UOB raises One Account deposit rates by 0.55%

Millennial account holders, with average balances of $34,000, will benefit most.

United Overseas Bank (UOB) will raise some interest rates for its One Account holders, an announcement revealed. The flagship deposit account’s top bonus interest is raised to 3.88% from 3.33%.

In addition, UOB announced that the maximum balance required for the account to earn bonus interest will be increased from $50,000 to $75,000.

“To date, the Bank has rewarded UOB One Account holders with more than $70 million in interest, UOB head of personal financial services Singapore Jacquelyn Tan said.

The UOB One Account rewards bank holders with bonus interest rates for salary crediting and GIRO payments. By pairing it with a UOB One credit card which has a cashback rebate of up to 5% with a minimum $500 spending, account holders will garner more rewards.

The bank found that 54% of One Account Holders are millenials. In addition, their accounts have shown the highest growth of 31% in saving balances to $27,000 per annum.

In addition, Generation X-ers are also using the account to increase their savings with their average account balance up 11% per annum to $34,000 over the past three years. Meanwhile, Baby Boomers’ saving balances have stayed relatively flat at $32,000 over the same period.