United Overseas Bank (UOB), as one of Southeast Asia's leading financial institutions, offers a variety of deposit accounts tailored to meet diverse financial and consumer needs. This article provides a detailed analysis of the features, account opening requirements, documentation needed, minimum deposit requirements, and online account opening process for each type of UOB deposit account in Singapore.

Account Types

1. UOB One Account

   • Features: UOB One Account combines high interest rates with cashback rewards for daily transactions.
   • Interest Rate: Base interest rate of 0.05%, with potential to unlock up to 7.8% per annum by fulfilling tasks such as spending, bill payments, or crediting salary.
   • Benefits: During promotional periods, enjoy up to 10% cashback on dining and online shopping.
   • Opening Requirements: Minimum initial deposit and minimum balance of S$1,000.

2. Stash Account

   • Features: Stash Account focuses on active savings, offering up to 5% interest per annum.
   • Benefits: Similar to UOB One Account, it offers up to 10% cashback on dining and online shopping during promotional periods.
   • Opening Requirements: Requires a minimum initial deposit and minimum balance of S$1,000.

3. KrisFlyer UOB Account

   • Features: KrisFlyer UOB Account integrates savings with accumulation of KrisFlyer miles for frequent travelers.
   • Interest Rate: Savings earn a base interest rate of 0.05%. KrisFlyer UOB credit card usage earns up to 6 KrisFlyer miles per S$1 spent.
   • Additional Benefits: Exclusive airline privileges such as priority boarding and additional baggage allowance.
   • Opening Requirements: Minimum initial deposit and minimum balance of S$1,000.

4. Mighty FX

   • Features: Mighty FX is a multi-currency account designed for cross-border payments and foreign currency transactions.
   • Functionality: Supports conversion of 11 major currencies, with some currencies earning interest.
   • Opening Requirements: No minimum initial deposit or balance requirement, but each overseas ATM withdrawal incurs a fee of S$5.

Account Opening Conditions

The general requirements for opening a UOB deposit account include:

• Age Requirement: Most accounts require applicants to be at least 18 years old, while certain accounts like the Stash Account are available to customers aged 15 and above.
• Identification: Singapore citizens or permanent residents need to provide their NRIC (National Registration Identity Card), while foreigners must submit their passport and proof of residential address.
• Additional Requirements: Some accounts may require an existing UOB customer to act as a referee. Specific requirements can vary depending on the type of account and applicant's status.

Required Documents

In Singapore, opening a UOB deposit account typically requires the following documents:

• Singapore Citizens/Permanent Residents: NRIC (for branch applications) or Singpass electronic identity (for online applications via MyInfo).
• Foreigners: Passport, proof of residential address (e.g., telephone bill, utility bill, or bank statement), and residence permit (e.g., Employment Pass, S-Pass, or Dependent Pass).
• If not working or studying in Singapore, a current UOB customer may be required to act as a referee.

Account Opening Fees

Different types of UOB deposit accounts have varying minimum deposit requirements:

• UOB One Account, Stash Account, KrisFlyer UOB Account: Each requires a minimum initial deposit and maintaining balance of S$1,000.
• Mighty FX: No minimum initial deposit or balance requirement, but a fee of S$5 per overseas ATM withdrawal applies.

Online Account Opening Process

UOB provides a convenient online account opening service, applicable to eligible Singapore citizens or permanent residents who:

1. Visit the UOB official website, choose the desired deposit account type, and understand its features and account opening conditions in detail.
2. Use Singpass and MyInfo to complete the online application form, verifying personal identity and details.
3. Upon submission, await UOB's review and approval. Typically, online account opening applications can be completed within minutes, without the need to visit a branch.

For foreigners, a personal visit to a UOB branch is required to submit necessary identity documents and complete the account opening form.

Conclusion

Through this detailed analysis, customers can choose the most suitable UOB deposit account based on their needs and circumstances. Whether for daily savings, accumulating airline miles, or handling cross-border payments, UOB offers diverse options and a convenient online application process.