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UOB Ladyโ€™s Savings Account will accept men from May 2024

The UOB Lady's Savings Account will go gender neutral from 1 May 2024, allowing anyone to make a S$10K deposit and continue earning 6 mpd with the UOB Lady's Cards.

Last month, UOB introduced โ€œThe Unstoppable Pairingโ€, a programme which awards bonus UNI$ to UOB Ladyโ€™s Cardholders who open a UOB Ladyโ€™s 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 Ladyโ€™s Card (instead of the regular 4 mpd itโ€™s now reverted to).

However, thereโ€™s one catch: just like the UOB Ladyโ€™s Card prior to July 2023, only females can apply for a UOB Ladyโ€™s Savings Account. Men who try are met with an error message.

But holster those pitchforks, gents, because UOBโ€™s had a change of heart. From 1 May 2024, the UOB Ladyโ€™s Savings Account is going gender-neutral.

UOB Ladyโ€™s Savings Account to accept male applicants

โ“ Key Facts: UOB Ladyโ€™s Savings Account
  • S$1,000 to S$200,000 coverage for six female cancers (only for women aged 16-55)
  • Interest rate of 0.05% p.a.
  • Extra 2-6 mpd with UOB Ladyโ€™s Cards (limited time promo till 31 March 2025)
  • Min. initial deposit: S$1,000
  • Fall-below fee: S$2 (if average balance <S$1,000, waived for first 6 months for accounts opened online)
  • Early account closure fee: S$30 (if closed within six months of opening)
FAQs

From 1 May 2024, both women and men can open a UOB Ladyโ€™s Savings Account, enjoying bonus UNI$ from their spend on the UOB Ladyโ€™s Card or UOB Ladyโ€™s 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 doesnโ€™t. Men wonโ€™t 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 theyโ€™ll 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 Ladyโ€™s Savings Account UNI$ from Ladyโ€™s or Ladyโ€™s 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)
S$50,000 to S$99,999 10X UNI$
(4 mpd)
20X UNI$
(8 mpd)
S$100K and more 15X UNI$
(6 mpd)
25X UNI$
(10 mpd)
Limited time promotion ending 31 March 2025

Iโ€™ve run the numbers, and given the miserable 0.05% p.a. interest you earn with the UOB Ladyโ€™s Savings Account, the only way the math works is if you:

  • Hold a UOB Ladyโ€™s Solitaire Card
  • Spend S$2,000 each month on your bonus categories
  • Deposit S$10,000 into the UOB Ladyโ€™s Savings Account
๐Ÿ’ฐ Deposit: S$10,000
(Extra 2 mpd from Ladyโ€™s Savings Account)
Value of a Mile Yearly Interest
(UOB Ladyโ€™s Card)
Yearly Interest
(UOB Ladyโ€™s 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 Ladyโ€™s 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 Ladyโ€™s Cardholder, though it really boils down to your value of a mile.

One thing is clear though: unless youโ€™re really, really bad with your money, please donโ€™t 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.

๐Ÿ’ฐ Deposit: S$50,000
(Extra 4 mpd from Ladyโ€™s Savings Account)
Value of a Mile Yearly Interest
(UOB Ladyโ€™s Card)
Yearly Interest
(UOB Ladyโ€™s 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
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 Ladyโ€™s Card
๐Ÿ’ฐ Deposit: S$100,000
(Extra 6 mpd from Ladyโ€™s Savings Account)
Value of a Mile Yearly Interest
(UOB Ladyโ€™s Card)
Yearly Interest
(UOB Ladyโ€™s 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 Ladyโ€™s Card

How is MAB calculated?

MAB is derived from this formula:

Sum of day-end balance in UOB Ladyโ€™s 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 youโ€™re planning to deposit the bare minimum S$10,000, be sure to do so the very day you open your account! If you donโ€™t, your MAB will be <S$10,000, and you wonโ€™t 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 Ladyโ€™s Savings Account on a business day, before 10.30 p.m, and transfer in funds immediately. 

Whatโ€™s in a name?

Given that the UOB Ladyโ€™s Card and UOB Ladyโ€™s Savings Account are or will soon be gender neutral, does the โ€œLadyโ€™sโ€ branding still mean anything?

UOBโ€™s 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
Ladyโ€™s Credit Card and UOB Ladyโ€™s Savings Account?

Ladies will continue to enjoy all the benefits that come with the UOB Ladyโ€™s Credit Card and Ladyโ€™s Savings Account, including the exclusive ones only available to females such as
complimentary female cancer coverage, and female-centric privileges and partner deals
during their Birthday Month.

Truth be told, itโ€™s really just the cancer coverage. The birthday promotions that UOB talks about donโ€™t skew exclusively female. Yes, thereโ€™s the expected stuff like spa treatments, face lifts and hair removal, but thereโ€™s nothing stopping a dude from going for that. Besides, thereโ€™s other things like dining privileges, and good food all comes out the same hole anyway. 

Conclusion

The UOB Ladyโ€™s Savings Account will be open to men from 1 May 2024, and anyone who wishes to continue earning 6 mpd on their UOB Ladyโ€™s Card can do so by making a S$10,000 deposit.

Come to think of it, UOBโ€™s decision to nerf the One Account makes the Ladyโ€™s 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 Ladyโ€™s Card wonโ€™t double count towards both the One and Ladyโ€™s Accounts, so you can kill two birds with one stone.

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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Sunriser

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?

CFO

And donโ€™t forget the Fall-below fee: S$2 (if average balance <S$1,000, waived for first 6 months for accounts opened online)

Hiws

Love the cover pic LOL

Felix

For 2 mpd on other categories, wouldnโ€™t it become the best general spending card in SG? We could combine it with CardUp as well.

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