Introduction
Are you looking for a savings account in Singapore that offers high interest rates? DBS Multiplier and UOB One are two of the most popular savings accounts available in Singapore. Both accounts offer attractive interest rates and other benefits, but which one is better? In this article, we will compare DBS Multiplier vs UOB One to help you decide which one is right for you.
Understanding DBS Multiplier and UOB One
Before we dive into the comparison, let’s take a closer look at what DBS Multiplier and UOB One have to offer. DBS Multiplier is a savings account that rewards you for your banking relationship with DBS. The more you bank with DBS, the higher your interest rate will be. UOB One, on the other hand, is a savings account that rewards you for spending and saving with UOB. The more you spend and save with UOB, the higher your interest rate will be.
Eligibility and Account Opening
To open a DBS Multiplier account, you must be a Singapore citizen, permanent resident or foreigner with a valid employment pass. You must also be at least 18 years old. To open a UOB One account, you must be a Singapore citizen or permanent resident who is at least 16 years old. Foreigners with a valid employment pass are also eligible. Both accounts require a minimum deposit to open, and you can apply online or in-person at a branch.
Key Takeaways
- DBS Multiplier and UOB One are popular savings accounts in Singapore that offer high interest rates and other benefits.
- DBS Multiplier rewards you for your banking relationship with DBS, while UOB One rewards you for spending and saving with UOB.
- To open a DBS Multiplier account, you must be a Singapore citizen, permanent resident or foreigner with a valid employment pass. To open a UOB One account, you must be a Singapore citizen or permanent resident who is at least 16 years old.
Understanding DBS Multiplier and UOB One
If you are looking for the best savings account in Singapore, you might have come across DBS Multiplier and UOB One. These two accounts are popular among Singaporeans and foreigners alike due to their attractive interest rates and features. In this section, we will help you understand the differences and similarities between DBS Multiplier and UOB One.
DBS Multiplier
DBS Multiplier is a savings account offered by DBS Bank, one of the largest banks in Singapore. This account allows you to earn interest rates of up to 3.8% p.a. by fulfilling certain criteria. The interest rates are calculated based on the total amount of eligible transactions you make each month. The more transactions you make, the higher the interest rates you will earn.
DBS Multiplier has no minimum balance requirement, and you can credit your salary into any DBS account to qualify for higher interest rates. DBS Multiplier also offers a variety of transaction categories that you can choose from, such as credit card spend, home loan instalments, and insurance premiums.
UOB One
UOB One is another popular savings account in Singapore that offers attractive interest rates of up to 2.50% p.a. To qualify for the interest rates, you need to fulfil certain criteria, such as spending at least $500 on your UOB One Card or crediting your salary into your UOB One account. The interest rates are tiered, which means the more you save, the higher the interest rates you will earn.
UOB One also has no minimum balance requirement, and you can use your UOB One Card to make transactions across a wide range of categories, such as dining, shopping, and petrol.
Key Differences
The main difference between DBS Multiplier and UOB One is the way their interest rates are calculated. DBS Multiplier offers a higher maximum interest rate of 3.8% p.a., but you need to make more eligible transactions to qualify for it. UOB One, on the other hand, offers a lower maximum interest rate of 2.50% p.a., but you only need to fulfil one or two criteria to qualify for it.
Another difference is the transaction categories offered by each account. DBS Multiplier offers a wider range of categories, which may be more suitable for those who have a diverse range of expenses. UOB One, on the other hand, offers fewer categories but may be more suitable for those who spend more in specific categories.
Conclusion
Both DBS Multiplier and UOB One are great savings accounts in Singapore that offer attractive interest rates and features. The account you choose depends on your personal preferences and financial goals. It is important to compare the features and benefits of each account before making a decision.
Eligibility and Account Opening
To open a DBS Multiplier or UOB One account, you need to meet certain eligibility criteria. Here’s what you need to know:
DBS Multiplier Account Opening
To be eligible to open a DBS Multiplier account, you must be a Singapore citizen or Permanent Resident, and at least 18 years old. Foreigners who have a valid employment pass or work permit are also eligible to apply.
You can open a DBS Multiplier account online or in-person at any DBS/POSB branch. To open an account online, you’ll need to have a valid SingPass and MyInfo account. You’ll also need to provide your personal details, such as your name, address, and contact information, as well as your employment details, such as your income and employment status.
UOB One Account Opening
To be eligible to open a UOB One account, you must be a Singapore citizen or Permanent Resident, and at least 16 years old. Foreigners who have a valid employment pass or work permit are also eligible to apply.
You can open a UOB One account online or in-person at any UOB branch. To open an account online, you’ll need to have a valid SingPass and MyInfo account. You’ll also need to provide your personal details, such as your name, address, and contact information, as well as your employment details, such as your income and employment status.
Once you’ve met the eligibility criteria and provided all the necessary information, your account will be opened within a few days. It’s important to note that both DBS Multiplier and UOB One accounts have a minimum deposit requirement, so make sure you have enough funds to deposit into your account.
Features and Benefits
When it comes to choosing between DBS Multiplier and UOB One, both accounts have their unique features and benefits. Let’s take a closer look at what each account has to offer.
Interest Earning Potential
Both accounts offer attractive interest rates, but the way the interest is earned is different. DBS Multiplier offers interest based on your account balance and the number of eligible transactions you make each month. On the other hand, UOB One offers interest based on your account balance, salary credit, and credit card spend.
DBS Multiplier offers a base interest rate of 0.05% p.a., which can go up to 3.8% p.a. if you meet the eligibility criteria. UOB One offers a base interest