UOB One Account
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UOB One Account is a popular high interest savings account from UOB Singapore which allows you to enjoy tiered bonus interest rates of up to 2.50%p.a. (previously 3.68%) on your first S$75,000. The extra bonus interest rates are only available when account holders fulfil these categories:
CATEGORY A: spend S$500 on UOB One Card (No change)
CATEGORY B: spend S$500 on UOB One Card + Salary Crediting of at least S$2,000 or make 3 GIRO debit transactions (Changes with effect 1 November 2020)
Otherwise, the base interest rate for UOB One is 0.05% p.a.
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From 1 November 2020, UOB is changing their interest rates for the UOB ONE Savings Account.
This is UOB's third revision for the UOB One account in 2020.
Thankfully, the latest changes will only affect Category B.
CATEGORY A: spending S$500 on UOB One Card (No change)
CATEGORY B: spending S$500 on UOB One Card + Salary Crediting of at least S$2,000 (or making 3 GIRO debit transactions)
For a more in-depth breakdown of all the updates to the UOB One Account, check out our blog article on UOB One Account
The latest UOB ONE Savings Account interest rates are illustrated in the table below:
Account Balance in your UOB One Account
Total Interest for Category A
Total Interest for Category B
To enjoy the UOB One bonus rate, all you have to do is meet Category A's criteria of spending a minimum of S$500 on a UOB Card each calendar month.
This isn't too hard to meet if you plan out your monthly expenses like groceries and monthly recurring bills.
Qualifying UOB Cards include:
However, if you'd like to maximise and get the highest possible interest rates possible, you'll want to hit Category B instead.
The interest rates for Category B are:
Despite the many changes to the interest rates, all existing qualifying criteria for the UOB One Savings Account remains unchanged.
Overall, it's relatively easy to perform and fulfil the two UOB One Account actions required in order to qualify for Category B interest rates. Additionally, UOB also offers flexibility for those who cannot perform the salary crediting action by allowing you to perform 3 GIRO transaction actions instead.
So if you're a freelancer or self-employed person who does not have a regular salary credited to your account, you can still qualify for Category B interest rates.
If you're thinking of alternatives to the UOB One savings account, it's important to note that given the current low-interest-rate environment that we're in, it's not surprising if the other banks will also continue to review and adjust their interest rates for their high-interest savings account accordingly.
Pros of UOB One Savings Account:
Cons of UOB One Savings Account: