UOB National Savings Promo: S$258 to S$1,458 Cash Credit

UOB is offering cash credits of between S$258 to S$1,458 when you top up fresh funds to UOB and earmark them for approximately 4 months. To qualify for the cash credit, register and deposit funds before 30th September 2023.

The promo is open to existing and new UOB customers alike, although those new to UOB deposits (or closed their UOB account more than 12 months ago) can get extra S$100 for opening an account during this period.

To be clear, this isn’t really a new promo and has been discussed in the group chat since July, but I finally got around to taking a look at it. Good thing too, cause it’s a pretty decent promo and there’s still well over a week to take part.

Promo details

The amount of cash credits deposited are proportional to the amount of fresh funds deposited:

TierParticipating Deposit AmountCash Credit AmountApproximate Yield
1S$50,000S$2581.55% p.a.
2S$100,000S$5581.67% p.a.
3S$200,000S$1,4582.19% p.a.

I’ve also added an Approximate Yield column that calculates the 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 cash amount needs to be fresh funds and this is compared to your 30th June 2023 day-end balance. The funds will be earmarked for approximately 4 months. 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 September 2023. See terms and conditions for full details.


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What’s earmarking?

When you earmark funds with UOB, the amount is taken out of your available balance and essentially becomes unavailable. It will still earn its usual interest from your UOB bank account. For instance, if you earmark S$100,000 in your UOB One account, it will continue to earn its 5% p.a. interest.

Good ways to optimise this promo

Speaking of which, if you are not already placing S$100,000 into a UOB One account for 5% p.a. interest, doing so now in tandem with this promo can yield as much as 6.67% (5% + 1.67%) p.a. interest:

Participating Deposit AmountCash Credit AmountUOB One Interest
(4 months, approximate)
Approximate Total Yield
S$50,000S$258S$645 5.42% p.a.
S$100,000S$558S$1,6676.67% p.a.
S$200,000S$1,458S$1,6844.71% p.a.

Even if you have maxed out your UOB One account, you could consider plopping down another S$50,000 to S$200,000 into UOB Stash account.

Participating Deposit AmountCash Credit AmountUOB Stash Interest
(4 months, approximate)
Approximate Total Yield
S$50,000S$258S$3053.38% p.a.
S$100,000S$558S$1,0154.72% p.a.
S$200,000S$1,458S$1,0353.74% p.a.

As UOB One and UOB Stash accounts give nearly no interest for amounts beyond the first S$100,000, you might wish to think twice about the S$200,000 tier. You would likely get higher returns by putting S$100,000 with this promo for the best returns here, then find other channels for your remaining S$100,000.


Personally I have some idle funds that are likely to go into this, with some excess going to things like Chocolate Finance. Chocolate Finance isn’t a bank account, but 4.5% p.a. guaranteed by the company isn’t too shabby at all.

I talked about it in the video below, but do subscribe for a fuller, written review when it launches. You can also leave your particulars to get early access. I tend to take a few minutes to email you the link (if I’m awake and available).

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