United Overseas Bank (Malaysia) Bhd (UOB Malaysia) has launched the UOB ONE Account.
Aimed at customers between ages 20-35, the UOB ONE Account is designed to help young professionals grow their savings, through offering customers interest rates that are higher than that offered through standard savings accounts and fixed deposits.
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 bank links 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, UOB Malaysia’s younger customer base used their cards mainly to pay for lifestyle shopping, groceries, dining, transport and phone and internet subscriptions. The Bank’s data shows that more than 86% of these customers use UOB’s Personal Internet Banking services to make payments and to carry out their banking transactions.
“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.
Besides higher interest rates, UOB ONE Account holders are can enjoy up to 8% 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.