With the aim of helping women protect not just their wealth but also their health, UOB has entered a partnership with Prudential Singapore to offer women a savings account that has their well-being at heart.
Just last week, we celebrated International Women’s Day, taking time to thank the superwomen in our lives. This week, UOB launched their UOB Lady’s Savings Account, providing women with medical insurance coverage for 6 types of cancer, free health screening as well as affordable medical consultation rates.
Here in Singapore, the labour force participation rate of women has grown gradually from 56% in 2008 to 60% in 2018. Beyond contributing as a member of the workforce, women also have to juggle other responsibilities such as family commitments and looking after ageing parents, among others.
A lot of it comes at the expense of our own well-being. A 2017 survey by UOB and Prudential Singapore showed that 52% of married women put the needs of their loved ones before themselves.This got UOB thinking and led to the idea of creating an account that puts women at the centre. The UOB Lady’s Savings Account aims to help women take care of themselves, so that they would not have to exhaust their personal savings in unforeseen medical situations, such as cancer.
Here are all the details you need to know about the UOB Lady’s Savings Account.
Reasons to open a UOB Lady’s Savings Account
They say health and wealth go hand-in-hand. If you’re curious about UOB’s latest female-only product, here’s what you should know about opening (and keeping some of your savings) in the UOB Lady’s Savings Account.
1. Free medical insurance cover
The importance of having medical insurance coverage cannot be stressed enough. In Singapore, of those diagnosed with cancer, a whopping 51.4% is women. Having an unforeseen medical condition could mean impending hefty amounts to be paid out of your own wallet if you do not have the right insurance coverage.
The UOB Lady’s Savings Account provides free medical insurance cover for 6 types of cancer, including breast, uterine and ovarian. Breast, uterus, ovary and cervix uteri cancer are among the top 10 most frequent cancers for women in Singapore.
The more cash you keep in your UOB Lady’s Savings Account, the more you’re protected. For example, keeping less than $10,000 covers you for $1,000 while keeping more than $100,000 in the account can provide you with up to $200,000 coverage.
Here’s a table showing the amount of coverage you can enjoy based on your monthly average balance in the account.
2. Free annual health screenings and yearly 3-strain flu vaccination
Annual health screenings in Singapore do not come cheap. They can cost anything between $50 and $500, depending on the clinic you go to and the type of screening you need done. Some companies have annual health screening provided as part of their staff benefits.
Here’s what’s included in the annual health check provided:
- 3 strain flu vaccination
- Ovarian Cancer Marker (CA 125)
Health screenings can help you find out more about your current health, such as your risk of diabetes, if you have high cholesterol, and other health issues. The sooner you find out about potential health problems you might have, the quicker you can adjust your lifestyle with healthier choices.
You also get a yearly three-strain flu vaccination. The rapid coronavirus outbreak has crippled economies around the world, highlighting the importance of good hygiene and health. While the flu vaccination would not provide you with immunity against COVID-19, it can still protect you from other strains of flu.
3. Preferred medical consultation rate
With this account, you can get a preferred medical consultation rate across 500 clinics island-wide. You will enjoy a $13 flat-fee for standard GP consultation (excludes, GST, surcharges, medication and procedures). This preferred medical consultation rate applies not just for yourself, but for your dependents as well (up to 4 dependents). These dependents do not need to be related to you (the account holder).
4. No cost incurred
Unlike purchasing an insurance plan that requires you to pay premiums, you can enjoy these medical perks simply by keeping money in your UOB Lady’s Savings Account. This means that the only cost incurred is opportunity cost of putting this money in other savings accounts or using this money for other purposes such as investing.
5. Track your medical visits and transactions digitally
For greater convenience, you can view your medical visits and transaction records via MyMHC app. The MyMHC App also gives you access to additional features such as a clinic locator, health articles as well a lifestyle marketplace.
6. To supplement your existing critical illness coverage
For women that have already purchased a critical illness plan, the UOB Lady’s Savings Account can be seen as a supplement to any existing plans. Without having to pay an additional premium, you can increase your existing critical illness coverage.
7. Ongoing sign-up perks
UOB Lady’s Savings Account sign-up exclusive: Sign up and deposit at least $10,000 into the account to receive 4 complimentary consultations (worth $52) at any of the 500 clinics under MHC Asia Group. These funds cannot be transferred from an existing UOB current/savings or fixed deposit account, or money that is withdrawn from an existing UOB current/savings or fixed deposit account and then re-deposited during the promotion period. This promotion runs from 5 March to 30 April 2020.
UOB Lady’s Savings Account X UOB Lady’s Card: Besides this new savings account, UOB also has other products catered to women, including the UOB Lady’s Card. When you sign up for the UOB Lady’s Card together with the UOB Lady’s Savings Account, you can receive up to $180 cash credit and vouchers. The UOB Lady’s Card gives you 10X UNI$ (or 20 miles) per $5 spent on your preferred category with no minimum spend required. These categories are: Beauty & Wellness, Fashion, Dining, Family, Travel, Transport and Entertainment. The best part? Your preferred category can be changed every quarter.
What you need to do to earn the coverage
1. Keep at least $1,000 in the account: You will need to pay a $2 fall-below fee per month if you fail to keep at least $1,000 in the account. However, this fall-below fee is waived for the first 6 months. You will also incur a $30 fee if you close the account early.
2. You must be a woman: The UOB Lady’s Savings Account is only for women aged 16-50.
Disadvantages of the UOB Lady’s Savings Account
Like any other financial products in the market, there are also attributes of this product that may not be suitable for all women.
1. It is not a high-yield savings account
The aim of keeping money in this account is not to earn interest, but to earn yourself insurance coverage. The UOB Lady’s Savings Account is a basic savings account that has an interest rate of 0.05% per annum. For reference, keeping $10,000 in this account will earn you $5 a year in interest.
This account is essentially one where you get yourself coverage by keeping some of your savings in this account. It is not a high-yield savings account such as the DBS Multiplier, OCBC 360, UOB One, Standard Chartered JumpStart and more that can earn you about 1.8% to 3.88% p.a. in interest.
2. It is for women aged 16 and above only
Sorry, men don’t get a chance. UOB does not have a similar savings account that is focused on providing health and wellness benefits for men.
Women have to be at least 16 years old to apply for the UOB Lady’s Savings Account. For the cancer benefit eligibility, there is a maximum entry age. While you have to be 50 years old or younger to be eligible for the cancer coverage, this cancer benefit will only cease at age 64. This means that regardless of the age (between 16-50 years old) in which you apply for the account, you will be covered until you are 64 years old as long as you maintain the balance in the account.
3. To get higher coverage, you will need to keep more savings in the account
There is no free lunch in this world. Similarly, the more coverage you want to enjoy, the more you will have to keep in your savings account.
Notably, savings below $10,000 will provide you with just $1,000 in coverage. To enjoy higher coverage, you would need to maintain a higher balance in the account and inevitably incur higher opportunity cost as the money you keep in the account could be better used in other accounts to earn interest or be used for other purposes to earn you returns. This includes various types of investments, ranging from low-risk products such as bonds and fixed deposits to higher risk investments such as stocks.
Should you open a UOB Lady’s Savings Account?
- You are looking for another savings account to store spare cash or if you want to keep a part of your cash separate from the primary savings account
- You have reached the maximum balance that will earn you high interest rates in your primary savings account
- You currently do not have any medical insurance coverage (although this should not be your only form of medical coverage)
- You are male
- You are looking for a savings account that earns you substantial interest each month (i.e. a high-yield savings account)
- You think the opportunity cost incurred by keeping your savings in the UOB Lady’s Savings Account is too high. For example, if you think the money is better off earning interest rates in other accounts or products
Think of your family by putting yourself first. Your personal well-being does not (and should not) need to take a backseat. Your health is as important as the health of your family members. By getting sufficient medical coverage for yourself, you can protect yourself and your family’s financial well-being at the same time. It’s Women’s Day every day for a reason.
Read these next:
Best Women’s Credit Cards In Singapore 2020
Financial Planning for Women: 4 Things to Do Right Now for Better Financial Health
What Women Need to Know About Insurance
How to Pick a Savings Account (When They All Look the Same)
7 Good Reasons to Change Your Savings Account
By Ching Sue Mae
A flat white, an adventure-filled travel and a good workout is her fuel. Sue Mae enjoys sharing knowledge on personal finance while chasing the dream of financial independence.