UOB Promo: Earn up to S$1,288 cash and attractive interest on your savings

What happened?

As we prepare to welcome the Year of the Dragon this Lunar New Year, UOB is kickstarting the festive season with a new Rising Dragon Savings Promotion that allows you to earn up to S$1,288 guaranteed cash in a few simple steps.

This promotion is available to all current and new UOB customers, and it will end on 30th March 2024, so you should read on to find out below how you can qualify for this promotion.

What’s the deal with the UOB Rising Dragon Savings Promotion?

UOB is running a Lunar New Year Promotion where you can earn up to S$1,288 guaranteed cash when you top up your eligible UOB savings account. 

• Top up S$20,000 new funds to get S$88 cash credit
• Top up S$50,000 new funds to get S$258 cash credit
• Top up S$100,000 new funds to get S$558 cash credit
• Top up S$200,000 new funds to get S$1,288 cash credit

Eligible UOB savings accounts include the UOB One Account, UOB Stash Account, UOB Lady's Savings Account, UOB Passbook Savings Account and UOB Uniplus Account.

Yes! It is as simple as that. Once you have deposited fresh funds into the eligible UOB saving accounts, you will receive the cash credit rewards in addition to the interest earned based on the savings account. 

How to earn your Ang Pow from UOB Rising Dragon Savings Promotion

Let’s do a walkthrough to see if the promotion is a good deal! 

For a start, let’s assume that the deposit account you are using is the UOB One, since it offers one of the highest effective interest rates amongst savings accounts in Singapore of up to 5.0% p.a.

For simplicity, let’s assume you have $0 in your account as of 31 December 2023.

First, you will need to fill up the participation form here. 

Next, you will need to deposit fresh funds into the account. Suppose that on 30th January 2024, you transferred S$100,000 of fresh funds into your UOB One account. 

Then, your deposit of S$100,000 will be earmarked by 29 February, and you will receive the cash credit of S$558 by 29 February 2024.

Recall that you still earn interest on your earmarked amount. This means that you will earn an interest of S$S$396.17 in February (leap year with 29 days!), S$423.50 in March, S$409.84 in April, and a prorated interest of S$232.24 from 1 May to 17 May.

Let’s not forget the guaranteed cash credit of S$558 you would have already received by 29 February.

This would mean that you will receive close to S$2,019.75 (to be exact) by putting S$100,000 into UOB One account and participating in the UOB Rising Dragon Savings Promotion over 108 days.

You will be earning an effective interest rate of close to 6.85% p.a.!

That’s a very attractive way to grow our savings over a 4-month period, without having to jump through the hoops of buying an investment product, investment plans, or bidding for T-bills.

For the lazier folks, here’s a table to sum things up! 

For those who do not able to meet the salary credit requirements for UOB One, don’t fret!

Looking through the list of eligible savings accounts, you can still earn a decent interest rate with the UOB Stash account in a fuss-free way.

Again, by fulfilling the criteria of the UOB Rising Dragon Savings Promotion and transferring S$100,000 of fresh funds into your UOB One account, you will be eligible to earn the guaranteed rewards of S$558 cash credit.

Assuming you deposit the fresh funds between 1 Jan 2024 and 31 Jan 2024, your deposit of S$100,000 will be earmarked by 29 February, and you will receive the cash credit of S$558 by 29 February 2024.

You will earn an interest of S$S$237.70 in February, S$254.10 in March, S$245.90 in April, and a prorated interest of S$139.34 from 1 May to 17 May. Not to forget the guaranteed cash credit of S$558 received by 29 February!

In short, you will receive close to S$1,435.04 over 108 days and you will be earning an effective interest rate of close to 4.9% p.a.!

As you can probably tell, while the UOB One savings account can allow you to earn better interest rate, there are still many ways to benefit from this promotion.

Yes, even for existing customers too!

Is there any catch to the UOB Rising Dragon Savings Promotion?

One thing you should note of is that your fresh deposits will be earmarked. Since this might be a new concept to you, let’s go through what this means in more detail. 

When your deposits are earmarked, you will not see the funds in your account statement and they cannot be withdrawn for the next few months! 

Please refer to the table below to see when the Earmark End Date is. While there is no auspicious timing to deposit your cash, the most ideal date to deposit your cash is always the later part of the Qualifying Period e.g. 31 Jan, 29 Feb and 30 Mar 2024.

Stand a chance to win an additional S$2,361 from the lucky draw

Of course, a CNY promotion must have an ‘ang pow’ draw component. On top of the promotion, you will be automatically enrolled into the Lucky Draw if you are eligible to receive the guaranteed cash credit. Stand to be one of 8 winners to share a S$18,888 prosperity pot in the Lucky Draw!

This means that the eight lucky draw winners can score an additional S$2,361 each!

Here’s a pro tip: You can earn 8x chances to win from the lucky draw when you either:

• Successfully credit your monthly salary via GIRO or PayNow into your Participating Account; OR
• Successfully perform a bill payment via GIRO from your Participating Account

Can I transfer funds from another UOB account to participate in this promotion?

Incremental fresh funds must be brought into your eligible UOB savings account and must not be transferred from an existing UOB current/savings account.

Can I register for the promotion multiple times?

While it is a good deal, you can only receive the cash credit once under this promotion.

If you submit more than one participation form during the promotion period under this promotion, UOB will only use and recognise the last participation form submitted within the earliest qualifying period to determine your eligibility for rewards and for earmarking purposes. 

Let’s use an illustration where you deposit S$100,000 of incremental fresh funds on 3 January 2024, and you submit:

1. a participation form indicating S$100,000 on 3 January 2024 (First Form), 
2. a participation form indicating S$50,000 on 27 January 2024 (Second Form) 
3. a participation form indicating S$100,000 on 28 February 2023 (Third Form)

UOB will only recognise the second form since it was the last participation form submitted within the earliest qualifying period and your participating deposit will be S$50,000.

How to apply for UOB Rising Dragon Promotion?

Step 1: Visit the UOB Rising Dragon Promotion page and register your participation.

You will need to:

• Key in your phone number that must match the Bank’s records
• Key in your email address
• Key in a valid 10-digit eligible UOB savings account number
• Select your Participating Deposit

Step 2: Deposit a minimum amount of S$20,000, S$50,000, S$100,000, or S$200,000 in Incremental Fresh Funds (the “Participating Deposit”) into your eligible UOB savings account.

What would Beansprout do? 

One of the resolutions we have this year is to make our savings work harder. 

After all, things are becoming more expensive with the latest GST hike, and we would still want to make sure we enjoy ourselves with the CNY festivities. 

The UOB Rising Dragon Promotion is one of the ways that we can earn a good ‘ang pow’ with fairly minimal effort.

More importantly, the cash credit is guaranteed, which will go a long way towards meeting our CNY expenses this year. 

We just need to be aware that the money put aside will be locked up for close to 4 months, and make sure that it is not emergency cash we would need at short notice. 

Learn more about the UOB Rising Dragons Savings Promotion here.