UOB Savings Promo Q3 2024: Earmark Funds For S$100 to S$1,100 Cash

UOB has announced its earmark promo for the third quarter of 2024. Dubbed “Nation of Savers”, the promo allows you to commit funds for about a few months and get as much as S$1,100 of cash on top of your UOB account’s interest.

When funds are committed or “earmarked”, they continue to earn interest of your bank account but will not be available for use or withdrawals until the earmark period is over.

The latest promo has a small but pretty significant change – the earmark period has been increased by a month compared to previous promos.

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Seth

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Earmark timelines

The timeline is specified by UOB as below:

Participating Deposit date or Participation Form submission date, whichever is later Participating Deposit will be Earmarked and Cash Credit will be credited byEarmark End Date (including this date)
1 July 2024 to 31 July 202430 August 202417 December 2024
1 August 2024 to 31 August 202430 September 202417 January 2025
1 September 2024 to 30 September 202431 October 202417 February 2025

For example, you need to register and deposit fresh funds by the end of July so that your funds will be earmarked by 30th August. The funds should not be moved until the funds are earmarked, and they will only be released after 17th December 2024. This means that the minimum holding period is around 4.5 months (as opposed to the 3.5 months previously).

Registration is required and you can do so here. Note that this entire article is also based on my understanding of the terms and conditions which you can find here.

Promo Tiers

Top-up AmountCash BonusEffective Interest*
(optimised calculation)
Effective Interest*
(old calculation)
S$20,000S$1001.32% p.a. 1.20% p.a.
S$50,000S$3001.58% p.a. 1.44% p.a.
S$100,000S$7001.85% p.a.1.68% p.a.
S$150,000S$1,1001.94% p.a.1.76% p.a.
*approximate; please do your own calculations

Similar to Q2’s promo, there are 4 tiers. At first look, UOB has increased the cash bonus slightly. However, the holding period has also increased from the previous 3.5 months to 4.5 months. As such, the effective yield one can get has also decreased.

I have included two columns to show the effective yield of each tier. The first column (optimised calculation) assumes that you will deposit your funds on the absolute last day possible (e.g. 31st July 2024). The earmark period will thus be around 4.5 months.

In previous calculations, I assumed 4 months (when it was actually just 3.5 months). For the sake of a fairer comparison against last quarter’s promo, I have also included a second column (old calculation) for a period of 5 months.

Reference month: June 2024

The promo is eligible for fresh funds compared to the reference month of June 2024. This means that if your June 2024’s monthly average balance is S$0, every dollar you put in your UOB account will now be considered fresh funds.

If your average balance is S$10,000, you would need to maintain S$110,000 if you wish to qualify for the S$100,000 tier.

First thoughts (full analysis coming soon)

I think it’s a decent promo for those who are able to qualify, either because they are opening a new UOB bank account (or perhaps by moving funds out in June), but there really isn’t much of a rush to place funds into the bank for this promo.

It doesn’t really matter whether you put funds in now or nearing the end of this month because the earliest earmark start date would be end of August. In the meantime, UOB One’s rates isn’t exactly that fantastic, and even UOB EVOL has been nerfed. Thus, end of July seems to me like a good time to place funds into a UOB account for this promo, and I will release a full analysis soon. Stay subscribed for updates!

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