Yahoo Finance UOB One Account: UOB Savings Account Review 2023
If you’re looking for a day-to-day savings account that will give you more returns than just 0.05% p.a., there are plenty of options available in Singapore. The problem is, most of them require you to jump through hoops, and you ain’t no circus animal.
Surprisingly, the UOB One account is one of the few that won’t give you a headache, even if you have a severe maths allergy. It has a relatively simple structure to get that bonus interest rate—minimal calculations needed.
Apart from being relatively fuss-free, what else does the UOB One account have to offer? Let’s have a look.
Contents
1. What are the UOB One account interest rates?
UOB One Account
More Details
Key Features
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
The UOB One account is currently right up there as one of the highest-earning savings accounts in Singapore. How high? Up to 7.8% p.a. high! Like any other savings account, you need to perform certain actions every month to hit that maximum interest rate:
Minimum $500 credit or debit card spend (see list of eligible cards below)
Credit card spend ($500) + 3 GIRO debit transactions
Credit card spend ($500) + salary credit (min. $1,600)
Eligible UOB credit cards | Eligible UOB debit cards |
UOB One Card | UOB One Debit Visa Card |
According to the UOB One Account bonus interest FAQs, recurring insurance payments actually count towards your monthly minimum credit/debit card spend. Neat! This is a category often excluded. However, the usual exclusions like remittances, hospital bills, and EZ-link payments remain exclusions. See the FAQs (Q4) for the full list.
Realistically, not all of us are going to be able to meet all 3 requirements. So now the question is, how much is the interest if I only hit 1 or 2? Here’s the breakdown of the UOB One account interest rates as of Oct 2023:
Account balance | S$500 spend per month on eligible UOB Card | S$500 spend per month on eligible UOB Card + 3 GIRO/PayNow debit transactions | S$500 spend per month on eligible UOB Card + credit salary via GIRO/PayNow |
First $30,000 | 0.65% | 2.50% | 3.85% |
Next $30,000 | 0.65% | 3.00% | 3.90% |
Next $15,000 | 0.65% | 4.00% | 4.85% |
Next $25,000 | 0.05% | 7.80% | |
Above $100,000 | 0.05% | ||
You can also use the handy UOB One account + UOB One card calculator to calculate how much interest you can earn.
There’s a bonus interest cap ab0ve $100,000, after which you can only get the base 0.05% p.a. interest. Fair enough—most people wouldn’t be keeping more than that amount in cash anyway, unless you’re about to make a massive purchase.
2. UOB One account minimum balance, fall below fee & more
The UOB One account is about as “no strings attached” as such savings accounts get. Here are some of the basic things to note about the UOB One account:
Minimum age: 18 years old
Nationality: Singaporeans, PRs, E-Pass, S-Pass & Dependent Pass holders
Initial deposit: $1,000
Minimum balance (monthly): $1,000
Fall-below fee: $5 if monthly average balance is less than $1,000 (This fee is waived for 6 months for accounts opened online)
Early account closure fee: S$30 (If account is closed within 6 months from opening)
Bonus interest cap: $75,000
3. Who is the UOB One account suitable for?
The answer is simple. Go for it if you hate maths. Compared to many other similar savings accounts in Singapore, the UOB One account is one of the least complicated. It doesn’t even involve insurance and investment which are categories most other banks have as a requirement to earn higher bonus interest rates.
With the UOB One account, there’s no need to tally up 12 different types of bonus interest. You just need to figure out which camp you’re in:
Credit card spend only (EIR = 0.65% p.a. for first $75,000)
Credit card spend + 3 GIRO debit transactions (EIR = 3.00% p.a. for first $75,000)
Credit card spend + salary credit of min. $1,600 (EIR =5.00% p.a. for first $100,000)
Credit card only: Are you a freewheeling millennial raking in money from your YouTube channel while living under your parents’ roof? Not many savings accounts will reward you for bumming around, so the UOB One account is not a bad choice.
If you can spend at least $500 on a UOB credit card, that is. Sure, you’ll only earn 0.65% p.a. interest but that’s better than the basic 0.05% p.a..
Credit card spend + GIRO payments: Don’t have a regular salary? You’ll still be able to get an EIR of 3% p.a. if you make at least 3 GIRO bill payments per month. And bills are one thing we’re definitely not short of in Singapore. So that’s good news for freelancers, part-timers, retirees, landlords, etc.
Credit card spend + salary credit: Conventional salaried workers should have no problem at all arranging a recurring salary credit (min. $1,600) and monthly spending on your credit card (min. $500) to hit the EIR of 5%% p.a. even if your account balance is less than $15,000.
You can hit the maximum level of interest of 7.8% p.a. on the first $25,000 after $75,000, so that’s an incentive for you to stash more money into your savings.
Now, moving onto the next big question you probably have on mind. Which UOB credit card should you use with your UOB One account?
4. Is the UOB One card the best for the UOB One account?
I love the way UOB spoon feeds their customers by giving their signature bank account and credit card the same name.
Regardless of which bonus interest tier you’re on, the minimum requirement is to spend $500 a month on a UOB credit card. The best credit card for this purpose is… drumroll…. the UOB One card! If you couldn’t already tell, the clue is in the name.
Not only do you perform the bare minimum to get bonus interest on your UOB One account, you get extra cash rebates of up to 15% on top of it.
MoneySmart Exclusive
Get up to 15% Rebate | LUCKY DRAW
UOB One Card
MoneySmart Exclusive:
[MoneySmart Exclusive]
Stand to receive a Apple MacBook Air 15-inch M2 Chip 256GB (worth S$1,899) or a Google Pixel 8 Pro, 128GB (worth S$1,549) or a Sony PlayStation®5 Disc Console (worth S$799) when you sign up through MoneySmart and meet the eligibility criteria! T&Cs apply.
PLUS get up to 15% Cashback and S$350 Cash Credit from UOB when you successfully apply for an eligible UOB Credit Card and spend a min. of S$1,000 for 2 consecutive months from card approval date. T&Cs apply!
Valid until 30 Nov 2023
More Details
Key Features
Up to 10% cashback (up to 15% cashback for new UOB Credit Cardmembers) on McDonald's (including McDelivery®)
Up to 10% cashback (up to 15% cashback for new UOB Credit Cardmembers) at Shopee Singapore (excludes ShopeePay)
Up to 10% cashback (up to 15% cashback for new UOB Credit Cardmembers) at DFI Retail Group (Cold Storage, CS Fresh, Giant, Guardian, 7-Eleven & more)
Up to 10% cashback (up to 15% cashback for new UOB Credit Cardmembers) at Grab (including GrabFood, excludes Grab mobile wallet top-ups)
Up to 10% cashback (up to 15% cashback for new UOB Credit Cardmembers) on SimplyGo (bus and train rides)
Up to 10% cashback (up to 15% cashback for new UOB Credit Cardmembers) on UOB Travel
Up to 4.33% cashback on Singapore Power utilities bill.
Up to 3.33% cashback on all retail spend (based on S$500, S$1,000 or S$2,000)
Fuel savings of up to 22.66% at Shell and SPC
At MoneySmart, we strive to keep our information accurate and up to date. This information may be different from what you see when you visit a financial institution, service provider, or specific product site. MoneySmart shall not be liable to compensate the Customer should the information is not as updated as our Partner.
Alternatively, opt for the UOB EVOL Card. It’s a better option if you spend mostly on dining, shopping and Grab as you can get up to 8% cash back in those categories. However, do note it has a minimum spend of $600/month.
MoneySmart Exclusive
Get up to 8% Cashback | LUCKY DRAW
UOB EVOL Credit Card
MoneySmart Exclusive:
[MoneySmart Exclusive]
Stand to receive a Apple MacBook Air 15-inch M2 Chip 256GB (worth S$1,899) or a Google Pixel 8 Pro, 128GB (worth S$1,549) or a Sony PlayStation®5 Disc Console (worth S$799) when you sign up through MoneySmart and meet the eligibility criteria! T&Cs apply.
PLUS receive up to S$350 Cash Credit from UOB when you are the first 200 new-to-UOB customers who successfully apply for an eligible UOB Credit Card and spend a min. of S$1,000 per month, for 2 consecutive months from the card approval date. T&Cs apply.
Valid until 30 Nov 2023
More Details
Key Features
Enjoy first year fee waiver and subsequently no annual fee with 3 transactions monthly
Up to 2.5% p.a. interest with your UOB One Account when you spend on UOB YOLO (Insured up to S$75k by SDIC)
Southeast Asia’s first bio-sourced card with a suite of sustainable deals
At MoneySmart, we strive to keep our information accurate and up to date. This information may be different from what you see when you visit a financial institution, service provider, or specific product site. MoneySmart shall not be liable to compensate the Customer should the information is not as updated as our Partner.
Finally, you can also opt for the (women-only) UOB Lady’s Card to get rewards points in your choice of spending category. The categories are beauty and wellness, fashion, travel, family (including groceries), entertainment, and transport. With the UOB Lady’s Card, you earn rewards in UNI$ which you’ll have to convert later.
MoneySmart Exclusive
Get 15X UNI$ per S$5 spent | LUCKY DRAW
UOB Lady's Card
MoneySmart Exclusive:
[MoneySmart Exclusive]
Stand to receive a Apple MacBook Air 15-inch M2 Chip 256GB (worth S$1,899) or a Google Pixel 8 Pro, 128GB (worth S$1,549) or a Sony PlayStation®5 Disc Console (worth S$799) when you sign up through MoneySmart and meet the eligibility criteria! T&Cs apply.
PLUS receive up to S$350 Cash Credit from UOB when you are the first 200 new-to-UOB customers who successfully apply for an eligible UOB Credit Card and spend a min. of S$1,000 per month, for 2 consecutive months from the card approval date. T&Cs apply.
Valid until 30 Nov 2023
More Details
Key Features
15X UNI$ per S$5 spent (equivalent to 6 miles per S$1) on your preferred category with no min. spend required.
Flexibility to change your Preferred Category(ies) Spending every quarter.
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
At MoneySmart, we strive to keep our information accurate and up to date. This information may be different from what you see when you visit a financial institution, service provider, or specific product site. MoneySmart shall not be liable to compensate the Customer should the information is not as updated as our Partner.
If you prefer a more direct cashback mechanic, the UOB One Card and the UOB EVOL Card would be better options.
5. OCBC 360 vs UOB One account—which is better?
The UOB One account’s “rival” is the OCBC 360 account, which is quite similar in that it also doesn’t come with salary crediting as a pre-requisite in order to earn bonus interest. Its highest interest rate tier is 7.65%, which is pretty competitive compared to the UOB One Account.
OCBC 360 Account
More Details
Key Features
Minimum salary credit of S$1,800 via GIRO
OCBC 360 is a savings account with a base interest rate of 0.05% per annum on the account’s balance
You enjoy bonus interest rates when you credit your monthly salary, meet certain deposit amounts such as S$500 monthly increases or S$200,000 total balance, purchase insurance, or invest with OCBC
Increase your OCBC 360 account savings balance by S$500 monthly to enjoy 0.10% bonus interest on the first S$25,000, followed by 0.20% bonus interest for the next S$25,000, and 0.40% bonus interest for the third S$25,000
If your account balance is above S$200,000, you enjoy an additional 0.40% on your first S$75,000 deposited
You start with the same 0.05% base interest and then earn extra interest depending on what actions you complete that month. Let’s look at the bonus interest for the lowest tier of savings (your first $75,000):
OCBC 360 action | Bonus interest |
Salary credit (min. $1,800) | 2.0% p.a. |
Increase account balance (min. $500) | 1.2% p.a. |
Credit card spend (min. $500) | 0.6% p.a. |
Selected insurance (min. $2,000 annual premium) | 1.2% p.a. |
Selected investments (min. $20,000) | 1.2% p.a. |
The OCBC 360 account is better for salaried workers as you get 2.0% bonus interest p.a. on your savings just for salary crediting (no minimum credit card spend). Conversely, you’d need to hit both salary credit and $500 credit card spend to get bonus interest of 3.85% to 4.85% p.a. on your first $75,000 with UOB One.
But! The UOB One account is the definite winner for non-salaried workers assuming you have no problem hitting the credit card spending + bill payment requirements. It’ll give you an EIR of 3% p.a. on your first $75,000 for meeting these criteria.
With the OCBC 360, it’s going to be tricky to earn bonus interest without salary credit. Basically, your only recourse is to buy OCBC’s investment or insurance products, and we wouldn’t recommend making such big decisions just for bonus interest.
6. UOB One vs DBS Multiplier account—which is better?
The DBS Multiplier account is certainly a viable alternative to UOB One if you’re a salaried worker.
High Interest Rates
DBS Multiplier Account
More Details
Key Features
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
Unlike the UOB One Account, crediting your income is a compulsory criteria for you to earn bonus interest. Then, you need to perform 1 to 3 extra transactions of different categories to earn bonus interest: credit card spending, home loan, insurance, or investment.
Here’s a quick look at the interest you can get with these actions.
Total monthly transactions | Income + 1 category | Income + 2 categories | Income + 3 categories |
First $50,000 | First $100,000 | First $100,000 | |
$500 to $14,999 | 1.80% | 2.10% | 2.40% |
$15,000 to $29,999 | 1.90% | 2.20% | 2.50% |
$30,000 and up | 2.20% | 3.00% | 4.10% |
If you ask us, the lowest-hanging fruit are credit card spending and home loan instalments.
At the moment, this makes the DBS Multiplier better for salaried workers. You can earn higher interest of up to 2.20% p.a. and up with salary credit + credit card spending (no minimum spend required!).
If you care to refinance your home loan with DBS, then it’s a no-brainer as you’ll be getting extra interest on top of potentially saving on your mortgage payments.
However, if you’re a freelancer, self-employed person, retiree, etc. it is much easier to stick with the UOB One account.
Already made up your mind on opening up a UOB One account? You can read more about and open a UOB One account here.
Know anyone who should get the UOB One account? Share this article with them.
The post UOB One Account: UOB Savings Account Review 2023 appeared first on the MoneySmart blog.
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