As interest rates on borrowing here and around the globe rise rapidly to combat inflation, the grim news for home buyers facing heftier mortgage bills is good news for bank customers with savings deposits. Again this week, Singapore banks have been raising interest rates to stay competitive in the fight for deposits. This article looks at how much higher these interest rates can go and what it means for lenders and consumers. When discussing if consumers should move savings to banks with the highest interest rate, the article includes MoneyOwl’s Lead Solutions, Daphne Lye’s comments that it is difficult to predict interest rate movements, but consumers do not need to get their forecasts right in order to make sound financial planning. She also mentions that hopping between different savings options based on the latest promotion rates is not recommended and staying with one or two banks that meet most of a consumer’s banking needs, such as salary crediting or daily spending. Furthermore, the high-interest accounts can be quite complicated as often, to access the higher tiers, one is required to buy products or may come under pressure to do so.