Am I eligible to open a UOB Privilege Account?
The UOB Privilege Account is exclusively for UOB Privilege Banking clients. Eligibility is subject to UOB's Privilege Banking membership criteria, which are governed by a separate set of terms. Register your interest via uob.com.my or call the 24-hour UOB Privilege Concierge at 1800 88 9833 to find out whether you qualify.
What benefits does the UOB Privilege Account offer?
- The account pays up to 1.6% p.a. in interest, with your rate determined by your total Assets Under Management (AUM) with UOB.
- You can also consolidate deposits, investments, and bancassurance products across accounts, including joint accounts held with family members to build towards a higher rate tier.
- MEPS ATM withdrawals carry no charges, and as a current account, you can deposit or withdraw funds at any time without restriction.
- As a Privilege Banking client, you also gain access to UOB's wider suite of advisory and concierge services, separate from the account itself.
How does the interest rate work?
The account pays up to 1.6% p.a. in interest. Your rate is based on your total Assets Under Management (AUM) with UOB, which includes deposits, investments, and bancassurance products held across your portfolio. The higher your combined holdings with UOB, the better your interest earnings.
Is there an overdraft facility?
An overdraft facility can be made available, subject to UOB's approval and an agreed limit. If your account is overdrawn, interest is charged at BR + 3.5% p.a. on the outstanding amount, accruing daily with monthly rests. Any overdrawn amount, charges, and accrued interest are repayable on demand.
Can I get a cheque book or debit card?
Yes to both. Cheque books are available upon request, with applicable fees and stamp duties charged to your account. You will also be issued a UOB Debit Card, subject to the UOB Debit Mastercard Terms and Conditions. Contact UOB for the current fee schedule before requesting a cheque book.
Is my money protected under PIDM?
Yes. Deposits held in the UOB Privilege Account are protected by Perbadanan Insurans Deposit Malaysia (PIDM) for up to RM250,000 per depositor.
Are there any fees I should know about?
A fee applies if you close the account within three months of opening. Cheque issuance also carries fees and stamp duty. The specific amounts are not listed in the general T&C, so check with UOB directly for the current schedule before you apply.
