UOB One Account Review: A Hassle-Free High Yield Savings Account

Ebel Tang
Last updated Aug 02, 2021

The UOB One Account touts a fuss-free savings experience, with just two requirements to snag a higher interest rate. Here’s what they are and everything else you need to know about this savings account.

For most working professionals, it’s a no-brainer to have at least one high yield savings account.

After all, it’s close to effortless when things like salary crediting and credit card spend help in raising your account’s interest rate.

Unfortunately, a good number of high yield savings accounts out there have many more hoops to jump through than that.

Fortunately, the UOB One Account might just be the most hassle-free of them all. Instead of the usual five or six requirements to earn the highest possible interest rate, it has just a fraction of that.

Both requirements even have some leeway, which opens this savings account up to a lot of people.

Here’s SingSaver’s full review of the UOB One Account and how you can apply for it.

How does the UOB One Account work?

The UOB One Account lets you enjoy an interest rate of up to 2.50% p.a. when you fulfill two criteria.

The first would be making a minimum monthly credit or debit card spend of S$500.

As for the second? Crediting a minimum monthly salary of S$1,600 to your account or making at least three GIRO transactions a month.

This 2.50% p.a. interest rate is applicable to the first S$75,000 in your account and there are no other hoops that you need to jump through.

In fact, there are quite a few credit and debit cards that are eligible for that first criteria. These naturally include the UOB One Card, UOB One Debit Visa Card, and UOB One Debit Mastercard, amongst others.

If you’re using GIRO transactions to fulfill the second criteria, there’s flexibility there too. Any billing organisation that accepts GIRO arrangements is fair game, unless you’re making repayments for mortgage or car loans.

Several eligible billing organisations include HDB, Prudential, SP Services, and Singtel.

And if you’re wondering, here’s the full range of interest rates for the UOB One Account:

AmountInterest Rate With Credit/Debit Card Spend ONLYInterest Rate With Credit/Debit Card Spend + Salary Crediting/GIRO Transactions
First S$15,0000.25%0.50%
Next S$15,0000.25%0.55%
Next S$15,0000.25%0.65%
Next S$15,0000.25%0.80%
Next S$15,0000.25%2.50%
Above S$75,0000.25%0.05%

What are the benefits of the UOB One Account?

If you spend S$500 a month on your credit or debit card and have up to S$75,000 in savings, the UOB One Account should be one to consider. Here are five reasons why:

1. There are just two hoops to jump through

Sample interest calculation for the UOB One Account

Unlike savings accounts that require you to jump through five or six hoops in order to earn higher interest, the UOB One Account has just two simple requirements:

1. Credit a minimum salary of S$1,600 or make three GIRO transactions per month 

2. Spend a minimum of S$500 on an eligible UOB credit card to enjoy the higher interest rate

No fuss, no muss.

2. It can be used as a second savings account

Remember, the UOB One Account lets you choose between monthly salary crediting or making three GIRO transactions to land better interest rates.

If you’re a salaried employee, you can credit your paycheck to your primary high yield savings account while utilising the UOB One Account for GIRO arrangements.

In turn, this maximises the interest earned across two savings accounts. Who says you can’t have your cake and eat it too?

3. Get competitive exchange rates by linking UOB Mighty FX to your UOB One Account

If you’re someone who frequently makes purchases in a foreign currency – via shopping on e-commerce platforms like Taobao, for example – you can tap on UOB’s Mighty FX for competitive exchange rates.

Paying in the local currency could help you to avoid dynamic currency conversion (DCC), which more often than not shortchanges the consumer.

UOB’s Mighty FX lets you exchange your Singapore dollars into 10 different currencies (AUD, CAD, CHF, CNH, EUR, GBP, HKD, JPY, NZD, USD), with no admin fees on all your online shopping and overseas spends.

4. Capitalise on the perks of the UOB One Card

Combine the UOB One Account and UOB One Card to earn cashback on your daily spend while achieving the monthly S$500 credit/debit card spend requirement. The UOB One Card grants a generous 10% cashback on Shopee, Dairy Farm Group merchants, Grab, and UOB Travel. You also stand to earn up to 5% cashback on all retail spend when you meet certain criteria.

Read SingSaver’s full review of the UOB One Card here.

5. Take advantage of other UOB credit and debit cards

As mentioned earlier, there are several credit and debit cards in UOB’s roster that you can use to meet the minimum monthly spend requirement. Apart from the eponymous ones, you can use the UOB EVOL Card, all variations of the UOB Lady’s Card, and the UOB Mighty FX Debit Card.

Although several miles cards like the UOB Preferred Platinum Visa Card and UOB Visa Signature Card aren’t eligible, it’s a small price to pay.

What fees and charges should I be aware of?

The UOB One Account does not have a minimum initial deposit requirement. However, it does have a minimum account balance requirement of S$1,000. If you’re unable to meet it, you’ll incur a monthly fall-below fee of S$5.

Additionally, there’s an early account closure fee of S$30 if you decide the UOB One Account isn’t for you within six months of opening it.

Finally, UOB charges S$10 should you need a cheque book. However, that’s completely optional so you need not worry much about this particular fee.

How does the UOB One Account compare against other bank accounts?

The UOB One Account isn’t the only high yield savings account in town. Almost every bank has a savings account that rewards you with higher interest rates as you transact across various categories.

Here’s how UOB’s solution fares against some of its competitors out there.

UOB One Account vs DBS Multiplier Account

Savings AccountMinimum Annual Interest RateMaximum Annual Interest Rate
UOB One Account0.05%2.50%
DBS Multiplier Account0.05%3%

Numbers don’t tell the full story when it comes to these two high yield savings accounts. Although the DBS Multiplier features a higher maximum annual interest rate of 3%, you’ll need to work and save hard for it.

Firstly, this interest rate is valid only on your first S$125,000. This is a much higher account balance requirement than the UOB One Account’s S$75,000.

Secondly, the DBS Multiplier requires salary crediting and transactions across three categories every month to activate this 3% p.a. interest rate.

Unfortunately, there’s another requirement on top of that. The total eligible transactions per month needs to hit a minimum of S$30,000.

The UOB One Account’s S$500 credit/debit card spend and S$1,600 minimum salary crediting or three GIRO transactions is much easier to achieve.

UOB One Account vs OCBC 360 Account

Savings AccountMinimum Annual Interest RateMaximum Annual Interest Rate
UOB One Account0.05%2.50%
OCBC 360 Account0.05%2.38%

In this instance, however, the numbers do paint a full picture for potential applicants. The OCBC 360 Account features a lower maximum annual interest rate than the UOB One Account, at 2.38% on your first S$75,000.

Furthermore, you’ll need to transact across four categories in order to attain this 2.38% p.a.

However, the OCBC 360 Account is one to consider if you’re not keen on credit cards. Credit or debit card spend isn’t one of the bonus interest categories, unlike with the UOB One Account.

If you choose only to credit your salary and increase your account balance by S$500 every month, the total annual interest rate is still a respectable 0.98% p.a.

UOB One Account vs BOC SmartSaver

Savings AccountMinimum Annual Interest RateMaximum Annual Interest Rate
UOB One Account0.05%2.50%
BOC SmartSaver0.1%3%

Although COVID-19 caused interest rates for high yield savings accounts to be slashed left, right, and center, the BOC SmartSaver is still a highly competitive option. Both its minimum and maximum annual interest rates are higher than the UOB One Account.

Additionally, the hoops that you need to jump through for higher interest rates are fairly easy.

Spend a minimum of S$500 monthly on your credit or debit cards to earn 0.3% p.a. This is bumped up to 0.5% p.a. when you spend a minimum of S$1,500.

Ditto for salary crediting, which nets you 0.3% p.a. for a minimum of S$2,000. Credit S$6,000 at least and you’re looking at 0.5% p.a.

There’s GIRO transactions too, where three payments per month earns you 0.3% p.a.

How do I apply for the UOB One Account?

To apply for the UOB One Account, you need to be 18 years old at least. You can apply to open a UOB One Account or a UOB One Account and a UOB One Card.

For Singaporeans and Permanent Residents, applications are easier thanks to the integration of SingPass MyInfo. There’s no need to manually submit forms or documents should you apply using this method.

For Foreigners, you’ll need to head to a UOB branch and have the following documents ready:

  • Passport
  • Proof of Residential Address
  • Employment Pass, S Pass, or Dependent Pass

Existing UOB customers can simply log on to the bank’s Internet banking portal to apply.

What promotions are there for applicants?

Get rewarded with up to S$125 cash credit when you deposit fresh funds into your UOB One Account and register your participation. What’s more, you stand a chance to multiply that reward by up to 10 times if you’re among 10 lucky UOB One Account holders every month. Valid till 30 September 2021. Terms and Conditions apply.

Read these next: 
Endowment vs Insurance Savings vs Bank Savings: What’s The Difference
Insurance Savings Plans: Singlife Account vs Etiqa Elastiq vs SingTel Dash EasyEarn
Best Short & Long Term Endowment Plans in Singapore (2021)
Best Savings Accounts in Singapore to Park Your Money (2021)
OCBC 360 Account Review (2021)

By Ebel Tang
A geek culture enthusiast who’s also a little too invested in the wide world of whisky and watches. And no, he was not named after the Swiss timepiece brand.

Ebel Tang August 2, 2021 52852