On Thursday (Dec 1), UOB raised the interest rates for its flagship savings account, the UOB One, to 7.8 per cent per annum for balances between S$75,000 and S$100,000.
If customers credit their salary to the bank and meet a minimum spend of S$500 a month on an eligible credit and debit card.
More interest
For balances up to S$75,000, rates have been raised to a range of 3.85 per cent to 4.85 per cent per annum, up from 1.4 per cent to 2.5 per cent previously.
With the same salary and card spending criteria, interest earned on balances up to S$75,000 has also been raised to a range of 2.5 per cent to 4 per cent per annum, with no changes to interest rates for balances above S$75,000.
PayNow has been included as an eligible salary credit to help more customers qualify for bonus interest.
Jacquelyn Tan, Head of Group Personal Financial Services at UOB, commented: “We hope that the updated rates for our UOB One Account will help our customers in reducing some of the inflationary impact on their hard-earned savings.”
On the same day, DBS raised the interest rate on its Multiplier account to 4.1% per year from 3.5%, with the tiered interest rates applicable to savings of up to S$100,000.