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 terms and conditions for the UOB One account will be revised. This article reflects the new terms and conditions (effective 1 August 2020). Its last revision was in May 2020.

UOB logo
Base Interest Rate p.a.
Max. Interest Rate p.a.
Min. Balance


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? Come 1 August 2020, the maximum interest rate you can earn will be revised down to 2.5% p.a. from 3.68% p.a. 

But this is just 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 as of 1 August 2020: 

Account balance Credit card spend Credit card spend + salary credit OR bill payments
First $15,000 0.25% p.a. 0.75% p.a.
$15,001 to $30,000 0.25% p.a. 0.85% p.a.
$30,001 to $45,000 0.25% p.a. 0.90% p.a.
$45,001 to $60,000 0.25% p.a. 1.0% p.a.
$60,001 to $75,000 0.25% p.a. 2.5% p.a.
Above $75,000                         0.05% p.a.  0.05% p.a. 

With these rates, if you have a $15,000 balance in your UOB One Account, your maximum interest earned will be $112.50 p.a., $240 for those with $30,000 and $375 if you have $45,000.

If your account balance is S$75,000, you’ll receive an average interest of S$75 per month when you meet BOTH criteria of minimum S$500 card spend AND minimum of S$2,000 salary credit, OR 3 GIRO debit transactions in each calendar month. 

If you can’t meet the GIRO debit requirements, just spend a minimum of $500 on UOB credit cards, you can still get 0.25% p.a. interest.

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 (0.25% p.a.)
  • Credit card spend + salary credit (0.75% p.a. and up)
  • Credit card spend + 3 GIRO payments (0.75% 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 at least $500 on a UOB credit card, that is. Sure, you’ll only earn 0.25% p.a. but that’s better than the basic 0.05% p.a..

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 0.25% p.a. even if your account balance is less than $15,000.

You can hit the next level of interest of 0.85% p.a. once your account balance is more than $15,000, so that’s an incentive for you to save more.

Credit card spend + GIRO payments: Those who don’t have a regular salary will also find it pretty easy to attain the 0.75% p.a. Interest even when their account balances are less than $15,000).  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 0.25% or 0.75% 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
Rebate on Dairy Farm Group, Grab, SP and more
Up to 10%
Rebate Cap per quarter
Min. Spend per month

The best way to utilise the UOB One card is to make 5 purchases that amount to $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 as you can get up to 8% cash back. Enjoy up to 3.68% of interest rates p.a. for your UOB One Account. 

UOB logo
on Online, Grab, Dining and Entertainment spend
Up to 18%
Cash Back Cap per month
Up to S$80
Min. Spend per month

Read our 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
Base Interest Rate p.a.
Max. Interest Rate p.a.
Min. Balance

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:

  • Initial deposit of $1,000
  • Minimum average daily balance for waiver of fall-below fee every month: $3,000
  • Credit your salary of at least $1,800 via GIRO with the transaction description “GIRO-SALARY” into your newly opened OCBC 360 Account within 2 months of opening date.

Here’s a bit more details about the OCBC 360 account. 

For starters, all you need to do is credit at least $1,800 salary each month and you’ll already get 0.6% p.a. with OCBC 360 (assuming your account balance is $35,000 and below), vs. UOB’s 0.25% p.a. if you just perform one action.

You might choose to invest in OCBC wealth products to enjoy another 0.6%, bringing the total to 1.2% p.a. 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
High Interest Rates
Base Interest Rate p.a.
Max. Interest Rate p.a.
Min. Balance

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

That being said, assuming you have a monthly salary of $2,500 and only spend $500 on your credit card every month (with your total account balance at $15,000), the DBS Multiplier gives you interest rates of 0.9% p.a., whereas with UOB One, you can enjoy interest rates of 0.75% p.a.

Winner: DBS Multiplier


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!