UOB One Account Review: A Hassle-Free High Yield Savings Account Of Up To 6% Interest Per Annum

Kendra Tan

Kendra Tan

Last updated 07 May, 2024

Although the interest rate for the UOB One Account has been reduced, it still touts as a fuss-free savings experience, with just two requirements to snag an interest rate of up to 6.00% p.a. 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, many 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, there are only two requirements for you to earn an interest rate of up to 6.00% p.a.

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.

Also note that the your SGD-denominated deposits are insured by the Singapore Deposit Insurance Corporation (SDIC) by up to S$100,000 per depositir per scheme. 

Table of contents

Also read: Best Savings Accounts in Singapore to Park Your Money


How the UOB One Account works (from 1 May 2024 onwards)

The UOB One Account lets you enjoy an interest rate of up to 6.00% p.a. when you fulfil two criteria.

The first would be making a minimum credit or debit card spend of S$500 (to earn 0.65% p.a. interest) per calendar month. 

As for the second? Crediting a minimum monthly salary of S$1,600 to your account (to earn up to 4.0% p.a.) or making at least three GIRO transactions per month (to earn up to 6.00% p.a.).

This 6.00% p.a. interest rate applies to the first S$150,000 in your account and there are no other hoops that you need to jump through.

However, note that the maximum effective interest rate (EIR) for deposits up to S$150,000 is 4.00% p.a..

Meet credit/debit card spend of a minimum S$500 per calendar month and credit your monthly salary

Monthly average balance Interest rate p.a. 
First S$30,000 2.00%
Next S$30,000 2.00%
Next S$15,000 2.00%
Next S$25,000 3.00%
Next S$25,000 3.00%
Next S$25,000 0.05%
Above S$150,000 0.05%
Maximum EIR  4.00%

 

Meet credit/debit card spend of a minimum S$500 per calendar month and make three GIRO debit transactions

Monthly average balance Interest rate p.a. 
First S$30,000 3.00%
Next S$30,000 3.00%
Next S$15,000 3.00%
Next S$25,000 4.50%
Next S$25,000 4.50%
Next S$25,000 6.00%
Above S$150,000 0.05%
Maximum EIR  2.40% 

 

UOB One Account interest rates

Screenshot 2024-05-08 094209

Source: UOB

In fact, there are quite a few credit and debit cards that are eligible for that first criterion. These include the UOB One Card, UOB Lady's Card/Lady's Platinum/Lady's Solitaire Credit Card, UOB EVOL Card, UOB One Debit Visa Card, UOB One Lady's Debit Card, UOB One Debit Mastercard, and UOB Mighty FX Debit Card.

If you’re using GIRO transactions to fulfil the second criterion, 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.

TeamCashback-VS-TeamMiles-KV2.1_BLOGARTICLE_800x250

🆚SingSaver's Cashback vs Miles Campaign (Round 2) 🆚: Are you Team Cashback or Team Air Miles?

Be one of the first 400 to receive rewards of up to +S$740 Vouchers or up to +74K Miles when you sign up for any participating Cashback or Miles Credit Card, respectively, within the promo period. The team with the most applications wins the rewards! Promo runs from 24 May, 12pm - 6 June 2024. T&Cs apply.

Plus, get up to 31x chances to win a Pair of RETURN Business Class Tickets to Tokyo, Japan (worth 120K Max Miles) in the Grand Lucky Draw when you successfully apply for participating products. Promo runs from 24 May, 12pm - 6 June 2024. T&Cs apply.

UOB One Card Welcome Gift: Enjoy the following rewards when you sign up for a UOB One Card (Team Cashback):

Get S$350 Cash Credit as one of the first 200 new-to-UOB credit cardmembers with a minimum spend of S$1,000 per month for 2 consecutive months from card approval date. Valid till 30 June 2024. T&Cs apply.


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 considered. Here are five reasons why:

1. There are just two hoops to jump through

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 spend.

 

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 spending 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.uob-one-credit-card

TeamCashback-VS-TeamMiles-KV2.1_BLOGARTICLE_800x250

🆚SingSaver's Cashback vs Miles Campaign (Round 2) 🆚: Are you Team Cashback or Team Air Miles?

Be one of the first 400 to receive rewards of up to +S$740 Vouchers or up to +74K Miles when you sign up for any participating Cashback or Miles Credit Card, respectively, within the promo period. The team with the most applications wins the rewards! Promo runs from 24 May, 12pm - 6 June 2024. T&Cs apply.

Plus, get up to 31x chances to win a Pair of RETURN Business Class Tickets to Tokyo, Japan (worth 120K Max Miles) in the Grand Lucky Draw when you successfully apply for participating products. Promo runs from 24 May, 12pm - 6 June 2024. T&Cs apply.

UOB One Card Welcome Gift: Enjoy the following rewards when you sign up for a UOB One Card (Team Cashback):

Get S$350 Cash Credit as one of the first 200 new-to-UOB credit cardmembers with a minimum spend of S$1,000 per month for 2 consecutive months from card approval date. Valid till 30 June 2024. T&Cs apply.

 

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 spending 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.

Credit Card
Rebate earn rate
Details
UOB EVOL Card
uob-evol-1024x644
8% cashback on online and mobile contactless spend
 
0.3% cashback on all other spend
Min. S$600 monthly spend
$60 cashback cap (per statement month):
- S$20 on online spend
- S$20 on mobile contactless spend
- $20 on all other spend
 
No annual fee
 
Read our full review here.
UOB Lady's Card
UOB-Ladys-card
10X UNI$ per S$5 spend (4 mpd) on 1 chosen category:
- Beauty & Wellness
- Fashion
- Dining
- Family
- Travel
- Transport
- Entertainment
 
1X UNI$ (2 miles) on all other spend
S$1,000 spend cap (per calendar month)
 
UNI$ are calculated in S$5 blocks and rounded down to nearest whole number
 
Read our full review here.
UOB Lady's Solitaire Card
uobladysolitaire-Apr-18-2022-01-28-42-57-PM
10X UNI$ per S$5 spend (4 mpd) on 2 chosen categories:
- Beauty & Wellness
- Fashion
- Dining
- Family
- Travel
- Transport
- Entertainment
 
1X UNI$ (2 miles) on all other spend
S$2,000 spend cap (per calendar month)

UNI$ are calculated in S$5 blocks and rounded down to nearest whole number

Read our full review here.

UOB Credit Card Welcome Offer: Receive S$350 Cash Credit or up to 50,000 miles when you apply for select UOB credit cards and fulfil the minimum spending requirements. Valid till 30 June 2024. T&Cs apply.


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 Account Minimum Annual Interest Rate Maximum Annual Interest Rate
UOB One Account 0.05% 6.00%
DBS Multiplier Account 0.05% 4.10%

Both the UOB One Account and DBS Multiplier Account have the same base interest rate of 0.05% p.a. However, the DBS Multiplier Account has more hoops to jump through.

To earn the maximum 4.10% interest on your DBS Multiplier, you'll have to:

  • Credit your income
  • Transact in three or more categories (credit card/PayLah! retail spend, home loan instalment, insurance, investments)
  • Spend at least S$30,000 
 
Income + one category
Income + two categories
Income + three or more categories
Total eligible transactions per month
First S$50,000 balance
First S$100,000 balance
First S$100,000 balance
S$500 or more to below S$15,000
1.80% p.a.
2.10% p.a.
2.40% p.a.
S$15,000 or more to below S$30,000
1.90% p.a.
2.20% p.a.
2.50% p.a.
S$30,000 or more
2.20% p.a.
3% p.a.
4.10% p.a.

However, as mentioned above, the UOB One Account’s S$500 credit/debit card spend and S$1,600 minimum salary crediting is much easier to achieve. By doing so, you can earn an interest of 7.8% p.a. on your first S$100,000.  


UOB One Account vs OCBC 360 Account

Savings Account Minimum Annual Interest Rate Maximum Annual Interest Rate
UOB One Account 0.05% 6.00%
OCBC 360 Account 0.05% 4.65%

The OCBC 360 Account also features a lower maximum annual interest rate than the UOB One Account, at 4.65% on your first S$100,000.

However, just like the DBS Multiplier, you'll have to fulfil more than two conditions in order to get the maximum interest.

To earn yourself bonus interest on the first S$100,000 of your OCBC 360 account balance, you will need to fulfil these categories:

Screenshot 2024-05-08 100324

  • Salary: Credit a minimum salary of S$1,800 per month through GIRO
  • Save: Increase your average daily balance by at least S$500 every month
  • Spend: Charge at least S$500 to your OCBC 365 Credit Card each month
  • Insure: Purchase an eligible insurance product from OCBC to earn this bonus interest rate for 12 months after the effective date of purchase
  • Invest: Purchase an eligible investment product from OCBC to earn this bonus interest rate for 12 months after the effective date of purchase
  • Grow: Maintain an average daily balance of at least S$200,000 to earn this extra 2.4% p.a. bonus each month

💡 Realistically speaking, not everyone will be able to hit the maximum interest of 4.65%, because the Insure, Invest and Grow categories are tougher to meet.


UOB One Account vs BOC SmartSaver

Savings Account Minimum Annual Interest Rate Maximum Annual Interest Rate
UOB One Account 0.05% 6.00%
BOC SmartSaver 0.10%, 7.00%

The BOC SmartSaver comes quite close to UOB One's interest rate, but just like the rest, there are some tasks you need to fulfil before snagging the 7.00% p.a.

This includes:

Wealth Bonus Interest

Enjoy the wealth bonus interest at 2.40% p.a. for 12 consecutive months when you buy eligible insurance products that meet a minimum amount. 

 Insurance Product Type  Minimum Purchase amount
All Single Premium Insurance Plans
(except Singlife Secure Saver, China Taiping i-Save)
S$150,000 equivalent Single Premium
All Regular Premium Insurance Plans with 5-year premium term
(annual premium payment mode only)
S$24,000 equivalent annual premiums
All Regular Premium insurance Plans with 10-year premium term
(annual premium payment mode only)
S$12,000 equivalent annual premiums


Card Spend Bonus Interest

Spend at least S$500 on your BOC debit or credit cards during the calendar month.

 Monthly Spend  Bonus Interest Rate (p.a.)
S$500 to S$1,500 (exclusive) 0.50%
S$1,500 and above 0.80%


Salary Crediting Bonus Interest

Enjoy Salary Crediting bonus interest based on the following salary crediting amount:

 Amount of Salary  Bonus Interest Rate (p.a.)
S$2,000 to S$6,000 (exclusive) 1.90%
S$6,000 and above 2.50%


Card Spend Bonus Interest

 Monthly Spend  Bonus Interest Rate (p.a.)
S$500 to S$1,500 (exclusive) 0.50%
S$1,500 and above 0.80%


Salary Crediting Bonus Interest

 Amount of Salary  Bonus Interest Rate (p.a.)
S$2,000 to S$6,000 (exclusive) 1.90%
S$6,000 and above 2.50%

How do I apply for the UOB One Account? 

To apply for the UOB One Account, you need to be at least 18 years old . 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. You do not need to submit forms or documents manually if you apply this method.

Foreigners and existing UOB customers can apply to the bank’s internet banking portal. For foreigners, you will need the following documents:

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

What promotions are there for applicants?

Online account opening promotion

Get up to S$80 cash when you apply for an eligible UOB savings account online from 1 May to 31 July when you deposit at least S$8,000 in fresh funds. Plus, get up to S$130 cash when you pay your bills and credit your salary and dividends with UOB.

 

Avid promo code hunter and haggler. Kendra doesn’t like paying full price for anything. She’s the best person to bring along if you’re travelling on a budget. Have an interesting story to tell? E-mail her at kendra.tan@singsaver.com.sg

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