Last updated: February 2024

Key Takeaways

• UOB One Account offers tiered interest rates based on credit card spend and salary crediting.
• Requires minimum spend and account balance to maximize interest earnings.
• Attractive for consistent spenders with a steady income.
• Fall-below fee applies if minimum balance isn’t maintained.

Introduction

Discover the UOB One Account: a savings solution rewarding disciplined spenders with attractive interest rates in Singapore’s competitive banking landscape.

Question: How does the UOB One Account benefit savers in Singapore?
Answer: The UOB One Account benefits savers by providing higher interest rates for those who meet specific monthly criteria, such as a minimum credit card spend and salary crediting. It’s designed for individuals with regular income and spending patterns, offering a tiered interest structure that incentivizes the use of UOB’s financial services. However, maintaining a minimum account balance is essential to avoid fall-below fees and maximize interest earnings.

I recently took a closer look at the UOB One Account, a popular savings account option among individuals residing in Singapore who seek to optimise their earnings on their deposits. Designed primarily as a tiered interest savings account, the UOB One Account incentivises its users with higher interest rates based on the account holder’s ability to meet certain monthly criteria, including credit card spend and salary crediting.

My analysis found that the UOB One Account could be particularly appealing to those with a steady flow of income and the consistent ability to meet the monthly spending requirements via UOB credit cards. The interest rate structure is crucial, as it dictates the potential returns one could earn. This structured approach encourages account holders to use UOB as their main bank, integrating their everyday spending and income management within a single financial institution.

However, it’s vital for potential customers to understand the nuances of the account’s terms and conditions. For instance, failing to meet the minimum spend on the linked UOB credit card could result in receiving significantly lower interest on the account’s balance. This makes it imperative for savers to evaluate their financial habits against the account’s requirements to decide if the UOB One Account aligns well with their personal banking needs and spending habits.

Here are some of our top picks on:

• UOB Stash Account Review in Singapore
• Review: UOB Visa Signature Card Singapore
• OCBC 360 Review

Overview of UOB One Account

In my examination of the UOB One Account, I find it a unique savings option designed to cater to various banking needs while offering competitive interest rates.

Account Features

• Multiple Currencies: I observe that it supports transactions in both Singapore Dollars and foreign currencies, offering flexibility for international transactions.
• Accessibility: My account can be easily managed via digital banking services provided for the convenience of customers.
• Card Perks: I enjoy rebates and rewards when using the UOB One debit card linked to the account.

Interest Rate Structure

• Tiered Interest: The interest rate provided is tiered, increasing with the account balance and card spend.
• Bonus Interest: I earn bonus interest by meeting specific requirements, such as credit card spend and salary crediting.

Eligibility Criteria

• Age: I must be at least 18 years old to open a UOB One Account.
• Initial Deposit: A minimum initial deposit of SGD 1,000 is required from me when opening the account.
• Fall-Below Fee: I am mindful of maintaining a minimum average daily balance of SGD 1,000 to avoid a fall-below fee.

Benefits and Advantages

The UOB One Account stands out for its competitive interest rates, appealing cashback programmes, and superior digital banking services.

Tiered Interest Rates

The interest rates for the UOB One Account are structured in tiers, rewarding account holders with higher balances. The more I maintain in my account, the higher the interest rates I can earn.

Account Monthly Average Balance (MAB)	Spend min. S$500 (calendar month) on eligible UOB Card	Spend min. S$500 (calendar month) on eligible UOB Card AND make 3 GIRO debit	Spend min. S$500 on eligible UOB Card AND credit your salary via GIRO
First S$30,000	0.65%	2.50%	3.85%
Next S$30,000	0.65%	3.00%	3.90%
Next S$15,000	0.65%	4.00%	4.85%
Next S$25,000	0.05%	0.05%	7.80%
Above S$100,000	0.05%	0.05%	0.05%

Cashback Programmes

I can benefit from one of the most generous cashback programmes with the UOB One Account. Using UOB Debit/Credit Cards linked to my account:

• Up to 5% cashback on all retail spend
• Additional rebates at selected merchants

Ease of Use and Digital Services

I have found UOB’s digital banking services exceedingly user-friendly. They include:

• Mobile Banking App: Manage my account and transactions 24/7
• UOB Mighty Secure: Authenticate transactions securely with my personal mobile device

Comparison with Other Banks

In this section, I’ll provide a clear comparison of the UOB One Account with similar offerings from DBS and OCBC. These comparisons focus on interest rates, fee structures, and unique features that distinguish each account.

Comparison with DBS Multiplier

The UOB One Account and DBS Multiplier both offer tiered interest rates that increase as customers engage in more financial activities. However, the UOB One Account generally provides higher interest rates for lower account balances lesser than $30k. For instance, I can earn up to 3.85% p.a. on my UOB One Account with a minimum spend of S$500 on my UOB card and credit my salary via GIRO. In contrast, the DBS Multiplier account requires me to credit my salary and engage in another category such as credit card spend, home loan instalment, or investment transactions to start earning up to 2.5% p.a. .

• UOB One Account: Minimum S$500 card spend, credit salary via GIRO.
• DBS Multiplier: No minimum spend; multiple categories for higher rates.

Regarding fees, the UOB One Account has a S$5 monthly fall-below fee if the balance dips below S$1,000, while the DBS Multiplier waives this fee if I’m under the age of 29.

Comparison with OCBC 360

When comparing the UOB One Account with the OCBC 360 account, the main differences lie in the bonus interest conditions. The OCBC 360 account offers bonus interest for salary crediting, saving, spending, and wealth. However, UOB One’s structure is simpler, only requiring credit card spend and GIRO bill payments for maximum interest, which might be more attainable for my financial habits.

• UOB One Account: Up to 3.85% p.a. interest.
• OCBC 360 Account: Different bonus interest rates for various transactions.

The OCBC 360 has a higher fall-below fee of S$15, compared to the UOB One Account’s S$5, but OCBC does offer a fee waiver for balances above S$3,000, which is more lenient compared to UOB One’s S$1,000 threshold.

I find that the UOB One Account is particularly competitive for those who prefer straightforward account management with reasonable requirements to earn higher interest rates.

Fees and Charges

In reviewing the UOB One Account, it is crucial for me to highlight the specific fees and charges you might encounter. Awareness of these fees can help manage your finances effectively.

Minimum Balance Fee

For the UOB One Account, there is no minimum balance fee levied if you maintain a certain balance threshold. However, if your average daily balance falls below S$1,000, you will be charged a monthly fee of S$5. Maintaining the minimum balance is essential to avoid this charge.

Fall-below Fee

Should your account balance fall below S$1,000, you will be subject to a fall-below fee of S$5 per month. It is important for me to note that this fee can be waived for the first month after account opening, for individuals aged below 26 years, or if you hold a UOB One Card.

Overseas Transaction Charges

When making overseas transactions with your UOB One Account, you will incur the following charges:

• For foreign currency transactions, a fee equivalent to 2.8% of the transaction amount, which includes a currency conversion factor of 1%, is applied.
• For withdrawals at overseas ATMs, a fee of S$5 is levied per transaction, in addition to the foreign currency transaction fee.

It is advisable to consider these charges when using your account abroad to avoid unexpected expenses.

Customer Experiences

In my coverage of the UOB One Account in Singapore, I’ve gathered a comprehensive understanding of the user experiences, specifically in terms of the online banking interface and customer service quality.

Online Banking Interface

My interaction with the UOB One Account’s online banking platform reveals a sleek design and a user-friendly experience. The interface allows for easy tracking of transactions and balance management. Relevant features include:

• Quick View: Instant overview of account balances without the need to log in.
• E-Statements: Downloadable monthly statements in PDF, which aid in better record-keeping.

Users report that navigating the transaction history is intuitive, with the ability to filter by date ranges or transaction types enhancing the overall usability.

Customer Service Quality

I have found UOB’s customer service to be competent, with multiple channels accessible for support. Feedback from account holders points towards a satisfactory level of service. Key observations include:

• Contact Options: Customer support is available through phone, email, and in-branch visits.
• Response Times: Phone support generally provides quicker resolutions compared to email correspondence.

Availability of a live chat feature is frequently mentioned as a positive aspect, with users appreciating the immediate assistance for simpler enquiries.

How to Apply for UOB One Account

Applying for the UOB One Account is a straightforward process that I can initiate either online or by visiting a UOB branch. Here are the steps I follow:

Online Application
To apply online, I visit the UOB website and navigate to the One Account page. Here, I can select the ‘Apply Now’ option, which will guide me through the following steps:

1. Eligibility Check
   
   • I confirm that I am at least 18 years of age.
   • I ensure that I have a valid NRIC or Passport.
2. Personal Information
   
   • I fill in my personal details such as my full name, contact information, and employment details.
3. Verification
   
   • I upload the required documents for verification, which typically include a copy of my NRIC or Passport.
4. Review and Submit
   
   • I review all the information for accuracy and completeness.
   • I read and accept the terms and conditions.
   • I submit my application.
5. Funding My Account
   
   • Upon approval, I deposit the minimum required amount to activate my account.

Branch Application
Alternatively, I may visit a UOB branch with the necessary documents:

• Original NRIC or Passport
• Proof of address if my address is not updated in the existing records

At the branch, a bank representative will assist me in filling out the application form and review my documents for verification. Once my application is processed and approved, I will be required to make the initial deposit as a final step to activate my account.

Remember that I must meet the eligibility criteria and provide the required documents for a successful application. It’s also prudent to remain aware of the UOB One Account’s terms to ensure it aligns with my banking needs.

Potential Drawbacks

In my analysis of the UOB One Account, it’s crucial for potential customers to be aware of specific restrictions that affect how they can maximise their returns from the account. I’ll examine the qualifications for interest rates and account services, which are pivotal in understanding this banking product’s limitations.

Interest Rate Conditions

The interest rates for a UOB One Account are tiered and contingent upon meeting certain criteria. To earn a higher interest rate, I must credit a monthly salary of at least S$2,000 through GIRO and make a minimum of S$500 in qualifying transactions with a UOB credit card. Without these transactions, the interest earned will be significantly less. This could be a setback for individuals who do not use credit cards frequently or have inconsistent income streams that prevent them from fulfilling the GIRO requirement.

Account Service Limitations

When it comes to account services, I’ve noted that the UOB One Account imposes limitations on counter transactions. Customers are allotted a limited number of free over-the-counter transactions every month, with a fee charged for subsequent transactions. This might be disadvantageous for customers who prefer in-person banking or require frequent teller assistance. Here’s a quick breakdown:

• Free Transactions: Limited number allowed per month
• Subsequent Transactions: Charged fee per transaction

These service restrictions could be particularly inconvenient for those not well-versed with online banking platforms or for transactions that necessitate in-person assistance.

Conclusion and Final Assessment

In assessing the UOB One Account, I have noted several factors essential for potential users to consider. Interest Rates: The tiered interest rate structure is a standout feature. With the correct balance and card spending, I can maximise my earnings substantially. However, it’s important to meet the criteria to earn the optimum rates.

Fees: The account demands a close eye on the balance to avoid fees. I understand that a minimum monthly average balance is required, and if it’s not met, I incur a fall-below fee.

Usability: UOB’s digital banking platforms have provided me with the necessary tools for convenient banking. The user experience on their mobile app and online banking is seamless and user-friendly.

Requirements: To tap into the full potential of the UOB One Account, I must effectively manage my finances to hit the qualifying thresholds for higher interest. This includes credit card expenditure and salary crediting.

In summary, my meticulous approach to managing finances aligns with the UOB One Account’s structure. It’s suited for individuals who can maintain the balance and meet the spending needs to reap the tiered interest benefits. Those who may not sustain the required balance or spending might find this account less beneficial. As with any financial product, it’s prudent to consider personal spending habits and financial goals before committing.

Read more:

• is the 1-year T-bill Better than the 6-month T-bill and Fixed Deposit?
• How to open a CDP account in Singapore?