UOB One Account

Updated UOB One Account Interest Rates for 2021

The latest UOB ONE Savings Account interest rates are illustrated in the table below:

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.