Press Release 2017
UOB Malaysia launches a high interest savings account to help young professionals grow their nest egg
The UOB ONE Account is designed to help customers with smaller disposable incomes and existing financial commitments to save for the future
Kuala Lumpur, Malaysia, 6 November 2017 - United Overseas Bank (Malaysia) Bhd (UOB Malaysia) has launched the UOB ONE Account, a savings account with a higher-than-average interest rate, to help young professionals grow their savings.
The UOB ONE Account, aimed at customers between the ages of 20 and 35, offers depositors interest rates1 that are higher than that offered through standard savings accounts and fixed deposits2.
Mr Ronnie Lim, Managing Director and Country Head of Personal Financial Services, UOB Malaysia, said the UOB One Account helps customers who may have smaller disposable incomes to save more for their future.
"At UOB, we want to help our customers grow their wealth at every stage of their lives. The UOB ONE Account is designed to give our customers, especially our younger customers, a financial headstart. Young professionals just embarking on their careers or starting a family may have less disposable income to put toward saving. The UOB ONE Account aims to help customers balance meeting their monthly expenses and saving for the future," Mr Lim said.
The UOB ONE Account works by linking customers' monthly expenses to their savings. Customers who have monthly expenses totalling RM5003 and pay at least three bills (of minimum RM50 each) each month through UOB Malaysia's personal internet banking facilities will be able to take advantage of the higher interest rate offered via the UOB One Account.
According to data from UOB Malaysia, customers between the ages of 20 and 35 already spend more than RM500 each month on their credit cards and frequently use online banking facilities to settle their monthly expenses. In the first nine months of this year, UOB Malaysia's younger customer base spent an average of RM1,500 a month on their credit cards. They used their cards mainly to pay for lifestyle shopping (19.6 per cent), groceries (7.1 per cent), dining (6.3 per cent), transport (5.5 per cent) and phone and internet subscriptions (5.2 per cent).
The Bank's data also shows that more than 86 per cent of these customers use UOB's Personal Internet Banking services to make payments and to carry out their banking transactions. Among the users, 24 per cent use the online facilities to settle their credit card and loan repayments and 11 per cent to pay their utility bills4.
"Given that this set of our customers already commits an average of RM1,500 each month towards their basic expenses, either on their credit cards or through personal internet banking, we designed the UOB ONE Account to offer them a simple way to save for their future by linking their current monthly outgoings to a savings account that earns them a higher rate of interest," Mr Lim said.
UOB ONE Account holders are also able to enjoy up to eight per cent cashback when they use their credit cards5. This is in addition to the range of dining, shopping, travel discounts and privileges available on UOB credit and debit cards both within Malaysia and abroad. UOB ONE Account holders may also withdraw cash from a network of more than 10,000 ATMs across the nation at no charge6.
To learn more about the UOB ONE Account, customers can visit UOB Malaysia bank branches nationwide or log onto www.uob.com.my.
1 UOB ONE Account offers interest rates ranging from 2.28 per cent per annum to 4.28 per cent per annum for deposits of RM50,000, provided customers meet both criteria of RM500 card spend on UOB Credit Card and/or UOB Debit MasterCard and either pay three (3) bills or deposit at least RM2,000 inward interbank GIRO/instant transfer to One Account in each calendar month. Please visit www.uob.com.my or any UOB branch for UOB One Account full terms and conditions.
2 Effective 25 October 2017, UOB Malaysia Basic Savings Account interest rate is 0.25 per cent per annum for a deposit balance of RM1 million and below, while 12-month Fixed Deposit rate is at 3 per cent per annum.
3 To qualify for the UOB ONE Account savings rate, customers must spend at least RM500 each month on their UOB credit or debit cards.
4 UOB Malaysia, Personal Internet Banking users between the ages of 20-35 years as at 31 July 2017.
5 Applicable to UOB Credit Cards except for UOB Visa Infinite Credit Card.
6 Only applicable to One Account holders who maintain a minimum balance of RM10,000 in their UOB ONE Account. Terms and conditions apply.