Nerfed: UOB One Interest Dropping to Maximum of 3.30% p.a. From 1st May 2025
Following OCBC’s rate drop last week, UOB One has announced a cut to UOB One’s interest rates starting from 1st May 2025. It is worth noting that UOB already cut rates once exactly a year ago while OCBC maintained its rates throughout 2024.
The maximum rate achievable by UOB One (excluding earmark promos) from 1st May 2025 is 3.30% p.a. on a S$150,000 average balance.
Interest Tiers
Rates have been cut by 0.7% p.a. across the different tiers.
| Balance | Current Interest Rate Before 1st May 2025 (p.a.) | Interest Rate From 1st May 2025 (p.a.) |
|---|---|---|
| First S$75,000 | 3.00% | 2.30% |
| Next S$50,000 | 4.50% | 3.80% |
| Next S$25,000 | 6.00% | 5.30% |
| Above S$150,000 | 0.05% | 0.05% |
Effective Interest
As a result, effective interest rates have also fallen by 0.70% p.a. across balances. The maximum effective interest rate previously was 4% p.a. on S$150,000, or around S$500 of interest per month. From 1st May 2025, the maximum effective rate will be 3.30% p.a. and depositors can look forward to around S$412 of monthly interest.
| Monthly Average Balance | Effective Interest Rate Before 1st May 2025 (p.a.) | Approx. Monthly Interest | Effective Interest Rate From 1st May 2025 (p.a.) | Approx. Monthly Interest |
|---|---|---|---|---|
| $25,000 | 3.00% | S$62.50 | 2.30% | S$47.92 |
| $50,000 | 3.00% | S$125 | 2.30% | S$95.83 |
| $75,000 | 3.00% | S$187.50 | 2.30% | S$143.75 |
| $100,000 | 3.38% | S$281.25 | 2.68% | S$222.92 |
| S$125,000 | 3.60% | S$375 | 2.90% | S$302.08 |
| S$150,000 | 4.00% | S$500 | 3.30% | S$412.50 |
Q2 Earmark Promo and 6% Tax Rebate
April also marks the start of a new quarter, and UOB has announced a new earmark promo for the 2nd quarter of 2025. Registration is required and can be done here.
| New Funds Amount | Cash Credit Amount | Approximate Returns* |
|---|---|---|
| S$20,000 | S$50 | 0.60% p.a. |
| S$50,000 | S$150 | 0.72% p.a. |
| S$100,000 | S$320 | 0.77% p.a. |
| S$150,000 | S$500 | 0.80% p.a. |
UOB has also announced something new: 6% rebates on taxes paid via GIRO with your UOB One account:
| Monthly Average Balance in UOB One Account | Tax Payment Rebate | Monthly Rebate Cap | Tax Amount That Gets Rebate | Total Rebate Cap | Approx Returns |
|---|---|---|---|---|---|
| S$30,000 to < S$75,000 | 6.00% | S$10 | S$166.67 | S$120 | 0.4% p.a. |
| S$75,000 to < S$150,000 | 6.00% | S$25 | S$416.67 | S$300 | 0.4% p.a. |
| S$150,000 and above | 6.00% | S$50 | S$833.33 | S$600 | 0.4% p.a. |
What I’m doing
I’ll have separate articles to analyse the new earmark promo and the tax rebates in greater detail. Stay subscribed for updates.
Also, I discuss what I’m likely to do from 1st May 2025 onwards in my video.
You can find UOB One’s announcement here.
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Seth Wee was a licensed financial adviser representative from 2009 to 2025, with over 16 years of experience in Singapore’s financial advisory industry.
He started Sethisfy.com in 2019 to share practical insights on credit cards, banking products, and miles strategies, helping readers identify financial products that deliver the best value. Seth has been featured in CNA, Channel 8, Today, and a host of other publications. In 2025, he was also part of a panel at CPF’s Ready For Life festival.
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