UOB ONE Account

[rachel_tieh]

Well, it's a open ended question

Once it is may, yes. With the same 100k, OCBC eir of 4.65%(save spend increase), is higher than uob one of 3.3%

But that's assuming ocbc doesn't drop its interest rate

If you already have existing uob one account, jus continue using it till everything has settled.

If you are new, then...good luck I guess?

Either way just stick to one and keep using till you find alternatives

thank you for your advice, i will continue to use UOB One and monitor if OCBC 360 will drop its interest rate which i think very likely.

 

[Gintoki]

Hi guys, for the "Big Savings Payout Promo" I read the T&C it says "Fresh Funds not from any existing UOB current/savings account" so if I transfer out from UOB Fixed deposit, should be fine right?


Incremental Fresh Funds” means funds in the amount of S$20,000, S$50,000, S$100,000 or S$150,000:
(i) in the form of non-UOB cheques or non-UOB cashier’s order;
(ii) that are not transferred from any existing UOB current/savings account; and
(iii) that are not withdrawn from any existing UOB current/savings account 30 days before or during
the Promotion Period and re-deposited (whether part or all the amounts withdrawn) into the
Account indicated in the Registration (as defined below)

 

[xoxozone]

Does uob one still pays interest if only meet salary credit? no meet the lv1 + lv2 criteria?

 

[sibeiTrolled]

Does uob one still pays interest if only meet salary credit? no meet the lv1 + lv2 criteria?

This information can be found on uob website without coming to the forum to post and wait for answer

Anyways, No, you must spend 500 using cards that they specified for the high interest

Just use ocbc if you just want salary credit or some other no fuss HYSA

 

[Eternit]

For "Big Savings Payout Promo", does the incremental funds injection also enjoys interest? For example, I have 100K in UOB One, I put in 50K as part of the promo which will be earmarked. Do I still enjoy 150K at 4%?

 

[xoxozone]

This information can be found on uob website without coming to the forum to post and wait for answer

Anyways, No, you must spend 500 using cards that they specified for the high interest

Just use ocbc if you just want salary credit or some other no fuss HYSA

Of coz i did check pls. The website shows $50 on $100k, but i did not receive any interest. Thats why i am asking if there is any coz did not meet $500 card spent last mth

 

[Arandalo]

Of coz i did check pls. The website shows $50 on $100k, but i did not receive any. Thats why i am asking if there is any coz did not meet $500 card spent last mth

Quite straightforward to understand from the website, it's not rocket science. If you see the table and the criteria, it clearly states that the base criteria required is spend at least $500 monthly.

If you didn't meet the base criteria then you will only get the base interest of 0.05%, even with salary credit. Hence if you use the calculator given it also gives a result of $50 annual interest, which is exactly 0.05% of $100,000.

If you pro rate the 0.05% annual interest of $50 for March 2024 ($50 / 365 * 31 days = $4.24), you should have gotten $4.24 of base interest with (value) date on 30th March 2024, which you can check on your account statement.

 

[wira]

as May 1 is PH, should we top up 50k to adopt the new interest change and participate the Big Savings promotion on May 1 or another day? Seek yr advice

hi
is this the best course of action now if our MAB in Mar is $100K ?
1. 30 April top up additional fresh funds $50K
2. 30 Apr Register for big savings promo earmark $50K for 4 mths to get the rewards of $250

 

[xoxozone]

Quite straightforward to understand from the website, it's not rocket science. If you see the table and the criteria, it clearly states that the base criteria required is spend at least $500 monthly.

If you didn't meet the base criteria then you will only get the base interest of 0.05%, even with salary credit. Hence if you use the calculator given it also gives a result of $50 annual interest, which is exactly 0.05% of $100,000.

If you pro rate the 0.05% annual interest of $50 for March 2024 ($50 / 365 * 31 days = $4.24), you should have gotten $4.24 of base interest with (value) date on 30th March 2024, which you can check on your account statement.

This is very helpful, many thanks!

 

[Jurong640]

When I opened my UOB One Account, they also opened another Stash Account for me, currently I have no money inside.

For those with Stash Account, may I know what is it purpose. I have no idea even after reading their website.

Is it like parking spare cash to earn interest? Interests get monthly?

 

[bobby6679]

hi
is this the best course of action now if our MAB in Mar is $100K ?
1. 30 April top up additional fresh funds $50K
2. 30 Apr Register for big savings promo earmark $50K for 4 mths to get the rewards of $250

Actually I have contacted UOB custome service, they reply "The daily balances are calculated even during public holidays and weekends". So I want to do it on May 1. However, several experts in this thread seem thinking transfer in during PH day is not counted. So I kind of hesitate. Let's see what the experts say.

 

[waddahell]

Actually I have contacted UOB custome service, they reply "The daily balances are calculated even during public holidays and weekends". So I want to do it on May 1. However, several experts in this thread seem thinking transfer in during PH day is not counted. So I kind of hesitate. Let's see what the experts say.

Daily balance are calculated on holidays, just that any transfer on that day will only be posted on the next business day, for your case is May 2nd.

 

[Mickey01]

Actually I have contacted UOB custome service, they reply "The daily balances are calculated even during public holidays and weekends". So I want to do it on May 1. However, several experts in this thread seem thinking transfer in during PH day is not counted. So I kind of hesitate. Let's see what the experts say.

Of course daily balance is calculated everyday. Funds in and out are recorded on a real time basis. Whether the funds are eligible only for base int of 0.05% only or the BI is another matter

 

[bobby6679]

I just extracted one sentence of the content of UOB reply. Of course when I post questions to them, I mentioned the context, for example, my concerns to transfer in on May 1 or May 2.
To be Frank, I also skeptical to the reply. That is why I mentioned I am hesitating also.
If you experts have experienced such "transfer in not counted" case. Probably u r correct.

 

[maumu]

it's quite easy to understand. basically if you try to transfer money in/out on 1 May, it will be shown as posted only on 2 May.

so if your balance on 1 May is $0, transferring into the account on 1 May will not change the balance and it'll remain as $0.

likewise if your balance on 1 May is $100k, transferring out of the account on 1 May will not change the balance and it'll remain as $100k.

it's just a limitation to the banking system we can't do anything about. so have to just take this into account when calculating ADB... etc. it's annoying yes but

 

[bobby6679]

it's quite easy to understand. basically if you try to transfer money in/out on 1 May, it will be shown as posted only on 2 May.

so if your balance on 1 May is $0, transferring into the account on 1 May will not change the balance and it'll remain as $0.

likewise if your balance on 1 May is $100k, transferring out of the account on 1 May will not change the balance and it'll remain as $100k.

it's just a limitation to the banking system we can't do anything about. so have to just take this into account when calculating ADB... etc. it's annoying yes but

"it's quite easy to understand. basically if you try to transfer money in/out on 1 May, it will be shown as posted only on 2 May."
This is based on yr experience/observance, yr checking with UOB, or yr self reasoning?
This is the key points we all understand.

 

[maumu]

"it's quite easy to understand. basically if you try to transfer money in/out on 1 May, it will be shown as posted only on 2 May."
This is based on yr experience/observance, yr checking with UOB, or yr self reasoning?
This is the key points we all understand.

well, of course I'm sharing from my own experience and calculations.

it's up to you whether you want to believe or not. or... read more from others' posts to make a conclusion for yourself.

why don't you write to UOB to get them to write back to you in black and white to clear your doubts?
.. I assume you have already written to them based on your earlier post. so, you should have all the information to make a conclusion. if you're unsure, maybe you just 'play small' and test it out for a month and see for yourself.

 

[sglandscape]

it's quite easy to understand. basically if you try to transfer money in/out on 1 May, it will be shown as posted only on 2 May.

so if your balance on 1 May is $0, transferring into the account on 1 May will not change the balance and it'll remain as $0.

likewise if your balance on 1 May is $100k, transferring out of the account on 1 May will not change the balance and it'll remain as $100k.

it's just a limitation to the banking system we can't do anything about. so have to just take this into account when calculating ADB... etc. it's annoying yes but

Save your effort let others learn by themselves

 

[wenguang]

well, of course I'm sharing from my own experience and calculations.

it's up to you whether you want to believe or not. or... read more from others' posts to make a conclusion for yourself.

why don't you write to UOB to get them to write back to you in black and white to clear your doubts?
.. I assume you have already written to them based on your earlier post. so, you should have all the information to make a conclusion. if you're unsure, maybe you just 'play small' and test it out for a month and see for yourself.

everyone have choice to believe what they want. be it right or wrong.

you done well explaining, the rest is up to others.

 

[vsvs24]

"it's quite easy to understand. basically if you try to transfer money in/out on 1 May, it will be shown as posted only on 2 May."
This is based on yr experience/observance, yr checking with UOB, or yr self reasoning?
This is the key points we all understand.

I can tell you the experienced people here are better than the bank CSO.

Sometimes bank CSO or RM cannot be trusted.