UOB recently made the hoo-ha with their new (up to) 7.8% interest rate on savings in their UOB One Account.
Of course, a lot of people saw straight through the marketing gimmick of their high-interest rates and started flaming it online.
We are not going to comment on the mechanics used to gather eyeballs and attention.
We are going to show below what the real effective interest rates we savers are going to get from UOB One Account, removing all the marketing gimmicks and fluff.
Recommended Read: What I Learnt During My 1-Year SGUnited Traineeship - Part 1
1. Conditions for Higher Interest
Conditions:
A) Spend min. $500 (calendar month) on eligible UOB card
B) Make 3 GIRO debit transactions (calendar month)
C) Credit your salary (min. $1600) to your UOB account
We did the math and plot the interest rates you are actually going to be getting on a graph for your easy reference.
If you are interested in the math/data/calculation we used or wish to double-check against our calculations (which we really welcome since it allows us to make this story more accurate), we have attached the Google Sheet doc here.
Recommended Read: Why You Should Max Your CPF Retirement Sum Early
2. Conclusion
As you can see from the graph, the maximum interest rate one can get from UOB One Account is 5%, when a minimum of $1600.00 salary is credited into the account, spent $500.00 on any eligible UOB cards, and have a bank balance of $100,000.
So if you hit any of the criteria at the top that makes you eligible for higher interest on your savings than your current bank, you might want to consider opening the UOB One Account, credit the salary in, and focus all the spending with the UOB cards.
PS*: this is not financial advise
PPS*: only consider making the switch if your current bank is not paying you better interest rates than UOB. If your bank is paying you better than UOB, stay with your existing bank.
Promos & Referrals
We are starting to build a list of Promos and Referrals for our readers.
Click here to view the full list of Promos and Referrals we have.
Hey You!
If you have a money-related story about you or your relatives' that you want to share, let us know in the comments below or email us at investmentstab@gmail.com.
Alternative, you could fill in the form below for us to contact you.
Story Form
Dear Reader!
As we progress towards the next phase of our journey, we would like to find out what would make you like us even more.
We hope you could help us fill in a short survey of 8 questions (4 of them are MCQs) so that we can help tailor our content to you.
Survey
Remember to offer your opinions. If you don't put your two cents in, how can you expect to get change?
Follow us on Facebook and Instagram for more timely updates about finance-related articles and memes! 😁
Subscribe to our newsletter too in case social media platforms decide to stop showing you our content.
Have feedback? Tell us now!