UOB to cut max interest rate on One Account from 4% to 3.3% per annum

UOB will cut interest rates of the One Account, its flagship savings account.

From May 1, 2025, the maximum interest rate will be cut from 4 per cent to 3.3 per cent per annum on the first S$150,000.

According to The Business Times, market experts expect that the U.S. Federal Reserve will cut rates in 2025, having already done so four times in 2024.

Previously, before May 2024, the One Account offered up to 5 per cent per annum on deposits up to S$100,000

The upcoming interest rate cut by UOB marks the second year in a row that UOB has cut its One Account rates.

However, UOB is not the only bank to implement interest rate cuts on its savings account.

OCBC had announced in March 2025 that its 360 Account interest rates will be adjusted to match prevailing market conditions.

Starting from May 1, 2025, the 360 Account maximum interest rate will be cut from 7.65 per cent to 6.3 per cent per annum on the first S$100,000.

At the same time, the qualifying “grow” category will see the sum raised from S$200,000 to S$250,000, while interest rate will fall from 2.4 per cent to 2.2 per cent for the first S$100,000.

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