SINGAPORE (July 18): Singapore's millennials are outpacing their Generation X (Gen X) and baby boomer peers when it comes to growing their savings, according to United Overseas Bank’s (UOB) transaction patterns of its flagship UOB One Account holders. 

From mid-2015 to mid-2018, it was found that the average account balance for millennials grew 31% per annum to $27,000 – a trend which UOB says is supported by research conducted by Visa’s Millennials Study 2016, which indicated the generation is more focused on saving and investing compared to others.

Aside from having the fastest-growing account balances, millennials also account for the lion’s share of all holders of the UOB One Account.

Gen X users appear to be also using the account to increase their savings, says UOB, with their average account balance up 11% per annum to $34,000 over the past three years.

Meanwhile, baby boomers’ saving balances remained relatively flat at $32,000 over the same period.

“When we designed the UOB One Account, we wanted to create a product that was easy to understand, simple to use and could help all customers maximise their savings over time. To date, the Bank has rewarded UOB One Account holders with more than $70 million in interest,” comments Jacquelyn Tan, Head of Personal Financial Services Singapore, UOB.  

“Looking at the results over the last three years, UOB has helped in championing a nation of savers with more than a quarter of a million accounts opened. We aim to continue our double-digit account opening growth for the UOB One Account over the next three years.”

UOB is running a ‘Nation of Savers’ campaign from now to August 31. As part of the promotion, customers will receive $100 in their new UOB One Account when they apply for it online.