KrisFlyer UOB accounts expected to bring in deposits of S$1.5b

UOB on Tuesday said it expects to bring in deposits of about S$1.5 billion in the next five years via a new current account tied to miles redemption through Singapore Airlines' (SIA) KrisFlyer programme.

UOB and SIA launched the KrisFlyer UOB Account, which allows customers to earn KrisFlyer miles when they save or spend. The number of miles earned steps up with a higher account balance.

The bank aims to open at least 200,000 KrisFlyer UOB accounts in the next five years. It will take in applications from Wednesday.