UOB to Lower Interest Rates on Flagship Savings Account "One Account" Based on Rate Expectations

Starting from May 1, the maximum interest rate for the first S$150,000 will be reduced from 4% to 3.3% per annum.

This marks the second consecutive year that UOB has lowered the interest rate on its One Account. Prior to May 2024, the One Account offered a maximum annual interest rate of up to 5% on deposits of up to S$100,000.

The bank has also joined OCBC in lowering the interest rates on its flagship savings accounts this year.

Earlier in March this year, OCBC announced that it would lower the interest rates on its 360 Account in line with prevailing market conditions.

Starting from May 1, the maximum effective interest rate for the first S$100,000 in the 360 Account will be reduced from the current 7.65% to 6.3% per annum.

Meanwhile, the interest rate for the "Growth" category will be reduced from 2.4% to 2.2% for the first S$100,000, and the eligibility criteria for this category will be raised from S$200,000 to S$250,000.

The Federal Reserve has cut interest rates four times in 2024, and the market expects more rate cuts to be announced later this year.