UOB One Account
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 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
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This change will affect the interest rates in both categories of:
CATEGORY A: spending S$500 on UOB One Card
CATEGORY B: spending S$500 on UOB One Card + Salary Crediting of at least S$2,000 (or making 3 GIRO debit transactions)
All these changes are illustrated in the table below:
Account Balance in your UOB One Account
Total Interest for Category A
Total Interest for Category B
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:
To maximise the highest possible interest rates accruable, it is recommended to hit Category B where the interest rates are:
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)
For more information, you can check out their website here.