UOB increases interest rates for savings accounts
Singapore. UOB is set to increase the interest rates for its flagship savings account, UOB One, starting on 1 September 2022. UOB is the latest local bank to offer raised interest rates in Singapore next to OCBC, DBS, and recently, Hong Leong Finance.
Considered the third largest bank in Singapore, UOB’s goal for the increase is to help customers decrease the impact of inflation on their hard-earned savings.
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UOB One offers tiered interest rates depending on the account balance, credit/debit minimum spend, GIRO transactions made, and salary credited to the account.
The latest interest rate increase will allow account holders to earn as much as 3.6% interest rate annually on balances above S$75,000 and S$100,000, provided they meet other requirements.
Take a look at UOB’s requirements for the new interest rate below.
| Minimum S$500 card spend | Minimum S$500 card spend + 3 GIRO Transactions | Minimum S$500 card spend + minimum S$1,600 salary | |
|---|---|---|---|
| First S$15,000 | 0.25% | 0.75% | 1.4% |
| Next S$15,000 | 0.25% | 0.80% | 1.4% |
| Next S$15,000 | 0.25% | 0.85% | 1.5% |
| Next S$15,000 | 0.25% | 0.90% | 1.5% |
| Next S$15,000 | 0.25% | 2.5% | 2.5% |
| Next S$25,000 | 0.05% | 0.05% | 3.6% |
According to UOB, customers can track their card spending, GIRO transactions, and salary credited through the bank app.
“The (app’s) tracker helps customers to optimise their banking transactions to earn more interest on their UOB One Account balances. We also serve our customers Insights card to alert them on how they can reach the next level and earn more interest,” stated UOB head of group personal financial services Jacquelyn Tan, adding that UOB wants to ensure that its customers can achieve the best possible interest rates available to them.
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