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. Aimed at customers between the ages of 20 and 35, the account offers deposit interest rates that are higher than those of standard savings accounts and fixed deposits.
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 head start. 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,” said Lim.
The UOB ONE Account works by linking customers’ monthly expenses to their savings. Customers who have monthly expenses totalling RM500 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 bills .
“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,” said Lim.
UOB ONE Account holders are also able to enjoy up to eight per cent cashback when they use their credit cards. 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 charge.
To learn more about the UOB ONE Account, click here.