Happy new year everyone!
In the past year, I have been comparing the deposit rates across the three local banks and actively sought out the best “lobang” for everyone.
I concluded that the UOB One offers one of the best deposit rates here.
If you have been procrastinating, this post might be the boost you need.
PS. There is a deadline to this deal, read on to find out more!
About the UOB Lunar New Year Savings Promotion
Every year without fail, there will always be promotions during this Chinese New Year period.
I am sure many of us here are familiar with Google Pay’s Huat Pals.
This year, UOB is offering up to S$1,888 Hong Bao for incremental fresh funds.
UOB One is not the only eligible account. UOB stash, UOB Lady’s Savings, UOB Uniplus and UOB Passbook Savings Account are eligible as well.
Once again, there are only three simple steps!
Step 1: Register your participation here by 28 February 2023.
It is very important that you do this before you transfer your funds over!
You will be asked to provide your mobile number, your bank account number and incremental fresh funds you intend to deposit.
Step 2: Deposit a minimum of S$50,000 in incremental fresh funds into your UOB One account by 28 February 2023.
You will get more cash credit if you put in more fresh funds.
Note that the incremental fresh funds are measured against your account day-end balance as at 31 December 2022 and earmarked for approximately 4 months.
This means that you should expect to keep your deposit there for 4 months.
|Incremental fresh funds amount||Cash credit|
Step 3: As a bonus, you will earn an additional S$28 by completing each of the action below and collecting a Golden Carrot.
Yes, you will get an additional S$28 per Golden Carrot collected!
- Register for PayNow with UOB
- Credit monthly salary of min S$1,600 to your UOB One
- Refer a friend to top up and participate in the promotion here
However, do note that you can only collect one Golden Carrot, regardless of the number of successful referrals you make during the promotion period which ends on 28 February 2023.
Also, you do not need to complete step 3 to be eligible for the cash credit, so long as you complete step 1 and 2 and meet the terms and conditions.
My thoughts on the UOB Lunar New Year Savings Promotion
This is another way in which banks are trying to compete for our deposit money.
If you are done with the RHB promotion, perhaps you can consider moving your cash here to earn that extra cash credit.
In my opinion, this deal is exceptionally beneficial for those who have yet to set up their account, or those who have a low deposit amount in their UOB One account currently.
You will get to “double dip” – you will earn the high interest rate on your deposit account and earn the additional cash credit.
I mean, who does not like more money?
Let me share with you one additional trick.
If you want to earn the Golden Carrot (which is a S$28 Hong Bao) by making a successful referral, you might want to check with our Beansprout community and see who is willing to put you as their referral.
You can always offer a 50-50 split. Fair exchange is no robbery!
How much do you get from completing these tasks?
Assuming you deposit S$100,000 fresh funds into your UOB One account and complete all the steps required, you will earn about S$5,000 in interest (after one year), S$888 in cash credit and another $84 Hong Bao.
In total, you will earn $5,972.
Final verdict on the UOB Lunar New Year Savings Promotion
I like cash credits because I am
However, I think that cash credit cannot be the sole reason why you apply for stuff.
I recommended this as the UOB One offers one of the best interest rate on your deposits now.
The cash credits are just icing on top of the cake 😊.
PSA: The deadline for this promotion is 28 February 2023.
If you are looking for a fixed deposit account to park your spare cash for a longer period of time, do check out the latest best fixed deposit rates in Singapore.