My emergency funds has been deposited in both OCBC 360 and Standard Chartered Bonus$aver account for quite some time now. At the start of the month, I decided to make the effort to open the UOB One account.
UOB One account offers up to 3.33% interest annually for up to S$50,000. Really?
There are always terms and conditions to the interest rate. The interest rates are tiered for the UOB One account. See below.
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| Source - UOB One Account - How it works? |
So the effective interest is no where close to 3.33%. In order to get the highest effective interest rate possible, account holders have to 1) maintain S$50,000 in the account; 2) Spend S$500 on your UOB One Card every month for 12 months; and 3) Credit your salary of minimum S$2,000 monthly or make three GIRO debit transactions monthly.
Fulfilling all the above conditions, with a S$50,000 deposit, we will receive S$1,216 annual interest + another S$200 UOB One Card Cash Rebate.
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| Source - UOB One Account - Calculator |
That will give us an effective interest rate of 2.43% (not considering the S$200 UOB One Card Cash Rebate). Not really the 3.33% on most of their advertisements as shown below.
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| Source - UOB One Account |
This will definitely made my money work harder for me. I should have made the change earlier. Just hate the hassle of changing the account, changing the GIRO transactions etc.
One time pain but a good place to park my War Chest. Better late, then Never.
Read:
1. Higher Interest on your Money
2. War chest... oh war chest.. when should I use you?
Hi,
ReplyDeleteI also made a switch from standard chartered. It took about 2 to 3 months to effect the whole changes. The longest being HDB, that took me about 2 months plus minus. So if you're effecting the change, makes sure you start early, once it's confirmed, then you cut off standard chartered.
Btw, I didn't get the one account. Couldn't hit the 500 per month thingy haha, so I'm just using a pre-existing UOB account as my bills paying account instead of scb.
Ya, there is some lead time. Applying the card take a while to get approve. I usually pay my insurance with the credit card so I am able to meet the $500. It is just transferring the bills from Stand Chart card to UOB One card.
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