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UOB One Account

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  • Reviews (61)
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Savings Accounts/UOB One Account
Savings Accounts/UOB One Account
4.2
61 reviews
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USER RATINGS

Customer Support

4.6

Ease of online banking

4.8
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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

UOB One Account

Up to 2.50% p.a.

INTEREST RATES

$1,000

MIN. INITIAL DEPOSIT

$500

MIN. AVG DAILY BALANCE

Details

UOB One Account Review 2020: New Interest Rates for UOB One Account From 1 November 2020

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 A continues to maintain an interest rate of 0.25% p.a. for account balances below S$75,000

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)

  • Category B has been hit for balances between the first S$15,000 to S$60,000 with a decrease ranging from 0.20% to 0.30%

Otherwise, the base interest rate for UOB One is 0.05% p.a.

Read More about UOB One Account
Reviews (61)

4.2

61 Reviews

  • 5
    30
  • 4
    22
  • 3
    5
  • 2
    0
  • 1
    4

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  • Updated on 16 Oct 2020

    Purchased

    UOB One Account

    Opened it sometime in 2018. Was a slight let-down because everything was supposed to be online via MyInfo, but there was a screw-up in the application and I had to chase them several times before getting a reply. And I was still forced to go to the branch to finalise the account opening... so much for online account opening. But at least they listened when I told them I do not want to spend any time waiting in the branch, and attended to me immediately when I reached. User experience wise... the app has improved a lot for this current version. The previous version was terrible and probably deserved at most 2 stars out of 5.

    0

    Post
  • Updated on 04 Sep 2020

    Purchased

    UOB One Account

    [Customer Service] [Application Process] Opened this account with UOB at their branch in Serangoon back in 2016. Application was pretty fuss-free. [Salary Crediting] Back then, I used this to credit my salary for my part-time jobs. After having a full-time job, and realising that it is difficult to hit the requirements for higher interests with UOB, I switched to DBS in late 2018. [Interest] Interest was average, as I was not working yet back then, however currently I am only using it to withdraw cash from the atm when necessary, with the bare minimum maintained in the account.

    0

    Post
  • Updated on 05 Aug 2020

    Purchased

    UOB One Account

    Really love the 2.5% interest rate for individuals to park huge amounts of their money with criteria that's relatively easier to fulfill as compared to many other bank accounts. Fuss free and straightforward!

    0

    Post
  • Updated on 15 Jul 2020

    Purchased

    UOB One Account

    [Salary Crediting] It's always on time and the date my salary credited to my UOB Uni Plus Account, Savings Account .. The UOB One Account, 3.88% per annum interest rate is highly commendable for income earners, and UOB BANK online shopping and dining experiences gives a lot of offers and promotions to its UOB BANK valued depositors.....

    0

    Post
  • Updated on 08 Jul 2020

    Purchased

    UOB One Account

    Although I had a few issues with the application process, other than that it is my go to account. It's simple and fuss free. In the recent low interest rates environment, I'm still using this as I am able to hit the requirements to be eligible for the higher interest. And I am using UOB One card on a daily basis even for travel.

    0

    Post
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New Interest Rates for UOB One Account From 1 November 2020

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 A continues to maintain an interest rate of 0.25% p.a. for account balances below S$75,000

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

  • Category B has been hit for balances between the first S$15,000 to S$60,000 with a decrease ranging from 0.20% to 0.30%

For a more in-depth breakdown of all the updates to the UOB One Account, check out our blog article on UOB One Account

UOB One Account Interest Rate November 2020 Update

Updated UOB One Account Interest Rates

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%

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:

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:

  • 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 balance 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 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 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