Woes of deposits in banks

With effect from 15 October 2010, the deposit interest rates for DBS and POSB deposit accounts will be revised as follows:


POSB Savings Account (Both Passbook and Passcard) and Save-As-You-Earn Account

Existing Interest Rates:
1st $3000 - 0.125% per year
Next $47,000 - 0.125% per year
Next $50,000 - 0.250% per year
Above $100,000 - 0.250% per year

New Interest Rates:
1st $10,000 - 0.100% per year
Next $90,000 - 0.100% per year
Next $250,000 - 0.250% per year
Next $650,000 - 0.250% per year
Above $1,000,000 - 0.275% per year

What nonsense! From pathetic interest rate of 0.125% to even more pathetic 0.100%? I think I have to look for alternative avenues of income.....