UOB One Account
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USER RATINGS
Customer Support
Ease of online banking
UOB One Account
Up to 2.50% p.a.
INTEREST RATES
$1,000
MIN. INITIAL DEPOSIT
$500
MIN. AVG DAILY BALANCE
UOB One Account
Up to 2.50% p.a.
INTEREST RATES
$1,000
MIN. INITIAL DEPOSIT
$500
MIN. AVG DAILY BALANCE
Details
Product Page Transparency
- Pays to access additional features
UOB One Account Review 2021: Newest Interest Rates
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., with a base interest rate of 0.05% p.a., on your first S$75,000. The extra bonus interest rates are only available when account holders fulfill these 2 categories: hitting a minimum card spend of S$500 on UOB Cards, and Salary Crediting or Making 3 Bill Payments.
4.2
73 Reviews
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- Account used to be one of the best. After applying they dropped interest rates and it was no longer worth it to track the expenses on the card. Be careful of the marketing as they quote the highest interest rate only for top tier of assets while a lower interest rate still apply for assets below that tier, essentially making the effective interest rate on your money lower than expected.
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- Posted 22 Sep 2021
Purchased
UOB One Account
Fuss free account. Have been using it for quite sometimes, other than the current interest rate environment which suck big time, the accessibility to uob atm is great. You can also use ocbc atm for all cash withdrawals. I find that UOB has a better product range as compared to the 2 other major banks in SG.0
What are your thoughts?Reply
- [Fuss Free] This is one of the high-interest savings account of the 3 local banks in Singapore. I find it attractive as it is relatively fuss-free - you get your high interest from meeting either one of two criteria; spend $500 monthly OR spend $500 & credit your salary (or perform 3 GIRO transactions). You'll need a One Card to fully utilise your savings with this one. This is great for when you don't want to/ can't meet the 3-5 steps require by other savings accounts, which may involve Insurance, investments, loans, or increasing your daily average of your savings. [Online Banking] Their Online Banking and Mobile App does seem outdated when you compare it to OCBC or DBS'. There's not much to see or do beyond your daily needs. That said, there's some work being done and you can see new features being added in like SimpleInvest and SimpleInsure. [Customer Service] UOB's customer services has always been prompt, frank, and patient with me and my inquiries so kudos to them!
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2 more comments
I see, thank you! does online transactions count?
If you're referring to online transactions such as shopping on Shopee and Lazada; yes! In fact if you shop on Shopee, you get additional 5% cashback with the UOB One Credit Card
What are your thoughts?Reply
- 21 Jun 2021
Purchased
UOB One Account
Good app and web portal. Have used it for >4 years and will continue using it for current/savings account.0
What are your thoughts?Reply
- 30 Apr 2021
Purchased
UOB One Account
Started this account when I was in university, and I liked that even back then I could qualify for the bonus interest as I worked around my expenses to meet the criteria. How I did so: Criteria 1 - minimum spend of $500 every month: This was hard to fulfil as a uni student, but I generally just tried to pay first for meals when I eat out with friends / family etc. (Also beware - the bank may try to sell endowment plans to you as a means of hitting the $500 spend, under the guise of some non-insurance product.) Criteria 2 - deposit salary / 3 GIRO transactions each month: I didn’t have a salary back in university, neither did I have many bills to pay, so I set up monthly GIRO transactions to 3 charities in order to meet this criteria. The minimum donation amount is just $1, so this portion’s pretty easy to fulfil. Interest rates may have dropped lately but still pretty decent I’d say; and coupled with the rebates from the UOB ONE card linked to this account, I’m definitely sticking to this for a while. Other notes: UOB is generally quite aggressive with their marketing, I save their numbers so I know not to pick up their calls; when I applied for the ONE card they added on 2 other credit cards for me although I did not apply for them, and I had to call to cancel them. Desperate marketing aside, when objectively looking at just the net benefits, this works for me.1
Gem of a review. thanks!
What are your thoughts?Reply
- Converted from OCBC 360 account to UOB one when OCBC started to reduce their interest and adding more criteria. UOB is more straightforward. Although now the interest has reduced quite a lot. It is still one saving account that is easier to reach the bonus interest requirements, if you have more that $65k saving.
0
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- I use it together with my UOB one card, salary crediting for better cashback. Used to be at higher interest rate until last year I think. But good nonetheless. Nice experience with internet banking and the only issue I have is probably everything I need to sign something and my signature never matches my original signature =.= In this digital age, I just wish banks start to have another system that is going to replace the old school signature thing soon, hmm like digital fingerprint or something?
0
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Updated UOB One Account Interest Rates for 2021
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 |
|---|---|---|
First S$15,000 | 0.25% | 0.50% |
Next S$15,000 | 0.25% | 0.55% |
Next S$15,000 | 0.25% | 0.65% |
Next S$15,000 | 0.25% | 0.80% |
Next S$15,000 | 0.25% | 2.50% |
Above S$75,000 | 0.05% | 0.05% |
UOB One Account interest rates according to account balances
How Does UOB One Account Work?
To earn extra bonus interest rates for your UOB One Savings Account, you have to hit at least 1 of the 2 available categories.
CATEGORY A: Hit a minimum spend of S$500 on UOB Cards
- Category A encourages you to hit a spend requirement of S$500 on a UOB Card to get extra 0.25% p.a.
CATEGORY B: Hit minimum Card Spend + Salary Crediting of at least S$2,000 OR Making 3 GIRO Bill Payment debit transactions
- Category B requires you to fulfil Category A, and either Salary Crediting or 3 GIRO debit transactions
- You need to make 3 GIRO debit transactions payable to any billing organisation with the bank, within the calendar month
- Only valid for salary credited through GIRO with the transaction reference “SALA”
- Bonus interest is paid on the Monthly Average Balance at month-end
For a more in-depth breakdown of all the updates to the UOB One Account, check out our blog article on UOB One Account
How to Get the Highest Interest Rates for UOB One Savings Account?
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:
- UOB One Card
- UOB Lady’s Card
- UOB YOLO
- UOB One Debit Mastercard
- UOB One Debit Visa Card
- Mighty FX Debit Card
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:
- 0.50% p.a. bonus for the first S$15,000 of your account balance
- 0.55% p.a. bonus for the next S$15,000 of your account balance (S$15,001 to S$30,000)
- 0.65% p.a. bonus for the next S$15,000 of your account balance (S$30,001 to S$45,000)
- 0.80% p.a. bonus for the next S$15,000 of your account balance (S$45,001 to S$60,000)
- 2.50% p.a. bonus for the next S$15,000 of your account balance (S$60,001 to S$75,000)
- 0.05% p.a. bonus for total account balances above S$75,000
Is UOB ONE the One Best Savings Account for You in 2020?
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:
- Overall, UOB ONE provides competitive interest rates
- It is a simple and fuss-free account that does not require the fulfilment of many criteria to qualify for the bonus interest rates
- Suitable for consumers who plan to credit their salary and existing UOB cardholders who can spend a minimum of $500 a month via qualifying UOB cards
Cons of UOB One Savings Account:
- Does not incentivise additional spending on other financial products like loans, investments, or insurance
- Requires relatively high account balances 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 2021!
Terms and fees for UOB One Savings Account
- Base Interest Rate: 0.05% p.a.
- Highest Interest Rate possible: 2.50% p.a.
- 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
Contact UOB Singapore
- Apply for UOB One Account via the "Apply Now" button above
- Tel: 1800 222 2121
Contact us at [email protected] should you require any assistance or spot any inaccuracies.
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