If you’re looking for a savings account in Singapore that offers high interest rates and a wide range of banking benefits, the UOB One Account might be just what you need. This account is designed to help you maximise your savings while enjoying the convenience of modern banking.
With the UOB One Account, you can earn up to 7.8% p.a. interest on your savings, making it one of the most competitive savings accounts in Singapore. Plus, you can enjoy a range of other benefits, such as cash rebates on your credit card spending and discounts on your insurance premiums.
If you’re interested in opening a UOB One Account, there are a few things you should know. In this article, we’ll give you an overview of the account, including its interest rates and returns, banking benefits, account management options, and more. We’ll also answer some frequently asked questions to help you make an informed decision.
Overview of UOB One Account
If you’re looking for a savings account that offers high interest rates and cashback rewards, the UOB One Account could be the perfect option for you. This account is designed to cater to various banking needs while offering competitive interest rates.
Key Features
The UOB One Account is unique in that it offers tiered interest rates based on your account balance and spending habits. Here are some of the key features of the UOB One Account:
- High interest rates: You can earn up to 7.8% p.a. interest on your savings with the UOB One Account.
- Cashback rewards: When you spend on your UOB One credit or debit card, you can earn cashback of up to 5% on your purchases.
- Easy account management: You can manage your UOB One Account easily with the UOB mobile app or online banking.
- Flexibility: You can choose to have your salary credited to your UOB One Account and enjoy even higher interest rates.
Eligibility Criteria
To be eligible for the UOB One Account, you must meet the following criteria:
- You must be a Singapore citizen or permanent resident.
- You must be at least 18 years old.
- You must have a minimum initial deposit of $500.
- You must maintain a minimum average daily balance of $5,000 in your UOB One Account.
Overall, the UOB One Account is a great option for anyone looking to earn high interest rates on their savings while also enjoying cashback rewards and easy account management.
Interest Rates and Returns
If you’re looking for a savings account that offers high interest rates, then the UOB One Account is definitely worth considering. This account offers a base interest rate of 0.05% p.a. and a maximum interest rate of 2.5% p.a. However, the real attraction of this account is the bonus interest that you can earn on top of the base interest rate.
Bonus Interest
To earn bonus interest, you need to meet certain requirements. You can earn up to 2.5% p.a. bonus interest on the first S$75,000 of your account balance. To qualify, you need to spend a minimum of S$500 on an eligible UOB card and credit your salary of at least S$2,000 via GIRO or make three GIRO debit transactions each in each calendar month.
Effective Interest Rate
The effective interest rate (EIR) on the UOB One Account is a combination of the base interest rate and bonus interest. The EIR is calculated based on the assumption that you maintain a constant balance of S$75,000 in your account throughout the year and meet all the bonus interest criteria.
The maximum EIR you can earn on the UOB One Account is 1.80% p.a. for deposits of S$75,000. This is assuming you meet both criteria of S$500 Card Spend AND (a) a minimum S$2,000 salary credit via GIRO OR (b) 3 GIRO debit transactions each in each calendar month.
Overall, the UOB One Account is a great option for anyone looking to earn high interest rates on their savings. With the bonus interest and easy-to-meet requirements, you can maximise your savings effortlessly.
Banking Benefits
If you’re looking for a savings account that offers high interest rates and a range of banking benefits, the UOB One Account is definitely worth considering. With this account, you can earn up to 7.8% p.a. interest on your savings, making it one of the most competitive savings accounts in Singapore.
UOB TMRW and Personal Internet Banking
One of the main benefits of the UOB One Account is that it comes with access to UOB TMRW and Personal Internet Banking. These digital platforms make it easy for you to manage your account and access your funds from anywhere, at any time. With UOB TMRW, you can track your spending, set savings goals, and get personalised financial advice to help you make the most of your money. Personal Internet Banking, on the other hand, gives you access to a range of banking services, including bill payments, fund transfers, and account statements.
UOB Debit and Credit Cards
Another key benefit of the UOB One Account is that it comes with a range of UOB debit and credit cards, which can help you to earn even more rewards and cashback on your spending. The UOB One Card, for example, gives you up to 5% cashback on your spending, while the UOB Lady’s Card offers exclusive discounts and rewards for women. With these cards, you can enjoy a range of benefits, including discounts on dining, shopping, and entertainment.
Overall, the UOB One Account is an excellent choice for anyone looking for a savings account that offers high interest rates and a range of banking benefits. Whether you want to save for the future, invest in your retirement, or simply manage your finances more effectively, this account has everything you need to get started. So why not open an account today and start enjoying the benefits of UOB banking?
Account Management
Managing your UOB One Account is easy and convenient. Here are some important things to know about managing your account.
Online Account Opening
Opening a UOB One Account is quick and easy with our online application process. Simply visit our website and follow the steps to apply for an account. Once your application is approved, you can start enjoying the benefits of the UOB One Account.
Deposit Insurance Scheme
The UOB One Account is covered by the Singapore Deposit Insurance Corporation (SDIC). This means that your deposits with UOB are insured up to $75,000 per depositor per Scheme member. This insurance coverage provides peace of mind and protects your deposits in the event of a bank failure.
To ensure that your deposits are fully insured, it is important to note that the SDIC covers only Singapore dollar deposits in savings, current, fixed deposit and other deposit accounts. The SDIC does not cover foreign currency deposits, structured deposits, investment products, or insurance policies.
To learn more about the SDIC and the Deposit Insurance Scheme, please visit the SDIC website.
Other Account Management Options
In addition to online account opening and the SDIC coverage, there are other ways to manage your UOB One Account. You can visit any UOB branch or ATM to perform transactions such as withdrawals, deposits, and fund transfers. You can also set up GIRO debit transactions for regular payments such as bills or loan repayments.
For added convenience, you can use UOB’s Scan to Pay feature to make payments using your mobile phone. This feature allows you to scan a QR code to make payments at participating merchants without the need for cash or cards.
With all of these options, managing your UOB One Account has never been easier.
Rewards and Savings
If you’re looking for a savings account that offers rewards and additional savings options, the UOB One Account is worth considering. Here are some of the benefits you can enjoy with this account:
UOB Rewards Programme
With the UOB One Account, you can earn rewards through the UOB Rewards Programme. This programme allows you to earn UNI$ for every dollar you spend on your UOB One Card or other selected cards. You can then use these UNI$ to redeem a wide range of rewards, including dining, fashion, electronics, and more. You can also use your UNI$ to offset your spending instantly at KrisPay, SP Utilities, and other e-commerce platforms.
Additional Savings Options
In addition to earning rewards, the UOB One Account also offers additional savings options. For example, you can open a UOB Stash Account to earn up to S$3,000 in interest a year when you maintain or increase your balances. You can also consider opening a UOB Uniplus Account or Junior Savers Account for your children to help them save for their future.
If you’re looking to invest your CPF savings, you can also consider the CPF Investment Scheme or CPF Retirement Sum Scheme. These schemes allow you to invest your CPF savings in a range of investment products, including stocks, bonds, and unit trusts.
Overall, the UOB One Account is a great way to save and earn rewards at the same time. With its high interest rates and additional savings options, you can save more and achieve your financial goals faster. So why not open a UOB One Account today and start saving?
Frequently Asked Questions
How can I maximise my interest earnings with a UOB One Account?
With the UOB One Account, you can earn up to 7.8% p.a. interest in just two steps. Firstly, credit your salary or make three GIRO debit transactions and secondly, pay your bills through GIRO or credit card. By doing so, you can earn higher interest rates on your savings.
What are the latest promotions available for the UOB One Account?
The latest promotion for UOB One Account allows you to earn up to $200 cash credit when you open an account online and maintain a minimum average daily balance of $15,000 for six consecutive months.
How does the UOB One Account differ from traditional savings accounts?
The UOB One Account is a unique savings account that rewards you with higher interest rates when you credit your salary, pay bills through GIRO or credit card and maintain a minimum average daily balance. It also offers cash rebates on your credit card spending and allows you to enjoy exclusive dining and lifestyle privileges.
What are the requirements for opening a UOB One Account online?
To open a UOB One Account online, you need to be a Singapore citizen or permanent resident, at least 18 years old and have a valid SingPass account. You also need to have a minimum initial deposit of $500.
Could you explain the terms and conditions of the UOB One Account?
The UOB One Account has terms and conditions that you should be aware of. For example, you need to maintain a minimum average daily balance of $500 to earn interest and avoid fall-below fees. There are also transaction fees for certain services such as chequebook requests and stop cheque requests. You can find more information on the UOB website.
What are the consequences of not maintaining the minimum balance in a UOB One Account?
If you fail to maintain the minimum average daily balance in your UOB One Account, you may be charged a fall-below fee of $5 or $15 depending on your account balance. You will also earn lower interest rates on your savings. It is important to maintain the minimum balance to avoid these fees and maximise your interest earnings.
By opening a UOB One Account, you can enjoy higher interest rates and cash rebates on your spending. With the latest promotion, you can earn up to $200 cash credit. Remember to maintain the minimum balance to avoid fees and maximise your interest earnings.