UOB ONE Account

[chiokcc]

From 01 Sep 2022, if you spend min. $500 on eligible CC spend and credit your salary, and has $100k in UOB one acct, the bonus interest per month should be :

28 days in the month = $160.71
29 days in the month = $166.45
30 days in the month = $172.19
31 days in the month = $177.93

Bonus interest is in today......

 

[Illusionist_85]

Huat ar this month interest quite alot

 

[saintgtril]

I took the money out and plonked it into RHB high yield for 4.5% for September and later, another 4.5% for November.

High interest so what? Every month I was short of $10 to make $500 so I missed out on the high interest anyway. Don’t know what counts and what doesn’t. Always showed still got quite a distance to go to meet the $500 spend. Then on the last two days then showed that I was only $10 short but too late already. Felt so cheated.

Hi, if you are referring to the UOB one card spending shortfall/late posting date, i think you may appeal to UOB. I remember vaguely the appeal works.

Hi all, any comments on the appeal?

 

[maumu]

Hi, if you are referring to the UOB one card spending shortfall/late posting date, i think you may appeal to UOB. I remember vaguely the appeal works.

Hi all, any comments on the appeal?

yes you can appeal, but only once a year. even if the issue is not your fault (but the merchant's or the CSO).

 

[reiser]

Hi, if you are referring to the UOB one card spending shortfall/late posting date, i think you may appeal to UOB. I remember vaguely the appeal works.

Hi all, any comments on the appeal?

The bank officer told me doesn’t work.

 

[reiser]

Hi, if you are referring to the UOB one card spending shortfall/late posting date, i think you may appeal to UOB. I remember vaguely the appeal works.

Hi all, any comments on the appeal?

What is the email to appeal? Or how to appeal? I didn’t try after the bank officer said no use de. But I think their bank officers all useless so I may want to give it a try.

 

[reiser]

I just want to confirm that the interest given for more than $100k is very little? When I used the interest calculator, it stated that if the account has $100k and I fulfil the 2 steps (spending of $500 on card and salary crediting), I would get $2345 for interest per annum; however, if the account has $180k, I would only get $2385, just $40 more for an additional $80k.

It doesn’t make sense to me. Shouldn’t UOB encourage users to put in more money with better interest? If it’s indeed the case where my additional $80k is not giving me better interest, I’ll save it elsewhere.

 

[Utonian]

I just want to confirm that the interest given for more than $100k is very little? When I used the interest calculator, it stated that if the account has $100k and I fulfil the 2 steps (spending of $500 on card and salary crediting), I would get $2345 for interest per annum; however, if the account has $180k, I would only get $2385, just $40 more for an additional $80k.

It doesn’t make sense to me. Shouldn’t UOB encourage users to put in more money with better interest? If it’s indeed the case where my additional $80k is not giving me better interest, I’ll save it elsewhere.

i think it is stated very clearly above 100k only getting 0.05%

https://www.uob.com.sg/personal/save/everyday-accounts/one-account.page

 

[reiser]

i think it is stated very clearly above 100k only getting 0.05%

https://www.uob.com.sg/personal/save/everyday-accounts/one-account.page

Thank you for confirming. I just find it illogical to discourage customers to put more in the account. I thought there must be something wrong with my interpretation.

 

[Trazora]

Thank you for confirming. I just find it illogical to discourage customers to put more in the account. I thought there must be something wrong with my interpretation.

logical to have cap for higher interest

 

[ice_angel]

Thank you for confirming. I just find it illogical to discourage customers to put more in the account. I thought there must be something wrong with my interpretation.

First time doing such account?
All the bank's high yield account has a cap. This is so that people won't put millions inside to get the 2.14/3% interest for the whole amount.
High yield account that are long running, not on promotion basis:
BOC SmartSaver
DBS Multiplier
UOB One
OCBC 360
SC Bonus Saver
etc

 

[BTO_Brah]

High interest so what? Every month I was short of $10 to make $500 so I missed out on the high interest anyway.

Exactly brah.

I mentioned up-thread that I actually do deposit a salary into UOB ONE since it's my oldest account, but it's always end-of-month and I'm never sure if they actually take that into account. Then next month nothing shows up on the bonus interest tracker again.

If I could buy T-bills with StanChart or Trust I would shutter this thing immediately.

 

[saintgtril]

What is the email to appeal? Or how to appeal? I didn’t try after the bank officer said no use de. But I think their bank officers all useless so I may want to give it a try.

Hi, you can refer to the statement, there is an email on the top right hand corner.

 

[reiser]

First time doing such account?
All the bank's high yield account has a cap. This is so that people won't put millions inside to get the 2.14/3% interest for the whole amount.
High yield account that are long running, not on promotion basis:
BOC SmartSaver
DBS Multiplier
UOB One
OCBC 360
SC Bonus Saver
etc

I never noticed the cap. I just happily assumed the higher the deposit, the more interest. It just so happened that UOB One account webpage has a calculator that I was playing with. At first I also didn’t notice how little the additional interest was until I decided to calculate exactly how much was the difference. Got a shock.

But why wouldn’t they want millions in their bank? After all, they offer 3% interest for FD.

 

[Moowoow]

First time doing such account?
All the bank's high yield account has a cap. This is so that people won't put millions inside to get the 2.14/3% interest for the whole amount.
High yield account that are long running, not on promotion basis:
BOC SmartSaver
DBS Multiplier
UOB One
OCBC 360
SC Bonus Saver
etc

Why u list boc first

 

[ice_angel]

Why u list boc first

?? Sequence matters?
If you must know, alphabetical? Except for UOB..

 

[ice_angel]

I never noticed the cap. I just happily assumed the higher the deposit, the more interest. It just so happened that UOB One account webpage has a calculator that I was playing with. At first I also didn’t notice how little the additional interest was until I decided to calculate exactly how much was the difference. Got a shock.

But why wouldn’t they want millions in their bank? After all, they offer 3% interest for FD.

3% interest for FD is for promotional basis, only for this month in fact.
As I mentioned, long running (Eg. OCBC360 has been there for 9 to 10 years I think) high yield account (that typically requires salary, and/or credit card spend, along with other requirement) usually have caps ranging from 75K to 100K.

Even a lot of other high yield accounts that doesn't have salary/spending requirements, also have a cap. Eg. 1 million.

If there is no cap, there will be extremely rich ppl putting billions inside the bank and earn 2.14% interest. If short duration is still OK. Imagine the interest for 10 years.... Bank will lose big time..

 

[CommanderPilot]

Hi all, does STA vehicle inspection payment count towards the $500 spending? Thanks.

 

[reiser]

Hi all, does STA vehicle inspection payment count towards the $500 spending? Thanks.

According to the counter staff who went in to check with his colleague, only ‘entertainment’ expenses count towards the spending. So it’s up to them to decide if your expenses are counted as ‘entertainment’ expenses.

 

[GotBetrayed]

This one account interest really low…. Hope EIR can match FD 3%..