Extremely bad start with UOB One

With the influx of posts on social media re UOB One (psst on grabpay) and the receipt of my house keys, I decided it was the time to sign up for a UOB One account plus credit card.

It was gonna be the best tool for household joint expenses and joint savings.

However, I've faced multiple hiccups that made me VERY frustrated....WHY ME?!
1. Delayed approving process led to losing out of sign up bonus
First, I signed up for the UOB One card and Account in early Oct through Singsaver's promotion. The promotion said that I'd get to enjoy cash incentive for registration + UOB's promotion of $80 cash credit with min $1k spent within 30 days of card approval. Mind you, these terms were stated to end on 31 Oct, extracted below:

S$80 Cash Credit for UOB One Account: Limited to the first 500 new to UOB Deposits customers who either (i) deposit and maintain $5,000 or (ii) credit their salary, into their new UOB account for 6 consecutive months. Terms and conditions of the UOB Online …

2.02% p.a. guaranteed returns. Would you sign this?

I'm contemplating on this endowment plan from FWD which gives 2.02% interest p.a. It guarantees return when the plan matures after 3 years.

This is the best "savings" plan I've seen. I'm thinking of putting $15k for this, which will mature to $15,927 after 3 years.
That is, if you don't terminate your policy early.


What are your thoughts to this offer?

---
After thinking for half a day and seeing some comments, I've decided to go ahead with this offer.

Looking forward to my $927 gain in 3 years' time!

Would you be joining me? :)

Comments

  1. If you definitely don't need the S$15,000 for the next 3 years, you can consider it. Guaranteed 2.02%pa is slightly better than most high interest bank accounts. I just never like the part about the endowment plan whereby early withdrawal causes the surrender value to be less than the principal amount. It's punitive, unnecessary and suggests some level of commissions being charged.

    ReplyDelete
    Replies
    1. Hi, agree. Sadly, the bank accounts are not offering good interest rates. With remaining cash lying around, I figured it'll be better to park it here for a slightly higher returns. You can consider it too!

      Delete
  2. I took a look at https://www.fwd.com.sg/savings-and-investments/endowment-insurance/ and this looks promising!

    If you don't need the $15k now and can leave it for 3 years to earn this 2.02% guaranteed interest, it is close to risk free and offering a shorter maturity period than SG saving bonds.

    ReplyDelete
    Replies
    1. Thanks for your thoughts! Just signed up for it. I think I can afford to stash this $15k away, even for the next 3 years! :)

      Delete
  3. Perhaps a money market fund could be considered as well.

    ReplyDelete
  4. Wonder if this company is reliable. Since application is done online, how to seek redress if it turns up a fraud?

    ReplyDelete

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