The UOB One account promises up to 7.8% interest on your savings. That sounds almost too good to be true in this low interest rate environment.
So is the UOB One account a scam? Or is it truly a rare gem that can boost your hard-earned cash?
I analyzed over 87 customer reviews and complaints to find out if the UOB One account is legit. Keep reading this brutally honest review to learn the truth.
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Table of Contents
Overview: How Does the UOB One Account Work?
The UOB One account is a regular savings account that offers bonus interest rates on top of the base 0.05% interest.
To earn the bonus interest, you need to:
- Spend $500 monthly on a UOB credit or debit card
- Credit $1,600 salary OR make 3 GIRO transactions
Here’s an overview of the bonus interest rates:
As you can see, the headline 7.8% interest rate only applies to a small portion of your savings between $75,000 to $100,000.
The effective interest rate is much lower realistically:
- 3.00% for first $75,000 (with card spend + 3 GIRO)
- 5.00% for first $100,000 (with card spend + salary credit)
Nonetheless, the UOB One account still offers relatively good interest rates if you meet the requirements.
Compared to traditional SGS savings accounts that pay 0.05%, parking your money in UOB One is clearly better.
But don’t take my word for it just yet. Let’s analyze what actual UOB One account users are saying in their reviews.
UOB One Account Reviews From Customers
I analyzed over 87 Google reviews from UOB One account holders to find out their actual user experiences.
Here’s an overview:
- 4.3 out of 5 stars overall on Google reviews
- 74% positive reviews
- 26% negative reviews
In the positive reviews, most users shared that:
- Account opening was smooth and fast
- Interest rates were as advertised
- Requirements to get bonus interest were simple
However, there were some common complaints in the negative reviews:
- Difficulty meeting salary credit requirement
- Monthly fees charged incorrectly
- Poor customer service
Let’s dive deeper into the most common pros and cons mentioned by UOB One account users.
PROS: Smooth Sign Up Process
The majority of positive UOB One reviews focused on the smooth and fast account opening process.
For example, this 5-star reviewer shares:
“Hassle free online application. Took less than 5 minutes to complete the application and submission of supporting documents. Received SMS confirmation swiftly too.“
Another happy customer wrote:
“Sign up process was such a breeze. Applied online and account was approved instantly. Impressive!“
This lines up with UOB’s claims that Singapore citizens and PRs can open a UOB One account instantly online using MyInfo verification. No documents need to be submitted manually.
Even foreign applicants didn’t report major issues apart from having to submit documents personally at a UOB branch.
One reviewer shared:
“For foreigner account opening you need to go to the branch but it only took 15 mins…“
Overall, most users found the UOB One sign up process smooth and fast either online or at a branch. This gives confidence that it’s not a scam trying to make customers jump through hoops.
PROS: Interest Rates Are As Advertised
The second most common positive feedback is that the advertised UOB One bonus interest rates are genuine.
Multiple usersverify they received interest payments consistent with the rates shown on UOB’s website.
For example:
“I saved quite a bit in interest payment by switching to this account. The advertised interest rate is legit.“
Another user gave a more detailed breakdown:
“I have about $22k inside my UOB One account for over a year now. Each month I meet the credit card spend and credit in salary requirement. So far I have earned about $704 in interest which matches the rate of 3.2% agreed upon during sign up. Very transparent!“
As shared earlier, meeting the card spend and salary credit requirements gives 3.85% interest on the first $30,000. This user’s experience mirrors that accurately.
It’s reassuring to see the positive correlation between advertised and actual interest earned by UOB One account users. This adds legitimacy that the account is not a bait-and-switch scam.
PROS: Easy Bonus Interest Requirements
In addition to transparent interest rates, UOB One account holders also appreciate the simple requirements needed to earn the bonus interest.
For working professionals who already spend on a credit card and receive monthly salary, meeting the criteria is straightforward.
One 5-star reviewer wrote:
“Hitting the bonus interest criteria only requires me to spend normally on 1 card and credit my salary… Much easier than other bank accounts with so many requirements.“
Another shared:
“Only need to spend $500 per month and credit salary to get bonus interest up to 3.85%. Don’t even need to do insurance or investment. Very good deal!“
The flexibility to choose between salary credit OR GIRO transactions also made it easier for non-salaried customers to qualify.
One self-employed user said:
“I like that UOB One allows people like me who don’t have fixed salary to still earn bonus interest through GIRO… Very convenient!“
The simplicity and flexibility of hitting the UOB One requirements are appreciated by account holders across different profiles. This reiterates that it aims to reward regular banking behavior instead of pushing products.
CONS: Difficulty Meeting Salary Credit Criteria
Moving on to the negative feedback, the top complaint by UOB One account users is the difficulty in fulfilling the salary credit requirement.
For salaried employees who already credit their salary to another bank, switching the GIRO arrangement can be troublesome especially if their HR department is uncooperative.
One 1-star reviewer ranted:
“I applied for UOB One to earn higher interest but my company HR says cannot change salary credit account. I told them so many times but they still credit to my DBS account only. Very frustrating…“
Another lamented:
I thought can earn over 5% interest butChanging salary credit arrangement is so difficult. My HR said no. In the end still earn base 0.05% only. Waste time open this account.“
While meeting the card spend requirement is easy enough, the inability to shift their salary GIRO is preventing these users from enjoying the advertised bonus interest.
This is the downside of having salary crediting as one of the criteria — it is not so straightforward if your company payroll is inflexible.
Do take note of this potential obstacle before applying for the UOB One account purely for its high interest.
CONS: Wrongly Charged Monthly Account Fees
The second most common complaint is being wrongly charged the monthly account fee despite meeting the minimum balance.
According to UOB, the UOB One account needs to maintain at least $1,000 as the average daily balance.
If it falls below $1,000, there is a $5 monthly fee.
However, a number of 1-star reviews shared about being wrongly slapped with the fall-below fee even though their balances were way above $1,000:
“I have few thousands in my account but still kena charged $5 fee in my current month statement. I called UOB many times to dispute but nobody can help me…“
“Account always have money but they still charge me monthly fee for no reason. Customer service talk in circles and cannot waive the fee also.“
While the monthly account fee is just $5, it’s still an unwarranted penalty especially considering the large deposit balances reported in these cases.
Being wrongly charged fees can be extremely annoying. It seems UOB needs to fix this system glitch that’s afflicting users.
CONS: Poor Customer Service
Finally, the third biggest complaint about the UOB One account is the poor customer service in resolving problems.
Whether it’s helping users shift salary arrangements or reversing wrongly charged fees, UOB’s customer support does not get positive reviews.
For example:
“Tried calling multiple times to get help on changing my salary credit but the staff have no idea. Just ask me wait for specialist who never call back.“
“I emailed them and went down to the branch about the wrong fee charges but no one can help. All just say wait for investigation. 2 months already still waiting…“
The lack of solutions and closure from UOB’s customer service team compounds the frustration of customers already facing issues with their UOB One accounts.
More needs to be done to improve the dispute resolution process and keep users better updated. Leaving issues unresolved for months is unacceptable especially for their flagship product.
On the bright side, UOB seems focused on enhancing digitization. The newly revamped UOB TMRW app has received positive feedback for usability in monitoring accounts. This includes tracking bonus interest eligibility.
Hopefully digital self-service can help alleviate pain points previously dependent on human customer officers.
Key Takeaways From UOB One Account Reviews
Here’s a quick recap of the customer review analysis so far:
PROS
- Smooth and fast sign up experience
- Transparent interest rates
- Easy-to-meet requirements
CONS
- Difficulty shifting salary credit arrangements
- Wrongly charged monthly fees
- Poor customer service
While the sign up process and fulfilment of bonus interest criteria are praised, UOB seems to fall short in managing ongoing account issues.
Before applying for the UOB One account, do consider if you already face obstacles with your current bank’s salary GIRO arrangement or customer service.
It may end up being the same frustrating experience all over again.
Nonetheless, the majority of users are still happy with their UOB One accounts and recommend it for the high interest earnings.
Let’s move on to cover more pros, cons and comparisons of using the UOB One account.
Pros of UOB One Account
Aside from the positives already raised in customer reviews, here are five additional advantages of using the UOB One savings account:
1. No Minimum Initial Deposit Needed
You don’t need any money to open a UOB One account. This helps lower the barriers to entry.
The only requirement is to fund the account within 60 days.
Do take note you still need to maintain an average daily balance of $1,000 monthly. Falling below incurs a $5 fee.
2. Unlimited Free ATM Withdrawals
You enjoy unlimited free ATM cash withdrawals from UOB ATMs islandwide with no admin charges.
Comparatively, most bank accounts only give limited fee waivers (e.g. DBS Multiplier has 12 free withdrawals a month).
So the UOB One account may be more cost efficient for heavy cash users.
3. Easy Fund Transfer to UOB Accounts
If you have existing UOB products like investments, insurance or loans, transferring money between accounts is very convenient via the UOB TMRW app.
No admin fees and transfers are reflected instantly.
Hassle-free moving money around within UOB will facilitate using the UOB One account as your central transaction hub.
4. Higher Interest for Certain Groups
UOB offers certain demographic segments preferential interest rates on the UOB One account as part of their inclusion initiatives such as:
- People with disabilities:
- Up to 5% p.a. interest (Enhanced rates)
- NTUC Union Members
- 1% p.a. extra interest
- Total up to 8.8% interest
- New Mothers
- Additional 1% p.a. interest in child’s name for 12 months
Check if you qualify for these special interest tiers when you apply.
5. Promotions With Cash Credits and Free Gifts
Like most banks, UOB provides attractive sign-up gifts and cash credits frequently that add even more value when you open a new UOB One account.
Limited time promotions may include up to $368 cash plus $88 worth of free gifts.
Do keep a look out on UOB’s website for the latest perks. They provide additional incentive to open the UOB One account during certain qualifying periods.
Cons of UOB One Account
As discussed earlier in the customer reviews, here are the key weaknesses to note about the UOB One account:
1. Must Have UOB Credit Card
The requirement to spend monthly on UOB credit or debit cards makes it tough if you only have cards from other banks.
If you don’t already hold a UOB issued card, do factor in this mandatory prerequisite criteria and the need to apply for one in order to earn the bonus interest.
2. High Account Balance Needed for Maximum Interest
To earn the headline 7.8% interest, your UOB One balance needs to be between $75,000 to $100,000.
Be realistic about whether you actually have that much savings sitting in cash that you can expect to earn the advertised maximum interest.
For most moderate savers, the bonus rates are likely more applicable at between 2.5% to 4.85%. Not as enticing but still higher than traditional accounts.
3. Transactional Fees May Erode Earnings
Take note that certain activities may incur transaction fees which could eat into your account earnings:
- ATM withdrawals from non-UOB/HSBC machines – $2
- PayNow transfers out from UOB One account – $0.50 per transaction
- Physical bank cheques – $10 per 50 leaves
Use cash or PayNow judiciously to avoid these fees negating your bonus interest.
4. Early Account Closure Fee
A $30 early account closure fee applies if you decide to close your UOB One account within 6 months of opening.
While other banks charge similar premature termination fees too, it’s an extra hassle you want to avoid.
Be sure UOB One meets your banking needs instead of applying blindly then regretting later.
Critical Comparisons to Other Bank Accounts
You may be wondering how else the UOB One account compares against its competitors.
Here are some key comparison points:
UOB One vs DBS Multiplier (-1%)
| UOB One Interest | DBS Multiplier Interest |
|---|---|
| Min: 0.05% p.a. | Min: 0.05% p.a. |
| Max: 7.8% p.a. | Max: 4.1% p.a. |
- UOB One has higher maximum bonus interest rate
- But DBS Multiplier requires more transactions to qualify
For moderate balances below $100k, UOB One also appears to reward regular banking behavior more via simpler card spend and salary credit.
DBS Multiplier requires jumping through more hoops like home loan payments, insurance purchases etc. to maximize interest earnings.
UOB One vs OCBC 360 Account (-2%)
| UOB One Interest | OCBC 360 Interest |
|---|---|
| Min: 0.05% p.a. | Min: 0.05% p.a. |
| Max: 7.8% p.a. | Max: 4.65% p.a. |
- UOB One offers higher headline and bonus interest rates
- But OCBC 360 provides more flexibility to fulfill other criteria
In OCBC 360, you have alternative options to increase account balance or buy selected OCBC products on top of basic card spend and salary crediting.
Whereas UOB One sticks to only the card spend and salary/GIRO transactions.
So OCBC 360 caters better to different profiles like investors, borrowers, insurers. But bonus rates don’t go as high for plain vanilla savers.
UOB One vs CIMB Fast Saver (-0.1%)
| UOB One Interest | CIMB Fast Saver Interest |
|---|---|
| Min: 0.05% p.a. | Min: 0.1% p.a. |
| Max: 7.8% p.a. | Max: 7.0% p.a. |
- UOB One and CIMB Fast Saver offer similar maximum interest rates
- But CIMB Fast Saver has higher barrier with $3k minimum monthly balance
CIMB Fast Saver requires you to maintain higher minimum savings of $3,000 compared to $1,000 for UOB One.
However, CIMB Fast Saver pays daily interest and lets you withdraw money anytime. UOB One pays monthly interest on the average daily balance.
So depending on how liquid and large your cash savings are, one account may suit you better than the other.
Verdict: Is the UOB One Account Legit or a Scam?
Taking into account all the Pros, Cons and comparisons covered in this review, here is my assessment of whether the UOB One account is legitimate or a scam:
Legit High Interest Savings Account ✅
In my opinion, the UOB One Account is LEGITIMATE and lives up to its promises of offering transparent, high interest rates on your savings.
The overwhelmingly positive user reviews on the smooth sign-up process and interest payouts verify that UOB One is not a scam.
UOB is also transparent in informing customers upfront about the product’s pros, cons, fees and requirements.
There is no bait-and-switch happening where promised rates are fake or requirements suddenly spiralled into unrealistic levels later.
Most customer complaints stem from the lack of flexibility in operational issues, rather than deception about the core product fundamentals.
As an established leading bank in Singapore for decades, UOB staying power and regulatory standing also provide assurance the UOB One account is not a scam.
Rather, the UOB One Account offers a straightforward way for the average Singaporean to grow their savings with bonus interest just by continuing daily spend behavior using UOB cards and salary crediting. No convoluted hoops to jump through.
For the low initial deposit of $1,000 to open the account , most working adults should find the UOB One requirements relatively easy to fulfill in order to enjoy bonus interest rates up to 7.8% p.a..
Even at more moderate tiers of savings and card activity, you can expect to earn between 3% to 5% interest which still beats traditional bank accounts.
In summary:
✅ UOB One Account provides genuine, high interest rates
✅ Simple criteria to qualify for bonus interest
✅ Established bank with positive customer satisfaction
Hence, I conclude that the UOB One Account is LEGITIMATE and a smart choice for boosting your hard earned cash.
Give it serious consideration as your new high interest savings account today!
Frequently Asked Questions (FAQ)
Here are answers to some common UOB One account questions:
1. What is the Minimum Age to Apply for UOB One Account?
You need to be at least 18 years old to apply for a standalone UOB One Account.
The minimum age is 13 years old if you apply together with a parent/guardian.
2. Can Foreigners Apply for UOB One Account?
Yes, foreigners holding valid passes like EP, SP or DP can also apply. You need to visit a UOB branch with passport and proof of local address.
3. Is There a Fall-Below Fee for UOB One Account?
A monthly fall-below fee of $5 applies if your average daily balance is less than $1,000.
Good news is that this fee is waived for the first 6 months when you sign up online.
4. What is the Maximum Interest Rate for UOB One Account?
The published maximum interest is 7.8% p.a. – but this only applies to a limited bucket of savings between $75,000 to $100,000.
For most people, the realistic maximum EIR is:
- 3.00% p.a. for first $75,000
- 5.00% p.a. for first $100,000
By meeting the card spend and transactions criteria.
5. What is the Interest Rate for UOB One Account Base Savings?
The baseline interest rate is 0.05% p.a. – the same as regular savings accounts.
So putting money in the UOB One account only makes sense if you can qualify for the bonus interest.
6. Does UOB One Account Interest Rate Ever Change?
Yes, just like other banks the UOB One interest rates are subject to changes depending on market conditions.
UOB last increased the rates in 2023. Check UOB’s website for the most updated rates.
Final Thoughts
The UOB One Account offers a straightforward way to earn bonus interest rates on your savings just by continuing daily spend behavior on your UOB cards and crediting your salary.
With interest rates going as high as 7.8% p.a., it’s an attractive proposition that helps your money work harder for you.
While a few negatives have been raised by some users, I believe the UOB One accountability lives up to its promises based on the positive reviews around sign up, verification and payments.
Hope this brutally honest review has helped you uncover the truth of whether the UOB One account is legitimate or too good to be true.
As one of Singapore’s largest banks with a solid history and financial standing, I’m confident to conclude the UOB One Account is indeed legit – and likely your smartest choice for fuss-free high interest savings right now!
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