Singapore’s benchmark interest rate continues to decline, leading banks to lower both savings account and fixed deposit rates. Analysts expect further reductions.

MoneyOwl CEO Chuin Ting Weber emphasized that high interest rates are often temporary and fluctuate based on economic conditions. She advised the public to focus on long-term wealth accumulation and retirement planning rather than short-term interest rates.

A more holistic approach, such as investing in diversified products or contributing to CPF Special or Retirement Accounts, is recommended for better financial management.