What is UOB One Account?
What sets the UOB One Account apart from other savings accounts in today’s market?
Our answer is that not only does this savings account provide you with every banking service you need in one account, but it also offers you interest rates that are considerably higher than the average returns you get with a normal savings account, as long as you perform any two (2) actions of your choice from the list of six (6) transaction criteria which will be explained further below.
For now, take a look at the table here for your easy reference on the interest rates:
|
One Account Balance Tier |
Monthly Transaction/Usage |
|||
|
Do nothing |
Do 1 action |
Do 2 actions |
Maximum Effective Interest Rate* |
|
|
First RM50,000 |
0.10% p.a. |
0.80% p.a. |
2.00% p.a. |
2.00% p.a. |
|
Next RM50,000 |
0.10% p.a. |
1.80% p.a. |
6.00% p.a. |
4.00% p.a. |
|
Above RM100,000 |
2.00% p.a. |
2.00% p.a. |
2.00% p.a. |
3.60% p.a. |
*The Maximum Effective Interest Rate on the One Account is 4.00% p.a. at RM100,000 deposit balance, provided customers have completed any of the 2 actions per month.
*The Effective Interest Rate of 3.60% p.a. for a balance tier above RM100,000 is calculated based on an RM125,000 deposit, provided customers complete any of the 2 actions per month.
Tell me more about the transaction criteria
The UOB One Account is a savings account that offers its account holders high-interest rates of up to 6% p.a.* from the base interest and bonus interest.
And it’s pretty simple to earn that much too. You only need to make sure that you meet any two (2) of the transaction criteria in a month on your balances.
Let’s check out the requirements:
Onederful Welcome Offer: A bonus interest that you’ll get on your balances on the first 6 months of account opening. Only for New-to-Deposit customers. This means you'll meet one (1) transaction criterion for 6 months just by having One Account as your first deposit account in UOB Malaysia. You'll only need to meet another criterion to maximise your interest rates.
Salary Credit**: Credit a minimum of RM2,000 salary into your One Account every month (**via UOB Infinity).
Card Spend: Have combined minimum spending of RM500 with any of your eligible UOB Debit (UOB Debit Mastercard) or Credit Cards (UOB ONE card, Lady’s card and YOLO card) every month.
Bill Payment: Pay 3 bills (minimum RM50 each) via the UOB TMRW App or Personal Internet Banking every month.
Direct Debit: Make 3 direct debit payments (minimum RM50 each) every month.
Inward Fund Transfer: Deposit a minimum of RM2,000 via Interbank Giro/DuitNow/Instant Transfer every month.
Once you’ve met any of the eligible transactions above, you can be assured that the base interest will be paid at the end of the month, while the bonus interest (if any) will be paid at the beginning of the following month.
Is there any additional benefit?
Yes, there is. Upon opening the UOB One Account, you can enjoy up to 4x MEPS withdrawal fee waivers as long as you maintain a minimum monthly average balance (MAB) of RM5,000 in your account.
However, if you have a lower amount than that, the usual RM1 fee will still apply whenever you withdraw at any other banks' ATMs nationwide.
How do I sign up for One Account and what are the requirements?
You can forget about the hassle of queuing and waiting at the bank just to open an account as you can simply sign up for one via the UOB TMRW App.
It’s that simple! Here are the steps that you need to take:
- Download the UOB TMRW App and select “One Account”.
- Take a picture of your MyKad or NRIC, and perform a quick facial recognition.
- Complete the e-form as instructed.
- Set up your online banking and Mighty Secure.
- Transfer funds via DuitNow (Pay-to-Account-Number).
And you’re done! Your account is now active and you may start performing any transactions.
You are eligible to open a UOB One Account if you are a Malaysian citizen residing in Malaysia, possess a MyKad or NRIC issued post-April 2012 (with ghost image), use a local mobile number, are at least 18 years of age, and hold a current/savings account in another local bank with internet banking access.
Can I still open a UOB One Account if I don't meet the above requirements?
Yes! Malaysians and Foreigners can still apply for the account if they're at least 18 years old.
There are a few documents that you'll need to prepare before making your way to the nearest UOB Malaysia branch:
- MyKad (IC) for Malaysians, and Passport for foreigners
- A copy of your latest water, electricity or phone bill with your name and address clearly stated
- Letter of Employment or Student Permit for foreigners who are working or studying in Malaysia
- A minimum initial deposit of RM500
