UOB One Account Reviews and Comparison - Seedly
Seedly logo
Seedly logo
 

UOB One Account

  • Overview
  • Reviews (57)
  • Questions (0)
  • More Details

UOB One Account

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

    UOB One Account

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

Details

Updated Interest Rates: As of 1 August 2020, UOB will be changing their interest rates again for the UOB ONE Savings Account. The newest change will affect both categories A and B, with the hardest hit being category B. The changes will be explained in the next section.

UOB One Savings Account Review 2020

UOB One is a popular savings account from UOB Singapore offering tiered bonus interest rates of up to 2.50% p.a. The base interest rate per annum for UOB is 0.05% p.a. UOB ONE account allows you to enjoy tiered bonus interest 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 at least S$500 on a qualifying UOB Card each calender month

Category B:

  1. Spend at least S$500 on a qualifying UOB Card each calender month AND
  2. Credit monthly salary of at least S$2,000 into your UOB One Account OR Make 3 GIRO debit transactions
Read More about UOB One Account
Reviews (57)

4.2

57 Reviews

  • 5
    27
  • 4
    21
  • 3
    5
  • 2
    0
  • 1
    4

Read Review About...

Most HelpfulMost RecentLow to HighHigh to Low
  • Updated 4d ago

    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 comments
    0
  • Updated 4d ago

    Purchased

    UOB One Account

    I have a new uob one account which promisses to pay 3% and up interest on my investments with the bank upon spending 500$ pm on the one cc or dc plus crediting my salary. Excited
    0 comments
    0
  • Updated 2w ago

    Purchased

    UOB One Account

    [Fuss Free] - Helpful customer service personnel who helped me open up my UOB One account on the spot. - App is intuitive and easy to navigate [Interest] - Note that you need to spend $500 on your credit card in order to qualify for higher interest rates. I went through the hassle of changing banks so that my salary can be credited to UOB One account, but because I don't hit the $500 minimum spending limit, I don't get the higher interest rates. The base interest rate is 0.05%. - UOB One credit card does offer a 1% rebate should you choose to pay your Tuas Power bill with it, so I will probably apply for my utilities bill to be billed to UOB One credit card so that I can start to consolidate my expenses to hit this limit.
    0 comments
    0
  • I feel happy and great when I go to UOB Waterway Point Branch to open a new Stash Account. It was my first time at UOB Waterway Point Baranch to open a new savings account. I was glad that the banking officer help me to answer all enquiries regarding the account and explained to me the different accounts UOB have been offering to new customers. He was patient, friendly and understanding listening to my needs and wants for my first time opening a new UOB Savings Account. The process for opening a new UOB account is fast and smooth and I could even access UOB online to view my saving account. The overall experience at UOB was a pleasant and great one! I love their good customer service. The banking offer offer their best in assisting the customer. Excellent customer service and communication skills at UOB! A good customer service at UOB just makes my day! Great banking experience at UOB! Thumbs Up and kudos to their Customer Service!
    0 comments
    0
  • Updated 3w ago

    Purchased

    UOB One Account

    Love this as fast and convenient it helps me a lot to increase my savings. Love the system lots Customer service great.
    0 comments
    0
Questions (0)
Recent ActivityUnansweredTrending
No questions found.

Revised Interest Rates for UOB One Account from 1 Aug 2020

UOB will begin charging its revised interest rates for the UOB ONE Savings Account from 1 August 2020.

This change will affect the interest rates in both categories of:

CATEGORY A: spending S$500 on UOB One Card

  • Category A has been hit by a 50% decrease with its 0.50%p.a. lowered to 0.25%p.a. from 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 more dynamically, with a decrease ranging from 0.40 to 1.18%.

All these changes are illustrated in the table below:

New UOB One account interest rates from Aug 2020

Updated UOB One Account Interest Rates with effect from 1 Aug 2020

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%

0.75%

Next S$15,000

0.25%

0.85%

Next S$15,000

0.25%

0.90%

Next S$15,000

0.25%

1.00%

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 bonus rate, you definitely have to hit at least Category A of spending S$500 on a UOB Card each calendar month.

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 the highest possible interest rates accruable, it is recommended to hit Category B where the interest rates are:

  • 0.75% p.a. bonus for the first S$15,000 of your account balance.
  • 0.85% p.a. bonus for the next S$15,000 of your account balance.
  • 0.90% p.a. bonus for the next S$15,000 of your account balance.
  • 1.00% p.a. bonus for the next S$15,000 of your account balance.
  • 2.50% p.a. bonus for the next S$15,000 of your account balance.
  • 0.05% p.a. bonus for total account balance above $75,000

Is UOB ONE the One Best Savings Account for you in 2020?

It is relatively simple to perform the two UOB One Account actions to qualify for category B. Additionally, UOB also offers flexibility for those who cannot perform the salary crediting action with their 3 GIRO transactions action.

Taking the advice from our blog analysis: Despite UOB drastically reducing interest rates across the board, you won’t get much better with other banks considering the multitude of changes made to many other savings accounts in 2020.

We will refrain from making further comparisons as we believe that with the newest rate revisions, the pros of UOB ONE Account will become highly limited.

We are also anticipating other savings accounts to follow suit. As such, we will hold off making verdicts until the dust has settled.

(The assessment below is based on rates prior to the May 2020 rate revision)

Pros:

  • Overall, UOB ONE provides competitive interest rates
  • Simple and fuss-free account that does not require the fulfillment of many criteria to gain bonus interest rates
  • Suitable for consumers who only plan to credit their salary and spend via card.

Cons:

  • 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

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