Starting 1 September 2025, UOB One Account holders will earn S$1,200 less per year if they park S$150,000 and continue meeting all bonus criteria. Interest rates have been cut across every tier. The return is no longer what it used to be.
This post breaks down what has changed, why T-bills are used as a benchmark, and how to assess your next step.
📉 What’s Changed
If you meet all bonus conditions (salary credit, card spend), here is the before-and-after breakdown:
| Balance | Old Rate | Old Interest | New Rate | New Interest |
|---|---|---|---|---|
| First $75,000 | 2.30% | $1,725 | 1.50% | $1,125 |
| Next $50,000 | 3.80% | $1,900 | 3.00% | $1,500 |
| Next $25,000 | 5.30% | $1,325 | 4.50% | $1,125 |
| >$150,000 | 0.05% | 0.05% | ||
| Total (on $150,000) | 3.30% | $4,950 | 2.50% | $3,750 |
The structure hasn’t changed, but the reward has dropped. This is not a penalty. It’s simply less yield for the same setup. For many, this removes the appeal of calling it passive income.
🧮 Why Use T-Bills
T-bills are not equivalent to savings accounts, but they are a useful reference point. Here’s why they matter:
- T-bills offer a risk-free baseline return that requires zero effort or conditions.
- They highlight the opportunity cost of sticking with a savings account that needs constant upkeep.
- MAS auction results show what institutions and individuals are willing to accept as a guaranteed return. That rate becomes your benchmark.
- As interest rates fall, T-bill demand rises. More people are moving funds from savings accounts into T-bills. Banks respond by cutting rates. UOB was the latest to do so.
The answer is simple: T-bills represent the cleanest, zero-effort return available in Singapore today. If a high-yield savings account cannot beat that return after factoring in all its requirements, it fails the basic test of efficiency.
The latest 6-month T-bill (as of July 2025) yielded 1.77%. If your savings account isn’t beating that consistently, with less effort, it’s time to rethink.
🔄 Restructure Decision Matrix
Use this decision matrix based on your balance and consistency:
| Deposit Range | Suggested Action |
|---|---|
| Less than $50,000 | UOB One is no longer competitive. Switch to T-bills or fixed deposits. |
| $50k to $91,500 | UOB One still beats T-bills, but only if you meet all bonus criteria. If this feels like effort, Bonus$aver may be the better trade. |
| $91.,00 to $150,000 | You’re squeezing out an extra 0.7%, but it comes with monthly compliance. Ask if that margin is worth the discipline. |
| More than $150,000 | UOB pays just 0.05% above the cap. Redeploy the excess into T-bills, Bonus$aver, or spread it across FastSaver and Stash. |
If your balance fluctuates or if you sometimes miss bonus conditions, UOB One becomes an unreliable engine for returns.
🧭 Alternatives to Consider
Low-Maintenance Options
🟦UOB Stash Account
- Up to 2.045% p.a. on balances up to S$100,000
- No salary credit or card spend required
- Just maintain or increase monthly average balance
🟧CIMB FastSaver Account
- Tiered structure:
- 1.19% on first S$25k
- 2.09% next S$25k
- 2.70% next S$25k
- Up to 3.19% on first $25k if salary or card spend is fulfilled
- Cap at S$75,000
Moderate-Commitment Platforms
🟥Standard Chartered Bonus$aver
- Up to 3.05% p.a. on first $100,000
- Requires salary credit (≥ S$3,000) and card spend (≥ S$1,000):
- No GIRO or bill payment required
🟩DBS Multiplier Account
- Up to 4.10% p.a. on the first S$100,000
- Requires salary credit and additional product usage (e.g., card spend, home loan, insurance, or investments)
- Without extra products, yield ranges from 1.5% to 2.5%
⚠️ Rates Are Not Static
Nothing here is fixed. Banks will revise rates depending on market pressure, customer flows, and policy direction. T-bill yields also move every two weeks.
Review your allocations regularly. There is no perfect setup, only what works for now. Adapt as the market moves.
📌 Quick Summary
- UOB One’s reward has been slashed. The same effort now earns less.
- Below S$91,500, the edge over T-bills disappears.
- Above S$150,000, leave immediately. Your money is stagnating.
- Bonus$aver, Stash, and FastSaver are viable swaps depending on your appetite for friction.
🗣️ What Will You Do?
- Which direction are you heading after UOB One’s cut?
Comment below. Let’s trade notes and sharpen our cash strategy together.
Equity-Pulse 
Leave a comment