UOB One interest rate dropping??

[chiokcc]

As mentioned earlier, the banks will adjust whenever the market conditions change, so I am not surprised if there is a revision .... just need to let people know the T&Cs as early as possible ....

And we as consumers, must be agile to react ..... "Change is the only constant".....

 

[sglandscape]

As mentioned earlier, the banks will adjust whenever the market conditions change, so I am not surprised if there is a revision .... just need to let people know the T&Cs as early as possible ....

And we as consumers, must be agile to react ..... "Change is the only constant".....

Most banks would follow the guidelines and give 1 month notice before making any changes.

So far the only glaring exception has been GXS when they cut from move than 3% to below 3% less than a month after the promo.

 

[chiokcc]

I always thought the guideline was 2 months ..... until every banks follow 1 month

Anyway, must standby bank tokens and apps from 1st April tomorrow

 

[sglandscape]

I always thought the guideline was 2 months ..... until every banks follow 1 month

Anyway, must standby bank tokens and apps from 1st April tomorrow

Can check code of consumer banking practices from ABS.

Your bank promises to:
- notify you of any changes in the Terms and Conditions governing the product or service through an appropriate channel (see Section 14);
- give you 30 days’ notice, in the absence of any contractual agreement to the contrary, before any variation to the Terms and Conditions relating to customers’ fees and charges and the liabilities or obligations take effect;
- provide a written summary of the key features of the revised Terms and Conditions, if the variation is substantial or the changes are complicated

 

[vsvs24]

Searched back the previous change.

https://forums.hardwarezone.com.sg/threads/uob-one-account.5037662/post-145036227

Someone saw on 29 Nov 2022 that banner shows change coming wef 1 Dec 2022.

Details announced on 1 Dec 2022 - the day it became into effect.

Not sure if decrease in rate they will give more notice than increase of rate.

 

[sglandscape]

Searched back the previous change.

https://forums.hardwarezone.com.sg/threads/uob-one-account.5037662/post-145036227

Someone saw on 29 Nov 2022 that banner shows change coming wef 1 Dec 2022.

Details announced on 1 Dec 2022 - the day it became into effect.

Not sure if decrease in rate they will give more notice than increase of rate.

Increase rate customer benefits so don't need 30 days notice.

 

[item2sell]

Malaysians can go to UOB Malaysia for 6%pa with easier criteria. Even a local bank gives better promo in other country.

Sinkie always gets lousy promotion

https://www.uob.com.my/personal/save/savings/one-account/one-account-index.html

 

[vsvs24]

Increase rate customer benefits so don't need 30 days notice.

OK. Went to look at the cut wef Nov 2020. 1 mth notice given.

So if take effect from May should announce these few days.

 

[sglandscape]

Malaysians can go to UOB Malaysia for 6%pa with easier criteria. Even a local bank gives better promo in other country.

Sinkie always gets lousy promotion

https://www.uob.com.my/personal/save/savings/one-account/one-account-index.html

You're comparing apple and oranges, and not even remotely relevant. different currencies and hence different macro.

 

[Mephist0pheLes]

got announcement?

 

[royalmix]

If they are going to change the rates in May, then likely there will be no special promo next mth! Otherwise, customers will curse and swear at them for "scam", trick them to lock in for 4 mths at potentially lower rates and lugi!

 

[DevilPlate]

Malaysians can go to UOB Malaysia for 6%pa with easier criteria. Even a local bank gives better promo in other country.

Sinkie always gets lousy promotion

https://www.uob.com.my/personal/save/savings/one-account/one-account-index.html

What is stopping u to change SGD to MYR to get yr juicy 6%? Whahaha

 

[DevilPlate]

If they are going to change the rates in May, then likely there will be no special promo next mth! Otherwise, customers will curse and swear at them for "scam", trick them to lock in for 4 mths at potentially lower rates and lugi!

Wait for yr end xmas and cny 2025 promo again

 

[sglandscape]

If they are going to change the rates in May, then likely there will be no special promo next mth! Otherwise, customers will curse and swear at them for "scam", trick them to lock in for 4 mths at potentially lower rates and lugi!

they are two separate promotions so don't see why they would not run the promo still for customers who don't mind the lock in and are rewarded for it

 

[pohw0008]

Ocbc still 4.65%.. if they drop first will shift back over unless they both drop at the same timr

 

[item2sell]

What is stopping u to change SGD to MYR to get yr juicy 6%? Whahaha

I did

they don’t allow me to open account there

singaporeans are a pest. Nobody wants sinkie. Been a sinkie is a curse.

 

[sglandscape]

I did

they don’t allow me to open account there

singaporeans are a pest. Nobody wants sinkie. Been a sinkie is a curse.

suggest you also get a work permit in Malaysia which should allow you to open a bank account there

 

[yslvlys]

Why would it be "better"?

That's $50k more that is helping earn the $100 difference.

For comparison, $50k in Fullerton SGD (3.62%) would earn $153. $100k in UOB one currently earns around $416 a month. We can get $569 for $150k in April.

In May (assuming Fullerton SGD rate stays the same), our money will earn ~12.2% less than in April.

Huh? 4%pa is still higher than 3.62%p.a right? Also diff risk profile for Fullerton SGD fund.

 

[ice_angel]

There are quite a few other bank accounts that has > 4% interest rates... 150K on 4% imo is not worth it.
Likely I will move my funds out to other banks from my 2 UOB One accounts..

 

[highsulphur]

There are quite a few other bank accounts that has > 4% interest rates... 150K on 4% imo is not worth it.
Likely I will move my funds out to other banks from my 2 UOB One accounts..

which ones have >4%