The UOB One Account offers a maximum effective interest rate of 3.3% p.a. (as of 1 May 2025), which will further reduce to 2.5% p.a. from 1 September 2025, on balances up to S$150,000.
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.
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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 higher interest by spending at least S$500 on eligible UOB cards and either crediting a salary of S$1,600 or making 3 GIRO debits. As of May 2025, the maximum effective interest is 3.3% p.a. on balances up to S$150,000. From 1 September 2025, this will be reduced to 2.5% p.a.. Balances above S$150,000 earn only 0.05% p.a.
This structure not only enhances savings growth but also encourages active financial management.
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.
Maximise your savings in just two steps
Earn up to 3.3% p.a. (until Aug 2025, reducing to 2.5% p.a. from Sept 2025) when you:
- Spend at least S$500 on an eligible UOB card, and
- Either credit a monthly salary of S$1,600 or make 3 GIRO debit transactions.
Updated UOB One Account Interest Rates as of May 2025
Note: From 1 September 2025, all tiers will be revised downwards, with the maximum effective rate reduced to 2.5% p.a.
UOB Tax Saver Promotion (2025)
From 1 April 2025 to 31 March 2026, the UOB One Account includes a Tax Saver Promotion.
Customers can earn up to S$600 cash rebate by paying personal income or property tax via GIRO from their account.
The rebate is tiered by average monthly balance (MAB):
- S$30,000–<S$75,000: S$10/month (S$120/year)
- S$75,000–<S$150,000: S$25/month (S$300/year)
- ≥S$150,000: S$50/month (S$600/year)
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 3.3% p.a. (as of May 2025). From September 2025, the maximum rate will fall to 2.5% p.a. on balances up to S$150,000.
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 (or crediting your salary of at least S$1,600), you will be eligible to earn the maximum effective rate of 3.3% p.a. (until Aug 2025), falling to 2.5% p.a. from Sept 2025 on balances up to S$150,000.
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.
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UOB One Account Effective Interest Rates
The highest effective rates (up to 3.3% p.a. until Aug 2025, reducing to 2.5% from Sept 2025) are offered to customers who spend a minimum of S$500 on eligible UOB cards and either credit their salary via GIRO/PayNow or make 3 GIRO debits.
Your actual effective rate will depend on how much balance you hold in each tier, but the overall maximum works out to about 3.3% (dropping to 2.5% from Sept 2025).
For context, GIRO is an automated payment service that facilitates recurring bank transfers for regular transactions like bill payments and salary deposits.
To calculate your effective interest rate, visit the UOB One Account page and scroll down to use the One Account calculator.
Minimum Balance, Fall Below Fee & More
Here are the requirements for maintaining your account.
Salary and Spending Requirements
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 3.3% p.a. on balances up to S$150,000 by spending a minimum of S$500 on eligible UOB cards and crediting your salary via GIRO. From 1 September 2025, this maximum rate will be reduced to 2.5% p.a..
- 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, transport, and utilities (category caps and conditions apply).
UOB One Account Customer Reviews
As of August 2025, the UOB One Account continues to hold a strong average rating of 4.3/5 on Seedly (based on 90+ reviews).
Common Positive Themes:
- High Interest Rates (even after cuts)
- Many users still see UOB One as one of the best savings accounts in Singapore, even after the September 2025 interest rate reduction.
- Example: One reviewer (Jul 2025) shared: “Even for elderly at home, spending $500 is easy for them… it’s easy for them to earn too.”
- Fuss-Free & Accessible
- Opening the account online is simple, with approval often within minutes.
- A reviewer (Feb 2025) noted: “Fuss-free to apply online. Free to cancel after 6 months, zero penalty for cancelling. Good to save.”
- Integration with UOB Cards
- Customers who already hold UOB credit/debit cards find it convenient to meet the $500 minimum spend and unlock higher interest tiers.
- Another user (Aug 2024) praised: “Good savings account if you have other UOB credit cards to hit higher interest rates. Even though the rates have been nerfed, still a decent option.”
- Customer Service
- Several reviewers highlight responsive service compared to other local banks.
- One long-time user (2022) mentioned: “Out of the 3 local banks, their customer support is the best.”
- App & Digital Banking
- Users find the UOB TMRW app intuitive, though some note it isn’t as advanced as OCBC or DBS apps.
- A review (2022): “UI is clean and easy to understand, signing up didn’t take very long.”
Criticisms & Trade-Offs:
- Interest Cuts
- Earlier reviews (2023–24) highlighted effective rates of up to 5%, which have since been reduced. Many acknowledge the account is still competitive, but not as rewarding as before.
- ATM Network
- Some users mention that UOB’s ATM coverage is less extensive compared to DBS/OCBC.
- Digital Banking Gap
- While stable, UOB’s app and internet banking interface are considered less advanced by some competitors’ platforms.
Overall Sentiment:
Despite rate cuts, the UOB One Account remains a top choice for low-risk, fuss-free savings.
Its combination of achievable criteria (just $500 card spend + salary credit or GIRO) and relatively high interest rates makes it a market leader in 2025.
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
Earn up to 4.10% p.a. with the DBS Multiplier Account on balances up to S$100,000.
To qualify, you must credit income and transact in one or more categories such as credit card/PayLah! retail spend, home loan instalments, insurance, or investments.
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.
UOB vs DBS Multiplier Account (2025)
Verdict: the DBS Multiplier Account offers a slightly higher maximum rate (up to 4.10% p.a.) compared to UOB One (3.3% p.a., dropping to 2.5% in Sept 2025). However, UOB’s requirements are simpler (S$500 spend + salary credit or 3 GIRO), while DBS requires multiple categories for the higher tiers.
Comparison Against the OCBC 360 Account
As of May 2025, the OCBC 360 Account offered up to 6.3% p.a. on the first S$100,000.
However, from 1 August 2025, the maximum effective interest has been reduced to 2.45% p.a., with eligibility based on salary crediting, spending, saving, and optional insurance/investment activities.
Like the UOB One, the OCBC 360 account rewards customers for various banking activities but includes additional bonuses for investment and insurance activities.
UOB vs OCBC 360 Account (2025)
Verdict: The OCBC 360 Account was more rewarding earlier in 2025 (up to 6.3% p.a.), but the sharp rate cut in August 2025 (max 2.45% p.a.) makes it less competitive. UOB One still offers higher effective rates in the short term, though these will also fall to 2.5% p.a. from September 2025.
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.
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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 15% 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.
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.
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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.
Sources:
- https://www.ocbc.com/personal-banking/deposits/360-savings-account
- https://www.dbs.com.sg/personal/deposits/bank-earn/multiplier
- https://www.uob.com.sg/personal/save/everyday-accounts/one-account.page
- 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.
