Again, not an April Fool’s prank – UOB is dramatically reducing the interest rates of its highly popular UOB One account from 1st May 2020.
Account BalanceCurrent Interest (Blended Interest)From 1st MayFirst $15,0001.85% (1.85%)1.25% (1.25%)Next $15,0002.00% (1.925%)1.30% (1.275%)Next $15,0002.15% (2.00%)1.35% (1.30%)Next $15,0002.30% (2.075%)1.40% (1.325%)Next $15,0003.88% (2.436%)3.68% (1.796%)Interest rates assume $500 card spend and salary/GIRO arrangements are made.
UOB One gives interest in tiers, so I have included the blended interest rate in parenthesis. This means if you have $45,000 (first $15,000 + next $15,000 + next $15,000), your effective interest is 2.00% pa. It will reduce to a mere 1.30% from 1st May onwards.
The maximum effective interest you will get is on $75,000, and that is going to be 1.796% pa, down from the current 2.436% pa.
Remember how I used to give 9 ★ for this account? This is a really, really hard fall, and
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