Citibank is going to reduce the interest rate for the step-up account again.
From my march 2010 electronic statement:
Effective 1 May 2010, the interest rates for SGD Step-Up Interest Accounts and Tap and Save Accounts will be revised to:
Base Interest 0.14% p.a
Bonus Interest per Step-Up Counter 0.03% p.a (Maximum Step-Up Counter = 12)
Maximum Interest Rate 0.50% p.a
So, they are doing it on labour day. I wonder when is the next cut, I hope not so soon. The good thing is that 0.5% p.a is still higher than most of the savings account out there, but its time to look out for better ones.