UOB raises maximum interest rate for flagship savings account to 7.8% & More Trending News


SINGAPORE: UOB has raised the interest charges for its flagship savings account on Thursday (Dec 1), becoming a member of different native banks in a second spherical of revisions amid a rising rate setting.

With the newest transfer, UOB One account holders might be in a position to earn a maximum rate of seven.8 per cent each year on balances between S$75,000 and S$100,000. The rate might be utilized to deposits between S$75,000 and S$100,000 in the event that they credit score their wage to the financial institution and meet a minimal spend of S$500 a month on an eligible credit score and debit card.

This is up from 3.6 per cent beforehand and marks the very best interest rate provided because the One account was launched seven years in the past.

The tiered interest charges for balances up to S$75,000 whereas assembly the identical wage and card spending standards was additionally raised to a spread of three.85 per cent to 4.85 per cent, up from 1.4 per cent to 2.5 per cent beforehand.

Those who meet the minimal card spend and carry out three Giro transactions in a month will even see greater interest charges.

For instance, interest earned on balances up to S$75,000 has been raised to a spread of two.5 per cent to 4 per cent each year, up as a lot as 2.15 share factors. There are not any modifications to interest charges below this class for balances above S$75,000.

Like these provided by DBS and OCBC, the UOB One account provides tiered interest charges which can be stepped up as prospects develop their account steadiness or spend a minimal on choose playing cards and conduct different transactions.

Alongside the rate modifications, UOB additionally mentioned it has included wage funds by way of PayNow as an eligible wage credit score in order that extra prospects can qualify for the bonus interest.

“We hope that the updated rates for our UOB One Account will help our customers in reducing some of the inflationary impact on their hard-earned savings,” mentioned the financial institution’s head of group private monetary providers Jacquelyn Tan.

“Together with our highly competitive fixed deposit offerings, we are committed to doing right by our customers by providing a safe haven for them to grow their finances during these turbulent times.”

UOB raises maximum interest rate for flagship savings account to 7.8%

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UOB raises maximum interest rate for flagship savings account to 7.8%

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UOB raises maximum interest rate for flagship savings account to 7.8%

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