So after DBS reduce the bonus interest on their DBS Multiplier Account, it is UOB’s turned to reduce the bonus interest on their UOB One Account.
The UOB One have been a popular account among many because you would only need to fulfill $500 a month of credit card spend plus 3 GIRO transactions / Salary credit.
Come 1st May 2020, UOB One’s Bonus Interest Will be Reduced as Well:
The reduction looks much more massive than DBS’s reduction.
UOB help you compute how much in absolute amount you can earn.
I have worked out the average interest rate if you held the maximum $75,000 in your account. The interest reduction looks significant. To be fair 1.8% a year is not too bad.
However, because UOB have been tightening what they deem as eligible spend on their credit card. The reward is slowly not justifying the hoops we need to jump through.
I invested in a diversified portfolio of exchange-traded funds (ETF) and stocks listed in the US, Hong Kong and London.
My preferred broker to trade and custodize my investments is Interactive Brokers. Interactive Brokers allow you to trade in the US, UK, Europe, Singapore, Hong Kong and many other markets. Options as well. There are no minimum monthly charges, very low forex fees for currency exchange, very low commissions for various markets.
To find out more visit Interactive Brokers today.
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