This post was written in collaboration with UOB. While we are financially compensated by them, we nonetheless strive to maintain our editorial integrity and review products with the same objective lens. We are committed to providing the best recommendations and advice in order for you to make personal financial decisions with confidence. You can view our Editorial Guidelines here.
It might seem like forever since you left your home for an extended period of time, but as Singaporeans prepare for a near future where spending more time at home becomes a norm, one of the realities that many people have had to face is a significant increase in their utility bill in recent months.
The Covid-19 situation has significantly impacted the way we live and work, and coupled with our weather which goes from a range of hot to microwave oven, it’s no wonder that electricity consumption rates have gone up at home. That doesn’t mean, however, that there aren’t ways to save money on your utility bill.
With the Open Energy Market (OEM) now in full swing, consumers have many choices on which retailers to get their electricity from and there are significant savings to be had, as you will see later.
However, understanding and calculating which plan works best for you, and comparing what’s on the market, is still a big hurdle that has stopped many people from getting the savings that are available.
Here’s how the UOB Utility Marketplace can help you make better choices
The UOB Utility Marketplace was created with the goal of making it simple for everyone to make the best choices for their utility providers. What this means is that on top of being able to compare plans from different electricity providers, you can also look at offers available for water, gas, broadband and even TV, all in one platform.
Today, the UOB Utility Marketplace has grown even larger with 2 more electricity providers on board. With the widest network of utility providers, there is a selection of 12 providers to choose from with up to 32% savings depending on the plan you choose. Here’s a list of the providers:
Instead of having to comb through each utility provider’s website individually and liaising with a multitude of customer service officers, the UOB Utility Marketplace provides a one-stop shop for all your home utility needs.
With the UOB Utility Marketplace Electricity Price Plan Recommender, you can also get a view on the total estimated savings you can enjoy based on your chosen type of price plan and duration. You can also view the sign-up offers for comparison between the retailers as well as the incentive you get from UOB Credit Cards. You are then directly linked to the retailer’s page to sign up for your chosen plan.
Just click on the purple tab on the right of the page and fill in the details in the pop-up box. The platform then recommends the best plans for you, eliminating all those which are not relevant.
Even though you might have plenty of time at home to surf the web and find out all this information individually, it goes without saying that it’s much easier having one platform where you can compare different electricity plans at a glance.
And on top of that, you’re also able to get information about Singapore Power and Singtel as well, which also does include bundle offers for home broadband and TV, as well as Mobile deals, in the case of Singtel.
As an additional benefit, users who are looking for information on Home Loans, either to refinance or get a new one, can also do that on this portal too.
With the offers they are able to provide from their partners, together with ongoing tactical promotions, you could be saving up to 32% on your utility bill, which is a significant amount!
Save more with the UOB Utility Marketplace
One ongoing promotion that makes signing up through UOB that much sweeter is the S$10 rebate* for the first 2,000 customers who charge their utility bill payment to UOB Cards for 3 consecutive months.
SMS registration is required so just simply SMS RBP<space>8-digits mobile number (registered with UOB for one-time password) to 77862 to register by the 31 July 2020 deadline.
Just remember that even while you are saving money, you can still earn rebates, miles or rewards points when you charge your utility bills to your UOB Credit Card.
All in all, our take is that given how much you can save by switching to any electricity retailer, it’s pretty much a no-brainer to make that switch. However, figuring out which plan suits you best can still be quite a headache if you have to figure it all out on your own.
That’s really where the UOB Utility Marketplace can help to solve that problem, whilst at the same time giving you more options on how to save on your utilities with additional offers.
To find out more about the UOB Utility Marketplace, and the promotion Terms and Conditions, click here.
Customers who don’t have a UOB Credit Card can sign up for one here to start enjoying these offers.
Have you switched electricity providers yet? Tell us why or why not in the comments!