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UOB Lady’s Savings Account review

Get complimentary cover against female-related cancer and other healthcare perks while managing your finances.

Get complimentary cover against female-related cancer and other healthcare perks while managing your finances.

S$0

Monthly fee

S$2

Fall below monthly fees

0.05% p.a.

Maximum annual interest rate

Details

Product NameUOB Lady’s Savings Account
Monthly feeS$0
Minimum Age Requirement16 years old
Mobile paymentsApple Pay, Google Pay, Samsung Pay
Supported CurrenciesSGD
More Info

3 things to know about UOB Lady’s Savings Account

  • Complimentary female cancer coverage of up to S$200,000
  • Wide range of medical, dental and wellness benefits
  • Ongoing promotions

Signup promotion

From now until 31 December 2021, receive up to S$450 cash credit when you sign up for a new UOB Lady’s Savings Account online, deposit fresh funds and register your participation.

Here’s what you need to do:

  1. Apply online for a new UOB Lady’s Savings Account
  2. Complete the UOB Year End Savings Festival participation form
  3. Fulfil the requirements to unlock up to S$450 cash credit

Be sure to complete Steps 2 and 3 by the 15th of the following month upon account approval to receive your cash reward (3 options available):

RequirementsReward
Deposit a minimum of S$5,000 in fresh fundsS$50 cash credit
Deposit a minimum of S$5,000 fresh funds + apply for the UOB Lady’s Card (new cardholders only)S$50 cash credit + $300 cash credit
Deposit a minimum of S$100,000 fresh funds + apply for the UOB Lady’s Card (new cardholders only)S$150 cash credit + $300 cash credit

How the UOB Lady’s Savings Account works

Launched by United Overseas Bank and Prudential Singapore, the UOB Lady’s Savings Account is a unique financial solution that helps women protect both their wealth and health.

Aside from the standard range of banking features, the UOB Lady’s Savings Account offers women complimentary medical insurance for up to S$200,000 (based on the size of your account balance) against 6 types of cancer, free annual health screening as well as affordable medical consultation rates.

Cancer coverage for women

Provided by Prudential Singapore, the UOB Lady’s Savings Account Group Cancer Plan offers free coverage of up to S$200,000 against six women-specific cancers:

  • Breast
  • Cervix uteri
  • Uterus
  • Fallopian tube
  • Vagina/vulva
  • Ovary

The coverage amount granted is based on and scales according to your account’s monthly average balance over the past three months:

Monthly average balanceSum assured
S$10,000 and belowS$1,000
S$10,001 to S$25,000S$10,000
S$25,001 to S$50,000S$25,000
S$50,001 t0 S$75,000S$75,000
S$75,001 t0 S$100,000S$100,000
Above S$100,000S$200,000

Note: The information provided is accurate at the time of writing (3 October 2021) and may be subject to change.

Cancer benefit eligibility

To be eligible for the cancer benefit, you’ll need to be between 16 to 50 years old. Individuals above 50 years old will not be able to enter the UOB Lady’s Savings Account Group Cancer Plan, but those who have already enrolled can enjoy the benefit up to a maximum age of 64.

Also, do note that all claims are subjected to a 90-day waiting period from the date of account opening.

Key features

  • Complimentary cancer cover. Receive up to S$200,000 coverage against six common female-related cancers.
  • Medical benefits. Enjoy a complimentary annual health screening (includes cholesterol, diabetes, obesity/BP, 3 strain flu vaccination and ovarian cancer marker), plus S$13 flat-fee consultations at 500+ general practitioners in Singapore or you and up to four dependents.
  • Dental service package. Take care of your oral health with an exclusive dental service bundle, which includes consultation, scaling and polishing, fluoride treatment and full mouth X-ray for only S$95. Available at up to 14 clinics in Singapore.
  • Wellness perks. Treat yourself to a complimentary pilates online group class and discounted in-studio pilates mobility fitness session at S$107 (Usual price: S$200).
  • Minimal fees. The account doesn’t charge any opening, monthly and maintenance fees. However, a S$2 fall-below fee will apply if your average daily balance falls below S$1,000.
  • Exclusive deals and privileges. Access a wide array of exclusive merchant deals and rebates when you spend on your UOB Lady’s Credit/Debit Card.

Interest rates and fees

Interest rate

The UOB Lady’s Savings Account offers a base interest of 0.05% on your entire account balance.

Fees

The UOB Lady’s Savings account doesn’t charge any opening, monthly and maintenance fees.

Here are some other account-related fees to take note of:

  • Fall below fee. S$2 if the minimum average daily balance falls below S$1,000.
  • Cheque book. S$10 per cheque book
  • Early account closure. S$30 if the account is closed within 6 months from its opening date.
  • Debit card annual fee. The UOB Lady’s Debit Card comes with an annual fee of S$18 p.a. (including GST). Waived for the first 3 years. Subsequently, the annual fee will be waivable with a minimum of 12 Mastercard transactions per calendar year.
  • Credit card annual fee. The UOB Lady’s Card comes with an annual fee of S$192.60 p.a. (including GST). Waived for the first year.

Pros and cons

Pros

  • Complimentary cancer cover. Manage your day-to-day transactions and save for your future as you stay protected against unforeseen cancer-related expenses
  • Wide range of curated health-related benefits. Save on essential dental and medical services, as well as discounted fitness classes
  • No medical assessment required. Your complimentary cancer coverage is guaranteed upon account opening, without the hassle of scheduling a medical examination

Cons

  • Low interest rate. The interest rate for this account is only 0.05%, without any bonus interest earn opportunities
  • Initial deposit requirement. You’ll need to deposit at least S$1,000 upon opening this account
  • Coverage is dependable on account balance. To benefit from higher coverage, you’ll need to maintain a higher balance in the account
  • Value offered is subjective. The UOB Lady’s Savings Account may offer a lot of value in dental, medical and wellness perks, but it may not be suitable if you’re unable to utilise them fully

How to sign up

To begin your application for the UOB Lady’s Savings Account, simply head to the account page and click on the ‘Apply now’ button. Before applying, you should make sure that you meet the eligibility criteria and have the required documents on hand.

Eligibility

To apply for a UOB Lady’s Savings Account, you must be:

  • Female
  • A Singaporean, Singapore PR or foreigner with a valid visa
  • At least 16 years old

Required documents

If you’re a new UOB customer and would like to apply at your nearest UOB bank branch, you should have the following documents on hand to speed up your application:

Singaporeans and permanent residents:

  • Front and back photocopy of your NRIC/passport
  • Proof of residential address (if it’s different from the one in your NRIC)
  • Income documents (e.g. Latest computerised payslip, latest 6 months’ CPF contribution history statement, latest Income Tax Notice of Assessment etc)

Foreigners:

  • Valid passport (at least 6 months validity)
  • Proof of employment/study or visit pass
  • Proof of residential address: e.g. utility bills, telco bills, bank statements or letters from government bodies dated within the last 3 months
  • Income documents (e.g. Latest computerised payslip, latest 6 months’ CPF contribution history statement, latest Income Tax Notice of Assessment etc)

Online application process

  1. Click on the ‘Apply now’ button on the UOB Lady’s Savings Account page
  2. Select another banking product to apply at the same time (optional). If not, click ‘Next’ to proceed.
  3. Choose your preferred mode of application: bank details (for existing UOB customers) or MyInfo (for new UOB customers)
  4. Upload any necessary documents and submit your application
  5. Allow time for UOB to get in touch with further instructions.

The verdict

The UOB Lady’s Savings Account is indeed a unique banking product, providing free coverage for up to S$200,000 against six major female-related cancers plus a bunch of other medical, dental and wellness perks.

But do note that these six female-related cancers are on the extreme end of critical illnesses, leaving you uncovered for a whole spectrum of other conditions – assuming you don’t have any critical illness protection. If you’re seeking a more comprehensive cover for female illness, consider Prudential’s PRULady plan.

To enjoy the maximum coverage of S$200,000, you’ll need to maintain a monthly average balance of at least S$100,000. However, this account only offers the base interest rate of 0.05% – which is approximately S$4.17 per month. This is incredibly low considering you’d earn at least 10 times more in interest if you park the same amount in the UOB Stash Account (or any other high yield savings accounts).

So before you sign up for the UOB Lady’s Savings Account, consider if the value you gain from the complimentary cancer cover and medical perks is worth the opportunity cost of earning a higher interest from other savings accounts.

Who is best suited for the UOB Lady’s Savings Account

Simply put, the UOB Lady’s Savings Account could be worth considering if:

  • You want to supplement your existing critical illness protection without paying extra premiums
  • You have a strong family history of the six female cancers covered by the plan
  • You wish to take advantage of the preferred medical consultation rate and free annual health screening for yourself and your dependents
  • You have reached the balance cap for bonus interest rates in your primary savings account

Compare other savings accounts in Singapore

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2.68% p.a.
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SC Bonus$aver Account
S$0
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0.01% p.a.
2.38% p.a.
Unlock up to 2.38% p.a. of bonus interest on the first S$80,000 deposit and access up to 14 different currencies with this account.
DBS eMySavings Account
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S$0
0.05% p.a.
0.25% p.a.
Grow your balance with a savings account that offers higher interest rates when you credit a preset amount each month.
DBS Multiplier Account
S$0
S$5
0.05% p.a.
3% p.a.
Multiply your savings with bonus interest rates when you credit your income and meet all the account's criteria.
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Disclaimer: Interest rates are applicable for deposits between S$1,000 and S$49,999. Interest rate and initial deposit are shown in Singapore dollars. Please check with the provider for deposits and rates in other amounts and currencies.

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