UOB ONE Account

[Cumzilla]

What it says on UOB stash account:

“Monthly Average Balance refers to the summation of each day-end balance in the Stash Account for each calendar month divided by the number of calendar days for that month.

To check if you qualify for bonus interest, your MAB will be compared between 2 months. If the difference between your previous month’s MAB and your current month’s MAB is zero or higher, you’ll get bonus interest.”

So example:
1. Last month a deposit of $100k into stash account was made on the 1st of that month (1 April)
2. You get your interest of say $250 on 1st of this month (1st May)
3. You choose not to withdraw your interest on 1st May but say on 10 May.
4. The amount you can withdraw from stash on 10 May then is $250, since all your day end balance will still be greater or equal to the summation of daily balance/ no of days for that month (Apr).
5. However, this day end balance for May will now be slightly higher (because the daily balance for 1 May to 9 May is $100250) so the June interest to be withdrawn would have to adjusted to allow for these additional day end balances to the monthly average balance of May.

Actually I thought no need to withdraw the interest and just leave it in the account to get the 3% bonus interest every month. Now when I go into the account, it shows that the balance to maintain is 100154, so I just need to maintain this amount of balance for this month correct?

 

[thretiredDad]

Simplest way like I say is take out on same day that the interest comes in, save the calculation and checks

Thanks for the tips
i will do monthly schedule transfer
$200 each month from stash
to other

 

[teatrino]

Actually I thought no need to withdraw the interest and just leave it in the account to get the 3% bonus interest every month. Now when I go into the account, it shows that the balance to maintain is 100154, so I just need to maintain this amount of balance for this month correct?

Balance above 100k only earns 0.05%. So you have $154 stuck earning 0.05% only.

 

[vsvs24]

Yes, do it on 1st day of month when interest comes in and MAB does not increase vs last month.
How to do it automatically when the interest amount varies from month to month (30/31 days and with the 28/29 feb month)?
In any case, I do have to tag salary into UOB one account and transfer out (among other accounts as well).
So 1st day of month is busy time to settle them…

1 May is public holiday. So withdraw today posting date is 2 May. Part of the interest will still count towards May MAB ?

 

[ericcsn]

Actually I thought no need to withdraw the interest and just leave it in the account to get the 3% bonus interest every month. Now when I go into the account, it shows that the balance to maintain is 100154, so I just need to maintain this amount of balance for this month correct?

Yes. Otherwise you forfeit next month interest . Or make an appeal.

 

[ericcsn]

1 May is public holiday. So withdraw today posting date is 2 May. Part of the interest will still count towards May MAB ?

Saw that (interest posted date is 2 May). But if we don’t withdraw today, then I think today’s would have aggregated the paid interest for 1st May and change the May MAB.

 

[vsvs24]

Saw that (interest posted date is 2 May). But if we don’t withdraw today, then I think today’s would have aggregated the paid interest for 1st May and change the May MAB.

Just to share that need to check May MAB. Going forward, in Jun and subsequent mths need to maintain this and not assume it is 100k.

 

[ericcsn]

Just to share that need to check May MAB. Going forward, in Jun and subsequent mths need to maintain this and not assume it is 100k.

There is something peculiar as well:
1. Interest is in today 1 May (but is showing posted date as 2 May 25)
2. I withdrew it today 1 May and confirmed it has been deposited into a receiving bank account (but date of this withdrawal is showing 2 May instead of today)

 

[Jun666]

today is public holiday, the value date will be on next business day

 

[Panerex]

Just to share that need to check May MAB. Going forward, in Jun and subsequent mths need to maintain this and not assume it is 100k.

How to check MAB in the app?

 

[Cumzilla]

Balance above 100k only earns 0.05%. So you have $154 stuck earning 0.05% only.

Think can't help but to leave this amount in the account as I didn't withdraw the $388 POG credited last month.

 

[thretiredDad]

Balance above 100k only earns 0.05%. So you have $154 stuck earning 0.05% only.

Oh I just saw there is showing
Balance to maintain $100,440
means the excess i can withdraw today?

 

[ericcsn]

Oh I just saw there is showing
Balance to maintain $100,440
means the excess i can withdraw today?

I believe you can withdraw $242.87 assuming you have made no transactions during the entire month of Apr.
Go into your UOB using a laptop (not apps).
there is the MAB calculated for your account and you can do a check to work out the amount you can withdraw.

 

[maumu]

are y'all talking about the stash account instead of One account? don't recall having to maintain what balance in One account...

 

[teatrino]

Oh I just saw there is showing
Balance to maintain $100,440
means the excess i can withdraw today?

Yes, can withdraw the excess. I always do it asap to keep the balance to maintain as low as possible.

How to check MAB in the app?

In the app, go into your Stash account then click 'Details'. You will see the Balance to Maintain / Top up required to earn interest.

are y'all talking about the stash account instead of One account? don't recall having to maintain what balance in One account...

Yup Stash account.

 

[alt2015]

Yes, can withdraw the excess. I always do it asap to keep the balance to maintain as low as possible.


In the app, go into your Stash account then click 'Details'. You will see the Balance to Maintain / Top up required to earn interest.


Yup Stash account.

If no top up, just maintain the “ balance to Maintain” . I will still get the promo rate ? If top up … top up amt get more interest?

 

[alt2015]

If no top up, just maintain the “ balance to Maintain” . I will still get the promo rate ? If top up … top up amt get more interest?

Sori :
My detail :
Balance to maintain :$x
Balance to top up to earn bonus interest :$0
.. mean no need top up also will get bonus interest on $x?

 

[teatrino]

Sori :
My detail :
Balance to maintain :$x
Balance to top up to earn bonus interest :$0
.. mean no need top up also will get bonus interest on $x?

Bonus interest is for the first 100k and its tiered. Balance above 100k only earns 0.05%.

The top up issue is usually because UOB credits the base interest dated on the last day of the month (eg, 30 April). But we can only see it on 1 May. This interest credit will push up the balance to maintain. Assuming you deposited 100k, then next month you may need to maintain $100,001, then next month $100,002 etc.

 

[alt2015]

Bonus interest is for the first 100k and its tiered. Balance above 100k only earns 0.05%.

The top up issue is usually because UOB credits the base interest dated on the last day of the month (eg, 30 April). But we can only see it on 1 May. This interest credit will push up the balance to maintain. Assuming you deposited 100k, then next month you may need to maintain $100,001, then next month $100,002 etc.

So strange , I put in 100k on 3rd/4th April … interest total about 215. How come my balance to maintain is $94208?
Amt to top up to maintain show $0

 

[maumu]

maybe y'all should open a proper UOB Stash thread to discuss this in depth... might be confusing to those who're on UOB One accounts...