UOB One is a tiered savings account with incrementally higher rates as you deposit more and use other products in the UOB ecosystem. In order to maximize interest rates with them, you need to:
- Spend a minimum of $500 monthly with an eligible UOB credit or debit card*
- Either credit $1600 monthly to your UOB One account or make 3 GIRO debit transactions monthly
If you complete the two categories, you can earn between 1.4% to 3.6% depending on how much you have deposited with them. Notice that the maximum interest of 3.6% is only earned on $25,000 worth of deposits.
Above $100,000, the interest rate diminishes to 0.05%, meaning the optimal strategy is to deposit between $75,000 to $100,000 with UOB One and fulfill the criteria above.
As an example, suppose you:
- Spend $500 monthly with the UOB EVOL card
- Credit your salary to your UOB One account
- Deposit $100,000 into UOB One
You will receive an annual interest of $2345, or $195 monthly - not too bad!
With that said, if you have more than $100,000 to deposit in safe instruments, check out our cash management guide for deployment ideas.
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