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UOB One review – Why it’s better than OCBC 360 and DBS Multiplier [September 2022]

02 Sep 2022

We prefer UOB One over the OCBC 360 and DBS Multiplier as it gives you a better interest rate for deposits of up to S$100,000.

UOB One vs DBS Multipler vs OCBC 360

TL;DR

  • UOB raised the interest rates for the UOB One account, following similar increases for OCBC 360 and DBS Multiplier. 
  • UOB One does not require you to purchase an insurance or an investment product to unlock the highest tier of interest rates. 
  • As such, we think that the UOB One provides you the best interest rate for any given sum less than or equals to $100,000.
  • We also share tips about how you can unlock most value from your UOB One account. 

In my previous article, I shared about the OCBC 360 and DBS Multiplier accounts and compared which account offers the best interest rate.

UOB raised the interest rate for the UOB One account the next day and I think it is the best time to compare and find out our best strategy! 

UOB One raised interest rates for UOB One account customers

UOB announced that they will also be raising their interest rates for their UOB One account customers. 

Source: UOB


Unlike DBS and OCBC, UOB One account does not require you to purchase insurance or an investment scheme to unlock the highest tier (yay!).

All you need is to have a $500 card spend + EITHER make 3 GIRO payments OR credit a min. $1,600 salary. 

The best combination is a $500 card spend + credit a min. $1,600 salary – as it will award you the best interest rate.

Regardless of the combination you pick, my opinion is that these requirements are far more manageable than the other two banks’, especially for working adults. 

For those who are wondering how to make at least 3 GIRO payments, here are some ideas from the Telegram group:

  1. Credit card bills (Yes! I was also amazed to find out that this method counts – say yay to paying credit card bills on time and no to paying late fees)
  2. Electricity bills
  3. Mobile phone bills
  4. Income tax (apply with IRAS)

If you are in the midst of adulting, you should have an easy time meeting the requirements.

UOB One vs OCBC 360 vs DBS Multiplier - Which is the best deposit account in September 2022?

The most confusing part is probably the many tiers but we can always use math to solve the problem (I hope I don’t disappoint my Primary School Math teacher).

Before you jump into the table and look at the last column, you should note that the table is built on a few assumptions – 

  1. You do not buy insurance/investment products from the Bank 
  2. You save and spend at least $500 respectively a month and 
  3. The total eligible transactions per month is >$5000 but less than $15,000 
  4. You credit your monthly salary into the bank 
  5. You spend the minimum amount with their credit cards
Cash available for depositMaximum interest rate to be earned (including base interest rate of 0.05%)Winner 
Less than $50,000

OCBC 1.05%

DBS 1.45%

UOB 1.44%

DBS/UOB (close fight)

More than $50,000

Less than $75,000

OCBC 1.38%

DBS 0.98%

UOB 1.66%

UOB

More than $75,000

Less than $100,000

OCBC 1.85%

DBS 0.75%

UOB 2.15%

UOB


 

The best strategy? Put your first $100,000 into UOB 

UOB is the best pick here because it is the simplest (or at least to me) for an average Singaporean to hit all the different categories.

With this advantage, it is not hard to imagine that you will be earning more interest with UOB. 

Pro tip: If you have more than $100,000 in cash, you can put $100,000 with UOB and the next $50,000 with DBS to maximize your earnings.

We're not going to bore you with the signup details, as you can find out more about the UOB One account here! 

When should we consider the OCBC 360 or DBS Multiplier rather than the UOB One?

Take note that you will qualify for the Investment category for DBS Multiplier if you invest with DBS Vickers, but you will not qualify for the same category in OCBC if you invest with OCBC securities.

If you invest with DBS Vickers, you might find it easier to unlock the additional interest rate for the next $50,000 tranche. 

In this case, you might be better off putting your money with DBS if you have more than $15,000 in eligible transactions each month. 

But UOB is still the clear winner for the people with at least $100,000.

Cash available for depositMaximum interest rate to be earned (including base interest rate of 0.05%)Winner 
Less than $50,000

OCBC 1.05%

DBS 1.45%

UOB 1.44%

DBS/UOB (close fight

More than $50,000

Less than $75,000

OCBC 1.38%

DBS 1.78%

UOB 1.66%

DBS

More than $75,000

Less than $100,000

OCBC 1.85%

DBS 1.95%

UOB 2.15%

UOB


 

Again, there can be many strategies but I only listed down the most obvious and least effort one because my friends are only interested to do minimal work (which means that they just want to read my table and skip the rest of the content ☹. Yes, you!). 

If you've read this far (applause) and want to make your effort worthwhile, you can take the next step by finding out how to open an account here. 

Which cards are eligible for the UOB One spending? 

One last thing you need to note is that the $500 card spend must be done on an eligible card (what did I say about reading fine prints again?) 

You can find the list of eligible cards here

I will not be talking about the best card you should be applying for here because there are enough resources out there. 

But if you would like me to cover it, you can always drop a request with the Beansprout Team and they will let me know. You can also find me on the awesome Beansprout telegram group.

This concludes my series! (bows and exits the stage)