Passive Income: Time to Raise Interest Rate in Singapore

I realised the importance of passive income when earlier, the Singapore government stipulated that only those who are fully vaccinated could return to their workplace. I believe in natural immunity and I saw how my colleague recovered without taking any Covid vaccination as he is very health-conscious.I have sinus issue but I don't take flu vaccination and antibiotics. Whenever I sneeze the whole day, I'll just stay in my room and rest and most of the time, I'll recover the next day. 

I hope to increase my passive income. One way is to look for banks that offer higher saving interest rate. Looking at the recent stock market, I better not put my cash in there. US Federal Reserve might further raise interest rate. I rather prefer a peaceful night sleep then invest in high risk high return stocks. Even though US Federal Reserve has already raised interest rate to 0.5%, local banks interest rate is still dismally low. One example is the OCBC 360 account. The effective interest rate is only 0.7% for the first $75,000.00 if you credit your salary of at least $1800.00 to OCBC 360 account.

Few years back, the interest rate was higher. Now I'm wondering if I should shift my saving to established foreign banks that offer higher interest rates. I don't think it is right that savers are given such a low interest rate yet bank staff are given many months of bonus. It's high time that they raise interest rates for savers. I hope they revert to higher interest rate of 2% that they offered in 2019. Look at the images below for comparison of 2019 and 2022 interest rates for OCBC 360 account.

Image from OCBC 360 account. Interest in May 2022

Interest in 2019  (Image from OCBC website)