High inflation in Singapore has been the talk of the town, and MAS has forecasted that core inflation for 2023 is likely to be 3.5% to 4.5%. What this means is that goods and services will cost more, and cost of living will increase for most.
That said, you might have noticed some of your friends still going about their day-to-day activities as usual and occasionally even indulging a little by treating themselves to a nicer meal or even a little retail therapy.
With the rising costs, how do they do it?
Well, they might just be UOB customers who are maximising what the UOB One family of products has to offer — attractive interest rates on their savings, highest cashback on their spend and rewards personalised to what they love. UOB’s One family of products comprises the UOB One Account, One Credit and One Debit Cards.
Let’s take a look at how UOB One customers continue to live life to the fullest and offset the effects of inflation by working their savings hard and earning the most generous cashback in town.
UOB One Cards
UOB One Credit Card and Debit Card are the pillars of the UOB One family of products.
UOB One Credit Card
The UOB One Credit Card has gained fame over the years for being the most generous cashback card in Singapore, offering cashback rates of up to 15% on daily spend.
The card has been around for many years and remains the top choice for those looking for a cashback card that meets their everyday needs. Here are some of the UOB One Card’s key features:
Highest cashback rate in Singapore — tiered cashback system gives up to 15% cashback rates
Cashback for key categories for everyday spending — expect reputable brands like Dairy Farm International (Cold Storage, Guardian, 7-11, CS Fresh, Jasons Deli, Giant), Grab Food and Delivery, Shopee, SimplyGo and SP Group, cardholders can earn excellent cashback on daily essentials
Fuel savings at Shell and SPC — up to 21.15% savings at Shell and 22.66% at SPC
What’s so special about UOB One Cards cashback system is the attractive cashback of up to 3.33% on all retail spend. Most cashback cards will only give you cashback in certain categories.
UOB One Debit Card
For those who don’t qualify for the UOB One Credit Card or simply prefer debit cards, the UOB One Debit Card offers some of the most generous debit card cashback rates out there, including up to 10% cashback on online shopping, groceries, transport and food delivery for new applicants.
And who says a debit card isn’t comparable to a credit card? UOB One Debit Cardmembers enjoy almost the same benefits as the UOB One Credit Card! Just two key differences: a slightly lower cashback rate of up to 10%, instead of up to 15% for the credit card; and slightly lower petrol savings of up to 14% at Shell and up to 20% at SPC (versus up to 21.15% savings at Shell and 22.66% at SPC for the credit card).
UOB One Account
The interest you earn on your cash savings makes for a good stream of passive income and really helps to ease the weight of the rising costs of living. As such, it makes sense to park your hard-earned liquid cash in a high-interest savings account to make it work harder.
The UOB One Account now offers interest of up to 7.8% p.a. on your savings!
To maximise the interest you earn with UOB One Account, all it takes is just 2 simple steps. No hoops, no fuss, and definitely no going out of your way to get it done.
Get up to 7.8% p.a. on your savings by simply:
Spending at least S$500/month on an eligible UOB card and
Crediting your salary (at least S$1,600) OR making three GIRO payments per month
Yes, it’s that simple and what you see is what you get! High-interest savings accounts from some other banks often require you to perform several actions monthly to obtain their maximum interest rate. These actions include investing or buying insurance products. With UOB One Account, it’s super easy to maximise your interest, and you don’t have to commit to anything you don’t need.
UOB TMRW app
The UOB TMRW app is an all-in-one banking app built around you and your needs. It offers AI-driven insights to help you with the managing of your finances and achievement of your goals, delivers personalised rewards through Rewards+ and provides a simple way to invest through SimpleInvest.
Psst…did you know that the UOB TMRW app can even help you track the bonus interest you can earn on your UOB One Account so you can check that you’ve got your two steps covered and are on your way to higher interest?
The app is optimised for a seamless banking experience anytime, anywhere. Here are some things it enables you to do:
Bank – Open a savings account or credit card and start transacting instantly.
Invest – Start from just S$100 with SimpleInvest
Reward – Enjoy rewards tailored towards your personal preferences, lifestyles and habits.
Living life is easy with UOB ONE
The UOB One family of products lets you continue to live life to its fullest, even when the going gets tough!
Giving you the highest cashback on your spend and higher interest rate on your savings, plus bringing you personalised insights and rewards based on your spending habits, the UOB One suite of products has got your back.
Terms and conditions apply. Insured up to S$75k by SDIC.
This post was written in collaboration with UOB. While we are financially compensated by them, we nonetheless strive to maintain our editorial integrity and review products with the same objective lens. We are committed to providing the best information in order for you to make personal financial decisions with confidence. You can view our Editorial Guidelines here.
The post Here’s Why UOB One Customers Can Still Live Life to the Fullest, Amid High Inflation appeared first on the MoneySmart blog.
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