UOB One Account

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

Updated UOB One Account Interest Rates

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

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

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