Last month, UOB introduced โThe Unstoppable Pairingโ, a programme which awards bonus UNI$ to UOB Ladyโs Cardholders who open a UOB Ladyโs Savings Account.
I think the title rather oversold the concept, but silly name aside, there was a case to be made for a token S$10,000 deposit, in order to continue earning 6 mpd on the UOB Ladyโs Card (instead of the regular 4 mpd itโs now reverted to).
However, thereโs one catch: just like the UOB Ladyโs Card prior to July 2023, only females can apply for a UOB Ladyโs Savings Account. Men who try are met with an error message.
But holster those pitchforks, gents, because UOBโs had a change of heart. From 1 May 2024, the UOB Ladyโs Savings Account is going gender-neutral.
UOB Ladyโs Savings Account to accept male applicants
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โ Key Facts: UOB Ladyโs Savings Account |
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FAQs |
From 1 May 2024, both women and men can open a UOB Ladyโs Savings Account, enjoying bonus UNI$ from their spend on the UOB Ladyโs Card or UOB Ladyโs Solitaire Card.
Given that one of the key selling points of this account is its female cancer coverage, the natural question is how that works for men. The answer is it doesnโt. Men wonโt be eligible for the female cancer benefit, which offers up to S$200,000 of coverage as summarised in the table below.
Monthly Average Balance (Rolling average of the past 3 months) |
Coverage (Female cancer benefit sum assured) |
S$1 โ S$10,000 | S$1,000 |
S$10,001 โ S$25,000 | S$10,000 |
S$25,001 โ S$50,000 | S$25,000 |
S$50,001 โ S$75,000 | S$75,000 |
S$75,001 โ S$100,000 | S$100,000 |
More than S$100,000 | S$200,000 |
But frankly speaking, I doubt theyโll care. If you need cancer coverage, go get a dedicated plan for that. The real highlight for miles chasers is the ability to earn bonus miles from the account, ranging from 2-6 mpd depending on Monthly Average Balance (MAB).
Monthly Average Balance | UNI$ from Ladyโs Savings Account | UNI$ from Ladyโs or Ladyโs Solitaire Card | Total |
<S$10K | N/A | 10X UNI$ (4 mpd) |
10X UNI$ (4 mpd) |
S$10,000 to S$49,999 | 5X UNI$ (2 mpd) |
15X UNI$ (6 mpd) |
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S$50,000 to S$99,999 | 10X UNI$ (4 mpd) |
20X UNI$ (8 mpd) |
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S$100K and more | 15X UNI$ (6 mpd) |
25X UNI$ (10 mpd) |
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Limited time promotion ending 31 March 2025 |
Iโve run the numbers, and given the miserable 0.05% p.a. interest you earn with the UOB Ladyโs Savings Account, the only way the math works is if you:
- Hold a UOB Ladyโs Solitaire Card
- Spend S$2,000 each month on your bonus categories
- Deposit S$10,000 into the UOB Ladyโs Savings Account
๐ฐ Deposit: S$10,000 (Extra 2 mpd from Ladyโs Savings Account) |
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Value of a Mile | Yearly Interest (UOB Ladyโs Card) |
Yearly Interest (UOB Ladyโs Solitaire) |
2 cents | 4.8% | 9.6% |
1.9 cents | 4.6% | 9.1% |
1.8 cents | 4.3% | 8.6% |
1.7 cents | 4.1% | 8.2% |
1.6 cents | 3.8% | 7.7% |
1.5 cents | 3.6% | 7.2% |
1.4 cents | 3.4% | 6.7% |
1.3 cents | 3.1% | 6.2% |
1.2 cents | 2.9% | 5.8% |
1.1 cents | 2.6% | 5.3% |
1 cent | 2.4% | 4.8% |
Highlighted in yellow = my personal value of a mile | ||
How to read this table: If your funds can earn more than the interest rate shown in columns 2 and 3, you should not use the UOB Ladyโs Card |
That way, you earn an extra 4,000 miles per month (S$2,000 @ 2 mpd), which given a 1.5 cents per mile valuation will outweigh the opportunity cost on that S$10,000 (unless you can reliably generate more than 7.2% p.a., in which case Hodlnaut wants to have a word).
The case is more marginal for a UOB Ladyโs Cardholder, though it really boils down to your value of a mile.
One thing is clear though: unless youโre really, really bad with your money, please donโt put S$50,000 or S$100,000 into this account, because the extra 4 mpd or 6 mpd will almost certainly be inferior to what you could have otherwise earned with those funds.
๐ฐ Deposit: S$50,000 (Extra 4 mpd from Ladyโs Savings Account) |
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Value of a Mile | Yearly Interest (UOB Ladyโs Card) |
Yearly Interest (UOB Ladyโs Solitaire) |
2 cents | 1.9% | 3.8% |
1.9 cents | 1.8% | 3.6% |
1.8 cents | 1.7% | 3.5% |
1.7 cents | 1.6% | 3.3% |
1.6 cents | 1.5% | 3.1% |
1.5 cents | 1.4% | 2.9% |
1.4 cents | 1.3% | 2.7% |
1.3 cents | 1.2% | 2.5% |
1.2 cents | 1.2% | 2.3% |
1.1 cents | 1.1% | 2.1% |
1 cent | 1.0% | 1.9% |
Highlighted in yellow = my personal value of a mile |
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How to read this table: If your funds can earn more than the interest rate shown in columns 2 and 3, you should not use the UOB Ladyโs Card |
๐ฐ Deposit: S$100,000 (Extra 6 mpd from Ladyโs Savings Account) |
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Value of a Mile | Yearly Interest (UOB Ladyโs Card) |
Yearly Interest (UOB Ladyโs Solitaire) |
2 cents | 1.4% | 2.9% |
1.9 cents | 1.4% | 2.7% |
1.8 cents | 1.3% | 2.6% |
1.7 cents | 1.2% | 2.4% |
1.6 cents | 1.2% | 2.3% |
1.5 cents | 1.1% | 2.2% |
1.4 cents | 1.0% | 2.0% |
1.3 cents | 0.9% | 1.9% |
1.2 cents | 0.9% | 1.7% |
1.1 cents | 0.8% | 1.6% |
1 cent | 0.7% | 1.4% |
Highlighted in yellow = my personal value of a mile | ||
How to read this table: If your funds can earn more than the interest rate shown in columns 2 and 3, you should not use the UOB Ladyโs Card |
How is MAB calculated?
MAB is derived from this formula:
Sum of day-end balance in UOB Ladyโs Savings Account รท Number of calendar days in each calendar month
In the account opening month, the MAB will be derived based on the number of calendar days from the account opening date till the end of the calendar month.
If youโre planning to deposit the bare minimum S$10,000, be sure to do so the very day you open your account! If you donโt, your MAB will be <S$10,000, and you wonโt earn any bonus miles for that month.
Inward funds transfers via FAST/PayNow performed after 10.30 p.m on a business day will carry the value date of the next business day. Inward Fund Transfers received on a non-business day (Sundays, Public Holidays) will carry the value date of the next business day.
So be careful to open your Ladyโs Savings Account on a business day, before 10.30 p.m, and transfer in funds immediately.
Whatโs in a name?
Given that the UOB Ladyโs Card and UOB Ladyโs Savings Account are or will soon be gender neutral, does the โLadyโsโ branding still mean anything?
UOBโs anticipated that question already, and answers it at point 19 of their FAQs.
19. What are the differentiating benefits that females will get to enjoy with the UOB Ladies will continue to enjoy all the benefits that come with the UOB Ladyโs Credit Card and Ladyโs Savings Account, including the exclusive ones only available to females such as |
Truth be told, itโs really just the cancer coverage. The birthday promotions that UOB talks about donโt skew exclusively female. Yes, thereโs the expected stuff like spa treatments, face lifts and hair removal, but thereโs nothing stopping a dude from going for that. Besides, thereโs other things like dining privileges, and good food all comes out the same hole anyway.
Conclusion
The UOB Ladyโs Savings Account will be open to men from 1 May 2024, and anyone who wishes to continue earning 6 mpd on their UOB Ladyโs Card can do so by making a S$10,000 deposit.
Come to think of it, UOBโs decision to nerf the One Account makes the Ladyโs Savings Account more attractive too, insofar as it lowers the opportunity cost of your funds. I have yet to test it myself, but I see no reason why your spending on the UOB Ladyโs Card wonโt double count towards both the One and Ladyโs Accounts, so you can kill two birds with one stone.
Hi Aaron if I know that I will spend 2k this month, can I deposit 10k this month to earn the extra 2mpd and withdraw it next month, and repeat when necessary?
sure, provided you meet the MAB.
And donโt forget the Fall-below fee: S$2 (if average balance <S$1,000, waived for first 6 months for accounts opened online)
Love the cover pic LOL
For 2 mpd on other categories, wouldnโt it become the best general spending card in SG? We could combine it with CardUp as well.
2 mpd only applies to your chosen bonus categories