UOB UNIPLUS saving account interest earned

[tiffanytu]

Hi all banking experts

I just opened a UOB UNIPLUS saving account last month. My eStatement for the month of June indicated "^Interest Earned/Charged for 2017"

Does the above mean I received the entire p.a. interest already even though my saving account is only one month old?

How does UOB handle interest payments for their UNIPLUS saving accounts?

Thanks.

 

[Byfrost]

Hi all banking experts

I just opened a UOB UNIPLUS saving account last month. My eStatement for the month of June indicated "^Interest Earned/Charged for 2017"

Does the above mean I received the entire p.a. interest already even though my saving account is only one month old?

How does UOB handle interest payments for their UNIPLUS saving accounts?

Thanks.

Nope. UOB Uniplus account interest is credited on a monthly basis, just like a normal POSB eSavings account.

IIRC "^Interest Earned/Charged for 2017" means the accumulated interest you have earned so far. So if you have been getting 1 cent per month since January 2017, that line should indicate 6 cents (in total) since now is June. You should see 2 lines of interest, one for the month of June right at the last line before the end of statement, and the other "^Interest Earned/Charged for 2017" at the bottom of the page that shows the accumulated interested earned so far.