UOB Lady’s Savings Account – MoneySmart Review (2020)

UOB Lady's Savings Account provides insurance protection coverage for female medical problems, female cancers

We’re used to seeing all sorts of products marketed at women only, from pink mobile phones to the UOB Lady’s Credit Card. So, the fact that UOB recently launched a Lady’s Savings Account doesn’t come as a surprise.

Unlike the UOB One account, however, the UOB Lady’s Savings Account is not a high interest savings account.

Firstly, some background: before the recent interest rate cuts, the UOB One savings account was one of the more popular high interest saving accounts in Singapore, with an excellent maximum interest rate of 1.85% that was relatively easy to earn.

With the UOB Lady’s Savings Account, it looks like the bank is now moving away from high interest rates as a selling point and appealing to customers with other perks such as female cancer insurance coverage and some medical benefits.

But are these perks attractive enough to justify stashing your cash in a low interest rate account? Let’s find out.

 

How does the UOB Lady’s Savings Account work?

Let’s get to the facts straight away.  The UOB Lady’s Savings Account is not a high interest savings account. They pay out a base interest rate of only 0.05% per annum, which is similar to what you’d get from your basic POSB or DBS savings account.

What it is however, is a savings account that offers complimentary female cancer coverage as well as some medical benefits. The amount of insurance coverage you receive increases based on your account balance.

The initial deposit required is $1,000, and you have to maintain a minimum balance of $1,000 in order to avoid the fall-below fee of $2 per month.

 

UOB Lady’s Savings Account general medical benefits

Here’s a run down of the account’s two key medical benefits apart from insurance:

  • Free yearly health check — You’ll be screened for obesity/blood pressure, cholesterol, diabetes and ovarian cancer marker, and also get a 3 strain flu vaccination.
  • $13 flat-fee standard GP consultations — No more queuing for hours at polyclinics or paying more than $50 for a 5-minute consultation. You and up to four dependents can now visit more than 500 private GPs for just $13 (not including GST).

These healthcare perks are the same no matter how much or how little cash you have in your account.

 

UOB Savings Account cancer insurance

The insurance offered by this account covers six cancers specific to women — breast, cervix uteri, uterus, fallopian tube, vagina/vulva and ovary.

The sum assured rises with your account balance.

Monthly average balance Female cancer insurance sum assured
$10,000 and below $1,000
$10,001 – $25,000 $10,000
$25,001 – $50,000 $25,000
$50,001 – $75,000 $75,000
$75,001 – $100,000 $100,000
> $100,000 $200,000

 

Who is the UOB Lady’s Savings Account suitable for?

Only women aged 16 to 50 can sign up for the account. The insurance protection is valid until the age of 64.

This account could be worthwhile if you already have critical illness protection and want to beef it up with UOB’s free protection. As only six female cancers are covered, it is definitely no substitute for a more comprehensive critical illness plan if you think you need one. It could be useful for those with female cancer risk factors or a family history of these cancers.

Another case for opening this account is if you are simply very health conscious, or have existing health issues and could make full use of their medical benefits. You get the free health screening and $13 GP visits no matter what your account balance is, so if you don’t feel like tying up too much cash here you can just deposit $1,000 in the account, which is the minimum balance you need to avoid the fall-below fee.

Ladies with large families can benefit even more from the account as the $13 GP visits can be enjoyed by up to four other people.

With Covid-19 ongoing, those who sign up can also enjoy complimentary coverage against the virus under Prudential’s PRUCare Package. More details are available on UOB.

So, to summarise, consider signing up for this account if you satisfy one of the following:

  • You want to beef up your existing critical illness protection.
  • You have high risk factors or family history of the six female cancers protected by the plan.
  • You are health conscious or have existing health problems, so you visit GPs often and/or want to take advantage of the free annual health screening.
  • You don’t receive free GP visits (eg. through your employer).
  • You have family members who could benefit from the $13 GP visits.

Our opinion? If you have $1,000 to spare, it might be worthwhile to sign up for this account just to enjoy the cheap GP visits and health screening. But it’s probably not worthwhile to try to deposit as much as you can just for the sake of the insurance, because in order to enjoy meaningful insurance protection you need high amounts of cash which could be better deployed elsewhere.

 

UOB Lady’s Card + Savings Account promotions

When you sign up for both the UOB Lady’s Savings Account and the UOB Lady’s Card, you get the chance to receive $150 worth of cash credit.

To receive this sign up bonus, you must be a new UOB cardmember (so if you already have a UOB card, you’ve lost your chance) and one of the first 800 to apply for the card by 30 June 2020. You must also spend at least $1,500 within 30 days of the credit card’s approval date.