I am saying goodbye to my UOB CashPlus account which I have been holding on for more than a decade. The main reason for opening this account with United Overseas Bank ("UOB") then was that this account came with a cheque book for use. However, I find that my usage of cheques have been declining. The Monetary Authority of Singapore will also be phasing out personal cheques after their initiative to terminate corporate cheques usage by December 2026. This product actually offers an extremely attractive low personal interest rate of 3.3% to 3.34% per annum for 6mths-12mths financing under the current promotion subject to a monthly minimum repayment of 2.5% of outstanding balances. In event of a default, an exorbitant 29.98% of interest rate per annum will apply if the minimum repayments are not made.
Shocked by Charge of S$120 Management Fees Without Full Waiver.
Every year, there is a S$120 management fees payable. Usually, I will dial into the hotline to seek a waiver and usually, I will get a full waiver of this fees. However, this year was bad, the bank only waived off 50% and hence a net S$60 was deducted from my CashPlus account.
Anyway, water under the bridge. I decided to terminate this CashPlus account since I was not really using it anyway. Apparently, account closure for CashPlus cannot be done via internet banking or phone banking. There is a written notice option but I could not find the detailed information such as what to include in the letter/email. So I decided to use the most direct solution of going down to one of the UOB branches to do this. This proved to the fastest way for accounts closure as by the next day, I noticed that my CashPlus account is no longer showing up in my UOB internet banking- no more leakage of unnecessary expense for maintaining this account.
