Recently, UOB has launched its Nation of Savers Promotion which will end on 30th September 2024. How does the return from UOB Nation of Savers fare against UOB fixed deposit? From the name of the campaign, it sounds like some UOB National Day Savings Promotion to celebrate Singapore National Day. This is because every year during this period, local banks in Singapore will usually launch some form of fixed deposit promotions to celebrate Singapore’s National Day. The interest rates offered by such promotions were usually higher than normal days.
This year, I looked up UOB’s website but could not find any National Day Fixed Deposit promotions. Instead, I found the Nation of Savers Promotion. Similar to how a fixed deposit works, you need to deposit a minimum of S$20,000 in new funds in your eligible UOB savings account. These new funds will be set aside for 5 months and cannot be withdrawn within this period....