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UOB One Account

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Savings Accounts/UOB One Account
Savings Accounts/UOB One Account
4.3
71 reviews
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USER RATINGS

Customer Support

4.6

Ease of online banking

4.7
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UOB One Account

Up to 2.50% p.a.

INTEREST RATES

$1,000

MIN. INITIAL DEPOSIT

$500

MIN. AVG DAILY BALANCE

[PROMO] Get S$40 cash credit. For the first 250 successful applicants. Valid till 30 Sep 2021. T&Cs apply. Learn more below.

UOB One Account

Up to 2.50% p.a.

INTEREST RATES

$1,000

MIN. INITIAL DEPOSIT

$500

MIN. AVG DAILY BALANCE

[PROMO] Get S$40 cash credit. For the first 250 successful applicants. Valid till 30 Sep 2021. T&Cs apply. Learn more below.

Details

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.

Read More about UOB One Account
Reviews (71)

4.3

71 Reviews

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    38
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    5
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      Posted 4d ago

      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

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      Reply

      Posted 21 Jul 2021

      Purchased

      UOB One Account

      [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!

      0

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      02 Jul 2021

      Purchased

      UOB One Account

      the interest rate is high! So it is good for salary crediting and savings. Good for users who have very low risk in investments

      0

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      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

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      11 Jun 2021

      Purchased

      UOB One Account

      Easy to use app interface and fuss free account. Min initial deposit of $1000 is not too hefty for fresh graduates

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      Reply

    Discussions (0)
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      Exclusive Rewards

      Get S$40 cash credit

      • Promotion is valid from 1 July to 30 September 2021
      • Promotion is applicable to the first 250 successful new UOB One Account applicants per calendar month
      • A fresh funds deposit of S$5,000 must be made during the promotional period
      • Terms and Conditions apply
      • First 250 existing customers who fulfil the deposit criteria per calendar month receive S$20 in cash credit
      • Terms and Conditions apply
      • To apply, click on the "Apply Now" or "Visit Site" buttons

      UOB One Account Interest Rate November 2020 Update

      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
      (Meet Card Spend of min. S$500 per calendar month)

      Total Interest for Category B
      (Meet Card Spend of min. S$500 AND Credit Salary OR make 3 GIRO debit transactions)

      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:

      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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