If you’re looking to maximise your savings in Singapore, you may have come across the UOB One Account. This savings account offers an attractive interest rate of up to 7.8% p.a., making it one of the highest-earning savings accounts in Singapore. In this article, we’ll take a closer look at the UOB One Account and its benefits, eligibility requirements, application process, and more.
The UOB One Account is a fuss-free savings account that requires just two steps to earn higher interest rates. First, you’ll need to spend at least $500 on your UOB One Card and/or selected Cards monthly. Second, you’ll need to credit your salary of at least $1,600 or make three GIRO payments monthly. If you meet these requirements, you can earn up to 7.8% p.a. interest on your savings. In the next section, we’ll dive into the benefits of the UOB One Account and how it can help you save more money.
Key Takeaways
- The UOB One Account offers an attractive interest rate of up to 7.8% p.a.
- To earn higher interest rates, you’ll need to spend at least $500 on your UOB One Card and/or selected Cards monthly, and credit your salary of at least $1,600 or make three GIRO payments monthly.
- The UOB One Account is a fuss-free savings account that can help you maximise your savings in just two steps.
Understanding One Account and Its Benefits
If you’re looking for a savings account that offers a high-interest rate, then the UOB One Account is worth considering. Here’s what you need to know about this account and its benefits.
What Is UOB One Account?
The UOB One Account is a savings account that offers a tiered interest rate structure. This means that the interest rate you earn is based on your account balance and the number of transactions you make each month.
To earn the highest interest rate of up to 7.8% p.a., you need to fulfil two criteria. The first is to spend at least $500 on an eligible UOB card each month, and the second is to credit your salary of at least $1,600 or make three GIRO payments each month.
Advantages of UOB One Account
One of the main advantages of the UOB One Account is the high-interest rate it offers. With a maximum interest rate of 7.8% p.a., you can earn a significant amount of interest on your savings.
In addition to the high-interest rate, the UOB One Account also offers bonus interest. This means that you can earn even more interest by making additional transactions each month.
Another advantage of the UOB One Account is that it offers a cashback programme. This means that you can earn cashback on your spending when you use an eligible UOB card.
Overall, the UOB One Account is a great option if you’re looking for a savings account with a high-interest rate and bonus interest. With its tiered interest rate structure and cashback programme, it’s a great way to maximise your savings and earn higher interest.
Eligibility and Application Process
Who Can Apply?
The UOB One Account is available to anyone who is at least 18 years old, a Singaporean citizen or a Permanent Resident, and has a valid SingPass account. Foreigners who hold a valid work permit, employment pass or student pass are also eligible to apply.
To open a UOB One Account, you will need to meet the following requirements:
- Minimum initial deposit of $1,000
- Minimum balance of $1,000 to earn interest
- Spend at least $500 on eligible UOB cards each month
- Credit your salary of at least $1,600 per month or make three GIRO payments monthly
How to Open a UOB One Account Online
Opening a UOB One Account is easy and can be done online in just a few simple steps. Here’s how:
- Visit the UOB website and click on the “Apply Now” button for the UOB One Account.
- Fill in your personal details, including your name, NRIC/Passport number, and contact information.
- Verify your identity using your SingPass account.
- Choose between a savings or current account, depending on your needs.
- Review and confirm your application details.
- Make an initial deposit of at least $1,000 via FAST transfer or cheque.
Once your application is approved, you will receive your UOB One Account details and can start enjoying the benefits of high-interest rates and cash rebates on your spending.
In conclusion, the UOB One Account is a great option for those looking to maximise their savings and earn high-interest rates. With a simple application process and easy eligibility requirements, opening a UOB One Account online is a breeze.
Maximising Your Savings
If you’re looking for a savings account in Singapore that offers high-interest rates, then One Account by UOB is a great option to consider. With One Account, you can earn up to 7.8% p.a. interest on your savings, which is one of the highest in the market. To maximise your savings and earn the highest interest rates possible, here are some tips to follow:
Earning Bonus Interest
One of the best ways to earn bonus interest on your One Account is by tracking your progress monthly on the UOB TMRW app. By doing so, you can earn up to 1.5% p.a. bonus interest on top of the base interest rate. Additionally, you can earn bonus interest by maintaining a minimum balance of $500 in your One Account.
Salary Crediting and Card Spend
Another way to maximise your savings with One Account is by salary crediting and card spend. By crediting your salary into your One Account and spending on your UOB card, you can earn up to 1.2% p.a. bonus interest on top of the base interest rate. This means that you can earn up to 3.0% p.a. effective interest rate (EIR) on your savings.
Here’s a breakdown of the base interest rate and bonus interest rates you can earn with One Account:
| Base Interest Rate | Bonus Interest Rate | EIR |
|---|---|---|
| 0.05% p.a. | Up to 1.5% p.a. | Up to 2.55% p.a. |
| 0.05% p.a. | Up to 1.2% p.a. | Up to 3.0% p.a. |
As you can see, by following these tips, you can earn some of the highest interest rates on your savings in Singapore. With One Account, you can achieve your financial goals faster and easier.
Additional Financial Tools and Services
If you’re looking to maximise your savings with the UOB One Account, you’ll be pleased to know that UOB offers a range of financial tools and services to help you manage your money more effectively.
UOB’s Digital Banking Solutions
UOB’s digital banking solutions make it easy to manage your finances on-the-go. With the UOB Mighty app, you can check your account balances, view your transaction history, make payments, and transfer funds to other UOB accounts or to accounts at other banks. You can also use the app to apply for UOB credit cards, debit cards, and the UOB EVOL Card, which offers cash rebates on your daily expenses.
Investment and Insurance Options
If you’re looking to grow your wealth over the long-term, UOB offers a range of investment options to suit your needs. From unit trusts and structured deposits to stocks and bonds, UOB’s investment solutions can help you achieve your financial goals. Additionally, UOB provides a range of insurance options, including life, health, and travel insurance, to help protect you and your loved ones.
Whether you’re looking to save for the short-term or invest for the long-term, UOB’s financial tools and services can help you make the most of your money. And with the UOB One Account, you can earn up to 7.8% p.a. interest in just two simple steps. So why not start maximising your savings today with UOB’s stash account?
Understanding Fees and Charges
If you’re considering opening a UOB One Account, it’s important to understand the fees and charges that come with it. Here are some common fees to consider:
Common Fees to Consider
Fall-Below Fee
The UOB One Account has a fall-below fee of $5 per month if your balance dips below $1,000. To avoid this fee, you’ll need to maintain a monthly average balance of at least $1,000 in your account.
Early Account Closure Fee
If you decide to close your UOB One Account within 6 months of opening it, you’ll be charged an early account closure fee of $30. It’s important to keep this in mind if you’re considering opening an account but aren’t sure if you’ll want to keep it for the long term.
Cheque Book
If you need a cheque book for your UOB One Account, you’ll be charged a fee of $10 per book. This is a one-time fee, but it’s important to keep in mind if you plan on using cheques frequently.
Avoiding Unnecessary Charges
To avoid unnecessary charges on your UOB One Account, here are some tips:
- Make sure you maintain a monthly average balance of at least $1,000 to avoid the fall-below fee.
- Consider whether you really need a cheque book before ordering one, as it comes with a one-time fee.
- If you’re not sure if you’ll want to keep your UOB One Account for the long term, consider waiting at least 6 months before closing it to avoid the early account closure fee.
By understanding the fees and charges associated with the UOB One Account and taking steps to avoid unnecessary charges, you can make the most of your account and avoid any surprises on your monthly statement.
Frequently Asked Questions
What are the latest perks of using a UOB One Account?
The UOB One Account offers a high-interest rate of up to 5.00% p.a. for deposits of S$100,000, provided customers meet both criteria of S$500 eligible card spend AND a min. S$1,600 salary credit via GIRO/PAYNOW in each calendar month. This is a great opportunity to earn higher interest rates on your savings.
How can I maximise my returns with a UOB One Account?
To maximise your returns with a UOB One Account, you can meet the criteria of S$500 eligible card spend AND a min. S$1,600 salary credit via GIRO/PAYNOW in each calendar month. This will help you earn the maximum effective interest rate (EIR) of 5.00% p.a. for deposits of S$100,000.
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. This is a relatively low minimum balance requirement compared to other savings accounts in Singapore.
How does the interest tier system work for the UOB One Account?
The interest tier system for the UOB One Account works based on the amount of money you deposit and the criteria you meet. To earn the maximum effective interest rate (EIR) of 5.00% p.a. for deposits of S$100,000, you need to meet both criteria of S$500 eligible card spend AND a min. S$1,600 salary credit via GIRO/PAYNOW in each calendar month.
Where can I find a calculator to estimate my potential earnings from a UOB One Account?
You can find a calculator to estimate your potential earnings from a UOB One Account on the UOB website. The calculator will help you determine how much interest you can earn based on the amount of money you deposit and the criteria you meet.
Which bank in Singapore offers the most attractive interest rates right now?
Currently, UOB offers one of the most attractive interest rates in Singapore with their One Account. However, it’s always a good idea to compare interest rates and features of different savings accounts before making a decision.