UOB One Account Review

UOB One Account Review
Table of Contents

The UOB One Account stands out in the world of savings accounts by offering exceptionally high interest rates of up to 7.8% p.a., making it an attractive option for those aiming to significantly grow their savings. This review will unpack the unique features and substantial benefits of the UOB One Account, emphasising how its tiered interest rate system can maximise your financial returns. 

Join me as I explore how this account can align with your financial aspirations and potentially be the perfect match for your economic objectives. 


What is a UOB One account? 

It is a high-interest savings account offered by the United Overseas Bank (UOB), a major financial institution in Singapore. Designed to maximise the returns on your savings, it provides tiered interest rates that increase with higher balances and more frequent banking transactions. 

For example, account holders can earn up to 3.85% p.a. on their first S$30,000 by meeting specific criteria such as spending a minimum of $500 per month on a UOB credit or debit card and either crediting a salary of at least $1,600 or making at least three GIRO transactions monthly. Returns continue to grow up to an eye-watering 7.8% via a tiered-interest mechanism.

This structure not only enhances savings growth but also encourages active financial management.

Account Balance Interest Rates (Until Apr 30, 2024) Interest Rates (From May 1, 2024)
First $30,000 3.85% 3.00%
Next $30,000 3.90% 3.00%
Next $15,000 4.85% 3.00%
Next $25,000 7.80% 4.50%
Next $25,000 0.05% 4.50%
Next $25,000 0.05% 6.00%
Above $150,000 0.05% 0.05%

Encouraging Higher Balances

It offers tiered interest rates to encourage higher account balances, making it a compelling option for maximising savings. The more you save, the higher the interest rate you receive, up to a specified limit. This encourages customers to consolidate funds and maintain a robust balance to optimise earnings.

Promoting Regular Transactions

This account is designed to be an integral part of your daily financial activities, rewarding regular transactions like bill payments, direct debits, and credit card usage. This integration encourages you to use the account for both savings and everyday spending, enhancing interest earnings and maximising the benefits of your banking activities.

Tiered Interest Rates Based on Activity

There are tiered interest rates that vary with your monthly activities. Achieving higher rates requires maintaining a minimum balance and meeting transaction targets, promoting active use of the account for effective financial management.

Designed for Diverse Financial Needs

The account is adaptable for various customers, from those who prefer simple financial management to those actively seeking to enhance their returns. It rewards customers who align their spending and saving habits with the criteria to maximise interest earnings.

Source: www.uob.com.sg

What Are the New UOB One Account Interest Rates From 1 May 2024?

Effective from 1 May 2024, UOB has revised the interest rate structure of its popular UOB One Account. I have gathered the relevant data in the following table:

Account Balance Meet Card Spend of min. S$500 (calendar month) Meet Card Spend of min. S$500 AND make 3 GIRO debit transactions Meet Card Spend of min. S$500 AND credit salary
First S$30,000 0.65% 2.00% 3.00%
Next S$30,000 0.65% 2.00% 3.00%
Next S$15,000 0.65% 2.00% 3.00%
Next S$25,000 0.05% 3.00% 4.50%
Next S$25,000 0.05% 3.00% 4.50%
Next S$25,000 0.05% 0.05% 6.00%
Above S$150,000 0.05% 0.05% 0.05%

What Are the UOB One Account’s Bonus Interest Requirements? 

To benefit from the bonus interest rates, which are higher than the standard rates, account holders are required to meet certain criteria, which are described below.

Minimum Card Spend 

The minimum card spend requirement to unlock higher interest tiers is S$500 per calendar month on eligible UOB cards. Meeting this spend allows account holders to access increased savings interest rates of up to 7.8%.

Number of Transactions

In addition to the minimum card spend, the number of transactions made during each statement period also plays a crucial role in determining eligibility for higher interest rates. By making 3 GIRO payments monthly, you will be eligible to earn up to 7.8% interest on your balance. Alternatively, you can credit your salary of at least $1,600 monthly to fulfil this requirement. 

Strategic Use

To maximise your benefits, strategically use the account for all your financial transactions. Set up automatic bill payments for utilities and subscriptions to ensure regular transactions each month. Additionally, consolidate all possible expenditures onto the UOB credit card linked to your account to effortlessly meet the minimum spend requirement of S$500 per month. This approach not only simplifies financial management but also ensures you meet the criteria for higher interest rates without extra effort.  

Monitoring and Managing

UOB provides tools and resources through its online and mobile banking platforms to help customers monitor their spending and transaction counts easily. By keeping a close eye on their account activity, customers can ensure they are on track to meet the bonus criteria each month, adjusting their spending habits as necessary to maximise their interest earnings.


UOB One Account Effective Interest Rates 

The greatest tier of interest returns are offered to customers who spend a minimum of $500 on eligible UOB cards and credit their salary via GIRO (General Interbank Recurring Order). For context, GIRO is an automated payment service that facilitates recurring bank transfers for regular transactions like bill payments and salary deposits. 

The following table illustrates the effective interest rates after 1 May 2024.

Balance S$500/month on credit card S$500/month on credit card + 3 GIRO transactions S$500/month on credit card + salary via GIRO/PayNow
S$30,000 0.65% 2.00% 3.00%
S$60,000 0.65% 2.00% 3.00%
S$75,000 0.65% 2.00% 3.00%
S$100,000 0.50% 2.25% 3.38%
S$125,000 0.41% 2.40% 3.60%

To calculate your effective interest rate, visit the UOB One Account page and scroll down to use the One Account calculator.

Source: www.uob.com.sg

Minimum Balance, Fall Below Fee & More

Here are the requirements for maintaining your account.

Detail Requirement
Minimum Initial Deposit S$1,000
Minimum Average Daily Balance S$1,000
Fall Below Fee S$2 (Waived for accounts with balances above S$1,000)

Salary and Spending Requirements

Requirement Details
Monthly Salary Credit At least S$1,600 credited to the account
Total Monthly Spending At least S$500 spent using linked UOB cards

Meeting these criteria effectively integrates your regular income and spending activities with your savings strategy, simplifying financial management and boosting the growth of your savings.  

What are the benefits of the UOB One Account?  

Here are the benefits of the account, detailed with figures and facts where applicable:

  • Increased Interest Rates: Earn up to 3.85% p.a. on your first S$30,000 by spending a minimum of S$500 on eligible UOB cards and crediting your salary via GIRO. Interest rates can reach up to 7.8% p.a. for accounts with balances exceeding $75,000.
  • Flexibility: Suitable as either your primary or secondary savings account, catering to your banking preferences.
  • Competitive Foreign Exchange Rates: Benefit from favourable rates, ideal for frequent travellers and international transactions.
  • Integration with UOB One Card: Link with the UOB One Card for up to 10% cashback on daily expenses such as groceries and transport, enhancing your financial benefits.

UOB One Account Customer Reviews

As usual, I scrutinised the reviews and ratings on this one from UOB Bank. As of April 2024, the rating on Seedly is 4.3 out of 5, a score based on 85 reviews.

Source: seedly.sg

Here is a summary of the customer reviews I found on the Seedly portal:

1. The UOB One Account is highly regarded for its high-interest rates, making it an excellent choice for salary crediting and savings, especially for users seeking low-risk investment options.

2. Users appreciate the hassle-free nature of opening an account and the stability of online banking services. The customer service provided by UOB is praised for its superb level, with prompt and helpful assistance. Although the ATM network may be less extensive, the account's simplicity and high-interest rates make it an attractive option. Customers highlight the convenience of meeting criteria for high interest rates, such as monthly spending or salary crediting, with the UOB One Card. However, the online banking interface and mobile app are noted to be less advanced compared to competitors like OCBC or DBS.

Source: seedly.sg

3. Some users express satisfaction with the UOB One Account's app and web portal, having used it for over four years and intending to continue using it for current and savings accounts.

4. The UOB One Credit Card is praised for providing additional benefits, such as cashback rewards for online transactions, including shopping on platforms like Shopee and Lazada.

Source: seedly.sg

Overall, the UOB One Account receives positive feedback for its high-interest rates, ease of use, and additional benefits.

UOB One Account vs Other Bank Accounts

When choosing a bank account that best fits your financial needs and goals, it's essential to compare the features and benefits of various options available in the market. To provide a clearer perspective, we compare the UOB One Account against two other prominent options: the DBS Multiplier Account and the OCBC 360 Account.  

Comparison Against the DBS Multiplier Account

Source: www.dbs.com.sg

The DBS Multiplier Account differs primarily in how it structures its interest rates based on the total monthly transactions, including salary, credit, investments, and insurance. It potentially offers higher interest for those who aggregate more financial activities.

Feature UOB One Account DBS Multiplier Account
Interest Rate Structure Based on spending and balance Based on total transaction volume and balance
Maximum Interest Rate 7.8% Up to 4.1%
Required Transactions Credit card spending, salary credit Credit card, investment, insurance, salary credit

Comparison Against the OCBC 360 Account

Source: www.ocbc.com

Like the UOB One, the OCBC 360 account rewards customers for various banking activities but includes additional bonuses for investment and insurance activities.

Feature UOB One Account OCBC 360 Account
Interest Rate Structure Based on spending and balance Based on banking activities
Maximum Interest Rate 7.8% Up to 4.65%
Required Transactions Credit card spending, salary credit Credit card, salary, insurance, investment

Who is the Account Suitable for?

It is ideal for individuals who meet regular monthly spending and deposit requirements. It is perfect for consistent spenders and savers looking to maximise their interest earnings without resorting to higher-risk investments. This account is available to Singaporeans and Permanent Residents. If you are a foreigner and wish to open an account, you will have to hold a valid work permit or employment pass. 


How do I Apply for the UOB One Account?  

Here is a step-by-step guide on how to apply for an account:

1. Choose Your Application Method:

  • Apply online through the UOB website.
  • Visit any UOB branch.
  • Use the UOB mobile banking app to start your application.

2. Prepare the Required Documents:

  • A valid identification document (E.g. NRIC for Singaporeans and PRs, passport for foreigners).
  • Proof of address if your ID does not contain it (e.g., recent utility bill, bank statement).
  • Employment Pass or S Pass (for non-Singaporeans/PRs, if applicable).

3. Complete the Application Form:

  • Fill out the application form provided online, at the branch, or through the mobile app. 
  • Ensure all information is accurate and complete.

4. Submit Your Application:

  • If applying online or via the app, upload the required documents.
  • If applying in a branch, bring your documents for verification.

5. Await Activation:

  • Once your application is reviewed and approved, UOB will activate your account.
  • You will receive a notification once your account is ready to use.  

Which is Better for Increasing Wealth, UOB One Account or Kilde?

Kilde is a regulated investment platform that connects family offices, funds, and accredited investors to private credit deals in developed and emerging markets. Licensed by the Monetary Authority of Singapore, Kilde offers senior secured loans from robustly capitalised lending companies. With terms ranging from 12 to 36 months, these investments come with monthly coupons and early redemption options, boasting a 0.0% default rate and up to 13.5% annual returns, which significantly outpace similar risk investments typically yielding around 8%.

While the UOB One Account offers stable interest returns for savers, I believe that Kilde presents investment opportunities that might yield higher returns, albeit with different risk profiles.

Option UOB One Account Kilde
Risk Low Varies
Return Up to 7.8% p.a. Up to 13.5% p.a.
Suitability Savers Investors looking for higher returns
Eligibility Singaporeans and PRs. Foreigners must have a valid work permit or employment pass. Generally accessible, but specific requirements may vary based on investment type and investor location

Both the UOB One Account and Kilde provide distinct financial advantages tailored to different investor needs and risk appetites. It is ideal for individuals seeking a secure, low-risk savings mechanism that offers consistent but modest interest returns. I think that this is especially suitable for those who prefer a hands-off approach to saving, where maintaining balance and transaction levels can yield steady benefits.


On the other hand, Kilde represents an attractive option for accredited investors aiming for higher returns through private credit deals. With its robust vetting processes, zero default rate, and the potential for significantly higher yields than traditional savings accounts, Kilde is well-suited for those willing to engage with slightly higher risks for greater financial rewards.

Ultimately, choosing between the two depends on your financial goals, risk tolerance, and the degree of active management you wish to have over your investments. Both platforms have their merits and can play a crucial role in a diversified investment strategy, ensuring that whether you are building savings securely or seeking lucrative investment opportunities, you have options that align with your financial aspirations.


  1. https://www.ocbc.com/personal-banking/deposits/360-savings-account
  2. https://www.dbs.com.sg/personal/deposits/bank-earn/multiplier
  3. https://www.uob.com.sg/personal/save/everyday-accounts/one-account.page
  4. https://seedly.sg/reviews/savings-accounts/uob-one-account/

*KILDE PTE LTD (“Kilde”) is incorporated in Singapore (registration no. 201929587K) is licenced and regulated by the Monetary Authority Singapore and holds a Capital Markets Services Licence (CMS101016) and an Exempted Financial Advisor License under the Financial Adviser Act. The information provided in this marketing material is intended for “accredited investors” and “institutional investors” (collectively “qualified persons”) only. This marketing material, and any information in this marketing material, or any documentation that Kilde provides in relation to this marketing material is provided without any representation or any kind of warranties whatsoever (whether express or implied by law).

This advertisement has not been reviewed by the Monetary Authority of Singapore.

The views expressed in this blog post are solely my personal opinions and do not constitute professional financial advice. I am simply sharing my opinions with no guarantee of accuracy or completeness. No reader should make decisions based solely on the contents of this blog post. Readers should consult their own financial advisor before making any investment decisions. Neither the author of this blog post, Kilde, nor its employees will be held liable for any financial losses or damages that may result from the use of the information contained herein. Investing contains risks, including total loss of capital. Past performance does not guarantee future returns. Please conduct your own research before investing.

Radek Jezbera
Founder & co-CEO of KILDE, a regulated platform for alternative investments.

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Radek Jezbera
Founder & co-CEO of KILDE, a regulated platform for alternative investments.


Can I use the UOB account for bill payments?

Yes, it can be used for automated bill payments, including utilities, credit cards, and other recurring expenses. This feature not only simplifies your financial management by consolidating your payments but also helps you meet the transaction requirements necessary to qualify for bonus interest rates.

Is there a limit to the interest I can earn with UOB One Account?

Yes, the higher bonus interest rates are capped for balances up to S$100,000 at 7.8% p.a. Interest earned on any amount above this threshold will accrue at a lower, standard base rate.

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