UOB One Account Overview:
The UOB One Savings Account is an excellent high-yield savings option, especially for those who can spend S$500 a month and wish to take advantage of high interest rates on S$150K. To begin with, earning UOB One Account’s attractive interest requires meeting two criteria: Spend and Salary Crediting. In fact, the ultimate strategy for this account is to spend on an eligible card to earn credit card rewards while simultaneously earning interest on your savings.
Eligibility Requirement:
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- Minimum Age: 18 years old
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- Initial Deposit: S$1,000
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- Minimum Balance Requirement: S$1,000
Otherwise, it wouldn’t make sense to open this account if you are unable to maintain funds above this requirement, as you would incur a monthly fall-below fee.
How does it work:
You’ll need to fulfill two criterias:
Step 1: Make a minimum monthly credit or debit card spend of S$500 on any of the eligible cards below:
Card | Cashback/Miles |
3.33% cashback with 3 consecutive months of S$500 spend in a quarter. | |
4 miles per dollar on one or two categories | |
3.94% cashback with minimum monthly spend of S$800 | |
UOB One Debit Visa Card | |
UOB One Debit Mastercard | |
UOB Lady’s Debit Card | |
UOB Mighty FX Debit Card |
Personally I chose the UOB One for the lower minimum monthly spend required.
Assuming you had S$30k of savings | UOB One | UOB Evol |
Interest earned on savings monthly: | S$96.25 | S$96.25 |
Minimum card spend for cashback: | S$500 | S$600 |
*Min. Cashback earned on card: | S$16.65 | S$30-40 |
*the cashback earned above is subjective and a conservative amount based on those who probably does not want to track their spending to the nitty gritty.
Step 2: Next, credit a minimum monthly salary of S$1,600 to your account. Alternatively, you don’t need to worry about the GIRO transactions requirement, as there is an easy way to fulfill the salary crediting component (explained in the FAQ below).
FAQs about UOB One Account
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What if I am unable to hit the salary requirement with the UOB One Account?
- Don’t worry if you can’t meet the salary requirement directly. You can just transfer at least S$1,600 via PayNow or FAST from another bank account (except OCBC), tag it as ‘SALARY,’ and UOB will recognise it within two days.
- this will reflect in your bank statement as “SALA” / “PAYNOW SALA”) in each calendar month.
- This method only works for UOB One and does not work for the crediting of salary into OCBC 360.
- In the app, you would be able to easily verify if you have met the requirements by clicking on your One Account under “View Activities” in a day or two.
Below is a sample of how it looks:
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Do AXS payments count towards UOB one Account interest?
No. They do not count towards the S$500 minimum spend to unlock the interest on savings.
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Do insurance payments count towards UOB One Account interest?
YesFor instance, you could combine a UOB Lady’s Card with S$200 in spending and a UOB One Debit Card with S$300 in spending to meet the requirements.
Insurance payments count toward UOB One Account interest only if paid directly through the insurer’s website or in-person via contactless methods (not via AXS). No credit card rewards are earned on these payments.
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Can the minimum S$500 spend be split across multiple eligible cards?
Yes. For instance, you can have one UOB Lady’s card with S$200 spending and UOB One debit card with S$300 spending to meet the requirement.
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Do utility bills count towards UOB One Account interest?
Yes. You can also earn cashback with UOB One Credit or Debit Card if not paid via AXS. However, no cashback is available with UOB EvoCard.
Maximizing UOB One Account’s Benefits
To get the most out of your UOB One Account, consider these tips:
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Combine cards for spending: Use different cards to meet the S$500 requirement without overspending.
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Pay bills with eligible cards: Cover your monthly bills with eligible cards to meet the spending requirement while earning interest.
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Track your spending: Use UOB’s app to keep track of your spending and salary crediting, ensuring you meet the requirements on time each month.
Why Choose UOB One Account?
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High interest rates: The account offers one of the best interest rates in Singapore for savings up to S$150K.
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Flexible spending: You can meet the minimum spend requirement with various eligible cards, giving you flexibility in how you manage your spending.
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No worries about GIRO: If you can’t meet the salary crediting requirement directly, you can fulfill it easily through PayNow or FAST transfers, making the account more accessible to a wider range of people.
💳 Credit cards change their T&Cs every so often and it is difficult to stay updated. That’s why I created a Telegram Broadcast where you can receive timely bite-sized updates to get the most out of your spending.
💡 We believe in always paying our credit card bills on time and in full. It is only by doing that, can we fully maximise our credit card benefits.
