Singapore. On 1 December, UOB raised the interest rates for its flagship savings account, joining other Singaporean banks in another round of interest rate changes as a response to today’s rising rate environment.
UOB One account holders can now earn 7.8% maximum interest per annum on balances between S$75,000 and S$100,000, up from 3.6%.
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The maximum rate will be applied to deposits between the said amount if account holders credit their salary to UOB, and meet a S$500 minimum spend requirement on an eligible debit or credit card.
For balances up to S$75,000, the tiered interest rates were also raised to a range of 3.85% to 4.85%, provided account holders still meet the salary and card spending requirement. This is up from the previous interest rate of 1.4% to 2.5%.
Additionally, those who meet the minimum card spend and perform three GIRO transactions will benefit from higher interest rates.
The change in interest rate is expected to motivate account holders to grow their balance, spend using UOB cards, and do other transactions.
UOB also included salary payments via PayNow as an eligible salary credit.
“We hope that the updated rates for our UOB One Account will help our customers in reducing some of the inflationary impact on their hard-earned savings,” shared Jacquelyn Tan, UOB’s head of group personal financial services
“Together with our highly competitive fixed deposit offerings, we are committed to doing right by our customers by providing a safe haven for them to grow their finances during these turbulent times,” she added.
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Want to calculate your interest rate? Use UOB’s helpful One Account calculator tool here.