UOB One Account Reviews and Comparison - Seedly
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UOB One Account

  • Overview
  • Reviews (54)
  • Questions (0)
  • More Details

UOB One Account

Up to 3.88% p.a.
INTEREST RATES
$1,000
MIN. INITIAL DEPOSIT
$500
MIN. AVG DAILY BALANCE

    UOB One Account

    Up to 3.88% p.a.
    INTEREST RATES
    $1,000
    MIN. INITIAL DEPOSIT
    $500
    MIN. AVG DAILY BALANCE

Details

As of 1 May 2020, UOB will be changing their interest rates for the UOB ONE Savings Account. The changes will be explained in the next section.

UOB One Savings Account Review

UOB One is a popular savings account from UOB Singapore. The base interest rate per annum for UOB is 0.05% p.a.. UOB ONE account allows you to enjoy tiered bonus interest of up to 3.68%p.a. (previously 3.88%) on your first S$75,000. To be eligible for the bonus interest rates on top of the base, account holders can choose to:

  1. Spend at least S$500 on the UOB One Card, and
  2. Credit monthly salary into their UOB One Account or
  3. Make 3 GIRO debit transactions
Read More about UOB One Account
Reviews (54)

4.2

54 Reviews

  • 5
    26
  • 4
    20
  • 3
    4
  • 2
    0
  • 1
    4

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Most HelpfulMost RecentLow to HighHigh to Low
  • I feel happy and great when I go to UOB Waterway Point Branch to open a new Stash Account. It was my first time at UOB Waterway Point Baranch to open a new savings account. I was glad that the banking officer help me to answer all enquiries regarding the account and explained to me the different accounts UOB have been offering to new customers. He was patient, friendly and understanding listening to my needs and wants for my first time opening a new UOB Savings Account. The process for opening a new UOB account is fast and smooth and I could even access UOB online to view my saving account. The overall experience at UOB was a pleasant and great one! I love their good customer service. The banking offer offer their best in assisting the customer. Excellent customer service and communication skills at UOB! A good customer service at UOB just makes my day! Great banking experience at UOB! Thumbs Up and kudos to their Customer Service!
    0 comments
    0
  • Updated 6d ago

    Purchased

    UOB One Account

    Love this as fast and convenient it helps me a lot to increase my savings. Love the system lots Customer service great.
    0 comments
    0
  • Updated 1w ago

    Purchased

    UOB One Account

    Attentive and good customer service. Banking app UOB Mighty is a useful and convenient tool for banking ease on-the-go.
    0 comments
    0
  • Updated 4w ago

    Purchased

    UOB One Account

    Unfortunately interest rates have seen a decline, but the app is still easy to use and the current interest rates are still acceptable.
    0 comments
    0
  • Updated 4w ago

    Purchased

    UOB One Account

    Like the online banking platform of UOB due to the mightysecure login. This account would be suitable for those who do not meet the salary crediting condition of other similar accounts. Interestingly the base condition to hit is a $500 spend monthly. For fresh grads still living with parents, this may be hard especially in the Covid-19 environment where everyone is staying at home.
    0 comments
    0
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UOB One savings account change in interest rates for May 2020

Revised Interest Rates for UOB One Account from 1 May 2020

UOB will begin charging its revised interest rates for the UOB ONE Savings Account from May 2020.

This change will affect the interest rates in both categories of:

i. spending S$500 on UOB One Card

ii. spending S$500 on UOB One Card + Salary Crediting of at least S$2,000 (or making 3 GIRO debit transactions)

When you spend S$500 on your UOB One Card (Before 1 May 2020):

  • 1.50% p.a. for an account balance with its first S$15,000
  • 1.50% p.a. for an account balance with S$15,001 to S$30,000
  • 1.50% p.a. for an account balance with S$30,001 to S$45,000
  • 1.50% p.a. for an account balance with S$45,001 to S$60,000
  • 1.50% p.a. for an account balance with S$60,001 to S$75,000
  • 0.05% p.a. for an account balance with more than S$75,000

When you spend S$500 on your UOB One Card (After 1 May 2020):

  • 0.50% p.a. for an account balance with its first S$15,000
  • 0.50% p.a. for an account balance with S$15,001 to S$30,000
  • 0.50% p.a. for an account balance with S$30,001 to S$45,000
  • 0.50% p.a. for an account balance with S$45,001 to S$60,000
  • 0.50% p.a. for an account balance with S$60,001 to S$75,000
  • 0.05% p.a. for an account balance with more than S$75,000

When you spend S$500 on your UOB One Card + Credit Salary of at least S$2,000 or make 3 GIRO debit transactions (Before 1 May 2020):

  • 1.85% p.a. for an account balance with its first S$15,000
  • 2.00% p.a. for an account balance with S$15,001 to S$30,000
  • 2.15% p.a. for an account balance with S$30,001 to S$45,000
  • 2.30% p.a. for an account balance with S$45,001 to S$60,000
  • 3.88% p.a. for an account balance with S$60,001 to S$75,000
  • 0.05% p.a. for an account balance with more than S$75,000

When you spend S$500 on your UOB One Card + Credit Salary of at least S$2,000 or make 3 GIRO debit transactions (After 1 May 2020):

  • 1.25% p.a. for an account balance with its first S$15,000
  • 1.30% p.a. for an account balance with S$15,001 to S$30,000
  • 1.35% p.a. for an account balance with S$30,001 to S$45,000
  • 1.40% p.a. for an account balance with S$45,001 to S$60,000
  • 3.68% p.a. for an account balance with S$60,001 to S$75,000
  • 0.05% p.a. for an account balance with more than S$75,000

All these changes are illustrated in the table below

UOB One Account Balance

Interest p.a. when spending min. of S$500 in a month (before 1 May 2020)

Interest p.a. when spending min. of S$500 in a month AND Credit Salary or Make 3 GIRO debit transactions (before 1 May 2020)

Total Interest p.a. when spending min. of S$500 in a month (AFTER 1 May 2020)

Total interest p.a. when spending min. of S$500 in a month AND Credit Salary or Make 3 GIRO debit transactions (AFTER 1 May 2020)

First $15,000

1.50%

1.85%

0.50%

1.25%

$15,001 - $30,000

1.50%

2.00%

0.50%

1.30%

$30,001 - $45,000

1.50%

2.15%

0.50%

1.35%

$45,001 - $60,000

1.50%

2.30%

0.50%

1.40%

$60,000 - $75,000

1.50%

3.88%

0.50%

3.68%

Above $75,000

0.05%

0.05%

0.05%

0.05%

For more information on how the newest interest rate changes to UOB ONE Savings Account affects you, check out our in-depth review of the Changes to UOB ONE Savings Account.

How to Get the Highest Interest rates for UOB One Savings Account?

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:

  • 0.50% p.a. bonus for the first S$15,000 of your account balance.
  • 0.50% p.a. bonus for the next S$15,000 of your account balance.
  • 0.50% p.a. bonus for the next S$15,000 of your account balance.
  • 0.50% p.a. bonus for the next S$15,000 of your account balance.
  • 0.50% p.a. bonus for the next S$15,000 of your account balance.
  • 0.05% p.a. bonus for total account balance above $75,000

If one spends S$500 on UOB One Card AND Credit Salary of at least S$2,000 or make 3 GIRO debit transactions:

  • 1.25% p.a. bonus for the first S$15,000 of your account balance.
  • 1.30% p.a. bonus for the next S$15,000 of your account balance.
  • 1.35% p.a. bonus for the next S$15,000 of your account balance.
  • 1.40% p.a. bonus for the next S$15,000 of your account balance.
  • 3.68% p.a. bonus for the next S$15,000 of your account balance.
  • 0.05% p.a. bonus for total account balance above $75,000

Is UOB ONE the best savings account for you in 2020?

Pros:

  • Overall, UOB ONE provides competitive interest rates
  • Simple and fuss-free account that does not require the fulfillment of many criteria to gain bonus interest rates
  • Suitable for consumers who only plan to credit their salary and spend via card.

Cons:

  • Does not incentivise additional spending on other financial products like loans, investments, or insurance
  • Requires a relatively high balance of at least S$60,000 to reap the highest bonus rates possible
  • Not suitable for those not looking to spend from this account

Want to know how UOB One Account compares with other savings accounts? Here's a compilation of The Best Savings Accounts in 2020.

Terms and fees for UOB One Savings Account

  • Initial deposit: S$1,000
  • Minimum Average Daily Balance: S$1,000
  • Fall below fee: S$2
  • Early closure fee: S$30 within 6 months of opening an account

Eligibility: who can apply for UOB One Account?

  • Citizenship status: Singaporeans, PRs and Foreigners
  • Minimum age to open an account: 18 years old

For more information, you can check out their website here.