UOB One Account cutting interest rates to 4% p.a. from May 2024

From 1 May 2024, the UOB One Account will lower its maximum interest from 5% p.a. to 4% p.a., while increasing the cap from S$100K to S$150K.

The UOB One Account is by far the best bank account for miles chasers, providing a relatively fuss-free way of earning 5% p.a. on a balance of up to S$100,000.

Most other hurdle accounts require you to spend on cashback cards, buy overpriced investment or insurance products, or take out a mortgage with the bank in order to unlock their maximum interest rates.

In contrast, unlocking the maximum interest on the UOB One Account requires just two things: crediting a monthly salary of at least S$1,600, and spending at least S$500 on selected UOB cards each month. That includes the UOB Lady’s Card and UOB Lady’s Solitaire Card, and is well within the monthly bonus cap. 

Unfortunately, that’s going to change from 1 May 2024, when UOB cuts the maximum effective interest to 4% p.a., although it will be increasing the maximum bonus interest earning balance to S$150,000.

UOB One Account changes

The good news

UOB is keeping the One Account straightforward by not changing any of the activities required to unlock bonus interest:

  • Min. card spend of S$500 per calendar month, and
  • At least 3 GIRO debit transactions or credit salary of at least S$1,600 per month

Eligible credit cards continue to include the UOB One Card, UOB Lady’s Card (all card types) and the UOB EVOL Card.

UOB is also increasing the maximum amount that is eligible to earn bonus interest from S$100,000 to S$150,000. 

The bad news

UOB is reducing the maximum interest rate that can be earned on the One Account from 5% p.a. to 4% p.a..

💰 Minimum Card Spend + Salary Credit
 Till 30 Apr 2024From 1 May 2024
First S$30K3.85%3.00%
Next S$30K3.90%3.00%
Next S$15K4.85%3.00%
Next S$25K7.8%4.50%
Next S$25K0.05%4.50%
Next S$25K0.05%6.00%
Above S$150K0.05%0.05%
Maximum Effective Interest Rate5% p.a.4% p.a.
💰 Minimum Card Spend + 3x GIRO trxns
 Till 30 Apr 2024From 1 May 2024
First S$30K2.5%2%
Next S$30K3%2%
Next S$15K4%2%
Next S$25K0.05%3%
Next S$25K0.05%3%
Next S$25K0.05%0.05%
Above S$150K0.05%0.05%
Maximum Effective Interest Rate3% p.a.2.4% p.a.

Min. card spend and salary credit is the way to go here, and instead of 5% p.a. on S$100,000, you’ll earn 4% p.a. on S$150,000.

In absolute terms, the maximum interest earned per year increases from S$5,000 to S$6,000, but remember, the underlying funds have also increased by 50%. 


For those pursuing a miles collection strategy and don’t want to take up a mortgage or buy insurance or investment products, here’s a summary of the alternatives on the market: 

AccountMax. Interest*Cap
Maybank SaveUp1.17% p.a.S$75K
DBS Multiplier1.8-2.2% p.a.S$50K
StanChart Bonus$aver2.88% p.a.S$100K
BOC SmartSaver4.2% p.a.S$100K
OCBC 3604.6% p.a.S$100K
*Assumptions: Max out salary credit and bill payment bonuses, where applicable, and spending only on miles-earning cards.

The BOC SmartSaver and OCBC 360 are the closest alternatives. However, the BOC SmartSaver means having to deal with the BOC Elite Miles Card, which is…an adventure in itself (not to mention its usual earn rates are a dismal 1/2 mpd on local/overseas spend).

As for the OCBC 360 Account, what’s good about it is that spending on the OCBC 90°N and OCBC Rewards Cards will earn you bonus interest. However, a big chunk of the bonus interest (1.5% p.a.) comes from the Save criteria, which requires you to increase your average daily balance by at least S$500 monthly.

If you use this as your day-to-day account, with money flowing in and out all the time, I can tell you there’s a lot of finnicky micromanagement involved to ensure you reach this goal without “overshooting” too much and impacting future months. Plus, it also means that you won’t really be earning 4.6% p.a. on the full S$100,000, it’s just not practically attainable.

So the way I see it, the UOB One Account remains the best choice for miles collectors, even if the maximum interest now is slightly lower. 


From 1 May 2024, the UOB One Account will reduce its maximum effective interest rate from 5% p.a. to 4% p.a., while increasing the cap from S$100,000 to S$150,000.

It’s bad news for miles chasers, since the UOB Lady’s Card + UOB One Account combo was one of the best ways to earn miles while not forgoing bonus interest, but I reckon it still beats the closest alternatives of BOC SmartSaver and OCBC 360.

In fact, to the extent it reduces your opportunity cost of funds, it might also have the (unintended?) effect of making the UOB Lady’s Savings Account somewhat more attractive.

Aaron Wong
Aaron Wong
Aaron founded The Milelion to help people travel better for less and impress chiobu. He was 50% successful.

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Maximum EIR for Card and 3 GIRO transactions should be 2.4% (instead of 2%) right?


What about priority banking products or brokerages? How do they compare? I recall reading that some brokerages give you 5% p.a. on parked cash

Last edited 16 days ago by Elt

PB products are almost always capital at risk. High yield savings account has no risk to you because of SDIC. Likewise brokerages’ money market funds are also not SDIC insured. Probably 1-2pp above HYSA with clocking reasonable criteria (salary crediting, etc.), but with the risk lor.


SDIC is only up to 75k. Brokerages are also covered


The UOB One Account is by far the best bank account for miles chasers? Really? I thought the UOB One Account only paid interest? Does it pay miles too? Anyway the 20% reduction in interest paid is certainly a big hit. Although to be fair 5% was almost too good to be true.

Stinky sinkie

Don’t boliao lah. You jolly well know what he means when he says that. All the miles generating accounts are poorer value props anyway.


No I don’t know what he means. In actual fact his statement is quite misleading. The UOB One Account has absolutely nothing to do with miles. The UOB Lady’s card is the product that provides miles, and the UOB Lady’s card can be used/owned without the UOB One Account at all. They are completely separate products. So rather than making statements like the above, it would be better if the Milelion could write clearly and factually and not mix things up and be potentially misleading. What happens from 1st May is that the interest earned on the One Account reduces.… Read more »

Stinky sinkie

Ok so what is a better package for a miles chaser than Uob lady’s + Uob one?

DBS has poor interest rates so that’s definitely out.

Ocbc maybe? Comparable interest rates but you’re stuck using Ocbc 90 or Rewards, neither of which are as useful as Uob Lady’s especially given that you can pool Uni$ across cards.


One of the best (maybe the best) product is the UOB Lady’s Card. But you do NOT need the UOB One Account at all, if all you are doing is chasing miles.


Hmm, a true mile chaser will be able to understand why UOB One Account is the best bank account for them. And I believe most of us readers here are well-versed in the game to understand what he means. So rather than accusing author of writing misleading statements, it would be better if you could educate yourself to be a true miles chaser.


Again completely wrong. I am a miles chaser. And to chase miles one of the products I need is the UOB Lady’s card. But to chase miles I do NOT need the UOB One Account. The UOB One Account has NOTHING to do with miles! What is so hard to understand about that? Of course the UOB One Account is an excellent product to earn interest, but that is a completely separate topic to miles ! So, I stand by what I say. The author has made misleading statements and confused chasinng miles with a product that has nothing to… Read more »


You’re thick in the head.


Hi Steve, you just need to read the article in totality and not cut out phrases to interpret. IMO, 断章取义 is one of the main causes of misinformation in internet.

I agree with all that you said but Aaron is also right in his perspectives.


If this is an April Fools’ joke, then it is in very bad taste.

Where is the URL reference to the UOB announcement ?


go to the ONE ACCOUNT page, there’s a link to the interest revision.


Seriously? You really can’t see the GREEN CLICKABLE WORDS that bring you to UOB’s announcement? It’s right there in the first section of this article!


4% p.a. is assuming if you have 150K, but if you have only 100K the interest is only 3.38% p.a.


ppl to decide if they can get their additional 50k funds to generate returns >4% else it would be ‘easy’ to park it still in UOB ONE to earn 4.0% interest.

Stinky sinkie

Not too concerned as uob one has been the best savings account for years now. It is just a sign of the times, interest rates are going to start coming down now.


UOB lady’s savings account will be open for men too. After May. Milelion, please give me some insight whether i should be applying for Lady’s savings account too. Head-to-head comparison with UOB ONE account. Thanksssssssssss


Any experiences with BOC Smartsaver account? I am planning to get one with their Family card that gives decent cashback and 4.2% p.a.



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