Singaporeans really love a good savings account, but sometimes dealing with banks can feel like we’re part of a circus acrobat’s obstacle course. The number of hoops we have to jump through just to maximise our benefits can be pretty silly.
Sometimes it makes you just wish there was a simple, effective savings account available.
Well, such a savings account has just been launched.
Introducing UOB Stash Account, a new savings account that rewards you for simply saving
Yes, if you thought the UOB One Account was already a simple way to earn high interest, the bank is introducing an even simpler product. Read about the One Account here.
Here’s how simple the UOB Stash Account® is:
Earn up to 1% p.a. on your savings when you,
- Maintain or increase your previous month’s Monthly Average Balance (MAB)
- Maintain a MAB above S$10,000
It’s that easy.
Here’s a table to illustrate the breakdown of interest you can earn:
Hmmm… 1% p.a. doesn’t sound like much compared to the UOB One Account?
That’s true, but that’s also comparing apples with oranges. While UOB One Account offers potentially higher interest rates, it comes along with having to fulfil other transactional behaviours such as credit card spend and crediting your salary.
How can you maximise the utility from these two different accounts?
If you have $50,000, you may consider putting it in the UOB One Account to earn up to 3.33% p.a. in interest. But what if you had more cash lying around than that? It’s important to consider that different types of accounts serve different purposes, and utilizing the right accounts for the right things can help you maximize your money.
Splitting your accounts into a savings account that helps you to grow your money to achieve your financial goals (UOB Stash Account) and one that is used for daily transactions, paying bills, etc. (UOB One Account) is one good tactic to employ. So you can maximise the 3.33% p.a. interest earned on your $50,000 and have the rest in a UOB Stash Account to earn up to 1% p.a.
What’s comparable in the market?
By offering as much as up to 1% p.a., the UOB Stash Account is actually comparable to fixed deposit rates offered in the market, except that you would have to leave your funds there for more than 13 months!
And think about it, unlike a fixed deposit account, the funds in your UOB Stash Account are easily accessible and can be withdrawn or transferred at any time. There’s no penalty on withdrawals or lock in period. Just remember to top up your balance to ensure you met the previous month’s MAB. You can easily get the amount to top up by logging in to your UOB Personal Internet Banking or UOB Mighty app.
UOB is currently offering even more goodies with this new launch. As an element of fun, you can play the Acorn Dozer Game online and win up to S$100 cash credit or S$100 Scoot Voucher when you sign up. They are also offering an introductory interest promotion of 1.2% per annum* in November 2017, once they hit 6,000 accounts so it’s definitely a good time to share this with your friends and family as well.
*Terms and conditions apply
Are you interested in the applying for the UOB Stash Account? Click here to apply.
This article is brought to you in collaboration with UOB.