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UOB ONE Account

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Old 28-04-2015, 10:30 PM   #1
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UOB ONE Account

A new "high interest" savings deposit that shares similar characteristics with OCBC 360 and SCB Bonus Saver.

http://www.uob.com.sg/personal/depos...ccount_hp_bann

The good side of this account? No pushing of insurance products to enjoy the high interest factor.

Quick comparison

OCBC 360: Effective I/R 3.05%
currently 3.05% dropping to 2.05% in May-15. To enjoy 3.05%, hearsay is buying insurance product and step up deposit

SCB Bonus Saver - earn up to 3.88%
1.88% with $500 spent and 2% coming from the purchase of new insurance with at least 24k premium plan

UOB One Account:up to 3.33% (EIR: 2.43%)
Earn 2% from UOB credit/debit card (min. spend of $500) with salary crediting (min. $2k) OR 3 Giro transactions

Mechanics

Purely meeting $500 CC spending
Effective interest rate you earn per year is 1.6%

Meet both $500 CC spending or either of the criteria above
Effective interest rate you could earn per year is 2.43%

What is the EIR?
Since the deposit works base on tier,

first 10k you earn 1%/1.5%
Next 20k you earn 1.5%/2%
Next 30k you earn 2%/3.33%

If you maintain $50K perpetually, you can earn up to an EIR of 2.43%. The EIR will change drastically if your $50k is not fixed

To add on: the mechanics of UOB One Card
if you spend $300/$800/$1,500 monthly for 3 consecutive months, then you will earn $30/$80/$150.

sadly, if you only spend $500 for 3 consecutive months, you will only earn $30 still.

Conclusion:
If you are able to meet all the requirements in OCBC, stick with OCBC. If you have problems registering your salary with OCBC, or OCBC come out with lame requirement like buying insurance to achieve the additional 1%, UOB will be the next best bet if you have more than ~$31.2k.

If you happen to be looking for an insurance product and want to earn the most, Bonus saver 3.88% will be the best. However, if Bank cant commit to you the promotion will be for the next 20 years, why do they always want to tie us to insurance policy?

Last edited by pcmdan; 28-04-2015 at 11:04 PM..
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Old 28-04-2015, 10:52 PM   #2
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Is first 10k mean from $0~$10k or from $10k~.

Sorry for asking a stupid question.
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Old 28-04-2015, 10:53 PM   #3
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Is first 10k mean from $0~$10k or from $10k~.

Sorry for asking a stupid question.
nah, no problem... First $10k should refer to $0 - $10k
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Old 28-04-2015, 11:13 PM   #4
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nah, no problem... First $10k should refer to $0 - $10k
That will be easier for me then. My salary don't have $2000 so i'm not entitled for the salary plus credit card. I guess UOB will be the choice for me then. But I every month must spend $500 on UOB one card in order to entitle for the 1%?
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Old 28-04-2015, 11:59 PM   #5
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If I giro my salary >$2000 and make 3 giro payments per month but I spent less than $500 on my cc also no use right.
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Old 29-04-2015, 12:02 AM   #6
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yes. First criteria is CC. The 2nd criteria is an add on
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Old 29-04-2015, 12:02 AM   #7
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That will be easier for me then. My salary don't have $2000 so i'm not entitled for the salary plus credit card. I guess UOB will be the choice for me then. But I every month must spend $500 on UOB one card in order to entitle for the 1%?
if u got less than 31.2k...best is to put in bonus saver earn 1.88%. Since with 10k, the max one can earn is only 1.5%
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Old 29-04-2015, 08:11 AM   #8
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For joint account,
Both account holder need to fulfill the criteria or either 1 will do?
E.g primary a/c holder spend $500 on cc, secondary a/c holder credit salary

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Old 29-04-2015, 08:20 AM   #9
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For joint account,
Both account holder need to fulfill the criteria or either 1 will do?
E.g primary a/c holder spend $500 on cc, secondary a/c holder credit salary
Not sure on that. But based on previous mechanics for SCB and OCBC, joint just need either 1 to complete the task will do.
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Old 29-04-2015, 08:22 AM   #10
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That will be easier for me then. My salary don't have $2000 so i'm not entitled for the salary plus credit card. I guess UOB will be the choice for me then. But I every month must spend $500 on UOB one card in order to entitle for the 1%?
If you don't qualify for CC then SCB bonus-saver is better for you as you get 1.88% for up to $25,000 but need to spend $500 on the debit card. If got significantly more then $25,000 then UOB One is better.
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Old 29-04-2015, 08:24 AM   #11
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If you don't qualify for CC then SCB bonus-saver is better for you as you get 1.88% for up to $25,000 but need to spend $500 on the debit card. If got significantly more then $25,000 then UOB One is better.
yeah..If he dont qualify for CC. Then either UOB or SCB is an option for him. Depending on his savings, he has to decide which is better.

OCBC, UOB and SCB requires him to spend $500
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Old 29-04-2015, 08:27 AM   #12
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For joint account,
Both account holder need to fulfill the criteria or either 1 will do?
E.g primary a/c holder spend $500 on cc, secondary a/c holder credit salary
UOB one account is a single account means no joint allowed, hahaha, cc u can have supp
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Old 29-04-2015, 08:28 AM   #13
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yeah..If he dont qualify for CC. Then either UOB or SCB is an option for him. Depending on his savings, he has to decide which is better.

OCBC, UOB and SCB requires him to spend $500
dun qualify can put 10k fd to get secured cc ma
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Old 29-04-2015, 08:48 AM   #14
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dun qualify can put 10k fd to get secured cc ma
can use debit card dont need CC
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Old 29-04-2015, 08:49 AM   #15
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UOB one account is a single account means no joint allowed, hahaha, cc u can have supp
Oh really? eeeee
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