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UOB slashes interest rates for the One Account, introduces two new tiers

Customers of the UOB One account will earn lower interest rates between three to six per cent on their first S$150,000 effective 1 May 2024.

People walk in front of an United Overseas Bank (UOB) branch in the Raffles Place financial district in Singapore, illustrating a story on UOB slashing the interest rates for its flagship One account.
UOB will be slashing the interest rates for its flagship One account effective 1 May 2024. (PHOTO: Getty) (ROSLAN RAHMAN via Getty Images)

SINGAPORE — UOB will reduce interest rates for its flagship UOB One account effective 1 May 2024, the bank announced to its customers on Monday (1 April).

The bank said that the revision of interest rates is done to "align with long-term interest rate environment expectations".

The revision of interest rates for the UOB One account will soon see customers earn tiered rates of between 3.0 to 4.5 per cent on the first S$100,000 account balance. Currently, UOB One customers earn much higher interest rates of between 3.85 to 7.8 per cent on their first S$100,000.

UOB added that all existing qualifying criteria, such as making a minimum spend of S$500 per month on eligible UOB cards and crediting salary (minimum S$1,600) to the account for each calendar month, remain unchanged.

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The bank also introduced two new balance tiers, increasing the maximum bonus interest-earning balance from S$100,000 to S$150,000. Account balances between S$100,001 to S$125,000 will earn an interest rate of 4.5 per cent, while account balances between S$125,001 to S$150,000 will earn an interest rate of 6.0 per cent.

UOB One account revised interest rates and balance tiers.
UOB One account revised interest rates and balance tiers. (IMAGE: UOB) (UOB)

Account balances above S$150,000 will earn an interest rate of 0.05 per cent.

With these changes, UOB said that customers of the One account can now earn up to S$6,000 of total interest in a year for deposits of S$150,000 when they meet the minimum spend and salary crediting criteria.

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