In a rising interest rate environment, it is not surprising to see some banks in Singapore beginning to reward savers with higher interest rates on their deposits. In the past month, UOB announced some changes to its popular UOB One Account. Headlining the change must surely be the eye-popping 3.88% p.a. savers can earn with the revised UOB One Savings Account as purported by the bank. This headline certainly got Heartland Boy’s attention and he spent a weekend morning to pore over the changes. Here is his review of the revised UOB One Savings Account and who are ultimately the winners and losers from this round of revision.
For those who are unfamiliar with how the UOB One Savings Account work, Heartland Boy recommends this article on his blog which explains the mechanism to maximise the interest rate of UOB One Savings Account.