If you’re looking for a high-yield savings account that offers attractive interest rates and rewards, the UOB One Account is definitely worth considering. This savings account from United Overseas Bank (UOB) is designed to help you maximise your savings and earn more money on your deposits.
With the UOB One Account, you can earn up to 7.8% p.a. interest on your savings, one of the highest rates in Singapore. To qualify for this high rate, you need to meet certain requirements such as making a minimum monthly spend on your UOB One Card. Additionally, you can enjoy other benefits such as cash rebates on your spending and convenient online banking services.
In this article, we’ll take a closer look at the UOB One Account and everything you need to know about it. From eligibility and account opening process to interest rates and savings maximisation, we’ll cover all the essential information you need to make an informed decision about this savings account. So, let’s get started!
Key Takeaways
- The UOB One Account is a high-yield savings account that offers up to 7.8% p.a. interest on your savings.
- To qualify for the high interest rate, you need to meet certain requirements such as making a minimum monthly spend on your UOB One Card.
- In addition to high interest rates, the UOB One Account also offers cash rebates on your spending and convenient online banking services.
Overview of UOB One Account
If you’re looking for a savings account that allows you to earn higher interest rates, then the UOB One Account is an excellent option to consider. This account is offered by the United Overseas Bank (UOB), one of the leading banks in Singapore.
What Is UOB One Account?
The UOB One Account is a savings account that is designed to help you earn higher interest rates on your savings. It is a versatile bank account that allows you to manage your finances easily and efficiently. With this account, you can earn up to 7.8% p.a. interest on your savings, which is one of the highest interest rates offered by any savings account in Singapore.
Key Features and Benefits
The UOB One Account offers several key features and benefits, including:
- Easy to maintain: You only need to fulfill two simple requirements to earn higher interest rates on your savings. Firstly, you need to spend a minimum of S$500 on your eligible UOB card. Secondly, you need to credit your salary or make three GIRO payments of at least S$30 each per month.
- High interest rates: With the UOB One Account, you can earn up to 7.8% p.a. interest on your savings. This interest rate is tiered, which means that the more you save, the higher your interest rate will be.
- Deposit Insurance Scheme: The UOB One Account is covered under the Deposit Insurance Scheme, which means that your deposits are protected up to S$75,000 per depositor per Scheme member by the Singapore Deposit Insurance Corporation.
- Flexibility: You can access your UOB One Account easily through various channels, including online banking, mobile banking, and ATM networks.
In summary, the UOB One Account is an excellent savings account option for individuals who want to earn higher interest rates on their savings. With its easy-to-maintain requirements, high interest rates, and flexible access, this account is a great choice for anyone looking to manage their finances more efficiently.
Eligibility and Requirements
Who Can Open a UOB One Account?
If you are a Singaporean or a Permanent Resident, you can easily open a UOB One Account. Foreigners who hold a valid Employment Pass or S Pass are also eligible to open an account. You must be at least 16 years old and have a valid NRIC or FIN.
Necessary Documents
To open a UOB One Account, you need to provide the following documents:
- A copy of your NRIC/FIN (front and back) for Singaporeans and Permanent Residents, or a copy of your passport and work permit for foreigners
- Proof of address such as a utility bill or bank statement with your name and address
- Your latest payslip or income tax notice of assessment if you are applying for a UOB One Account with salary crediting
Please note that submitting these documents does not guarantee that your application will be approved. UOB reserves the right to reject any application without providing any reason.
To make the account opening process smoother, you can apply online or visit a UOB branch near you with the necessary documents.
Account Opening Process
Opening a UOB One Account can be done easily through the online application or by visiting a UOB branch. Here are the steps you need to follow:
Online Application Steps
- First, you need to visit the UOB One Account application page.
- Fill out the required information, including your personal details, contact information, and employment details.
- Choose the type of account you want to open.
- Indicate your preferred ATM card and credit card.
- Submit the application form.
- Wait for the approval of your application.
Visiting a UOB Branch
- Find the nearest UOB branch to your location by visiting the UOB branch locator.
- Bring your identification documents, such as your NRIC or passport, to the branch.
- Inform the bank representative that you want to open a UOB One Account.
- Fill out the necessary forms and provide the required information.
- Wait for the approval of your application.
If you prefer a more convenient way of opening an account, you can also use the UOB TMRW app to open a UOB One Account. This app allows you to open a bank account without visiting a branch. However, you still need to provide your identification documents and complete the verification process.
To open a UOB One Account, you need to be at least 18 years old and have a minimum initial deposit of S$500. You also need to provide identification documents, such as your NRIC or passport. With UOB One Account, you can enjoy high interest rates and cashback rewards on your spending.
Interest Rates and Savings Maximisation
Are you looking for a savings account that offers high-interest rates? Look no further than the UOB One Account. With this account, you can earn up to 7.8% p.a. interest on your savings. Let’s take a closer look at how you can maximise your savings with the UOB One Account.
Understanding the Base Interest Rate
The base interest rate for the UOB One Account is 0.05% p.a. This is the interest rate you will earn on your savings if you do not meet the requirements for bonus interest. While this may seem low, it is still higher than the interest rates offered by many other savings accounts in Singapore.
How to Earn Bonus Interest
To earn bonus interest on your UOB One Account, you need to fulfill two requirements. Firstly, you need to spend a minimum of S$500 on an eligible UOB credit or debit card. Secondly, you need to credit your salary of at least S$1,600 or make 3 GIRO transactions per month. By meeting both of these requirements, you can earn up to 7.8% p.a. interest on your savings.
It is worth noting that the bonus interest is tiered. The more you save, the higher the interest rate you can earn. For example, if you save between S$15,000 and S$30,000, you can earn 1.5% p.a. base interest and up to 3.33% p.a. bonus interest, giving you a total interest rate of 4.83% p.a. If you save more than S$100,000, you can earn 1.5% p.a. base interest and up to 3.88% p.a. bonus interest, giving you a total interest rate of 5.38% p.a.
Compared to other savings accounts in Singapore, the UOB One Account offers competitive interest rates. For example, the OCBC 360 Account and the DBS Multiplier Account offer interest rates of up to 3.45% p.a. and 3.8% p.a. respectively. However, the UOB One Account offers higher interest rates for those who are willing to credit their income and make GIRO transactions.
Managing Your Account
Managing your UOB One Account is easy with a range of digital banking options available to you. Here are some of the ways you can manage your account:
Personal Internet Banking
With Personal Internet Banking, you can access your account online and view your transaction history, account balance, and more. You can also transfer funds between your accounts, pay bills, and set up recurring payments.
UOB TMRW and Digital Banking
UOB TMRW is an all-in-one app that lets you manage your UOB One Account and other UOB accounts on the go. You can view your account balance, transaction history, and make transfers and payments. You can also use the app to track your spending and set financial goals.
Monthly Average Balance and Fees
To avoid monthly fees, you need to maintain a minimum monthly average balance of SGD 1,000 in your UOB One Account. If you fall below this amount, a monthly fee of SGD 5 will be charged.
It’s important to note that the monthly average balance is calculated based on the sum of the daily balances in your account divided by the number of days in the month. You can check your monthly average balance and any fees charged through your Personal Internet Banking or UOB TMRW app.
In summary, managing your UOB One Account is simple and convenient with the various digital banking options available to you. Make sure to maintain a minimum monthly average balance to avoid any fees.
UOB One Card: The Perfect Pair
If you have a UOB One Account, you can pair it with a UOB One Card to maximise your savings. Here’s everything you need to know about the benefits of linking your UOB One Account with a UOB One Card.
Benefits of Linking with UOB One Card
When you link your UOB One Account with a UOB One Card, you can earn up to 10% cashback on your spend. Plus, you’ll get an additional 5% cashback when you spend on Grab rides and at Dairy Farm Singapore merchants. That’s a total of up to 15% cashback!
Credit Card Spend and Rewards
With a UOB One Card, you can earn cashback on your credit card spend. The amount of cashback you earn depends on how much you spend. For example, if you spend $500 a month, you can earn up to 3.33% cashback. If you spend $1,000 a month, you can earn up to 5% cashback. And if you spend $2,000 a month, you can earn up to 10% cashback.
UOB EVOL Card Advantages
If you have an eligible UOB Card, such as the UOB EVOL Card, you can link it to your UOB One Account to enjoy even more benefits. For example, you can earn up to 3% cashback on your UOB EVOL Card spend, on top of the cashback you earn with your UOB One Card.
In addition, you can use your UOB EVOL Card to make payments with your mobile phone. Simply add your UOB EVOL Card to your mobile wallet and tap and pay at participating merchants.
UOB One Debit Card
If you prefer to use a debit card instead of a credit card, you can link your UOB One Account with a UOB One Debit Card. With a UOB One Debit Card, you can earn up to 3% cashback on your spend.
In conclusion, linking your UOB One Account with a UOB One Card, UOB EVOL Card, or UOB One Debit Card can help you maximise your savings and earn more cashback on your spend.
Convenience Features
When it comes to banking, convenience is key. UOB One Account Singapore offers a range of features that make managing your money easy and hassle-free. Here are some of the convenience features that come with UOB One Account:
ATM Access and Mighty FX
With UOB One Account, you have access to a wide network of ATMs across Singapore. You can withdraw cash, check your account balance, and perform other transactions at any UOB ATM. Additionally, UOB One Account offers Mighty FX, which allows you to make foreign currency transactions at competitive rates. This feature is perfect for those who frequently travel overseas or make international transactions.
PayNow and Giro Debit Transactions
UOB One Account also offers PayNow and Giro Debit Transactions. PayNow allows you to transfer money instantly to anyone with a Singapore bank account using just their mobile number or NRIC. Giro Debit Transactions allow you to automate your bill payments, so you never miss a payment again. These features make it easy to manage your finances and ensure that your bills are always paid on time.
UOB Stash Account and Saving Schemes
If you’re looking to save money, UOB One Account has you covered. The UOB Stash Account allows you to earn bonus interest when you save money regularly. You can also take advantage of UOB’s various saving schemes to help you save for specific goals, such as your child’s education or your retirement. These features make it easy to save money and achieve your financial goals.
Overall, UOB One Account Singapore offers a range of convenience features that make managing your money easy and hassle-free. Whether you need to withdraw cash, make international transactions, pay bills, or save money, UOB One Account has you covered.
Customer Care and Support
If you have any questions or concerns about your UOB One Account, the bank’s customer service team is always ready to assist you. Here’s everything you need to know about contacting customer service and handling issues and complaints.
Contacting Customer Service
There are several ways to get in touch with UOB’s customer service team. You can call their hotline at +65 6221 8181, which is available 24/7. Alternatively, you can send them a message through their website’s contact form or via email at [email protected].
If you’re a UOB TMRW user, you can also reach out to their dedicated customer service team through the TMRW app. Simply log in to your account and tap on the “Contact Us” button to chat with a customer service representative.
Handling Issues and Complaints
If you encounter any issues with your UOB One Account, don’t hesitate to reach out to the bank’s customer service team. They will do their best to resolve your concerns as quickly as possible.
If you’re not satisfied with the resolution that customer service provides, you can escalate your complaint to UOB’s management team. You can find their contact details on the bank’s website.
Before reaching out to customer service, you may want to check out UOB’s FAQ section. It contains answers to common questions about the UOB One Account, such as how to earn cashback and how to qualify for the account’s benefits.
Overall, UOB’s customer care and support team is committed to providing you with excellent service and addressing any concerns you may have.
Frequently Asked Questions
How can I maximise my savings with the UOB One Account?
To maximise your savings with the UOB One Account, you need to fulfill two criteria: credit your salary or perform three GIRO transactions and spend a minimum of S$500 on your UOB One Card. By doing so, you can earn up to 2.50% p.a. interest on the first S$75,000 of your account balance. Additionally, you can earn bonus interest rates of up to 3.33% p.a. when you fulfill other criteria, such as increasing your account balance or spending more on your UOB One Card.
What are the exciting perks of using a UOB One Card?
The UOB One Card offers a range of exciting perks that can help you save more money. For example, you can earn up to 10% cashback on your Grab rides or up to 5% cashback on your online shopping. Additionally, you can enjoy discounts and privileges at over 1,000 merchants across Singapore. The UOB One Card also offers a range of benefits, such as free travel insurance and exclusive dining deals.
What’s the minimum balance required to maintain a UOB One Account?
The minimum balance required to maintain a UOB One Account is S$500. If your account balance falls below this amount, you will not earn any interest for that month.
Could you explain the interest rate tiers for the UOB One Account?
The UOB One Account offers interest rates in tiers. You can earn up to 2.50% p.a. interest on the first S$75,000 of your account balance when you fulfill the criteria of crediting your salary or performing three GIRO transactions and spending a minimum of S$500 on your UOB One Card. You can earn bonus interest rates of up to 3.33% p.a. when you fulfill other criteria, such as increasing your account balance or spending more on your UOB One Card.
What distinguishes the UOB One Account from the UOB Stash Account?
The UOB One Account and the UOB Stash Account are both savings accounts offered by UOB, but they have different features. The UOB One Account offers higher interest rates and a range of perks and benefits, but requires you to fulfill certain criteria to earn these rewards. The UOB Stash Account, on the other hand, offers a fixed interest rate and no additional perks or benefits, but does not require you to fulfill any criteria to earn interest.
What variety of bank accounts does UOB offer, and how do they differ?
UOB offers a range of bank accounts to suit different needs and preferences. In addition to the UOB One Account and the UOB Stash Account, UOB also offers the UOB Uniplus Account, the UOB Lady’s Savings Account, and the UOB Wealth Premium Account, among others. These accounts differ in terms of their interest rates, fees, and features. It’s important to compare the different accounts and choose one that best suits your needs and financial goals.
