UOB launches scheme to help millennials build up wealth

United Overseas Bank (UOB) has launched a scheme to help Singapore's millennials in the workforce start building their wealth early in life, The Straits Times reported.

In a release, UOB announced the Young Professionals Solution (YPS) which will allow emerging affluent millennials between 24 to 35 years, to "sweep" interest earned on their UOB One Account, and rebates from spending on their UOB Yolo credit card into a unit trust called the United SGD Fund.

UOB is the only bank here to use the sweep function to enable their customers to invest.

Through YPS, it has waived the 2 per cent online sales charge and has also reduced the minimum initial investment amount required to $10, instead of $1,000.

"Today's young professionals are 10 years away from their peak earning power. As they have time on their side, it would be prudent for them to start building their wealth early," said Mr Dennis Khoo, head of UOB's personal financial services here.

"It helps if they see that instead of just cash savings alone, there are benefits to be reaped from the combination of both saving and investing."

This article was first published on January 04, 2017.
Get The New Paper for more stories.