UOB One Savings Account Review 2025: Up To 5.3% Interest Per Year

Although the interest rate for the UOB One Account has been reduced, it still touts as a fuss-free savings experience, with just two requirements to snag an interest rate of up to 6.00% p.a. Here’s what they are and everything else you need to know about this savings account.

For most working professionals, it’s a no-brainer to have at least one high-yield savings account. After all, it’s close to effortless when things like salary crediting and credit card spend help in securing a higher interest rate. Unfortunately, many high-yield savings accounts out there have many more prerequisites than that.

The good news? The UOB One Account might just be the most hassle-free of them all. Instead of the usual five or six requirements to earn the highest possible interest rate, there are only two requirements for you to earn an interest rate of up to 6.00% p.a. Both requirements even have some leeway, which opens this savings account up to a lot of people.

Here’s SingSaver’s full review of the UOB One Account and how you can apply for it.

Seedly rating: 4.3 stars

The UOB One Account lets you enjoy an interest rate of up to 6.00% p.a. when you fulfil two criteria.

The first would be making a minimum credit or debit card spend of S$500 (to earn 0.65% p.a. interest) per calendar month. As for the second? Crediting a minimum monthly salary of S$1,600 to your account (to earn up to 4.0% p.a.) or making at least three GIRO transactions per month (to earn up to 6.00% p.a.).

This 6.00% p.a. interest rate applies to the first S$150,000 in your account and there are no other hoops you need to jump through. However, note that the maximum effective interest rate (EIR) for deposits up to S$150,000 is 4.00% p.a..

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Pros

✅Earn enhanced interest by meeting two eligibility criteria 

✅Minimum monthly spending can be hit by utilising other UOB credit and debit cards, including the UOB EVOL Card and UOB Lady’s Card

Cons

❌Enhanced interest rate only applies to first S$150,000

❌Consistent spending of S$500 per month required to earn bonus interest

The UOB One Savings Account is a great high-yield savings account for working professionals in Singapore, whether you are starting your first job or have been working for years. With only two eligible criteria to meet – spending a minimum of S$500 monthly and either crediting your salary or making three GIRO transactions – it presents a relatively low barrier to entry for earning bonus interest. 

Each account comes with a UOB One Debit Card, where customers can earn up to 3% cashback on qualifying transactions. Customers who are already spending with existing UOB credit cards such as the UOB Lady’s Card or UOB EVOL Card will find it easy to hit the minimum monthly spend, as spending with other eligible UOB cards also count towards this minimum spend.

>> MORE: Best cashback credit cards in Singapore (2025)

Account type: Savings

Minimum initial deposit: None required, but minimum account balance of S$1,000 applies in subsequent months to avoid fall-below fee (waived in first six months for online-initiated accounts)

Sign-up offer: $100 cash for account holders who apply for a new UOB account and deposit S$5,000 in fresh funds (limited to the first 100 customers per week)

Perks:

• Earn up to 5.3% p.a. interest by spending a minimum of S$500 on an eligible credit card and crediting your salary or making three GIRO transactions per month

• Comes with a UOB One Debit Card, where you can earn up to 3% cashback on groceries, dining, online shopping, transport, and more

• All deposits in SGD are insured by the Singapore Deposit Insurance Corporation (SDIC) up to S$100,000 per depositor 

Minimum age requirement: 18

>> MORE: The differences between bank account types

If you spend a minimum of S$500 a month on your credit or debit card and have up to S$75,000 in savings, the UOB One Account should be considered. Here are five reasons why:

There are only two eligibility criteria to meet

Unlike savings accounts that require you to jump through five or six hoops in order to earn higher interest, the UOB One Account has just two simple requirements:

1. Credit a minimum salary of S$1,600 or make three GIRO transactions per month 

2. Spend a minimum of S$500 on an eligible UOB credit card to enjoy the higher interest rate

No fuss, no muss.

It can be used as a second savings account

Remember, the UOB One Account lets you choose between monthly salary crediting or making three GIRO transactions to land better interest rates.

If you’re a salaried employee, you can credit your paycheck to your primary high yield savings account while utilising the UOB One Account for GIRO arrangements.

In turn, this maximises the interest earned across two savings accounts. Who says you can’t have your cake and eat it too?

Get competitive exchange rates by linking UOB Mighty FX to your UOB One Account

If you’re someone who frequently makes purchases in a foreign currency - via e-commerce platforms like Taobao, for example - you can tap on UOB’s Mighty FX for competitive exchange rates.

Paying in the local currency can help you to avoid dynamic currency conversion (DCC), which more often than not shortchanges the consumer.

UOB’s Mighty FX lets you exchange SGD into 10 different currencies (AUD, CAD, CHF, CNH, EUR, GBP, HKD, JPY, NZD, USD), with no admin fees on all your online shopping and overseas spend!

Capitalise on the perks of the UOB One Card

Combine the UOB One Account and UOB One Card to earn cashback on your daily spending while achieving the monthly S$500 credit/debit card spend requirement. The UOB One Card grants a generous 10% cashback on Shopee, Dairy Farm Group merchants, Grab, and UOB Travel. You also stand to earn up to 5% cashback on all retail spend when you meet certain criteria.

Read SingSaver’s full review of the UOB One Card here.

Take advantage of other UOB credit and debit cards

As mentioned earlier, there are several credit and debit cards in UOB’s roster that you can use to meet the minimum monthly spending requirement. Apart from the eponymous ones, you can use the UOB EVOL Card, all variations of the UOB Lady’s Card, and the UOB Mighty FX Debit Card.

Although several miles cards like the UOB Preferred Platinum Visa Card and UOB Visa Signature Card aren’t eligible, it’s a small price to pay.

Limitations

While earning up to 5.3% p.a. Interest on your savings may sound enticing, keep in mind that you have to maintain consistency in order to benefit from the higher interest rate. 

• A minimum spend of S$500 per month on an eligible UOB card is required in order to hit bonus interest rates. This is in conjunction with salary credit or making three GIRO payments per month.

• Bonus interest rates increase alongside your account balance – this stands at 1.5% for your first S$75,000 and goes up to 2.5% for your next S$50,000.

The UOB One Savings Account may not be the best choice for conservative spenders

If you are a conservative spender who finds it hard to hit the minimum monthly spend of S$500 monthly, the UOB One Savings Account may not be the best option for you as the base interest rate is only 0.05% p.a. It may not be worth it if you find yourself making unnecessary purchases just to hit the minimum spend.

The UOB One Savings Account is a good choice for working professionals who are able to maintain a consistent monthly spending and who pay their bills through GIRO transactions. The higher your account balance, the higher your bonus interest rate (any excess amount above S$150,000 earns the base interest rate of 0.5%), which can be a good incentive for those looking to accumulate savings

Seedly rating: 3.8 stars

BOC SmartSaver Account

Get up to 6.0% p.a. interest on your first S$100,000 by fulfilling the required criteria, which include purchasing eligible insurance products, hitting a minimum spend of S$750 monthly, and crediting a monthly salary of S$2,000 and above.

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