If you’re looking to grow your savings in Singapore, you may have heard of the One Account and its bonus interest rates. The One Account is a savings account offered by United Overseas Bank (UOB) that offers bonus interest rates of up to 2.5% p.a. on top of its base interest rate of 0.05% p.a. The bonus interest rate is calculated monthly based on the account balance and certain eligibility criteria.
To be eligible for the bonus interest rate, you must meet certain requirements, such as spending a minimum amount on your UOB credit card or maintaining a minimum account balance. The exact requirements and corresponding bonus interest rates may vary depending on the type of One Account you have. For example, the UOB One Account offers up to 7.8% p.a. bonus interest rate for those who meet its requirements, while the UOB Stash Account offers up to 1.5% p.a. bonus interest rate for those who maintain a minimum balance of $10,000.
By taking advantage of the bonus interest rates offered by the One Account, you can potentially earn higher returns on your savings compared to other savings accounts in Singapore. However, it’s important to understand the eligibility criteria and fees and charges associated with the account to ensure that it’s the right fit for your financial goals.
Key Takeaways
- The One Account offers bonus interest rates of up to 2.5% p.a. on top of its base interest rate of 0.05% p.a.
- Eligibility for the bonus interest rate varies depending on the type of One Account you have and the requirements you meet.
- Understanding the eligibility criteria and fees and charges associated with the One Account can help you maximise your savings potential.
Understanding One Account and Bonus Interest
If you’re looking for a savings account that offers bonus interest, then the UOB One Account might be just what you need. In this section, we’ll take a closer look at how the account works and how you can earn bonus interest.
What Is UOB One Account?
The UOB One Account is a savings account offered by United Overseas Bank (UOB) in Singapore. It’s designed to help you save money and earn interest on your savings. The account has a base interest rate of 0.05% p.a., which is calculated daily based on your account balance.
How Bonus Interest Works
To earn bonus interest on your UOB One Account, you need to meet certain requirements. These requirements include:
- Maintaining a minimum account balance of $1,000
- Crediting your salary or making at least 3 GIRO debit transactions of at least $100 each per month
- Spending at least $500 on your UOB credit card or debit card per month
If you meet these requirements, you’ll earn bonus interest on your account balance. The bonus interest rate varies depending on the amount of money in your account and the amount of money you spend on your UOB card each month.
You can earn up to 2.5% p.a. in bonus interest, which is calculated monthly based on your account balance and card spend. This means that your effective interest rate (EIR) can be as high as 7.8% p.a.
Here’s a table that shows how the bonus interest rate is calculated:
| Account Balance | Card Spend | Bonus Interest Rate |
|---|---|---|
| $15,000 | $500 | 1.5% |
| $30,000 | $500 | 2.5% |
As you can see, the more money you have in your account and the more you spend on your UOB card, the higher your bonus interest rate will be.
In summary, the UOB One Account is a great option if you’re looking for a savings account that offers bonus interest. By meeting the account requirements and spending on your UOB card, you can earn a high effective interest rate and grow your savings faster.
Eligibility and Account Opening
Opening Your UOB One Account Online
To open your UOB One Account online, you can apply through the UOB website. The online account opening process is quick and easy, and you can complete it from the comfort of your own home. You will need to provide your personal details, such as your name, NRIC or passport number, and contact details. You will also need to select your preferred account type and submit your initial deposit.
Eligibility Criteria
To be eligible for the UOB One Account, you must be a Singapore citizen or permanent resident, aged 18 years and above. You must also meet the following criteria:
- Credit your salary of at least S$1,600 per month OR
- Make at least 3 GIRO payments per month OR
- Spend at least S$500 per month on an eligible UOB card
Eligible UOB cards include UOB One Card, UOB Lady’s Card, UOB EVOL Card, UOB One Debit Visa Card, and UOB One Debit Mastercard. You can earn up to 7.8% p.a. interest on your UOB One Account when you fulfill the above criteria.
To open your UOB One Account, you will need to submit an initial deposit of S$1,000. However, if you are a new UOB customer, you can enjoy a waiver of the initial deposit requirement when you apply online.
In summary, opening a UOB One Account online is a quick and easy process. To be eligible, you must fulfill the criteria of crediting your salary, making GIRO payments, or spending on an eligible UOB card. With the potential to earn up to 7.8% p.a. interest, the UOB One Account is a great option for those looking to maximize their savings.
Maximising Your Savings
If you’re looking to earn higher interest on your savings account, there are a few ways to maximise your savings. By using the right combination of salary crediting, GIRO transactions, credit card spend and rewards, investment options and insurance, you can earn bonus interest and boost your savings.
Salary Crediting and GIRO Transactions
One way to earn bonus interest on your savings account is to credit your salary and make GIRO transactions. For example, with the UOB One Card, you can earn up to 7.8% p.a. interest by spending a minimum of $500 on an eligible UOB card and crediting your salary of at least $1,600 or making three GIRO payments monthly. This makes it easy to earn bonus interest without having to do anything extra.
Credit Card Spend and Rewards
Another way to earn bonus interest is through credit card spend and rewards. Many banks offer savings accounts that are linked to credit cards, allowing you to earn bonus interest when you use your card to make purchases. For example, the OCBC 365 Account offers up to 0.6% p.a. interest when you charge at least $500 to your OCBC 365 Credit Card each month. This is a great way to earn bonus interest while still using your credit card for everyday purchases.
Insurance and Investment Options
Investment and insurance options can also help you earn bonus interest on your savings account. For example, the Citi Wealth First Account offers up to 7.51% p.a. bonus interest when you spend, invest, insure, borrow, and save. This is a great way to earn bonus interest while also investing in your future and protecting yourself with insurance.
By using the right combination of salary crediting, GIRO transactions, credit card spend and rewards, investment options and insurance, you can maximise your savings and earn higher interest on your savings account. With the right strategy, you can make your money work harder for you and achieve your financial goals faster.
Fees and Charges
As with any savings account, the UOB One Account has fees and charges that you need to be aware of. Understanding these fees and charges is crucial to making sure that you are getting the most out of your account.
Understanding the Fall-Below Fee
The fall-below fee is charged when your account balance falls below the minimum required balance. For the UOB One Account, the minimum required balance is $500. If your account balance falls below this amount, you will be charged a fall-below fee of $5 per month.
To avoid the fall-below fee, make sure that you maintain the minimum required balance in your account. You can also consider setting up a GIRO arrangement to automatically credit your salary or make regular payments to your account, which can help you qualify for higher interest rates and avoid the fall-below fee.
Avoiding the Early Account Closure Fee
If you decide to close your UOB One Account within the first 6 months of opening it, you will be charged an early account closure fee of $30. This fee is waived if you close your account due to a change in your employment status, such as leaving your job.
To avoid the early account closure fee, make sure that you are committed to keeping your account open for at least 6 months. If you do need to close your account before the 6-month period is up, make sure that you have a valid reason for doing so, such as a change in employment status.
It is important to note that other fees and charges may apply to your UOB One Account, such as transaction fees and foreign currency exchange fees. Be sure to read the terms and conditions carefully and understand all of the fees and charges associated with your account to avoid any surprises.
Additional Perks and Considerations
Exclusive Promotions and Perks
When you open a UOB One Account, you can enjoy exclusive promotions and perks. For example, you can receive up to S$80 cash credit when you apply for a UOB EVOL Card. Additionally, if you are a female, you can apply for a UOB Lady’s Card and enjoy up to 10% cashback on your spending. These promotions and perks can help you maximise your savings and make the most out of your UOB One Account.
Deposit Insurance Scheme Protection
Your deposits with UOB One Account are protected under the Deposit Insurance Scheme (DIS) provided by the Singapore Deposit Insurance Corporation (SDIC). This means that your deposits are insured up to S$75,000 per depositor per Scheme member. If anything happens to UOB, you can rest assured that your deposits are safe and secure.
It is important to note that the DIS only covers deposits in Singapore Dollar accounts. Foreign currency deposits, structured deposits, and investment products are not covered. Additionally, the DIS only covers deposits held with SDIC Scheme members. Therefore, if you have deposits with other banks that are not SDIC Scheme members, those deposits will not be covered by the DIS.
Overall, the UOB One Account offers attractive bonus interest rates and exclusive promotions and perks. Additionally, your deposits are protected under the DIS provided by SDIC. With these benefits, you can maximise your savings and enjoy peace of mind.
Frequently Asked Questions
How can I maximise my earnings with UOB One Account’s bonus interest?
To maximise your earnings with UOB One Account’s bonus interest, you should ensure that you meet the eligibility criteria and spend on the right categories. It is recommended that you use your UOB One Card for your monthly expenses in categories such as groceries, online shopping, and dining to earn higher bonus interest.
What steps are necessary to qualify for the maximum bonus interest on the UOB One Account?
To qualify for the maximum bonus interest on the UOB One Account, you must meet the minimum spending requirement of $500 per month on your UOB One Card and credit your salary or make three GIRO debit transactions per month. You can earn up to 2.50% p.a. bonus interest on your savings.
Could you explain the tiered interest rates for the UOB One Account?
The UOB One Account offers tiered interest rates based on the account balance and the number of categories you spend on. The more categories you spend on and the higher your account balance, the higher the bonus interest you can earn.
What are the latest terms and conditions to be aware of for UOB One Account bonus interest?
The latest terms and conditions for UOB One Account bonus interest can be found on the UOB website. It is important to note that the bank may change the terms and conditions at any time without prior notice.
How does UOB One Account’s interest rates compare to other banks in Singapore?
UOB One Account’s interest rates are competitive compared to other banks in Singapore. However, it is important to compare the interest rates and terms and conditions of different banks before making a decision.
Are there any tools available to calculate my potential earnings from UOB One Account bonus interest?
Yes, there are tools available on the UOB website to calculate your potential earnings from UOB One Account bonus interest. These tools can help you estimate your bonus interest earnings based on your monthly spending and account balance.