UOB Christmas Savings Promo: S$250 to S$1,500 Cash Reward
For the last quarter of 2023, UOB is offering cash rewards of between S$250 to S$1,500 when you top up fresh funds to your UOB savings account and earmark them for approximately 4 months. This promo is open to both new and existing UOB deposit customers.
To qualify for this, you have to register and deposit funds before 30th December 2023.
Promo details
The amount of cash rewards depends on the amount of fresh funds deposited.
| Tier | Participating Deposit Amount | Cash Credit Amount | Approximate Bonus Yield |
|---|---|---|---|
| 1 | S$50,000 | S$250 | 1.50% p.a. |
| 2 | S$100,000 | S$550 | 1.65% p.a. |
| 3 | S$200,000 | S$1,500 | 2.25% p.a. |
Fresh funds are amounts deposited compared to your day-end balance of 30th September 2023. If you had S$20,000 in your UOB account at the end of 30th September 2023, you will need to deposit additional S$50,000 to qualify for the first tier, and maintain S$70,000 throughout the Promotion Period and Earmark Period.
I’ve also added an Approximate Yield column that calculates the bonus returns one would get by earmarking the deposit amount with UOB for 4 months. The formula I used is: Cash Credit Amount ÷ Participating Deposit Amount × 100 × 3. This gets an approximate annualised return the reward represents.
The eligible accounts are: UOB One Account, UOB Stash Account, UOB Lady’s Savings Account, UOB Uniplus Account, UOB Passbook Savings Account.
Registration and deposit needs to be done by the end of 30th December 2023. The funds will be earmarked according to this timeline:
| Participating Deposit date or Participation Form submission date, whichever is later (“Qualifying Period”) | Participating Deposit will be Earmarked and Cash Credit will be credited by | Earmark End Date (including this date) |
| 1 October 2023 to 31 October 2023 | 30 November 2023 | 15 February 2024 |
| 1 November 2023 to 30 November 2023 | 31 December 2023 | 15 March 2024 |
| 1 December 2023 to 30 December 2023 | 31 January 2024 | 15 April 2024 |
See terms and conditions for full details.
Do earmarked funds get account interest?
When you earmark funds with UOB, the amount is taken out of your available balance and becomes unavailable for use or withdrawal. From personal experience and multiple corroborating reports, earmarked funds still earn the usual interest from your UOB bank account. For instance, if you earmark S$100,000 in your UOB One account, it should continue to earn its 5% p.a. interest.
Total yield you can get
If you open a UOB One Account for this promo or emptied it before end of 30th September in preparation for this promo (you can read this lengthy Telegram exchange for more details), you can expect to get the below returns for the next 4 months (assuming UOB One accounts requirements are met):
| Participating Deposit Amount | Cash Credit Amount | UOB One Interest (4 months, approximate) | Approximate Total Yield |
|---|---|---|---|
| S$50,000 | S$250 | S$645 | 5.37% p.a. |
| S$100,000 | S$550 | S$1,667 | 6.65% p.a. |
| S$200,000 | S$1,500 | S$1,684 | 4.77% p.a. |
Note that there is always a possibility that UOB changes their account interest rates while your funds are earmarked.
If you have already maxed out the S$100,000 capacity of your UOB One, you could also consider adding fresh funds to UOB Stash instead:
| Participating Deposit Amount | Cash Credit Amount | UOB Stash Interest (4 months, approximate) | Approximate Total Yield |
|---|---|---|---|
| S$50,000 | S$250 | S$305 | 3.33% p.a. |
| S$100,000 | S$550 | S$1,015 | 4.67% p.a. |
| S$200,000 | S$1,500 | S$1,035 | 3.80% p.a. |
I wouldn’t go for the S$200,000 tier
While the S$200,000 tier seems to offer pretty okay rates, I would only try to go for the S$100,000 tier. This is because UOB One and UOB Stash accounts both stop offering good interest rates on amounts beyond S$100,000.
You would hence be better off putting S$100,000 into this account, and placing the other S$100,000 into an account that offers around 3.5% to 4% p.a. interest.
For instance, if you are putting S$200,000 into UOB One, your approximate total yield is 4.77% p.a.
If you placed S$100,000 into UOB One instead, your approximate yield is 6.65% p.a. With the other S$100,000 in a 3.5% p.a. account, your effective interest rate is 5.07% p.a. instead. With a 4% p.a. account, your effective interest rate is 5.32% p.a.
Personally, I am thinking of doing S$100,000 here, and the rest into something like Syfe Cash+ Guaranteed.
Other tools to go with this promo
There are quite a few places to put idle funds at the moment and I covered some of them in my recent video:
Some other instruments you can look at would include moomoo’s 5.8% p.a. guaranteed yield for 30 days, and Syfe Cash+ Guaranteed’s 3.7% p.a. returns for 3 months. Both even have sign-up goodies that further sweeten the deal, so check out the respective post for more details.
Things are constantly changing and new products are launched every now and then, so the best way to keep up is to subscribe to the Telegram.
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.
Subscribe to the channel for free updates!
Disclaimer: I may receive an affiliate/referral fee when you sign up for services/products on this site, and such fees keep the site running. I would only recommend services/products I would personally use or recommend to my own friends and family, but I do not provide any warranty or guarantee for the quality of these services/products. Thank you for supporting my site!
Please exercise due diligence when signing up for any service/product as I will not be liable for any personal loss, financial or otherwise. Content published here are my sole views and personal opinion, and none of the information here constitutes personal financial advice nor represents the views of my employer(s).