FinanceSeptember 15, 2022by hippo2022UOB One Account — UOB Savings Account Review 2022

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Key Features

• Up to 2.50% p.a. interest rates

• Up to $200 cash credit when you sign up online and sign up for a UOB credit card. T&Cs apply

• Low initial deposit of $500

• Withdraw cash conveniently without an ATM card using Mobile Banking

• UOB Young Professionals Solution is a combination of UOB One Account, UOB YOLO and the unique Sweep feature that allows you to automatically invest your earned account interests and card rebate into a Unit Trust

See all card details 

Contents

1. What are the UOB One account interest rates?

2. UOB One account minimum balance, fall below fee & more

3. Who is the UOB One account suitable for?

4. Is the UOB One card the best for the UOB One account?

5. OCBC 360 vs UOB One account — which is better?

6. UOB One vs DBS Multiplier account — which is better?

1. What are the UOB One account interest rates?

The UOB One account is like the OCBC 360 and DBS Multiplier — an account that lets you earn bonus interest of up to 3.6% as long as you perform certain actions every month.

• Credit or debit card spend (at least $500, on UOB One Card, UOB Lady’s Card, UOB EVOL Card or UOB Mighty FX Card)

• Credit card spend ($500) + salary credit (at least $1,600)

• Credit card spend ($500) + bill payments (at least 3 GIRO debit transactions)

The question is, how much is the interest? Here’s the breakdown of the UOB One account interest rates as of September 2022: 

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You can also use the handy UOB One account + UOB One card calculator here to calculate how much interest you can earn.

There’s a bonus interest cap ab0ve $100,000, after which you can only get the base 0.05% p.a. interest. Fair enough — most people wouldn’t be keeping more than that amount in cash anyway, unless you’re about to make a massive purchase. 

2. UOB One account minimum balance, fall below fee & more

 The UOB One account is about as “no strings attached” as such savings accounts get. Here are some of the basic things to note about the UOB One account:

Minimum age: 18 years old

Nationality: Singaporeans, PRs, E-Pass, S-Pass & Dependent Pass holders

Initial deposit: $1,000

Minimum balance (monthly): $1,000

Fall-below fee: $5 (waived for 6 months for accounts opened online)

Bonus interest cap: $75,000

3. Who is the UOB One account suitable for?

The answer is simple. Go for it if you hate maths. Compared to many other similar savings accounts in Singapore, the UOB One account is one of the least complicated. It doesn’t even involve insurance and investment which are categories most other banks have as a requirement to earn higher bonus interest rates.

With the UOB One account, there’s no need to tally up 12 different types of bonus interest. You just need to figure out which camp you’re in:

• Credit card spend only (0.25% p.a.)

• Credit card spend + salary credit (0.75% p.a. and up)

• Credit card spend + 3 GIRO payments (1.4% p.a. and up)

Credit card only: Are you a freewheeling millennial raking in money from your YouTube channel while living under your parents’ roof? Not many savings accounts will reward you for bumming around, so the UOB One account is not a bad choice.

If you can spend at least $500 on a UOB credit card, that is. Sure, you’ll only earn 0.25% p.a. interest but that’s better than the basic 0.05% p.a..

Credit card spend + salary credit: Conventional salaried workers should have no problem at all arranging a recurring salary credit (min. $1,600) and monthly spending on your credit card (min. $500) to hit 1.4% p.a. even if your account balance is less than $15,000.

You can hit the maximum level of interest of 3.6% p.a. once your account balance is between $75,001 to $100,000, so that’s an incentive for you to stash more money into your savings. On top of that, there’s an ongoing promotion that gives you $50 cash reward when you credit your salary with UOB that’s valid till 31 December 2022.

Credit card spend + GIRO payments: Those who don’t have a regular salary will also find it pretty easy to attain the 0.75% p.a. interest even when their account balances are less than $15,000).  That’s good news for freelancers, part-timers, retirees, landlords, etc.

You just need to swap the salary credit to GIRO bill payments (min. 3 payments a month). And bills are one thing we’re definitely not short of in Singapore.

Now, moving onto the next big question you probably have on mind. Which UOB credit card should you use with your UOB One account?

4. Is the UOB One card the best for the UOB One account?

I love the way UOB spoon feeds their customers by giving their signature bank account and credit card the same name. 

Regardless of which bonus interest tier you’re on, the minimum requirement is to spend $500 a month on a UOB credit card. The best credit card for this purpose is… drumroll…. the UOB One card! If you couldn’t already tell, the clue is in the name. 

Not only do you perform the bare minimum to get bonus interest on your UOB One account, you get extra cash rebates of up to 3.33% on top of it.

UOB One Card

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Key Features

• Minimum salary credit of S$1,800 via GIRO

• OCBC 360 is a savings account with a base interest rate of 0.05% per annum on the account’s balance

• You enjoy bonus interest rates when you credit your monthly salary, meet certain deposit amounts such as S$500 monthly increases or S$200,000 total balance, purchase insurance, or invest with OCBC

• Increase your OCBC 360 account savings balance by S$500 monthly to enjoy 0.10% bonus interest on the first S$25,000, followed by 0.20% bonus interest for the next S$25,000, and 0.40% bonus interest for the third S$25,000

• If your account balance is above S$200,000, you enjoy an additional 0.40% on your first S$75,000 deposited

See all card details 

You start with 0.05% base interest and then earn extra interest depending on what actions you complete that month. Let’s look at the bonus interest for the lowest tier of savings (your first $50,000):

The OCBC 360 account is better for salaried workers as you get 0.6% bonus interest p.a. on your savings just for salary crediting (no minimum credit card spend). Conversely, you’d need to hit both salary credit and $500 credit card spend to get 0.75% with UOB One.

But! The UOB One account is the definite winner for non-salaried workers assuming you have no problem hitting the credit card spending + bill payment requirements.

With the OCBC 360, it’s going to be tricky to earn bonus interest without salary credit. Basically, your only recourse is to buy OCBC’s investment or insurance products, and we wouldn’t recommend making such big decisions just for bonus interest.

6. UOB One vs DBS Multiplier account — which is better?

The DBS Multiplier account is certainly a viable alternative to UOB One if you’re a salaried worker. 

High Interest Rates

DBS Multiplier Account

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Key Features

• No minimum salary credit

• DBS Multiplier Account is a deposit account with a base interest rate of 0.05% per annum

• Bonus interest rates: 1.40% to 3.80% per annum. DBS Multiplier Account 2020 interest rates have been updated as of 1 August 2020

• To enjoy bonus interest rates, you need to credit your salary or dividends via GIRO to any DBS/ POSB deposit account that you hold, and transact a minimum of S$2,000 on any DBS/ POSB credit card you hold, DBS/ POSB home loan monthly instalments, DBS/ POSB insurance regular monthly premium, or DBS investments. Your bonus interest rate increases if you transact in more of the above categories

• Bonus interest rates for 29-year-olds and below: Credit your income and spend above S$500 via PayLah! to qualify for 0.30% bonus interest rates on your PayLah! retail spend

• DBS Multiplier 2020 interest rate updates: As of 1 August 2020, interest rates have been revised for DBS Multiplier account holders with transactions in 1 and 2 categories. Refer to Bonus Interest Rate tab below to see the change in interest rates

• Students, NSF, self-employed, salaried or retired individuals are eligible to apply

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Crediting your income is a compulsory criteria for you to earn bonus interest. Then, you need to perform 1 to 3 extra transactions to earn bonus interest.

The lowest-hanging fruit are credit card spending and home loan instalments. Here’s a quick look at the interest you can get with these actions.

At the moment, the DBS Multiplier is better for salaried workers. You can earn higher interest of 0.9% p.a. and up with salary credit + credit card spending (no minimum!).

If you care to refinance your home loan with DBS, then it’s a no-brainer as you’ll be getting extra interest on top of potentially saving on your mortgage payments.

However, if you’re a freelancer, self-employed person, retiree, etc. it is much easier to stick with the UOB One account.

Already made up your mind on opening up a UOB One account? You can read more about and open a UOB One account here.

Know anyone who should get the UOB One account? Share this article with them.

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