The UOB One Account easily gets you higher interest on your first $75,000, by crediting your salary and spending $500 on a UOB credit card.
As one of the most popular high-yield savings accounts by a local bank, UOB One Account offers a maximum bonus interest of up to 2.50% per annum on your first $75,000. 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.
How the UOB One Account works
Here’s what you can do to earn yourself higher interest on the first $75,000 of your account balance:
- Spend: Spend a minimum of $500 on your UOB One card and/or other UOB cards
- Salary: Credit a minimum salary of $2,000 per month through GIRO, or make 3 GIRO debit transactions per calendar month
Pros and cons of the UOB One Account
UOB One product summary:
- Base interest rate: 0.05% p.a.
- Maximum interest rate: Up to 2.50% p.a.
- Minimum average daily balance for automatic waiver of monthly fall-below fee: $1,000
- Minimum initial deposit: $1,000
|Simple savings mechanism that does not require ‘target hitting’ such as purchasing home loans, insurance or investments||Base interest rate applies for account balance above $75,000|
|Earn competitive interest rates without having to credit your salary||Initial deposit of $1,000 required|
|Use the UOB One card to earn up to 10% cashback||Early account closure fee of $30 if you close the account within 6 months of opening|
|Enjoy competitive foreign exchange rates by linking the Mighty FX to your UOB One Account||Fall-below fee of $5 if you fail to meet the minimum average daily balance of $3,000|
Why should you choose the UOB One Account?
If you spend $500 a month on your credit card, and have up to $75,000 in savings, the UOB One Account should be one to consider.
Benefit #1: Just two hoops to jump through
Unlike savings accounts that require you to jump through multiple hoops in order to earn higher interest, such as taking a home loan or investing with the bank, the UOB One has two simple requirements. Simply credit your salary (or make three GIRO debit transactions) and spend a minimum of $500 on your UOB credit card to enjoy the higher interest.
Benefit #2: Can be used as a second savings account
The UOB One gives you the option of making three GIRO debit transactions per calendar month instead of crediting your salary to earn the bonus interest. This allows those that do not currently earn an income, to still satisfy this criteria to earn interest. You could also use the UOB One as a second savings account, with your salary being credited into your primary savings account. This could allow you to maximise the interest earned across two different accounts.
Benefit #3: Get competitive exchange rates by linking Mighty FX to your UOB One Account
If you’re someone who frequently makes overseas purchases, such as those via non-local e-commerce sites, you can tap on the 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. The Mighty FX allows you to 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 spendings.
Benefit #4: Capitalise on the perks of the UOB One Card
Couple the UOB One Account with the UOB One card to earn cashback on your spend while achieving the $500 credit card spend requirement.
The UOB One card gives you 5% cashback on all spends, including groceries, petrol and retail spend. Your spending at Dairy Farm Group merchants (such as Cold Storage, Giant, Guardian and 7-Eleven), is upsized, earning you up to 10% cashback. You can also get up to 10% cashback on your Grab rides (excludes mobile wallet top-ups) and you an additional 1% (on top of the 5% cashback) on Singapore Power utilities payment.
What charges or fees should you look out for?
- Minimum initial deposit: $1,000
- Fall below fee (fee incurred if you fail to meet the minimum average daily balance of $3,000): $5 per month
- Early account closure fee: $30 (within 6 months of opening)
- Cheque book fee (optional): $10
How to apply?
To apply for an UOB One Account, you first have to be at least 18 years of age. You can either apply to open just a UOB One Account, or both a UOB One Account as well as a One Card.
During the application process, you will need to provide:
- NRIC for Singaporeans and Singapore PRs
- Passport, proof of residence address and a valid pass (e.g. Employment Pass (EP) or S-Pass or Dependent Pass) for foreigners
Singaporeans and PRs will also have to authorise the bank to access your CPF history. Alternatively, you can also apply via MyInfo with your SingPass login, where forms are prefilled with no submission of documents needed.
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