UOB One Reviews and Comparison - Seedly
 

UOB One

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  • Reviews (42)
  • Questions (7)
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UOB One

Up to 3.88% p.a.
INTEREST RATES
$1,000
MINIMUM INITIAL DEPOSIT
$500
MIN. AVE DAILY BALANCE

    UOB One

    Up to 3.88% p.a.
    INTEREST RATES
    $1,000
    MINIMUM INITIAL DEPOSIT
    $500
    MIN. AVE DAILY BALANCE
Reviews (42)

4.1

42 Reviews

  • 5
    20
  • 4
    14
  • 3
    4
  • 2
    0
  • 1
    4

Read Review About...

spend 500

uob card

credit salary

pay bills

monthly spending

account open

account not

account high

mobile app

saving monthly

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  • Posted 2d ago

    Purchased

    UOB One

    I opened this account last year when the minimum balance was still $500. However, since the range of credit cards were not suitable for me, I did not use the account much and didn't realise when the minimum balance was increased until I was charged the fall below fee for several months. When I tried to get the fees waived, they said that it was my fault that I didn't check my statements. But they did waive the fee for 1 month. I believe it's a good account if you are eligible for the higher interest.
    0 comments
    0
  • Posted 3d ago

    Purchased

    UOB One

    I love their mobile app. However, the cash interest criteria are more stringent where you have to hit minimum spending.
    0 comments
    0
  • Posted 4d ago

    Purchased

    UOB One

    There's the option of taking up an endowment plan (saving an x amount monthly for ~10 years) with the remaining monthly spending can be covered by your credit/debit card to meet the $500 credit card spending criteria to achieve the 1.5% interest rate. Useful for students/fresh grads that yet have an income crediting to their account.
    0 comments
    0
  • Posted 4d ago

    Purchased

    UOB One

    [Interest] Researched on the various bank savings accounts for people not yet earning a salary, and UOB One was the easiest to apply for
    0 comments
    0
  • Most straight forward savings account in my opinion to gain attractive interest with at least 75k savings. Only requires 75k savings, monthly salary crediting to your account and monthly spending of $500 to gain around 1.8k cashback a year.
    0 comments
    0
Questions (7)

Recent Activity

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Savings

Bank Account

Citi MaxiGain

DBS Multiplier

UOB One

W
William
Level 4. Prodigy
Answered 3w ago
Maxigain is tagged to another component which is the 1mth sibor. Unless it is poised to goes up, if not ocbc is offering $50 for every $5k deposit and will need to lock in for 7 months.

Credit Card

UOB One

Standard Chartered Unlimited Cashback Credit Card

UOB One's general rebate is really hard to fully take advantage of - for the headline "up to 5% on everything" - the key part is UP TO you need to get exactly $2k per month for 3 months to get the 5%. Any less and you get lower tiers (3.3% or worse), even any higher you won't get more cashback so starts to effectively be lower than 5%. Given your spend amount - you could qualify for lowest tier and if you are confident that you could put through $500 per month consistently then maybe worth considering otherwise I would give it a pass.

Credit Card

Bank Account

UOB One Card

UOB One

DBS Multiplier

Nicholes Wong
Nicholes Wong
Level 8. Wizard
Updated on 06 Sep 2019
I would say both have its own strength and weakness. For DBS Multiplier, you can hit actually hit salary crediting, credit card spending and investment category. If you were to do a SSB ladder, you can get the investment category part of the crediting dividends as long as they don't change the criteria. All you need to do is to buy 6 months of SSBs consecutively and make sure your CDP is connected to DBS/POSB account. This way, after the 6 months of buying SSBs, you will receive SSBs interest every month for 10 years which will count as investment category under DBS multiplier. SSB minimum amount is $500 every time so it will take you at least $3,000 but of course, you can put more if you want to. The more transactions you have with DBS, the more interest you get. But for me their credit card doesn't really suit me, they have slightly higher minimum monthly balance, an additional step which is the SSB ladder and I don't have that much transactions in the first place. For UOB one, their credit card gives cashback for most stuff although you have to spend at least $500. (not very hard if have fixed expenses that UOB one give cashback.) Their EIR or effective interest rate is only 2.44% if you have 75k in the UOB one account. They also allow 3 giro transactions instead of salary credit so a bit different as well which means if you plan to keep a big amount of money with the banks you can do both DBS multiplier and UOB one at the same time with a single salary crediting. The headache part is if you don't hit $500 for a single time, you won't get the interest and you won't get the cashback for the quarter. Overall, just choose the accounts and credit cards that suit your need the most.

UOB

UOB One

Robo-Advisors

AMA 1M65

Bank Account

Investments

AutoWealth

Loo Cheng Chuan
Loo Cheng Chuan, Founder at 1M65 Movement
Level 6. Master
Answered on 07 Nov 2018
I would excuse myself from this topic as i am not a subject matter expert on this.

UOB One Card

UOB One

UOB

Investments

Jonathan Chia Guangrong
Jonathan Chia Guangrong, Fund Manager at JCG Fund
Level 8. Wizard
Answered on 20 Oct 2018
Higher returns tend to run in line with higher risk. The thing you need to ask yourself is how much of a risk appetite you can stomach before you need to cut losses. Generally speaking the safer choices would run the gamut of fixed deposits, higher yielding bank accounts like cimb fast saver and citibank's maxi gain, structured deposits, Singapore savings bonds, ABF Singapore bond index fund (through posb invest saver). Robo advisory portfolio with low risk profiles may also fit in here. Higher risk choices would be straight stock investing, robo advisory portfolio with higher risk profiles, equity Etfs and options portfolio. Typical returns range from about 4% to 40+% or more a year. For non managed portfolios, I'd suggest you find a mentor to teach you to shortcut the learning process. Saves money in the long run and you will be able to achieve your goals much faster. Just ensure there's a track record for the programme. Hope this helps

UOB One

UOB One Card

OCBC 360

Singapore Saving Bonds (SSB)

Comparison

Bank Account

Investments

OCBC 365 Credit Card

Jay Liu
Jay Liu, Sleepyhead at Land of Dreams
Level 7. Grand Master
Answered on 25 Sep 2018
Have a sufficient balance in your savings account. E.g. Having the min balance + some spare cash to use. Then the rest you can put into SSB. If you can hit the conditions for High(e.g. 3%) interest, you can consider just putting in the savings account itself.

UOB

DBS Multiplier

DBS

UOB One Card

UOB One

Investments

Dominic Chang
Dominic Chang
Level 3. Wonderkid
Answered on 07 Jun 2018
I work around this issue using other means to save. First I use BOC credit card for its cash back, but due to no salary credit bonus, I stuck with OCBC frank giving me 0.2%, and usually keep the bulk in SSB or buy stocks/REITS. If I do need emergency funds, I can swipe my credit card first then redeem my SSB to pay the bills. WIth this general strategy, my bank account does not have too much cash.

How to maximise the interest rate for UOB One Savings Account?

Base interest rate(%) p.a.

The base interest rate per annum for UOB One savings account is 0.05%

Bonus Interest Rate(%) p.a

The bonus interest rate per annum for UOB One savings account comes with a few criteria:

If one spends S$500 on UOB One Card:

  • 1.0% p.a. bonus for the first S$10,000 of your account balance.
  • 1.5% p.a. bonus for the next S$20,000 of your account balance.
  • 2.0% p.a. bonus for the next S$20,000 of your account balance.
  • 0.05% p.a. bonus for anything over S$50,000 of your account balance.

If one spends S$500 on UOB One Card and Credit Salary of at least S$2,000:

  • 1.5% p.a. bonus for the first S$10,000 of your account balance.
  • 2.0% p.a. bonus for the next S$20,000 of your account balance.
  • 3.33% p.a. bonus for the next S$20,000 of your account balance.
  • 0.05% p.a. bonus for anything over S$50,000 of your account balance.

If one spends S$500 on UOB One Card and pay 3 monthly GIRO bills:

  • 1.5% p.a. bonus for the first S$10,000 of your account balance.
  • 2.0% p.a. bonus for the next S$20,000 of your account balance.
  • 3.33% p.a. bonus for the next S$20,000 of your account balance.
  • 0.05% p.a. bonus for anything over S$50,000 of your account balance.

Terms and fees for UOB One Savings Account

  • Initial deposit: S$1,000
  • Citizenship status: Singaporeans, PRs and foreigners
  • Minimum age to open account: 18
  • Minimum Average Daily Balance: S$500
  • Fall below fee: S$2
  • Early closure fee: S$30 if below 6 months

For more information, you can check out their website here.