UOB Lady's Savings Account for Financial Empowerment

With the aim of helping women protect not just their wealth but also their health, UOB has partnered with Prudential Singapore to offer women a savings account that has their well-being at heart. 

The UOB Lady’s Savings Account aims to help women take care of themselves, so that they would not have to exhaust their personal savings in unforeseen medical situations, such as cancer. 

In Singapore, women are clearly equal contributors to the economy, making up nearly half of the resident workforce. Not only that, women are increasingly choosing to work; the female labour participation rate increased from 57.7% to 63.4% between 2012 and 2022.

The modern woman has to juggle multiple demands, not only in the office, but also at home. More than ever, it is imperative for women to ensure they take care of their own needs even as they strive to fulfil traditional gender and family expectations.

The UOB Lady’s Savings Account is designed to help you do just that, with features and perks ranging from cancer coverage to health check-ups and flu vaccinations.

Here’s a deep dive into this unique banking product, and how it could benefit you. 

Table of contents

• Reasons to open an UOB Lady's Savings Account
• Eligibility for coverage
• Cancer Coverage Demystified: Calculating Protection for Women
• Disadvantages of the UOB Lady’s Savings Account 
• Conclusion

Reasons to open an UOB Lady’s Savings Account

They say health and wealth go hand-in-hand. If you’re curious about UOB’s latest female-only product, here’s what you should know about opening (and keeping some of your savings) in the UOB Lady’s Savings Account.

1. Free coverage for six cancers 

The importance of having medical insurance coverage cannot be stressed enough. In Singapore, of those diagnosed with cancer, a whopping 51% are women. Having an unforeseen medical condition could mean impending hefty amounts to be paid out of your own wallet if you do not have the right insurance coverage.

The UOB Lady’s Savings Account provides free medical insurance cover for six types of cancer, including breast, colorectal, and lung —  the top three most frequent cancers for women in Singapore.

The more cash you keep in your UOB Lady’s Savings Account, the more you’re protected. For example, keeping less than S$10,000 covers you for S$1,000 while keeping more than S$100,000 in the account can provide you with up to S$200,000 coverage.

Here’s a table showing the amount of cancer coverage you can enjoy based on your monthly average balance in the account. Also, you can check your level of cancer coverage at any time via internet banking or the TMRW App.

2. Free annual health screenings, flu vaccinations and reduced GP consultation fees  

Annual health screenings in Singapore do not come cheap. They can cost anything between S$50 and S$500, depending on the clinic you go to and the type of screening you need done. Some companies have annual health screening provided as part of their staff benefits, but holders of the UOB Lady’s Card can choose to rely on their card privileges instead.  

Here’s what’s included in the annual health check: 

• Biophysics: Blood Pressure, Height, Weight, BMI
• Laboratory Test:
  • Cholesterol Profile: Total Cholesterol, HDL, LDL Cholesterol, Triglycerides, Total/HDL Chol Ratio
  • Diabetes Screen: Fasting Blood Glucose
• 4-strain flu vaccination 
• Ovarian Cancer Marker test (Ca125)

Health screenings can help you find out more about your current health, such as your risk of diabetes, if you have high cholesterol, and other health issues. The sooner you find out about potential health problems you might have, the quicker you can adjust your lifestyle with healthier choices. 

Of note is the 4-strain flu vaccination, which is recommended to keep yourself protected during flu season. You are entitled to one vaccination per year.

Another noteworthy benefit here is the reduced GP fees. Account holders need only pay a flat S$13 fee for standard consultation with a General Practitioner. This perk is also extended to up to four dependents.

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3. Dental healthcare package 

Refreshingly, dental healthcare is also included with this account. 
You will receive a complimentary teeth-whitening package consisting of one in-clinic teeth whitening session and a take-home whitening kit, valued at S$1,288.

And to help keep those pearly whites in tip-top shape, you can also enjoy basic dental services at S$95 nett at 14 clinics islandwide.

4. No cost incurred 

Unlike purchasing an insurance plan that requires you to pay premiums, you can enjoy these medical perks simply by keeping money in your UOB Lady’s Savings Account. This means that the only cost incurred is the opportunity cost of putting this money in other savings accounts or using this money for other purposes such as investing.

5. Track your medical visits and transactions digitally 

For greater convenience, you can view your medical visits and transaction records via MyMHC app. The MyMHC App also gives you access to additional features such as a clinic locator, health articles as well a lifestyle marketplace.
 

6. To supplement your existing critical illness coverage 

For women who have already purchased a critical illness plan, the UOB Lady’s Savings Account can be seen as a supplement to any existing plans. Without having to pay an additional premium, you can increase your existing critical illness coverage. 

7. Lifestyle perks  

The UOB Lady’s Savings Account comes with a UOB Lady’s Debit Card, which rewards you with up to 10% cashback on online shopping, groceries, transport and food delivery spends. 

Prefer the UOB Lady’s Credit Card instead? That’s not a bad option too, on account of the up to 15X UNI$ (30 miles) you will get for every S$5 spent on your preferred category.

8. Savings bonuses

Here’s another great way the UOB Lady’s Savings Account lives up to its name. As an account holder, you’ll be entitled to exclusive monthly cash rewards when you or your child saves. 

• SuperSalary Bonus: Get 1% of your monthly salary credited as your cash reward when you save at least 20% of your monthly salary. No minimum salary credit amount required.
• SuperMom Bonus: Get 1% of your Junior Savers Account top-up as your cash reward when you top-up your joint Junior Savers Account with your child. No minimum deposit required.

Read also: Best Women’s Credit Cards in Singapore 2023

Eligibility for coverage 

1. Keep at least $1,000 in the account: You will need to pay a $2 fall-below fee per month if you fail to keep at least $1,000 in the account. However, this fall-below fee is waived for the first 6 months. You will also incur a $30 fee if you close the account early. 

2. You must be a woman: The UOB Lady’s Savings Account is only eligible to women aged 16-50.
 

Cancer Coverage Demystified: Calculating Protection for Women

At this point, you might be wondering how much cancer coverage you should get. Is it necessary to maximise your savings for the highest coverage of S$200,000? Or is that too overkill? 

As we’ve previously covered, the average Singaporean has a critical illness protection gap of S$250,000 on average, giving us a rough benchmark. 

That doesn’t mean you have to force yourself to maintain a S$100,000 balance in your UOB Lady’s Savings Account. You can treat the cancer coverage here as a supplementary plan and purchase a standalone critical illness or cancer plan to ensure you have adequate coverage.

Disadvantages of the UOB Lady’s Savings Account 

Like any other financial products in the market, there are also attributes of this product that may not be suitable for all women. 

1. It is not a high-yield savings account

The aim of keeping money in this account is not to earn interest, but to earn yourself insurance coverage. The UOB Lady’s Savings Account is a basic savings account that has an interest rate of 0.05% per annum. For reference, keeping S$10,000 in this account will earn you $5 a year in interest.

If you're looking for something with more firepower, A.K.A. high-yield savings accounts, the likes of DBS Multiplier, OCBC 360, UOB One, Standard Chartered JumpStart, and Standard Chartered Bonus $aver can earn anywhere from 1.80% to 7.88% p.a.. You can also consider the Singapore Savings Bonds (SSBs), Singapore T-bills, insurance savings plans or cash management accounts.

2. It is for women aged 16 and above only 

Women must be at least 16 years old to apply for the UOB Lady’s Savings Account. For the cancer benefit eligibility, there is a maximum entry age.

While you must be 50 years old or younger to be eligible for the cancer coverage, this cancer benefit will only cease at age 64. This means that regardless of the age (between 16-50 years old) in which you apply for the account, you will be covered until you are 64 years old as long as you maintain the balance in the account. 

3. To get higher coverage, you will need to keep more savings in the account

There is no free lunch in this world. Similarly, the more coverage you want to enjoy, the more you will have to keep in your savings account.

Notably, savings below S$10,000 will provide you with just S$1,000 in coverage. To enjoy higher coverage, you would need to maintain a higher balance in the account and inevitably incur higher opportunity cost as the money you keep in the account could be better used in other accounts to earn interest or be used for other purposes to earn you returns. This includes various types of investments, ranging from low-risk products such as bonds and fixed deposits to higher risk investments such as stocks. 

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Conclusion: should you open a UOB Lady’s Savings Account?

With life getting busier and more fast-paced, it’s crucial for women to take care of themselves just as well as they do their families and loved ones. Afterall, your health and well-being is just as important.

The UOB Lady’s Savings Account offers a nifty selection of benefits, coverage and perks that help the modern woman stay healthy while enjoying the finer things in life. 

There’s nothing else quite like it on the market, and if you like the idea of increasing your health coverage as you build your savings, go ahead and give the UOB Lady’s Savings Account a second look.

Yes, if: 

• You are looking for another savings account to store spare cash or if you want to keep a part of your cash separate from the primary savings account
• You have reached the maximum balance that will earn you high interest rates in your primary savings account 
• You currently do not have any medical insurance coverage (although this should not be your only form of medical coverage)

No, if:

• You are male
• You are looking for a savings account that earns you substantial interest each month (i.e. a high-yield savings account)
• You think the opportunity cost incurred by keeping your savings in the UOB Lady’s Savings Account is too high. For example, if you think the money is better off earning interest rates in other accounts or products  

Think of your family by putting yourself first. Your personal well-being does not (and should not) need to take a backseat. Your health is as important as the health of your family members. By getting sufficient medical coverage for yourself, you can protect yourself and your family’s financial well-being at the same time. It’s Women’s Day every day for a reason.