SINGAPORE — UOB will cut interest rates on its flagship UOB One account effective May 1, 2024, the bank told customers on Monday (April 1).
The bank explained that the interest rate adjustment was being made to “align it with expectations in the long-term interest rate environment”.
With the revision of the interest rates on the UOB One account, customers will soon receive tiered interest rates ranging between 3.0 and 4.5 percent on the first S$100,000 in their account. Currently, UOB One customers receive significantly higher interest rates ranging between 3.85 and 7.8 percent on their first S$100,000.
UOB added that all existing eligibility criteria, such as a minimum spend of S$500 per month on eligible UOB cards and salary crediting (at least S$1,600) into the account for each calendar month, remained unchanged.
The bank also introduced two new balance tiers, increasing the maximum bonus interest balance from S$100,000 to S$150,000. Account balances between S$100,001 and S$125,000 will earn interest at 4.5 percent, while account balances between S$125,001 and S$150,000 will earn interest at 6.0 percent.
An interest rate of 0.05% is available on account balances over S$150,000.
With these changes, One account customers can now earn a total of up to S$6,000 in interest per year on deposits of S$150,000 if they meet the minimum spending and salary credit criteria, according to UOB.
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