We’re used to seeing all sorts of products marketed at women only, from pink mobile phones to the UOB Lady’s Credit Card. So, the fact that UOB recently launched a Lady’s Savings Account doesn’t come as a surprise.
Unlike the UOB One account, however, the UOB Lady’s Savings Account is not a high interest savings account.
With the UOB Lady’s Savings Account, the bank has moved away from high interest rates as a selling point and appealing to customers with other perks such as female cancer insurance coverage, some medical and wellness benefits.
But are these perks attractive enough to justify stashing your cash in a low interest rate account? Let’s find out.
Up to 2.50% p.a. interest rates
Up to $200 cash credit when you sign up online and sign up for a UOB credit card. T&Cs apply
Low initial deposit of $500
Withdraw cash conveniently without an ATM card using Mobile Banking
UOB Young Professionals Solution is a combination of UOB One Account, UOB YOLO and the unique Sweep feature that allows you to automatically invest your earned account interests and card rebate into a Unit Trust
Bonus Interest Rate
Up to 2.50% p.a.
How does the UOB Lady’s Savings Account work?
Let’s get to the facts straight away. The UOB Lady’s Savings Account is not a high interest savings account. They pay out a base interest rate of only 0.05% per annum, which is similar to what you’d get from your basic POSB or DBS savings account.
What it is however, is a savings account that offers complimentary female cancer coverage as well as some medical and wellness benefits. The amount of insurance coverage you receive increases based on your account balance.
The initial deposit required is $1,000, and you have to maintain a minimum balance of $1,000 in order to avoid the fall-below fee of $2 per month.
High Interest Rates
No minimum salary credit
DBS Multiplier Account is a deposit account with a base interest rate of 0.05% per annum
Bonus interest rates: 1.40% to 3.80% per annum. DBS Multiplier Account 2020 interest rates have been updated as of 1 August 2020
To enjoy bonus interest rates, you need to credit your salary or dividends via GIRO to any DBS/ POSB deposit account that you hold, and transact a minimum of S$2,000 on any DBS/ POSB credit card you hold, DBS/ POSB home loan monthly instalments, DBS/ POSB insurance regular monthly premium, or DBS investments. Your bonus interest rate increases if you transact in more of the above categories
Bonus interest rates for 29-year-olds and below: Credit your income and spend above S$500 via PayLah! to qualify for 0.30% bonus interest rates on your PayLah! retail spend
DBS Multiplier 2020 interest rate updates: As of 1 August 2020, interest rates have been revised for DBS Multiplier account holders with transactions in 1 and 2 categories. Refer to Bonus Interest Rate tab below to see the change in interest rates
Students, NSF, self-employed, salaried or retired individuals are eligible to apply
Bonus Interest Rate
Salary Credit + 1 transaction category
Up to 2.80% p.a.
Up to 3.80% p.a.
Wide coverage of ATM islandwide (>2,000)
UOB Lady’s Savings Account general medical and wellness benefits
Here’s a run down of the account’s two key medical benefits apart from insurance:
Free yearly health check — You’ll be screened for obesity/blood pressure, cholesterol, diabetes and ovarian cancer marker, and also get a 3 strain flu vaccination.
$13 flat fee standard GP consultations for you and up to 4 dependents at 500 MHC clinics island-wide.
Exclusive dental package at $95, which includes scaling, polishing, fluoride treatment and teeth whitening package at a preferred rate of $1,288, which includes in-clinic treatment for instant results and a take-home whitening kit for maintenance.
A one-time private pilates session at S$97 – You’ll be hard pressed to find any private pilates lessons below $100.
These healthcare and wellness perks are the same no matter how much or how little cash you have in your account.
UOB Savings Account cancer insurance
The insurance offered by this account covers six cancers specific to women — breast, cervix uteri, uterus, fallopian tube, vagina/vulva and ovary.
The sum assured rises with your account balance.
Monthly average balance
Female cancer insurance sum assured
$10,000 and below
$10,001 – $25,000
$25,001 – $50,000
$50,001 – $75,000
$75,001 – $100,000
Who is the UOB Lady’s Savings Account suitable for?
Only women aged 16 to 50 can sign up for the account. The insurance protection is valid until the age of 64.
This account could be worthwhile if you already have critical illness protection and want to beef it up with UOB’s free protection. As only six female cancers are covered, it is definitely no substitute for a more comprehensive critical illness plan if you think you need one. It could be useful for those with female cancer risk factors or a family history of these cancers.
Another case for opening this account is if you are simply very health conscious, or have existing health issues and could make full use of their medical benefits. You get the free health screening and $13 GP visits no matter what your account balance is, so if you don’t feel like tying up too much cash here you can just deposit $1,000 in the account, which is the minimum balance you need to avoid the fall-below fee.
Ladies with large families can benefit even more from the account as the $13 GP visits can be enjoyed by up to 4 other people.
So, to summarise, consider signing up for this account if you satisfy one of the following:
You want to beef up your existing critical illness protection.
You have high risk factors or family history of the six female cancers protected by the plan.
You are health conscious or have existing health problems, so you visit GPs often and/or want to take advantage of the free annual health screening.
You don’t receive free GP visits (eg. through your employer).
You have family members who could benefit from the $13 GP visits.
Our opinion? If you have $1,000 to spare, it might be worthwhile to sign up for this account just to enjoy the cheap GP visits and health screening. But it’s probably not worthwhile to try to deposit as much as you can just for the sake of the insurance, because in order to enjoy meaningful insurance protection you need high amounts of cash which could be better deployed elsewhere.
UOB Lady’s Card + Savings Account promotions
When you sign up for both the UOB Lady’s Savings Account and the UOB Lady’s Card, you get the chance to receive up to $218 worth of cash credit.
To receive this sign up bonus, you must be a new UOB cardmember (so if you already have a UOB card, you’ve lost your chance) and one of the first 100 to apply for the card by 28 February 2022. You must also spend at least $1,500 within 30 days of the credit card’s approval date.
10X UNI$ (or 20 miles) per S$5 spent on your preferred category with no min. spend required. Choose from Beauty & Wellness, Dining, Entertainment, Family, Fashion, Transport and Travel
UOB Lady's LuxePay Plan 6 or 12-month installment plan with no interest or processing fees
Free e-Commerce protection for online purchases up to USD$200
High female cancer coverage of up to S$200,000 sum assured with UOB Lady's Savings Account
Up to 3.68% p.a. bonus interest with UOB One Account
Annual Interest Rate and Fees
Annual Interest Rate
First year waived
3% or S$50, whichever is greater
Minimum Income Requirements
Singaporean/PR Minimum Income
Rewards Redemption Documents
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Original article: UOB Lady’s Savings Account – MoneySmart Review (2022).
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