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The maximum interest rate for the United Overseas Bank's (UOB) flagship One Account has been raised from 3.6 to 7.8 per cent as of Dec. 1.
According to CNA, the increase follows similar moves made by DBS and OCBC in November, and marks the highest rate offered since the One Account was first established seven years ago.
The new interest rate will apply to accounts with a deposit amount ranging from S$75,000 to S$100,000.
Account users must credit their salary of at least S$1,600 and spend a minimum of S$500 on an eligible UOB card in a month.
Salary payments made via PayNow, which are reflected as "PAYNOW SALA", will also be considered eligible for the maximum interest rate.
Interest rates for amounts below S$75,000 also raised
In addition, the maximum interest rates for deposit amounts below S$75,000 were also raised, from a range of 1.4 to 2.5 per cent, to 3.85 to 4.85 per cent.
Source: Screenshot via UOB website
UOB's head of group personal financial services, Jacquelyn Tan, was quoted by CNA as saying:
"We hope that the updated rates for our UOB One Account will help our customers in reducing some of the inflationary impact on their hard-earned savings.
Together with our highly competitive fixed deposit offerings, we are committed to doing right by our customers by providing a safe haven for them to grow their finances during these turbulent times."
The Straits Times further highlighted that UOB now has the highest maximum interest rates among the three local banks.
Earlier in November, the Oversea-Chinese Banking Corporation (OCBC) raised interest rates to an all-time high for its flagship OCBC 360 account, with a maximum rate of 7.65 per cent.
As for DBS, the maximum interest rate for its Multiplier Account was raised from 3.5 per cent to 4.1 per cent.
Top screenshot via Google Streetview