UOB provides a choice of 6 savings accounts to its customers each with its own separate features such as monthly statements, complimentary ATM/debit card, internet banking and phone banking facilities. The rates of interest offered on these savings accounts can help you grow your deposits.
The Singapore Deposit Insurance Corporation (SDIC) also offers the Deposit Insurance Scheme to provide coverage for Singapore dollar deposits of non-bank depositors. Monies and deposits denominated in Singapore dollars under the Supplementary Retirement Scheme are also covered under this policy for up to S$50,000 per account.
There are various accounts available depending on what you’re looking for. For instance, the UOB Junior Savings Account helps secure the future for your children, whereas the Global Currency Premium Account allows you to manage your savings in 8 different currencies.
Types of Savings Accounts Offered by UOB
The various types of savings account offered by UOB include:
Earn up to 1.2% p.a. rate of interest on your deposit. With this account, you can grow your savings when you stash your money. However, you have to maintain or increase the previous month's monthly average balance to earn the 1.2% p.a. interest rate. This account comes with three different schemes - Steady Saver (helps you save at a steady pace), Rainy Day Saver (saving for the future), and Extra Cash Saver (save the extra cash you get from sources such as bonuses).
With this account, you can not only earn higher rates of interest daily but you can also enjoy the convenience of monthly statements. You must submit a minimum initial deposit of S$500 and you can apply for this account if you’re 15 years of age or more. Choose between getting the UOB Debit Card with a 3-year annual fee waiver or a complimentary global ATM card.
This savings account has been specifically designed for your kids and you can earn rates of interest up to 0.10% p.a. The Junior Savings Account also gives your child life insurance for free extending up to 100% of your savings account deposit balance so that he/she can have a safe and secure life. Once the child grows 16 years old, this account can be converted to a regular savings account.
Global Currency Premium Account
This savings account lets you earn premium rates of interest from the first dollar you deposit into it. The interest rates are applicable across 8 major foreign currencies. With this account, you not only gain control over multiple currencies, but you also get financial flexibility. Besides, there is no monthly fee charged on this savings account and you can easily track your account using Internet Banking and Phone Banking.
This is a simple savings account which comes with a range of other banking conveniences. With this account, you earn interest of up to 0.10% p.a. Besides, you can use UOB Personal Internet Banking and Phone Banking facilities to get access to your TX Account at any point. Transfer funds conveniently to your UniPlus Account from any UOB account or other FIs.
This account will provide you with an interest rate of 2% p.a. on your savings. There will be no cap on deposits for all balances. You will get a dollar-for-dollar matching with this account from the government, and get total CDA benefits of up to S$6,000 in case of your first and second child.
Features and Benefits: Get a Complimentary UOB ATM Card with The UOB Junior Savers Account
The various features and benefits of UOB Savings Accounts include:
- The UOB Stash Card provides you with interest rates of up to 1.2% p.a., helping you earn while you save. For this, you must simply maintain or increase the previous month’s monthly average balance.
- The Uniplus Account is a savings account that provides high daily interest rates. With this account you can either get a free ATM Card (global) or you can enjoy an annual fee waiver for three years on your UOB Debit Card.
- The UOB Junior Savers Account provides rates of interest on your savings which can go up to 0.10% p.a. You also get a free UOB ATM Card that comes with NETS and PLUS facilities.
- The Passbook Savings Account is characterised by higher daily rates of interest. You can also get a free global ATM Card when you apply for this account, or enjoy a three-year annual fee waiver on your UOB Debit Card.
Fees Applicable on the UOB’s Savings Accounts
The various fees and charges applicable on UOB Savings Accounts include:
- A fee will be applicable if the minimum account balance is lower than a certain specific amount. This amount is S$1,000 in case of UOB Stash Account and S$500 in case of UOB Uniplus Account, and UOB Junior Savers Account. The fall-below fee charged stands at S$2.
- An early termination fee will also be applicable on UOB Savings Accounts if you terminate your account within 6 months of account opening. This fee stands at S$30 for the UOB Stash Account.
- If you lose your passbook, you can get a replacement passbook at a cost of S$15.
- You can get your ATM card replaced at a cost of S$5.
- When you open your account, you will get 2 free cheque books. For every subsequent cheque book containing 50 leaves, the bank will charge you S$10.
- The cost of a marked cheque is S$100.
Q. What is the minimum initial deposit amount I must place in case of Passbook Savings Account if I’m a Singaporean or a Permanent Resident?
A. As a Singaporean or a Permanent Resident, you have to place a minimum initial deposit amount of S$500. However, if you earn less than S$2,000 per month and wish to use this account as a basic bank account, then the minimum initial deposit requirement is S$20.
Q. Do I need to place any minimum initial deposit amount as a Non-Singaporean for the Passbook Savings Account?
A. Yes, if you’re a Non-Singaporean, you have to place a minimum initial deposit amount of S$1,000 for this account.
Q. What is the age criteria I have to meet in case of a UOB Junior Savers Account?
A. You must be at most 16 years of age or less to apply for a Junior Savers Account and the account should be opened jointly with your parent/legal guardian.
Q. What is the maximum coverage provided under the Deposit Insurance Scheme?
A. You will get a maximum coverage of S$50,000 per account under the Deposit Insurance Scheme.
Q. Is there any minimum initial deposit amount in case of UOB Junior Savers Account?
A. Yes, you have to place a minimum initial deposit amount of S$500 for UOB Junior Savers Account.
Q. Do Non-Singaporeans need to place a minimum initial deposit amount for UOB Uniplus Account?
A. Yes, if you’re a Non-Singaporean, you have to place a minimum initial deposit amount of S$1,000.