Flash Promo: Get $56 On $5,600 Savings! (Over!)

Update: it’s over. Check out Bonus$aver promo

Until end of today (6th August 2021), get S$56 when you open an account with UOB and make a fresh funds deposit of S$5,600! Thanks to Skeptic for sharing this good deal!

Promo details

Deposit AmountS$5,600 fresh funds
RequirementsOpen new account, and deposit S$5,600 fresh funds upon account opening and maintained until 31st August
RewardS$56 credited in account
Other things to note– early account closure fee of S$30 payable if closed within 6 months
– reward is forfeited if account is closed within 9 months
– fall-below fee of $2 ($5 for UOB One Account) applies after 6 months
– additional
ApplyUOB Stash Account
UOB One Account

Note that this is for reference only and the full terms and conditions are found here.

This promo also stacks with UOB’s Great Singapore Savings Festival where you can get cash credits of up to S$125 when you deposit more fresh funds and register:

Incremental Fresh Funds Amount
(measured against June 2021’s monthly average balance)
Cash Credit
S$50,000S$35
S$100,000S$75
S$150,000S$125

Also, 10 lucky winners will get their cash credits multiplied. 6 of them will get their cash credit doubled, while 3 would get their cash credits multipled by 5. 1 lucky winner gets a whopping 100 times their cash credit!

Analysis

The S$56 promotion is pretty attractive for a relatively low deposit amount of S$5,600. The tenure to hold such funds is also quite short: just until the end of August. That’s an annualised return of more than 10% p.a!

Thereafter, you may withdraw your funds, and there is no fall-below fees for the first 6 months. You do have to maintain the account for at least 9 months to avoid your reward being forfeited or clawed back, which means that there are 3 months where fall-below fees apply. The fees are relatively low at $2 ($5 for UOB One Account) per month, and the minimum balance is just $1,000.

If you have S$5,600 sitting around, this is a pretty no-brainer thing to pull the trigger on.

UOB’s Great Singapore Savings Festival is a little less obvious. S$35 fares pretty poorly against the Bonus$aver promo for the same S$50,000 figure, but if you’re feeling lucky about being the sole winner to get 100X your cash credit, feel free to roll the dice and be sure to let us know if you win!!

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