From 1 May 2025, UOB will be cutting bonus interest rates on the UOB One Account, reducing the maximum effective interest rate from over 4.0% p.a. to just 3.3% p.a. for most customers.
Read MoreI have compared the differences between the UOB One Account (which current advertises up to 3.33% p.a. interest rates) and the OCBC 360 Account a couple of years ago. Even with the changes that the OCBC 360 has introduced over the years, it is still one of my preferred savings account in Singapore since I can achieve up to 1.85% p.a. of interest (you can earn up to 3.05% p.a. interest if you insure or invest with OCBC), up to S$70,000 fairly easily. The UOB One Account will be introducing some changes from 01 August 2018 and they are quite lucrative (especially if you already use a UOB One credit card which gives you cash rebates) but it may not necessarily be convincing enough for me to make the switch.
Read MoreThere are many differences between the OCBC 360 and UOB One Account but one thing they have is common is apparent - (much) higher interest rates on your savings. Personally, I use the OCBC 360 account but this does not mean it is better. It is simply more suitable for me based on my spending habits. The first question though, is why bother with one of these accounts? Why not just put your money into a regular savings account? The answer is simple - you earn at least 65X more interest (calculated using OCBC 360 account). To put that in numbers, you earn S$1,950 instead of S$30 interest each year!
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