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UOB One Account Review

Enjoy higher interest rates on your savings when you fulfill the account requirements.

The UOB One Account offers the potential to earn up to 2.5% p.a. interest on the first S$75,000 of your account balance. With only a few simple requirements to fulfill, this high-yield savings account is definitely one to consider.

Find out how the UOB One Account works in this review.

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What are the benefits of the UOB One Account?

Take advantage of the following benefits with a UOB One Account:

  • Higher interest rates. Earn up to 2.5% p.a. when you spend above S$500 on your UOB Credit/Debit card and credit your income OR make at least three GIRO transactions each month.
  • Few criteria are required for bonus interest. The conditions required to earn bonus interest for UOB One account is comparatively simple since it does not require purchasing investments, insurance or home loans.
  • Earn cashback. Get up to 10% cashback on online shopping, groceries, transport, food delivery and more when you charge your expenses to the UOB One Card. As for the UOB One Debit Card, you can also earn up to 3% cashback on the same category spends.
  • No foreign exchange fees. Save on your overseas spend with competitive overseas spend by linking the UOB Mighty FX to your UOB One Account. The Mighty FX is a multi-currency account that issues a debit card that can be used for your online shopping or overseas travel purchases without racking up expensive foreign exchange fees.
  • Minimal fees. The account doesn’t charge any opening, monthly and maintenance fees. However, a S$5 fall-below fee will apply if your average daily balance falls below S$1,000.
  • Quick and easy application. Enjoy a fast and hassle-free account application through Internet banking (for existing UOB customers) or MyInfo (Singaporeans or PRs only).

How does UOB One Account work?

Grow your savings with higher interest rates on your UOB One Account through one of the two options offered.

UOB One Account - Bonus interest criteria

Image: UOB

The first criteria you need to fulfil would be to spend a minimum of S$500 on any eligible UOB Credit/Debit card monthly. After fulfilling this mandatory card spend category, the monthly interest rate you’ll be able to earn is determined by the size of your account monthly average balance (capped at S$75,000).

  • Card spend. Charge a minimum of S$500 per month on an eligible UOB Credit/Debit card (e.g. UOB One Card, UOB Lady’s Card, UOB EVOL Card, UOB One Debit Visa Card, UOB One Debit Mastercard, UOB Lady’s Debit Card and UOB Mighty FX Debit Card)

Once you’ve met the required card spend, you can unlock an even higher interest rate of 2.50% p.a by fulfilling any of these two criteria:

  • Card spend + Salary credit. Charge a minimum of S$500 on your UOB Credit/Debit card and credit your salary (at least S$1,600) to the UOB One Account.
  • Card spend + GIRO transactions. Charge a minimum of S$500 on your UOB Credit/Debit card and make at least 3 GIRO debit transactions.

Note: The MAB is calculated by the summation of each day end balance for each month and averaged by the number of calendar days for that month.

UOB One Account interest tiers

    Here’s the breakdown of the interest rates, which are accurate as of 15 August 2021 and are subject to change:

    Account balanceCredit card spend (min $500/month)Credit card spend + salary credit OR 3 GIRO debit payments
    < S$15,0000.25% p.a.0.50%
    ≥ S$15,000 to < S$30,0000.25% p.a.0.55%
    ≥ S$30,001 to < S$45,0000.25% p.a.0.65%
    ≥ S$45,001 to < S$60,0000.25% p.a.0.80%
    ≥ S$60,001 to < S$75,0000.25% p.a.2.50%
    > S$75,0000.05% p.a.0.05%

    If you’re unable to meet any of the listed conditions for bonus earn, you’ll earn the prevailing base interest rate of 0.05% p.a. on your account balance.

    Time-limited promotion

    From 5 August 2021 to 30 September 2021, you can earn an additional interest of 0.25% p.a. on your account’s monthly average balance for each calendar month when you credit salary of at least S$1,600 into the UOB One Account. This means that you’ll potentially earn up to 2.5% p.a. on your savings.

    On top of that, you’d also stand to win a Secretlab chair (worth S$549) in the monthly lucky draw.

    To participate in this promotion, you’ll must:

    • Not have credited salary into any UOB account prior to the campaign (i.e. during the period 1 January 2021 to 31 July 2021).
    • Registered your interest via an online participation form (from 5 August 2021 to 30 September 2021)
    • Credit your salary of at least S$1,600 via GIRO into your UOB One Account every month from 1 August 2021 onwards.

    Things to look out for

    Before applying for the UOB One Account, make sure that you’re aware of these caveats:

    • Fall-below fee. You’ll incur a S$5 penalty if your monthly average balance falls below S$1,000.
    • Early account closure fee. UOB charges S$30 penalty fee if you close the account within 6 months from opening.
    • Cheque book fee. You’ll receive 2 free cheque books upon account opening. However, subsequent cheque books (50 leaves) will cost S$10 each.
    • Initial deposit amount. This account requires an initial deposit of S$1,000.
    • In-branch application. Unfortunately, online application is not available for foreigners. So if you’re a foreigner, you’d have to visit the nearest UOB branch to open an account.

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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.

    How do I open an account?

    To begin your application, head over to the UOB One Account website and click on the ‘apply now’ button at the bottom of the page. Before applying, you should make sure that you meet the eligibility criteria and have the required documents on hand.


    To apply for the UOB One Account, you must be:

    • A Singaporean, Singapore PR or foreigner with a valid visa
    • At least 18 years old

    Required information

    If you’re a new UOB customer, 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)
    • Foreigners:
      • Valid passport
      • 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.

    Singaporeans and PR can also apply via MyInfo (requires SingPass login), which will automatically retrieve the necessary information to speed up the application process.

      Online application process (Singaporeans and PRs only)

      1. Click on the ‘Apply now’ button on the UOB One Account page.
      2. Select your preferred mode of application.
      3. For existing UOB customers, you may apply directly from Internet Banking.
      4. For new customers, select MyInfo to prefill your application.
      5. Fill in all the required fields and upload any necessary documents.
      6. Submit your application.
      7. Allow time for UOB to get in touch with further instructions.

      How do I contact support?

      If you have any enquiries, you may reach UOB Bank directly through the following contact details:

      Bottom line

      Compared to the DBS Multiplier and OCBC 360 accounts, unlocking higher interest rates with the UOB One account is a lot simpler and achievable. You’ll qualify for the bonus interest rates with only a low card spend requirement of S$500 and salary credit OR three GIRO transactions.

      To earn the maximum potential interest rate, however, you’ll need to maintain a monthly average balance of at least S$75,000 — so make sure to bear this in mind before choosing the UOB One account. Before applying, make sure that you’ve compared it to other high-interest savings accounts to find one that suits your banking habits instead.

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