the mechanics in the sub-section below). While it is a drop, 3.30 per cent p.a. is still one of the highest rates out there when you consider how simple it is to achieve-just fulfil two pretty easy criteria. Comparatively, Standard Chartered will only give you 2.05 per cent p.a. to fulfil the same criteria. OCBC 360 is the closest competitor to UOB One, offering 3.30 per cent p.a. for those who credit their salary, spend on an OCBC credit card, and save at least $500 a month. That last criterion puts some restrictions on your account withdrawals — you have to make sure your average balance increases by $500 each month. Another factor that gives UOB One an edge over OCBC 360 is that the 3.30 per cent p.a. applies to $150,000, while it applies only to $100,000 with the OCBC 360 account. Those with savings over $100,000 will find UOB One more useful. How to maximise interest on the UOB One savings account At least UOB didn't change the mechanics of how to earn bonus interest on the UOB One. That means this advantage of the UOB One account remains intact — its criteria to snag the highest interest rate is easy peasy. You only need to fulfil these two requirements: Credit your salary to the UOB One account via GIRO Spend at least $500 spend per month on an eligible UOB Card The eligible cards you can hit the $500 spend on are: UOB One Card UOB Lady's Card (all card types) UOB EVOL Card Lazada-UOB Card UOB One Debit Visa Card UOB One Debit Mastercard UOB Lady's Debit Card UOB Mighty FX Debit Card Among these cards, the UOB One Card is one of the best cards to pair with the UOB One savings account. Find out why in our full review of the UOB One account. If you prefer a card with $0 minimum spend, the recently revamped UOB Lady's Card is right up your alley. And yes, men can apply too! UOB One savings account Minimum balance: $1,000 Fall below fee: $5 (Waived for first six months for accounts opened online) Bonus interest cap: $100,000 4. OCBC 360 savings account interest rates Transactions Interest rate (first $75,000) Interest rate (next $25,000) None (base interest) 0.05% 0.05% Salary credit (min. $1,800, GIRO/FAST/PayNow) + 2.00% + 1.60% ↓ + 4.00% + 3.20% ↓ Increase average monthly balance (min. $500) + 1.20% + 0.60% ↓ + 2.40% + 1.20% ↓ Spend (min. $500 on selected OCBC credit cards) + 0.60% + 0.50% ↓ Insure in selected products (min $2,000) + 1.20% (first 12 months) + 2.40% (first 12 months) Invest in selected products (min. $20,000) + 1.20 % (first 12 months) + 2.40% (first 12 months) Maintain average daily balance of min. $200,000 $250,000 + 2.40% + 2.20% ↓ Like UOB One, the OCBC 360 savings account is also getting nerfed from May 1, 2025 — changes are shown in the table above with stricken through text. Let's first go through how it works. The OCBC 360 savings account starts at a base interest of 0.05 per cent p.a., then gives you varying bonus rates for crediting your salary, spending on your credit card (minimum of $500/month), growing your balance, insuring and investing. You can mix and match the criteria you want to fulfil to unlock different interest rates. Depending on the combination of criteria you fulfil, this is what your maximum Effective Interest Rate (EIR) will be on your first $100,000: Salary + Save: 4.05 per cent p.a. 2.80 per cent p.a. Salary + Save + Spend: 4.65 per cent p.a. 3.30 per cent p.a. Salary + Save + Spend + Insure / Invest: 6.15 per cent p.a. 4.80 per cent p.a. Salary + Save + Spend + Insure + Invest: 7.65 per cent p.a. 6.30 per cent p.a. Realistically, most of us will likely only fulfil three criteria: Salary, Save, and Spend. From May 1, 2025, the maximum EIR we can enjoy will drop from 4.65 per cent p.a. to 3.30 per cent p.a. To recap, the UOB One account also gives you an EIR of 3.30 per cent — and you only need to fulfil two criteria, crediting your salary and spending on your credit card. While the OCBC 360 looks more complicated than the UOB One account at first, it's actually more flexible in that there is no one mandatory requirement to hit. Mix and match as you please. You'll get a bonus 1.6 - 3.2 per cent just for crediting your salary to the OCBC 360 account through GIRO, FAST, or PayNow. UOB only counts your salary credit if it's via GIRO. You also get a bonus 0.6 - 1.2 per cent every month that your account balance increases by $500 or more, so that might encourage you to save more even if you don't hit the other criteria. The bonus 0.50 per cent p.a. interest for credit card spending is also an easy one to hit, but do note that the $500 monthly spend applies only to selected OCBC credit cards: OCBC 365 Credit Card OCBC INFINITY Cashback Card OCBC NXT Credit Card OCBC 90°N (available in both Visa and Mastercard versions) OCBC Rewards Card Recommended cards for the OCBC 360 savings account My top pick is the OCBC 365 Credit Card for its high cashback rates, subject to a minimum monthly spend of $800: Five per cent cashback on everyday dining (including local, overseas and online food delivery) Six per cent cashback on fuel spend at all petrol service stations locally and overseas Three per cent cashback on groceries, land transport, online travel, recurring telco and electricity bills But if you've jumped through enough hoops for your savings account and just want a blanket 1.6 per cent cashback rate from your credit card, the OCBC INFINITY Cashback Card is a better fit. OCBC 360 Minimum balance: $1,000 Fall below fee: $2. Waived for first year. Bonus interest cap: $100,000 5. Bank of China SmartSaver account interest rates Transactions Interest rate None (base interest) 0.4% p.a. Insurance plan spending + 2.40% p.a. 2.75% p.a. ↑ for 12 consecutive months Salary credit + 2.50% 1.50% p.a. ↓ (min. $2,000) Credit card spending + 0.50% (min. $500) OR 0.80% (min. $1,500) + 0.75% p.a. (min. $750) OR 1.25% p.a. (min. $2,500) 3x bill payments of at least $30 each (GIRO or internet/mobile banking) + 0.9% p.a. 0.1% p.a. ↓ (For account balance above $100,000) Extra bonus interest when you fulfil any one of the requirements for Card Spend, Salary Crediting or Payment bonus interest 0.60% p.a. (New!) While the UOB One and OCBC 360 accounts were the high-profile nerfs on May 1, 2025, one more bank quietly joined the nerf party too-the Bank of China. With the Bank of China SmartSaver account, you now get 1.50 per cent p.a. just for opening the account and crediting your salary (minimum of $2,500) to it. That's down from the previous 2.5 per cent p.a. The Bank of China SmartSaver account also awards a wealth bonus of 2.75 per cent per annum for 12 consecutive months. However, to qualify, you'll have to put down a pretty hefty sum on their insurance products. We're talking a minimum of $12,000 in annual premiums with a 10-year premium term. If you max out the bonus interest in all categories, you can enjoy a rate of up to 6.0 per cent p.a. on your first $100,000 saved with the Bank of China. This used to be 7.0 per cent, pre-nerf. On the other hand, let's say you only credit your salary and spend ($750 a month). Including the prevailing base interest, you'll earn an interest rate of 1.50 per cent + 0.75 per cent + 0.40 per cent = 2.65 per cent on your first $100,000. It's not very high, but at least it's low effort on your part. Bank of China SmartSaver Minimum balance: $200 (Maintain at least $1,500 to enjoy bonus interests) Fall below fee: $3 Bonus interest cap: $100,000 6. Maybank Save Up Programme interest rates Interest rates Transactions First $50,000 Next $25,000 Maximum Effective Interest Rate None (base interest) Up to 0.25% p.a. Up to 0.25% p.a. 1 x transaction + 0.30% p.a. + 1.00% p.a. 0.53% p.a. (excludes base interest) 2 x transactions + 1.00% p.a. + 1.50% p.a. 1.17% p.a. (excludes base interest) 3 x transactions + 2.75% p.a. + 3.75% p.a. 3.08% p.a. (excludes base interest) Base interest The Maybank Save Up Programme starts with a higher base interest rate than most other savings accounts… sorta. The base interest is actually tiered: First $3,000: 0.05 per cent p.a. Next $47,000: 0.25 per cent p.a. Remaining balance above $50,000: 0.25 per cent p.a. Your base interest's effective interest rates are hence: First $50,000: 0.238 per cent p.a. First $75,000: 0.242 per cent p.a. First $100,000: 0.244 per cent p.a. Bonus interest Next, the Maybank Save Up Programme then lets you choose from nine different Maybank products/services to get bonus interest: GIRO payment (min. $300) OR salary credit (min. $2,000) Credit card spending (min. $500) on Maybank Platinum Visa Card and/or Horizon Visa Signature Card Invest in structured deposit (min. $30,000) Invest in unit trust (min. $25,000) Buy insurance (min. $5,000 annually) Home loan (min. $200,000) Renovation loan (min. $10,000) Car loan (min. $35,000) Education loan (min. $10,000) The bonus interest rates aren't competitive unless you fulfil three transactions. Assuming you hit three transactions and start with a bonus interest rate of 0.25 per cent, you'll get 4.3 per cent on your first $50,000 and 5.5 per cent p.a. on the next $25,000. For comparison, the OCBC 360 account will give you 4.65 per cent p.a. for hitting the three categories of crediting your salary, saving, and spending on your credit card. Speaking of credit card spending, do note that Maybank only considers credit card spending on the Maybank Platinum Visa Card and Horizon Visa Signature Card. Spending on other Maybank credit cards doesn't count. On the plus side, these cards give you good cash rebates both locally and overseas. Maybank Save Up Programme Minimum balance: $1,000 Fall below fee: $2. Waived for individuals below age 25. Bonus interest cap: $50,000 7. DBS Multiplier savings account interest rates The DBS Multiplier account's interest rates are only competitive if you hit three categories across credit card spending, home loan, insurance, and investment. Total monthly transactions Income + 1 category Income + 2 categories Income + 3 categories First $50,000 First $100,000 First $100,000 $500 to $14,999 1.80% 2.10% 2.40% $15,000 to $29,999 1.90% 2.20% 2.50% $30,000 and up 2.20% 3.00% 4.10% The rates in the table above apply to you if you credit your salary/dividends/SGFinDex to any DBS or POSB account (yes, it doesn't need to be your DBS Multiplier account!). You need to have at least $500 worth of transactions from one or more of the following categories: Credit card or PayLah spending (no minimum) Home loan (cash + CPF components counted) Selected insurance policies (life insurance, critical illness, endowment plans and selected single premium policies) Selected investments (regular savings plan, unit trust, online equities trade, digiPortfolio or bonds, and structured products) The more categories you hit, the higher bonus interest rates you get. One thing I really like about the DBS Multiplier is that there is no minimum amount required for the credit card or DBS PayLah! spend. You can also choose either, although I would recommend the credit card route for extra cashback or miles. You can earn up to 10 miles per dollar with the DBS Altitude Visa Signature Card on your travel spend at Expedia and Kaligo, and 2.2 miles per dollar on other overseas spend. The DBS Vantage Visa Infinite Card comes with an even bigger welcome miles bonus, although it isn't the most accessible credit card due to its high minimum income requirement. What if you don't have any DBS credit card, insurance, or investments? If you're 29 years old or below, you can still earn 1.5 per cent p.a. on the first $50,000. You don't need to credit your salary to a DBS/POSB account, but DBS will still require you to at least use PayLah!. The good news is that there isn't a minimum amount for PayLah! spend. Just use it to pay for anything, even if it's a $1+ cup of kopi at your local coffeeshop. Easy! Overall, the DBS Multiplier account makes it easy to earn bonus interest with its zero minimum spend transaction categories and the flexibility to credit your salary into any DBS account, not necessarily the DBS Multiplier. However, DBS Multiplier account interest rates start pretty low, especially if you don't credit your salary to a DBS/POSB account. Comparatively, CIMB FastSaver's interest rates start at 1.50 per cent p.a. for just opening the account and depositing a minimum of $1,000. DBS Multiplier Minimum balance: $3,000 Fall below fee: $5. Waived for first-time customers & those up to age 29. Bonus interest cap: $100,000 8. CIMB FastSaver savings account interest rates The CIMB FastSaver account works a bit differently compared to others on this list. It does have the usual suspects-salary and credit card spend requirements — but these are only required for you to unlock the highest interest rate (currently 3.19 per cent p.a.) on the first $25,000. After you meet those requirements for the initial $25,000 balance, you can enjoy up to 2.70 per cent p.a. Yup, no conditions to buy insurance, sign up for an investment, or any other hoops to jump through. Account balance Prevailing interest rate Additional interest rate ( credit salary or schedule a recurring GIRO transfer of at least $1,000) Additional interest rate ( spend on CIMB Visa Signature Credit Card ) Total interest rate First $25,000 1.19% p.a. + 0.50% p.a. + 1.00% (min. $300 monthly eligible spend) + 1.50%^ (min. $800 monthly eligible spend) 3.19% Next $25,000 2.09% p.a. – – 2.09% p.a. Next $25,000 2.70% p.a. – – 2.70% p.a. Above $75,000 0.80% p.a. – – 0.80% p.a. If we assume you hit the requirements to earn 3.19 per cent on your first $25,000, your effective interest rates are: First $25,000: 3.19 per cent First $50,000: 2.64 per cent First $75,000: 2.66 per cent First $100,000: 2.20 per cent This account is also perfect for most young adults starting out their career, because of the very low minimum balance of $1,000 (note, however, that you need to maintain $5,000 for the current promotion) and no fall below fee. CIMB FastSaver Minimum balance: $1,000 Fall below fee: None! Bonus interest cap: $75,000 9. POSB SAYE savings account interest rates What if you want to open a savings account, but don't want to do anything but credit money into it? The best zero-effort contender is the POSB SAYE (Save As You Earn) account. You need to set up a standing order to credit a fixed amount every month (anything from $50 to $3,000) into your SAYE account, then resist the urge to touch it for two years. As a reward for your restraint, you earn 3.5 per cent p.a.. Note that it's a whole lot less liquid than any other savings account, so for the love of God, please don't put your emergency stash in here. 10. HSBC Everyday Global Account Our last savings account on this list is the most headache-inducing. The HSBC Everyday Global Account is a multi-currency account that also doubles up as a savings account… masquerading as an interest/cashback-earning hybrid. Yikes. Let me explain. The HSBC Everyday Global Account lets you transact in 11 different currencies, but that's probably not the reason why you're reading this article. More importantly for our purposes today, it also functions as a savings account. But unlike the others on this list, the HSBC Everyday Global Account doesn't stack bonus interest the more you spend/save/borrow/invest/insure. Instead, the account works hand in hand with the HSBC Everyday+ Rewards Programme to, overall between the account and the programme, earn you an extra one per cent bonus interest and one per cent cashback per year. When you have an HSBC Everyday Global Account and also qualify for the HSBC Everyday+ Rewards Programme, you can earn up to 3.55 per cent p.a. from now to June 30, 2025: 0.05 per cent p.a. Everyday Global Account's prevailing interest rate + 2.50 per cent p.a. Everyday Global Account Bonus Interest 1.00 per cent p.a. when you qualify for the HSBC Everyday+ Rewards Programme Combined, these bring your total interest to 3.55 per cent p.a. How do I qualify for the HSBC Everyday+ Rewards Programme? The third component above (one per cent additional interest) comes from qualifying for the HSBC Everyday+ Rewards Programme. Here are the requirements: Deposit at least $2,000 (for Personal Banking customers) or $5,000 (for Premier customers) into the account Make five eligible transactions, with no minimum amount. These can be any combination of the following types: 1) Transactions made with a HSBC personal credit card* 2) Transactions made with a HSBC Everyday Global Debit Card 3) GIRO bill payments 4) Fund transfers to a non-HSBC account What do I earn from the HSBC Everyday+ Rewards Programme? Qualifying for the Everyday+ Rewards Programme gets you: 1 per cent bonus interest (as we talked about) on the money you top up into your account each month (capped at $300/month) 1 per cent cashback on your HSBC Everyday Global Debit Card transactions and GIRO bill payments (capped at $300/month for Personal Banking customers, $500/month for HSBC Premier customers) * Note that you can use an HSBC credit card to qualify for the HSBC Everyday+ Rewards Programme, but credit card spending won't earn you cashback once you qualify the programme. The one per cent cashback you receive is pegged to your spending on your HSBC Everyday Global Debit Card, not your credit card. This change was implemented by HSBC on May 2, 2024 and is also spelled out in their updated terms and conditions. On the plus side, HSBC doesn't limit you to a select few credit cards for the credit card spending criteria, so take your pick of the HSBC credit cards available. My personal pick is the new HSBC Live+ Credit Card, with which you can earn up to eight per cent cashback on this card on selected dining, shopping, and entertainment spending. On top of the interest and cashback, HSBC will give you one-time cash bonuses of up to $150 (for Personal banking customers) / $300 (Premier customers) when you deposit at least $100,000 (Personal banking) / $200,000 (Premier Banking) and meets the eligibility criteria above for the first six months. How to register for the HSBC Everyday+ Rewards Programme To register, send an SMS to 74722 with the following format: EGAfirst 9-digit of your Everyday Global Account number (e.g. EGA 123456789) [[nid:718806]] This article was first published in MoneySmart .

Business Times

5 hours ago

• Business Times

Tesla to roll out robotaxis in overdue step towards Musk dream

Tesla is rolling out its first robotaxis on the streets of Austin after almost a decade of hype from Elon Musk, kicking off a precarious new era for the carmaker. The launch of a driverless taxi service on Sunday (Jun 22) is set to begin modestly, with a handful of vehicles in limited areas of the city. Tesla hand-picked initial riders who are expected to offer feedback on the experience, so the general public will still have to wait. The low-key rollout has nonetheless been highly anticipated by investors, who are counting on the new business line to revive a company battered by flagging sales and a consumer backlash against Musk. The Tesla chief executive officer is betting the company's future on autonomous driving, artificial intelligence and humanoid robots – buzzy but still largely unproven markets. 'This is the first true test,' Gene Munster, managing partner of Deepwater Asset Management, said in an interview. 'Anything that happens will be amplified, especially the negative. There's a lot at stake.' Tesla has ramped up testing recently in the Texas state capital, where Model Y SUVs with manufacturer plates have been spotted regularly in the south and south-east portions of the city. Musk recently promoted a video on social media of one of its vehicles driving in Austin with nobody behind the wheel. Some details of the launch emerged in recent days after several social-media users – known for promoting Tesla – revealed that they were selected for early access to a new robotaxi app and the ride-hailing service. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up According to the use parameters posted by one account, robotaxis will be available between 6 am and midnight every day within unspecified geofenced areas of the city, not including the airport. The service may be limited or unavailable in foul weather. A 'safety monitor' will be sitting in the front passenger seat for rides during the early access period. Musk has said Tesla would initially roll out 10 to 20 vehicles before expanding to a thousand within a few months, and later introducing a purpose-built Cybercab with no pedals or steering wheel. The CEO has a history of overpromising in the area of autonomy. After hinting at the possibility of an autonomous-car service in a business plan in 2016, he said three years later that Tesla customers would be able to utilise their vehicles as robotaxis by 2020. Tesla has long offered a system called Full Self Driving that, despite the name, requires continual driver supervision and doesn't make vehicles autonomous. The company has said it will operate its robotaxi network using an 'unsupervised' version of the software that will not require a human driver to monitor. Safety is a crucial factor in driverless car operations. Incidents that injure or kill people can bring regulatory crackdowns and negative attention to companies. Cruise, the now-defunct autonomy business of General Motors, grounded its fleet in late 2023 and had its operating licence suspended in California following an accident that injured a pedestrian. Uber Technologies ceased testing self-driving vehicles after one of its SUVs struck and killed a pedestrian in Arizona in 2018. Less than three years later, the company agreed to sell its self-driving business. Austin has become a hot spot for autonomous vehicle operations. Waymo, which is owned by Google parent Alphabet, is scaling up in the city through a partnership with Uber. Zoox is also testing there. In Texas, Tesla faces few restrictions to operate autonomous vehicles. Driverless vehicles are required to be equipped with cameras, have insurance and follow traffic rules. A rideshare licence in not currently required. At the federal level, authorities are taking steps to ease the deployment of autonomous vehicles without driver controls such as steering wheels or pedals. The National Highway Traffic Safety Administration said this month that it will streamline the process to get an exemption for such vehicles, which under current policy has resulted in lengthy processing times that can last years. BLOOMBERG

Business Times

8 hours ago

• Business Times

Investors brace for oil price spike, rush to havens after US bombs Iran nuclear sites

A U.S. attack on Iranian nuclear sites could lead to a knee-jerk reaction in global markets when they reopen, sending oil prices higher and triggering a rush to safety, investors said, as they assessed how the latest escalation of tensions would ripple through the global economy. The attack, which was announced by President Donald Trump on social media site Truth Social, deepens U.S. involvement in the Middle East conflict. That was the question going into the weekend, when investors were mulling a host of different market scenarios. In the immediate aftermath of the announcement, they expected the U.S. involvement was likely to cause a selloff in equities and a possible bid for the dollar and other safe-haven assets when trading begins, but also said much uncertainty about the course of the conflict remained. Trump called the attack 'a spectacular military success' in a televised address to the nation and said Iran's 'key nuclear enrichment facilities have been completely and totally obliterated'. He said the U.S. military could go after other targets in Iran if the country did not agree to peace. 'I think the markets are going to be initially alarmed, and I think oil will open higher,' said Mark Spindel, chief investment officer at Potomac River Capital. 'We don't have any damage assessment and that will take some time. Even though he has described this as 'done', we're engaged. What comes next?' Spindel said. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'I think the uncertainty is going to blanket the markets, as now Americans everywhere are going to be exposed. It's going to raise uncertainty and volatility, particularly in oil,' he added. Spindel, however, said there was time to digest the news before markets open and said he was making arrangements to talk to other market participants. Oil prices, inflation A key concern for markets would center around the potential impact of the developments in the Middle East on oil prices and thus on inflation. A rise in inflation could dampen consumer confidence and lessen the chance of near-term interest rate cuts. 'This adds a complicated new layer of risk that we'll have to consider and pay attention to,' said Jack Ablin, chief investment officer of Cresset Capital. 'This is definitely going to have an impact on energy prices and potentially on inflation as well.' While global benchmark Brent crude futures have risen as much as 18% since June 10, hitting a near five-month high of $79.04 on Thursday, the S&P 500 has been little changed, following an initial drop when Israel launched its attacks on Iran on June 13. Before the U.S. attack on Saturday, analysts at Oxford Economics modeled three scenarios, including a de-escalation of the conflict, a complete shutdown in Iranian oil production and a closure of the Strait of Hormuz, 'each with increasingly large impacts on global oil prices.' In the most severe case, global oil prices jump to around $130 per barrel, driving U.S. inflation near 6% by the end of this year, Oxford said in the note. 'Although the price shock inevitably dampens consumer spending because of the hit to real incomes, the scale of the rise in inflation and concerns about the potential for second-round inflation effects likely ruin any chance of rate cuts in the U.S. this year,' Oxford said in the note, which was published before the U.S. strikes. In comments after the announcement on Saturday, Jamie Cox, managing partner at Harris Financial Group, agreed oil prices would likely spike on the initial news. But Cox said he expected prices to likely level in a few days as the attacks could lead Iran to seek a peace deal with Israel and the United States. 'With this demonstration of force and total annihilation of its nuclear capabilities, they've lost all of their leverage and will likely hit the escape button to a peace deal,' Cox said. Economists warn that a dramatic rise in oil prices could damage a global economy already strained by Trump's tariffs. Still, any pullback in equities might be fleeting, history suggests. During past prominent instances of Middle East tensions coming to a boil, including the 2003 Iraq invasion and the 2019 attacks on Saudi oil facilities, stocks initially languished but soon recovered to trade higher in the months ahead. On average, the S&P 500 slipped 0.3% in the three weeks following the start of conflict, but was 2.3% higher on average two months following the conflict, according to data from Wedbush Securities and CapIQ Pro. Dollar woes An escalation in the conflict could have mixed implications for the U.S. dollar, which has tumbled this year amid worries over diminished U.S. exceptionalism. In the event of U.S. direct engagement in the Iran-Israel war, the dollar could initially benefit from a safety bid, analysts said. 'Do we see a flight to safety? That would signal yields going lower and the dollar getting stronger,' said Steve Sosnick, chief market strategist at IBKR in Greenwich, Connecticut. 'It's hard to imagine stocks not reacting negatively and the question is how much. It will depend on Iranian reaction and whether oil prices spike.'