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UOB One Account Review 2019

UOB One Account offers a maximum bonus interest of up to 3.88% per annum on your first $75,000 in the account. This is provided you spend at least $500 per month using a UOB credit card and credit your salary of at least $2,000 per month through GIRO or make at least 3 GIRO debit transactions per month.
Key Features

Pros:

  • Simple savings mechanism not tied to purchase of insurance or other financial products
  • Continue to earn competitive interest rates without having to credit your salary
  • 5% rebate on total Grab transactions, capped at $100
  • Competitive foreign exchange rates using the Mighty FX linkage

Cons:

  • Base interest rate applies for account balance below $15,000 and above $75,000
Summary of Product
Base Interest Rate: 0.05% per annum
Max Interest Rate: Up to 3.88% per annum*
Fall below fees: $5 per month
Good for: Frequent local and overseas travelers with high monthly spending needs.
Minimum Initial Deposit: $1,000

Table of Content

1. Why should you choose the UOB One Account?

If you have an account balance of $15,000 to $75,000 and spend a minimum of $500 per month, you can earn a bonus interest of 1.5% per annum on your UOB One Account. What makes this feature worth considering is that your bonus interest can increase up to 3.88% per annum when you make an additional required transaction (e.g salary credit of at least $2,000 per month through GIRO or 3 GIRO debit transactions per month). To maximise the benefits of UOB One Account, limit your account balance to the bonus interest threshold of $75,000 and use excess cash to open another deposit account elsewhere.
Account Balance Interest Rate (p.a.)^
First S$15,000 1.85%
Next S$15,000 2.00%
Next S$15,000 2.15%
Next S$15,000 2.30%
Next S$15,000 3.88%
^Meet min spend on card of S$500 and credit salary or make 3 GIRO debit transactions
Key Benefit #1
Earn a bonus interest of up to 3.88% per annum on your first $75,000 when you spend at least $500 per month and credit your salary of at least $2,000 per month through GIRO or make at least 3 GIRO debit transactions per month. Otherwise, you can earn a bonus interest of 1.5% per annum on your first $75,000 when you spend at least $500 per month while any incremental balance earns a base interest rate of 0.05% per annum.
Key Benefit #2
Aside from the exclusive and competitive foreign exchange rates across 10 currencies (AUD, CAD, CHF, CNH, EUR, GBP, HKD, JPY, NZD, USD) it offers when you link your UOB One Account with a Mighty FX debit card, there are no admin fees on all your online shopping and overseas spendings. You pay exactly how much you are paying for your item and you save on your purchases or expenses abroad when you transact in the local currency.
Key Benefit #3
Enjoy up to 5% cash rebate based on a retail spend of $2,000 and minimum 5 transactions per month for each qualifying quarter to earn the quarterly cash rebate of $300; or enjoy up to 3.33% cash rebate based on a retail spend of $1,000 or $500 and minimum 5 transactions per month for each qualifying quarter to earn the quarterly cash rebate of $100 or $50 respectively. Cardmembers who have been awarded the quarterly cash rebate will get an additional 5% rebate on total Grab transactions charged and posted to the account in each month, capped at $100.

What Charges or Fees should you look out for?

Minimum Initial Deposit: $1,000
Minimum Balance Fee: $5
Early Account Closure Fee: $30 (within 6 months of opening)

How to apply?

Here is what you will need during the application process:
  • Front and back of NRIC/Passport/Employment Pass
  • Additional Documents (any of the following)
    • Phone Bill
    • Half-yearly CPF statement
    • Any bank statement