If you’re looking for a savings account that offers high interest rates with low maintenance requirements, then the UOB One Account might be the perfect option for you. This account has been consistently rated as one of the best savings accounts in Singapore, offering up to 7.8% p.a. in interest rates. In this article, we’ll provide you with an in-depth review of the UOB One Account, so you can decide if this account is right for you.
The UOB One Account is a savings account that offers tiered interest rates based on the amount of money you have in your account. To earn the highest interest rate of 7.8% p.a., there are two simple requirements: you need to credit your salary into the account and spend at least S$500 on your UOB One Card each month. With these requirements, you can earn up to S$200 in cash rebates per quarter, which is a great way to maximise your savings.
Key Takeaways
- The UOB One Account is a savings account that offers high interest rates with low maintenance requirements.
- To earn the highest interest rate of 7.8% p.a., you need to credit your salary into the account and spend at least S$500 on your UOB One Card each month.
- With the UOB One Account, you can earn up to S$200 in cash rebates per quarter, making it a great way to maximise your savings.
Key Features of UOB One Account
If you’re looking for a savings account that offers high interest rates, the UOB One Account might be the right choice for you. Here are some of the key features of the UOB One Account that make it a popular choice among savers in Singapore.
Attractive Interest Rates
The UOB One Account offers one of the highest interest rates in Singapore, with a maximum interest rate of up to 7.8% p.a. This high interest rate is achieved through a combination of base interest and bonus interest.
Bonus Interest Criteria
To qualify for the bonus interest rate, you need to meet certain criteria each month. These criteria include a minimum spend of $500 on your UOB One Card, salary credit of at least $2,000 per month, and three GIRO transactions per month. If you meet all these criteria, you can earn up to 7.8% p.a. in interest.
UOB One Card Benefits
Another great feature of the UOB One Account is the UOB One Card, which offers cashback on dining, transport, and retail spend. With the UOB One Card, you can earn up to 5% cashback on your spending, which can help you save even more money.
In addition to these key features, the UOB One Account also offers a range of other benefits, such as easy account management through UOB’s mobile app, and the ability to transact in multiple currencies. With its attractive interest rates and bonus interest criteria, the UOB One Account is definitely worth considering if you’re looking for a high-yield savings account in Singapore.
Account Requirements and Fees
If you’re a working adult looking for a savings account that offers high interest rates, the UOB One Savings Account might be a good option for you. To open an account, you must meet the following eligibility criteria:
Eligibility Criteria
- You must be a Singapore citizen or permanent resident.
- You must be at least 18 years old.
- You must have a minimum income of S$2,000 per month.
To apply for the UOB One Savings Account, you can do so online or at any UOB branch. The minimum initial deposit required is S$1,000.
Minimum Balance and Fees
To avoid the fall-below fee, you must maintain a minimum balance of S$5,000 in your UOB One Savings Account. If you fail to do so, you will be charged a fall-below fee of S$5 per month. However, if you spend a minimum of S$500 on an eligible UOB credit card and credit your salary of at least S$1,600 or make 3 GIRO payments monthly, you can earn up to 7.8% p.a. interest on your savings.
In terms of fees, there is no early account closure fee for the UOB One Savings Account. However, if you withdraw your funds before the end of the month, you will not earn any interest for that month.
Overall, the UOB One Savings Account is a great option for those looking to earn high interest rates on their savings. With just a minimum balance of S$5,000 and a few simple requirements, you can earn up to 7.8% p.a. interest on your savings.
Comparative Analysis
If you’re looking for the best savings account in the market, you may be wondering how the UOB One account compares to other popular options like OCBC 360 and DBS Multiplier. In this section, we’ll take a closer look at how the UOB One account stacks up against these two competitors.
UOB One vs. OCBC 360
The OCBC 360 account is another popular savings account in Singapore, known for its high-interest rates and bonus interest. Like the UOB One account, the OCBC 360 account requires customers to meet certain criteria to earn bonus interest.
However, there are some key differences between the two accounts. For example, the OCBC 360 account requires a minimum balance of $3,000 to earn bonus interest, while the UOB One account only requires a minimum balance of $1,000. Additionally, the OCBC 360 account offers bonus interest for a wider range of activities, such as insurance and investments, while the UOB One account only offers bonus interest for spending on UOB credit cards.
Overall, if you’re looking for a savings account with a lower minimum balance requirement and you primarily use UOB credit cards, the UOB One account may be the better choice for you. However, if you have a higher balance and want to earn bonus interest for a wider range of activities, the OCBC 360 account may be a better fit.
UOB One vs. DBS Multiplier
The DBS Multiplier account is another popular savings account in Singapore that offers bonus interest based on a customer’s spending and other activities. Like the UOB One account, the DBS Multiplier account requires customers to meet certain criteria to earn bonus interest.
However, there are some key differences between the two accounts. For example, the DBS Multiplier account offers bonus interest for a wider range of activities, such as insurance and investments, while the UOB One account only offers bonus interest for spending on UOB credit cards. Additionally, the DBS Multiplier account has a higher maximum interest rate of 3.8%, compared to the UOB One account’s maximum interest rate of 2.5%.
Convenience and Accessibility
When it comes to convenience and accessibility, the UOB One Savings Account is hard to beat. With its user-friendly digital banking platforms, ease of transactions, and a range of payment options, managing your money has never been easier.
Digital Banking Platforms
The UOB TMRW app is a great way to manage your UOB One Savings Account on the go. With this app, you can easily check your account balance, view your transaction history, and make transfers to other UOB accounts. You can also apply for a UOB Mighty FX Debit Card, which allows you to make purchases in foreign currency without any additional fees.
Ease of Transactions
The UOB One Savings Account makes it easy to perform transactions. You can make payments using PayLah!, a mobile payment app that lets you transfer money to other users, pay for purchases at participating merchants, and even make donations to charity. You can also set up GIRO payments for bills and other recurring expenses, so you never have to worry about missing a payment.
In addition, the UOB One Savings Account comes with a chequebook, which is useful for making payments to vendors who do not accept electronic payments. And with the account’s low minimum balance requirement, it’s easy to keep your finances in check.
Overall, the UOB One Savings Account is a convenient and accessible way to manage your money. With its digital banking platforms, ease of transactions, and range of payment options, you can easily stay on top of your finances and enjoy the benefits of high interest rates and cash rebates.
Potential Downsides
As with any savings account, the UOB One Savings Account has its potential downsides. Here are some things to consider before opening an account:
Understanding the Fees
One of the potential drawbacks of the UOB One Savings Account is the fall-below fee. If your account balance falls below the minimum required amount, you will be charged a fee. This can be frustrating if you’re not able to maintain the minimum balance consistently.
In addition to the fall-below fee, there are other charges to be aware of. For example, there is an early account closure fee if you close your account within six months of opening it. Make sure you understand all the fees associated with the account before signing up.
Navigating the Requirements
Another potential downside of the UOB One Savings Account is the hoops you have to jump through to earn the highest interest rate. To earn the maximum interest rate, you need to fulfill certain requirements, such as salary credit and minimum spending on a UOB credit card.
While these requirements may not be difficult for some people to meet, they can be a hassle for others. If you’re not able to meet the requirements consistently, you may not be able to earn the maximum interest rate.
Overall, the UOB One Savings Account can be a great option for those looking to earn higher interest on their savings. However, it’s important to understand the potential drawbacks, such as fees and requirements, before opening an account. Make sure you weigh the pros and cons carefully to determine if this account is right for you.
Customer Experiences
Are you curious about what other customers think about the UOB One Savings Account in Singapore? Here are some insights into the customer experiences of this account.
User Reviews and Feedback
According to various online reviews from the community, the UOB One Savings Account is a popular choice among families and individuals who are looking for a hassle-free savings experience. The account offers competitive interest rates, personalised reminders, and easy-to-use mobile banking features. Many of the reviews praise the account’s simplicity and convenience, making it an ideal choice for those who are not interested in complicated investment options.
However, some customers have reported issues with the account’s customer service, particularly with regards to long wait times and unhelpful representatives. It is important to note that these reviews are not representative of all UOB One Savings Account users, and your experience may vary.
Personalised Customer Support
If you do encounter any issues with your UOB One Savings Account, the bank offers personalised customer support to help you resolve your concerns. You can reach out to the bank’s customer service team through various channels, including phone, email, or by visiting a branch.
The bank also offers a range of online resources and tools to help you manage your account, including budgeting calculators and financial planning guides. With its focus on personalised customer support, the UOB One Savings Account is a great choice for those who value a high level of customer service.
Overall, the UOB One Savings Account offers a simple and convenient way to save money, with competitive interest rates and personalised customer support. While some customers have reported issues with customer service, many others have praised the account’s ease of use and hassle-free features.
Final Thoughts
Congratulations! You have made it to the end of our UOB One Savings Account review. We hope that you found this review helpful in determining whether the UOB One Savings Account is the right account for you.
With its high interest rates of up to 7.8% p.a., the UOB One Savings Account is definitely a great option for those who want to grow their savings. The account is also very flexible, with only two requirements to meet each month to earn the bonus interest rate.
If you are someone who likes to save and invest your money, the UOB One Savings Account can be a great complement to your investment portfolio. You can use the account to hold your emergency fund or as a place to save for your next big purchase.
While the UOB One Savings Account does not offer insurance or home loan instalment plans, it is a great standalone savings account that can help you achieve your financial goals.
Overall, we highly recommend the UOB One Savings Account if you are looking for a savings account with high interest rates and low maintenance requirements.
Frequently Asked Questions
How can I maximise my interest earnings with a UOB One Savings Account?
To maximise your interest earnings with a UOB One Savings Account, you need to meet the following requirements every month:
- Credit your salary or make three GIRO debit transactions of at least S$30 each
- Spend at least S$500 on your UOB One Card
By meeting these requirements, you can earn up to 7.8% p.a. interest on your account balance.
What are the perks of using a UOB One Card in conjunction with the One Savings Account?
The UOB One Card offers cashback on your spending, which can be used to offset your credit card bills. Additionally, using a UOB One Card in conjunction with your One Savings Account can help you earn bonus interest on your account balance.
Are there any specific terms and conditions I should be aware of for the UOB One Account?
Yes, there are specific terms and conditions you should be aware of for the UOB One Account. For example, you need to maintain a minimum account balance of S$1,000 to earn any interest on your account balance. Additionally, there are certain types of transactions that do not count towards the spending requirement for bonus interest.
What happens if I don’t maintain the minimum balance in my UOB One Account?
If you don’t maintain the minimum balance in your UOB One Account, you will not earn any interest on your account balance for that month. Additionally, you may be charged a fall-below fee.
How does the UOB One Account stack up against OCBC’s savings options?
The UOB One Account offers higher interest rates than most of OCBC’s savings options, especially if you meet the requirements for bonus interest. Additionally, the UOB One Account offers cashback on your spending when you use a UOB One Card.
Can you explain the differences between the UOB Stash and the One Account?
The UOB Stash Account is a savings account that offers bonus interest when you save a fixed amount each month. The UOB One Account, on the other hand, offers bonus interest when you credit your salary or make three GIRO debit transactions of at least S$30 each and spend at least S$500 on your UOB One Card. The UOB One Account may be a better option if you have a higher monthly spending.
