United Overseas Bank (UOB) announced that with effect from May 1, it will be revising the interest rate down and introducing two new balance tiers for all UOB One Account holders, such that the maximum bonus interest earning balance will be increased from $100,000 to $150,000.
The bank explains that the revision of interest rates is to align with long-term interest rate environment expectations.
Amid this, the bank will still be retaining its existing qualifying criteria to allow account holder to earn higher interest in two steps. Account holders can continue to meet eligible card spend with their UOB One Card and/or a wide selection of cards monthly; and have their salary credited into the UOB One Account to accelerate bonus interest rates or make three GIRO debit transactions monthly to unlock higher interest.
With these changes, account holders can earn up to $6,000 in total interest in a year for deposits of $150,000 when they spend a minimum of $500 on eligible UOB Cards and credit their salary (minimum $1.600) via GIRO or PayNow every month.
