Savings Accounts

UOB One Account — UOB Savings Account Review 2020

uob one savings account review 2018

If you’re looking for a day-to-day savings account that will give you more returns than just 0.05% p.a., there are plenty of options available in Singapore. The problem is, most of them require you to jump through hoops, and you ain’t no circus animal.

Surprisingly, the UOB One account is one of the few that won’t give you a headache, even if you have a severe maths allergy. It has a very simple structure and easy-to-attain bonus interest — minimal calculations needed.

Apart from being relatively fuss-free, what else does the UOB One account have to offer? Let’s have a look.

Note: The UOB One account was recently revised. This article reflects the new terms and conditions (effective 1 May 2020).

UOB logo
Min. Rate
0.05% p.a.
Max. Rate
3.88% p.a.
Min. Initial Deposit


What are the UOB One account interest rates?

The UOB One account is like the OCBC 360 and DBS Multiplier — an account that lets you earn pretty decent interest as long as you perform certain actions:

The question is, how much is the interest? Well, according to UOB, the UOB One account offers “up to 3.68% p.a.” interest. 

Hate to break it to ya: It’s an inflated number. If you’re familiar with UOB, this is yet another example of their typical marketing tactics. The ACTUAL interest rate you get depends on your account balance and how many actions you perform.

Here’s the breakdown of the UOB One account interest rates:

Account balance Credit card spend Credit card spend + salary credit (or bill payments)
First $15,000 0.5% p.a. 1.25% p.a.
$15,001 to $30,000 0.5% p.a. 1.3% p.a.
$30,001 to $45,000 0.5% p.a. 1.35% p.a.
$45,001 to $60,000 0.5% p.a. 1.4% p.a.
$60,001 to $75,000 0.5% p.a. 3.68% p.a.

You can also use the handy UOB One account + UOB One card calculator here.

There’s a bonus interest cap of $75,000, after which you can only get the base 0.05% p.a. interest. Fair enough — most people wouldn’t be keeping more than that amount in cash anyway, unless you’re about to make a massive purchase.


Who is the UOB One account suitable for?

Go for it if you hate maths. Compared to many other similar savings accounts in Singapore, the UOB One account is one of the least complicated.

No need to tally up 12 different types of bonus interest. You just need to figure out which camp you’re in:

  • Credit card spend only (0.5% p.a.)
  • Credit card spend + salary credit (1.25% p.a. and up)
  • Credit card spend + bill payments (1.25% p.a. and up)

Credit card only: Are you a freewheeling millennial raking in money from your YouTube channel while living under your parents’ roof?

Not many savings accounts will reward you for bumming around, so the UOB One account is not a bad choice.

… If you can spend $500 on a UOB credit card, that is. Sure, you’ll only earn 0.5% p.a. (as opposed to the 1.5% p.a. offered previously, before May 2020), but it’s better than nothing.

Credit card spend + salary credit: Conventional salaried workers should have no problem at all arranging a recurring salary credit (min. $2,000) and monthly spending on your credit card (min. $500) to hit 1.25% p.a. 

You also can earn a bit more interest once your account balance is more than $15,000, so that’s an incentive for you to save more.

Credit card spend + bill payments: Those who don’t have a regular salary will also find it pretty easy to attain the 1.25% p.a. interest. That’s good news for freelancers, part-timers, retirees, landlords, etc.

You just need to swap the salary credit to GIRO bill payments (min. 3 payments a month). And bills are one thing we’re definitely not short of in Singapore.


UOB One account + UOB One card = true luv?

Wah, I love how UOB spoon feeds their customers by giving their signature bank account and credit card the same name.

Whether you’re on the 0.5% or 1.25% tier, the minimum requirement is to spend $500 a month on a UOB credit card. The best credit card for this purpose is the UOB One card lah, duh.

UOB logo
Cash Back on Grab and Daily Essentials
Up to 10%
Cash Back Cap per quarter
Min. Spend per month
Online Promo: Up to S$230 cash credit when you apply now! Applicable to new-to-card customers only Valid till 30 Jun 2020.

The best way to utilise the UOB One card is to spend exactly $500 a month on it. Do so for 3 months consecutively, and you get a $50 rebate at the end of the quarter.

So, not only do you perform the bare minimum to get bonus interest on your UOB One account, you get an extra 3.33% rebate on top of it.

Alternatively, opt for the UOB YOLO Card. It’s a better option if you spend mostly on dining, entertainment and Grabbing. You get 8% cashback on weekends and 3% on weekdays with a minimum spend of $600.

UOB logo
on Online, Grab, Dining and Entertainment spend
Up to 10%
Cash Back Cap per month
Up to S$80
Min. Spend per month
Online Promo: Up to S$230 cash credit when you apply now! Applicable to new-to-card customers only Valid till 30 Jun 2020.

Read this review of UOB credit cards for more, including the UOB PRVI Miles Card and UOB Lady’s Card.


OCBC 360 vs UOB One account — which is better?

The UOB One account’s “rival” is the OCBC 360 account, which is quite similar in that it also doesn’t require salary crediting in order to earn bonus interest.

OCBC logo
Min. Rate
0.05% p.a.
Max. Rate
3.45% p.a.
Min. Initial Deposit

On top of the base 0.05% p.a. interest, you earn bonus interest on the first $70,000 account balance when you perform these actions:

  • Salary credit of at least $1,800 (1.2% p.a. and up)
  • Spend min. $500 on OCBC credit cards (0.2% p.a. and up)
  • Increase monthly balance (0.2% p.a. and up, plus 1% p.a. on any increment)
  • Insurance or invest with OCBC (0.6% p.a. and up)

The OCBC 360 seems a lot more complex, but it’s much easier to earn over 1.25% p.a. 

For starters, all you need to do is credit at least $1,800 salary each month and you’ll already get 1.25% p.a. with OCBC 360. If you do that AND spend $500 on a credit card (like you would with UOB One), then you’ll earn 1.45% p.a., which is significantly more.

UOB One incentivises you to save up by increasing your savings above $15,000. OCBC 360 does something similar with its “step up bonus” that rewards you with +0.2% p.a.

OCBC 360 also bumps up your interest if you invest/insure, whereas you don’t get a cent from UOB. However, getting that bonus interest is a big commitment — at least $20,000 for an investment.

Winner: OCBC 360


UOB One vs DBS Multiplier account — which is better?

The DBS Multiplier account is aimed at regular office workers, and you need a regular paycheck to get bonus interest. If you’re a freelancer, self-employed person, retiree, etc., this one is out UNLESS you have dividends to credit as “income”. 

DBS logo
Min. Rate
0.05% p.a.
Max. Rate
3.8% p.a.
Min. Initial Deposit

However, if you’re getting a regular paycheck, both the DBS Multiplier and UOB One accounts are legit options.

Just like the OCBC 360, the DBS Multiplier account lets you earn bonus interest by choosing from a wide range of “actions”:

  • Income credit via GIRO (salary or dividend)
  • Spending on DBS/POSB credit cards
  • Investing with DBS/POSB 
  • Buying insurance from DBS/POSB
  • Getting a home loan from DBS/POSB

Right off the bat, DBS Multiplier gives you higher interest rates. With the DBS Multiplier, it’s relatively easy to push your interest beyond 1.4% p.a. Whereas with UOB One, you’re pretty much stuck at 1.25% p.a., unless you plan to save a whole lot of cash.

Winner: DBS Multiplier account


UOB account opening — some important things to know

In all fairness, the UOB One account is a pretty good choice. It may not give you the highest interest rate EVER, but it’s about as “no strings attached” as such savings accounts get.

So if you’re decided to open this UOB savings account, here are some things to know before you do it:

Minimum age: 18 years old

Nationality: Singaporeans, PRs, E-Pass, S-Pass & Dependent Pass holders

Initial deposit: None

Minimum balance (monthly): $1,000

Fall-below fee: $5

Bonus interest cap: $75,000

You can read more about and open a UOB One account here.

Do you have the UOB One account? What do you think of it? Tell us in the comments!


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