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Earning 5.4 Krisflyer miles per dollar spent, sounds too good to be true? Not with the new Krisflyer UOB Account, the first bank account in Singapore that helps you earn miles based on the amount of money you have in your bank account and the amount you spend. Plus, if you sign up now and receive 1,000 free Krisflyer Miles.
A One Glance View Of The Krisflyer UOB Account
Good |
Bad |
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Earn between 1.4 Miles – 5.4 Miles/S$1 Spent Special Travel Privileges from Scoot and TigerAir (E.g. Priority Check In and Boarding) 10% Smart Rebate |
Deposits in this account do not earn interest at all Bonus Miles earned are capped at 5% of amount of money held in account Minimum Spend of $500/ Month |
How Are Miles Earned Calculated?
| Amount Deposited | Base Miles Earned/ $1 Spent | Bonus Miles Earned/ $1 Spent | Total Miles Earned/ $1 Spent |
| S$3,000 – S$99,999 | 0.4 | 1 | 1.4 |
| S$100,000 – $349,999 | 0.4 | 3 | 3.4 |
| S$350,000 Or More | 0.4 | 5 | 5.4 |
In addition to that, there’s also a cap on the amount of bonus miles you can earn per month, which is 5% of the amount you have deposited. So if you have $20,000 deposited in your Krisflyer UOB Account you can earn a maximum of S$1,000 Miles (Or S$715 Spent)/ month. Which is to say anything you spend after that $715, will only earn 0.4 Miles.Miles are earned based on the rates in the table above. Miles are earned in $5 blocks, so if you spend $4.50 you won’t earn any miles. If you spend $28.90 you’ll earn miles on the first five complete blocks and not on the remaining $3.90.
Other Benefits
Travel
- Priority check-in and boarding on Scoot and Tigerair
- Additional baggage allowance 5kg upgrade on Scoot and Tigerair
- Complimentary Standard Seat selection on Scoot and Tigerair
- Get a convenience fee waiver voucher upon spending a minimum of S$250.00 on Scoot and Tigerair
Cashback
Enjoy up to 10% Smart$ Rebates at over 900 outlets
How Does The Krisflyer UOB Account Stack Up Against The Other Bank Accounts
For Those With Plenty Of Money To Spare
Salary of $15,000
Savings of about $360,000
Bills + Spending of $5,000/ Month
UOB Krisflyer Account |
OCBC 360 Account |
BOC Smartsaver Account |
| 264,000 Miles Or 3 Return Tickets To New York (Worth $9,892) with 24,000 miles to spare Or 5 Two Way Tickets To Dubai/ Tokyo/ Seoul |
$2,165 Total Interest Earned/ Year
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$3,365 Total Interest Earned/ Year |
For Those Who Earn A Bit More
Salary of $8,000
Savings of about $150,000
Bills + Spending of $2,500/ Month
UOB Krisflyer Account |
OCBC 360 Account |
BOC Smartsaver Account |
| 102,000 Miles Or a Return Ticket To New York (Worth $3,297) with 22,000 miles to spareOr 2 Two Way Tickets To Dubai/ Tokyo/ Seoul |
$1,360 Total Interest Earned/ Year
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$2,558 Total Interest Earned/ Year |
For The Average Singaporean
Salary of $3,300
Savings of about $40,000
Bills + Spending of $1,000/ Month
UOB Krisflyer Account |
OCBC 360 Account |
BOC Smartsaver Account |
| 16,800 Miles Or a Return Ticket To Bali or KL (Worth $517) Or a One Way Ticket To Hong Kong, Taipei, Beijing |
$753.84 Total Interest Earned/ Year
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$780.00 Total Interest Earned/ Year |
What I Think Of The Krisflyer UOB Account
The Krisflyer UOB Account is definitely targeted towards a specific crowd, at its highest level with an earn rate of 5.4 Miles, there is definitely a lot of value and that is where the Krisflyer UOB Account excels. If you are able to get this earn rate, or even the earn rate of 3.4 Miles per dollar spent, it is definitely worth it.
However, if you have total deposits of less than $100,000, this may not be the best savings account for you. There are several travel cards that allow you to earn a similar amount of miles, such as the DBS Altitude Visa Card or the AMEX Singapore Airlines Krisflyer Card. In addition, the interest you could earn from other accounts such as the OCBC 360 account or the BOC SmartSaver Account would be worth more than the miles you may earn from the Krisflyer UOB Account.
All of this though doesn’t change the fact that the Krisflyer UOB Account as the first and only miles earning deposit account is a major innovation in the local banking scene and the EasyRates team can’t wait to see what new and innovative products UOB will come up with in the future! We hope you enjoyed reading our review of the UOB Krisflyer Account. Do you think we left something out? Leave us a comment in the section below! Love what we write? Share us on Facebook!
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