UOB ONE Account

[Jov1623]

The news up in zao bao

 

[Jov1623]

nothing mentioned about lock-in period on website and tncs, so no lock-in

No lock in . Once move .. no more interest

 

[wynnest]

Seems like insurance payment counted to the 500 spend.

Eligible Card spend transactions are based on the following

• Eligible Visa/MasterCard local and foreign retail transactions subjected to the exclusions mentioned below;
• Insurance payments made on a recurring basis on selected credit or debit cards;
• Total posted retail transactions by the selected Credit Card(s) principal and supplementary holder plus any spending on the selected Debit card(s); and
• Transactions posted within a CALENDAR month

 

[chopra]

kiv. will revisit after rhb dies.


Read HWZ Forum Rules!

 

[twosix]

Correction... SIF don't have SALA option.

Still need to GIRO or paynow SALA then can...

 

[DevilPlate]

Best rate in town, too bad need salary crediting to get 5% EIR

3 Giro only 3% EIR

 

[i_dun_understand]

Seems like insurance payment counted to the 500 spend.

Eligible Card spend transactions are based on the following

• Eligible Visa/MasterCard local and foreign retail transactions subjected to the exclusions mentioned below;
• Insurance payments made on a recurring basis on selected credit or debit cards;
• Total posted retail transactions by the selected Credit Card(s) principal and supplementary holder plus any spending on the selected Debit card(s); and
• Transactions posted within a CALENDAR month

Woa...seems like they reinstated insurance spending back as eligible. Good wor

 

[yeochris]

mthly insurance payment included? wow

 

[Bunta]

UOB ONE Account Terms

UOB ONE Card Terms

Insurance payment is counted as eligible spend ONLY for the interest for the UOB One Account,
it is still not counted as eligible spend for the credit card cashback.

 

[greatgreenman]

How often does UOB pay out interest again? IIRC it used to be only every 3-6 months or something?

 

[spearhawk]

How often does UOB pay out interest again? IIRC it used to be only every 3-6 months or something?

it was always the month after. maybe you are confused with the UOB One account interest and UOB One credit card rebates, which is paid quarterly.

 

[greatgreenman]

it was always the month after. maybe you are confused with the UOB One account interest and UOB One credit card rebates, which is paid quarterly.

Ah okay that’s good. Yeah it’s been over a year since I’ve dealt with UOB so I can’t recall. But I just changed salary crediting account to OCBC too… Maybe I’ll wait a bit more. Who knows, maybe BOC will offer 10% lol.

 

[kelloggs]

Best rate in town, too bad need salary crediting to get 5% EIR

3 Giro only 3% EIR

The advertised interest is 7.8% assuming the account balance is S$100k with qualified credit card spent and monthly Salary Giro, but why are you guys talking about 5% EIR?

Sorry, newbie there and I know nothing about banking terms.

 

[vsvs24]

Ah okay that’s good. Yeah it’s been over a year since I’ve dealt with UOB so I can’t recall. But I just changed salary crediting account to OCBC too… Maybe I’ll wait a bit more. Who knows, maybe BOC will offer 10% lol.

Base interest on last day of the month. Bonus interest on 2nd working day of next month. One of the fastest.

 

[vsvs24]

The advertised interest is 7.8% assuming the account balance is S$100k with qualified credit card spent and monthly Salary Giro, but why are you guys talking about 5% EIR?

Sorry, newbie there and I know nothing about banking terms.

Because interest is tiered.

 

[ashketchum]

The advertised interest is 7.8% assuming the account balance is S$100k with qualified credit card spent and monthly Salary Giro, but why are you guys talking about 5% EIR?

Sorry, newbie there and I know nothing about banking terms.

The interest is in brackets. So see UOB website. In essence,

First 30k - 3.85%
Next 30k - 3.9%
Next 15k - 4.85%
Next 25k - 7.8%

Since it's calculated in brackets, the EIR is around 5% for 100k. Personally think this account is good if you have 100k sitting around that you need to grow risk free and is already using UOB CC. Just need to change your salary credit to this account.

But compared to other savings account, 5% is still the highest I know. It outperforms some index funds and FD rates. Think it's even better than the recent SSB and T-bills ratea

 

[wenguang]

The advertised interest is 7.8% assuming the account balance is S$100k with qualified credit card spent and monthly Salary Giro, but why are you guys talking about 5% EIR?

Sorry, newbie there and I know nothing about banking terms.

simple. with all the tier interest calculated based on $100k. you get $5,002.50 per year. so EIR is 5%pa

 

[kelloggs]

The interest is in brackets. So see UOB website. In essence,

First 30k - 3.85%
Next 30k - 3.9%
Next 15k - 4.85%
Next 25k - 7.8%

Since it's calculated in brackets, the EIR is around 5% for 100k. Personally think this account is good if you have 100k sitting around that you need to grow risk free and is already using UOB CC. Just need to change your salary credit to this account.

But compared to other savings account, 5% is still the highest I know. It outperforms some index funds and FD rates. Think it's even better than the recent SSB and T-bills ratea

Many thanks for the detailed reply! I have a DBS saving account (the old type since primary school) and DBS only gives me a miserable S$3.97 a month for "interest earned" for a balance of about S$90k plus. They did not bother to introduce me their Multiple Account to earn more interest. I hardly checked my bank statements but recent inflation and high expenses make me re-look my financial situation.

I will transfer all my money to UOB. I don't really like DBS' internet banking and online credit card statements.

Is the UOB internet banking experience such as GIRO, PayNow, bill payments, online credit card statement, other banks' credit card payment, any good?

 

[ashketchum]

Many thanks for the detailed reply! I have a DBS saving account (the old type since primary school) and DBS only gives me a miserable S$3.97 a month for "interest earned" for a balance of about S$90k plus. They did not bother to introduce me their Multiple Account to earn more interest. I hardly checked my bank statements but recent inflation and high expenses make me re-look my financial situation.

I will transfer all my money to UOB. I don't really like DBS' internet banking and online credit card statements.

Is the UOB internet banking experience such as GIRO, PayNow, bill payments, online credit card statement, other banks' credit card payment, any good?

You should definitely move your money to a high interest savings account. Currently UOB is the most competitive for amounts less than 100k.

Personally have no issues with UOB for basic banking experience. I've been through DBS, SC, Citi and OCBC.

 

[kelloggs]

Hi Ashketchum, thanks for your great reply again. For amount more that 100k, which bank's offer is good?