UOB One

UOB One

4.5
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More about UOB One
Min Rate0.05%
Max Rate3.33%
Min Initial Deposit$500
Interest TiersBased on card spend, GIRO debit and account balances
UOB One

UOB One

4.5
Write a review

More About UOB One

Min Rate0.05%
Max Rate3.33%
Min Initial Deposit$500
Interest TiersBased on card spend, GIRO debit and account balances

Ratings Breakdown

4.5
  • 5
    5
  • 4
    2
  • 3
    1
  • 2
    0
  • 1
    0

UOB One Reviews

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  • Shengwen Chua
    Shengwen Chua
    Posted on 31 Mar 2018
    This is one of the best current accounts out there with high interest (assuming you have $50K and spend at least $500/mth on your credit card bills). This may seem difficult to achieve at the start, however if you were to combine all your spend on ONE card, you will figure out that $500 is easily achievable. Insurance, installments, fuel, groceries, bills, dining, etc. To really maximize the 3.33% interest, you will need at least $50K but even at 2.22% on the next $20K, this interest rate is still better than most Fixed Deposits. You also get a cheque book which is great for new couples moving into the next phase of their lives where they may be spending substantially on high cost items like furniture, renovations, car, etc. Great rebates on fuel from the major players (Shell, Esso). Best savings account to have.
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  • Amy Wang
    Amy Wang
    Posted on 18 Mar 2018
    I am using this account for $50K balance + no need to credit salary + 3 giro will do. Straightforward hurdle account.
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  • Junda Ong
    Junda Ong
    Posted on 29 Jan 2018
    I simply need to do 2 things to earn the 3.33% interest (effectively is 2.43%) for first $50,000: 1. Credit my salary 2. Spend at least $500/mth, including giro payments eg. insurance This is pretty easy compared to other banks. And on top of that UOB One Card will have $50 rebate per quarter (effectively 3.33% cashback).
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  • 李艾菁
    李艾菁
    Posted on 24 Jan 2018
    Pros - highest interest rates compared to OCBC/DBS - no credit salary requirements - able to earn $50 rebates quarterly with use of UOB ONE card (good for recurring expenses) Cons - cap at 50k, would be better if it can be raised to 70k
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  • Lim Chun Long Jimmy
    Lim Chun Long Jimmy
    Posted on 24 Jan 2018
    Reason: To earn bonus interest, one of the requirements is (credit salary via GIRO reflected as “SALA”, or pay 3 bills monthly via GIRO). It's the 'or' operator that matters as I have the option of changing job, if I have to, to one that does not have the reflected "SALA" for salary crediting. I already have been paying 3 bills monthly via GIRO.
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  • Chen Zhirong
    Chen Zhirong
    Posted on 21 Jan 2018
    Pros (agreed with Silvester) -ATM convenient. Can use OCBC/UOB. Almost always no queue -UOB one card complements UOB one account. ($50 very quarter if spend $500/month consecutively) -No need to credit salary if can pay 3 bills by giro -mobile app with nice user interface. Can use fingerprint scan -UOB also lets you monitor your bank transactions in the past 3 months Cons -I miss OCBC's website friendly interface with money insights and virtual savings accounts to have financial goals -CC spending is on a quarterly basis. Does not care if you make a big purchase in one month then eat grass the next. I wish they averaged it out across months instead.
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  • Silvester Leong
    Silvester Leong
    Posted on 20 Jan 2018
    Pros -ATM convenient. Can use OCBC/UOB. Almost always no queue -UOB one card complements UOB one account. ($50 very quarter if spend $500/month consecutively) -No need to credit salary if can pay 3 bills by giro -mobile app with nice user interface. Convenient and easy to login for transfer and checking of details Cons -need to track credit card spending to hit $500 to earn the interest rates. -Tiered interest rates. Effective interest rate of 2.43% instead of 3.33%. My advice is to call and change the credit card cycle to the start of every month to complement the UOB one account so that you don’t miss the interest rates or the UOB one card rebate. (A simple call will do the trick) Overall, still a relatively good account if it suits your spending habit !
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  • Lynn Han
    Lynn Han
    Posted on 19 Jan 2018
    UOB One's 3.33% seems impressive but it's been more of a well-marketed campaign than anything. You need to hit a lot of targets e.g. $500 monthly spending while keep $50,000 consistently in the account. The credit card spending is also tricky since the amount is not counted on the day you spend, but when the transaction is processed...so spend early in the month! The 3.33% is also not fully earned on $50k, but in stages of $10k and $20k respectively. Overall a bit difficult to manage and process can be tiresome e.g. GIRO arrangements, checking credit card bills, etc. Would recommend product to a HNWI (High Net Worth Individual) with regular and high spending patterns.
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How to maximise the interest rate for UOB One Savings Account?

Base interest rate(%) p.a.

The base interest rate per annum for UOB One savings account is 0.05%

Bonus Interest Rate(%) p.a

The bonus interest rate per annum for UOB One savings account comes with a few criteria:

If one spends S$500 on UOB One Card:

  • 1.0% p.a. bonus for the first S$10,000 of your account balance.
  • 1.5% p.a. bonus for the next S$20,000 of your account balance.
  • 2.0% p.a. bonus for the next S$20,000 of your account balance.
  • 0.05% p.a. bonus for anything over S$50,000 of your account balance.

If one spends S$500 on UOB One Card and Credit Salary of at least S$2,000:

  • 1.5% p.a. bonus for the first S$10,000 of your account balance.
  • 2.0% p.a. bonus for the next S$20,000 of your account balance.
  • 3.33% p.a. bonus for the next S$20,000 of your account balance.
  • 0.05% p.a. bonus for anything over S$50,000 of your account balance.

If one spends S$500 on UOB One Card and pay 3 monthly GIRO bills:

  • 1.5% p.a. bonus for the first S$10,000 of your account balance.
  • 2.0% p.a. bonus for the next S$20,000 of your account balance.
  • 3.33% p.a. bonus for the next S$20,000 of your account balance.
  • 0.05% p.a. bonus for anything over S$50,000 of your account balance.

Terms and fees for UOB One Savings Account

  • Initial deposit: S$1,000
  • Citizenship status: Singaporeans, PRs and foreigners
  • Minimum age to open account: 18
  • Minimum Average Daily Balance: S$500
  • Fall below fee: S$2
  • Early closure fee: S$30 if below 6 months

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