Subscription Modal Banner
Weekly newsletter subscription
Get SingSaver’s top tips and deals, plus an exclusive free guide to investing, sent straight to your inbox.

I agree to the terms and conditions and agree to receive relevant marketing content according to the privacy policy.

Success Tick Icon
Congratulations on successfully joining Singsaver Newsletter

UOB One Account Review 2023: A Hassle-Free High Yield Savings Account Of Up To 7.8% Interest Per Year

Kendra Tan

Kendra Tan

Last updated 17 February, 2023

The UOB One Account touts a fuss-free savings experience, with just two requirements to snag a higher interest rate of up to 7.8%. 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.

From 12 January 2023, the UOB One Account will allow you to earn an effective interest rate (EIR) of up to 7.8% a year on your first S$100,000.

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

MARCHMADNESS_BLOGARTICLE

SingSaver Exclusive Promotion: Apply for our exclusive credit cardtravel insurancecar insurancepersonal loaninvestmentsavings account, and priority banking deals to score raffle tickets (up to 3x chances) in our March Madness Grand Lucky Draw!

Over S$20,000 worth of prizes are up for grabs, including 1x pair of Business Class Round Trip to Tokyo (worth S$9,000), 2x PlayStation 5 God of War Bundle (worth S$1,798), 2x OSIM uThrone Gaming Massage Chair (worth S$3,198) and other awesome prizes (worth over S$9,000).

Valid till 2 April 2023. T&Cs apply.

Golden Ticket (3x chance)
Silver Ticket (2x chance)
Bronze Ticket (1x chance)
  • Credit Cards: Amex Singapore Airlines KrisFlyer Ascend Card | Amex Platinum Card | Amex Platinum Charge Card | Standard Chartered Smart Card | Standard Chartered SimplyCash Card | Standard Chartered Rewards+ Card | UOB Absolute Cashback Card | UOB One Card | UOB EVOL Card | UOB Lady's Card | KrisFlyer UOB Card | UOB PRVI Miles AMEX Card | UOB PRVI Miles Visa Card | UOB PRVI Miles Mastercard

  • Travel Insurance: Starr TraveLead | MSIG TravelEasy

  • Car Insurance: FWD Car Insurance

 


UOB Credit Card Welcome Gift: Receive up to S$450 worth of vouchers and rewards or up to 50,000 miles if you are a new UOB card member and fulfil the respective min. spend requirements. T&Cs apply

Plus, score a BRONZE ticket (1x chance) in our March Madness Grand Lucky Draw when you apply for a chance to win your share of over S$20,000 worth of prizes! Valid till 2 April 2023. T&Cs apply.

 


How does the UOB One Account work?

The UOB One Account now lets you enjoy an interest rate of up to 7.8% p.a. when you fulfill two criterias.

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

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 a month (to earn up to 7.8% p.a.).

This 7.8% p.a. interest rate is applicable to the first S$100,000 in your account and there are no other hoops that you need to jump through.


UOB One Account revised interest rates

Source: UOB

In fact, there are quite a few credit and debit cards that are eligible for that first criterion. 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 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.


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

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 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.
uob-one-card-e1552900605859-3


 

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.

UOB Credit Card Welcome Gift: Receive up to S$450 worth of vouchers and rewards or up to 50,000 miles if you are a new UOB card member and fulfil the respective min. spend requirements. T&Cs apply

Plus, score a BRONZE ticket (1x chance) in our March Madness Grand Lucky Draw when you apply for a chance to win your share of over S$20,000 worth of prizes! Valid till 2 April 2023. T&Cs apply.

 

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
 
UOB Lady's Card
UOB-Ladys-card
10X UNI$ (20 miles) 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
 
UOB Lady's Solitaire Card
uobladysolitaire-Apr-18-2022-01-28-42-57-PM
10X UNI$ (20 miles) 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$1,000 spend cap (per calendar month)

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


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% 7.8%
DBS Multiplier Account 0.05% 4.1%

Numbers don’t tell the full story when it comes to these two high-yield savings accounts. Although the DBS Multiplier has a lower interest rate compared to the UOB One Account, there are more hoops to jump through.

To earn the maximum 4.1% interest on your DBS Multiplier, you'll have to:

  • Have S$100,000 in the account
  • Credit salary and make transactions across three categories every month
  • Make at least S$30,000 in eligible transactions per month

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 Account Minimum Annual Interest Rate Maximum Annual Interest Rate
UOB One Account 0.05% 7.8%
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:

  • 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% 7.8%
BOC SmartSaver 0.1% 7%

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%.

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. There’s no need to manually submit forms or documents should you apply using this method.

Foreigners will 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?

Online account opening promotion

Be rewarded with up to S$118 cash credit* when you open a savings account online and start to save and credit your salary with UOB.

Here's how:

Action
Reward
For the first 200 New-to-UOB Deposits customers:
  1. Apply online for an eligible UOB savings account
  2. Deposit at least S$5,000 Fresh Funds into your new UOB savings account
  3. Credit your salary into your new UOB savings account. Register your participation here.
S$118 cash credit
For the first 200 Existing-to-UOB Deposits customers
(Customers who already hold a UOB savings account):
  1. Apply online for an eligible UOB savings account
  2. Deposit at least S$5,000 Fresh Funds into your new UOB savings account
  3. Credit your salary into your new UOB savings account. Register your participation here.
S$78 cash credit

This promotion ends on 28th February 2023. T&Cs apply.


Lunar New Year savings promotion

Simply top up your UOB savings account and participate now to receive up to S$1,888 hongbao.

Plus, receive up to three additional S$28 hongbaos when you complete selected actions to collect Golden Carrots. 

Here’s how:

Step 1: Register your participation here by 28 February 2023.

Step 2: Deposit a minimum of S$50,000 in Incremental Fresh Funds in an Eligible Account by 28 February 2023.

Incremental Fresh Funds Amount
Cash Credit
S$50,000
S$388
S$100,000
S$888
S$200,000
S$1,888

Step 3: Get a Golden Carrot for each action completed below. Be rewarded with an additional S$28 hongbao for each Golden Carrot you collect, up to three per customer. 
(a)   Register for PayNow with UOB
(b)   Credit your monthly salary of min. S$1,600 to your UOB account
(c)   Refer a friend to top up and participate in this promotion here. 

Salary credit reward promotion

For a limited time only, get S$50 cash credit when you credit your salary into an eligible UOB savings account.

Here’s how:

Step 1: Register your participation between 1 January 2023 to 30 June 2023 (both dates inclusive); and

Step 2: Successfully credit your monthly salary (at least S$1,600) into an Eligible UOB Account via GIRO or PayNow (with the transaction description “GIRO-SALA” or “PAYNOW SALA” respectively) within two calendar months from the date of submission of the participation form.

This promotion ends on 30th June 2023. T&Cs apply.

For more information on all UOB promotions, click here.


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
Best Savings Accounts in Singapore to Park Your Money
OCBC 360 Account Review

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