UOB Stash Savings Account – MoneySmart Review 2019

uob stash savings account

A stash-and-forget account is essentially one that allows you to put aside extra money at a good interest rate. You don’t need to do any action except maybe increase your balance month on month. The UOB Stash is one such account.

Does it live up to its name as a decent stash-and-forget savings account in Singapore? Let’s look at its pros and cons.


UOB Stash Savings account

UOB Stash savings account
Interest rate (up to $100,000) 0.05%
Interest rate ($10,000 to $50,000) 0.05% + 0.75% (bonus) = 0.8% 
Interest rate ($50,001 to $100,000) 0.05% + 0.95% (bonus) = 1%
Interest rate ($100,001 to $200,000)*  0.05% + 1.45% (bonus) = 1.5%
Minimum age 15
Nationality Singaporeans, PRs, Foreigners
Initial deposit $1,000
Minimum (daily/monthly) balance $10,000
Fall-below fee $2
Bonus interest cap $200,000

*Promotional interest rate until end of September 2019.


How does the UOB Stash savings account work? 

While other active savings accounts like UOB One and OCBC 360 offer more attractive interest rates, these accounts require you to fulfil transactional criteria like credit card spend, crediting your salary and others. The UOB Stash account requires none of those and lets you earn up to 1% interest. 

The UOB Stash account also has low entry barriers such as a low minimum initial deposit of $1,000 and a low fall-below fee of $2. 

The initial savings amount below $10,000 will earn you a mediocre 0.05% interest. However, from $10,000 onwards, you are eligible for bonus interest if you meet these requirements:

  1. Maintain a monthly average balance (MAB) above $10,000 
  2. Maintain or increase your MAB compared to the previous month

Fulfilling these requirements will enable you to earn a combined interest of up to 1.5% until September 2019. Thereafter, the combined interest rate will be capped at 1%. 


Potential pitfalls of the UOB Stash Savings Account 

To ensure you maintain or increase your MAB, you may need to restrict your withdrawals and keep tabs on your deposited amount. If you foresee that you will need a large sum of money within the next 12 months, you probably should go for something without this requirement like the CIMB FastSaver.

The best way to make the most out of UOB Stash is to treat it purely as a stash account and draw from your active savings account instead. This way the funds in your UOB Stash account can be left to grow. 

Also, if your savings go beyond $100,000 or $200,000 (until Sept 2019), the interest on your account will revert back to 0.05% interest. In that case, you are better off saving your overflow cash elsewhere. 

In that case, you might want to check out some of the 2019 fixed deposit promotions going on right now.


UOB Stash vs Citibank MaxiGain vs CIMB FastSaver — which is the best?

The Citibank MaxiGain, UOB Stash and CIMB FastSaver are all stash accounts. So who’s the winner here?

Citibank MaxiGain gives a much higher interest rate potentially as it is pegged to the SIBOR rate. The account also has a high interest cap at $150,000.

This means that when the SIBOR rate is on the rise, your interest rate increases too. However, do note that this base interest rate is applicable only if you maintain a considerably large minimum daily balance of $70,000 in your account. The full interest rate you can expect to get from the MaxiGain account is currently 2.5%.

As for the UOB Stash, it currently has the highest interest cap at $200,000, but if you are depositing an amount between $70,000 and $200,000, the interest rate is not as good as the MaxiGain’s (currently).

With the CIMB FastSaveryou can immediately start earning 1% interest after making a first deposit of at least $1,000. Above $50,000 in savings, your interest rate increases to 1.5% but only up to $75,000. Beyond that, the interest rate drops down to 0.6%. It’s definitely the easiest account to have out of the three, great for students or those who have just started working. 

Once you hit $75,000, it makes sense for you to deposit with the Citibank MaxiGain savings account as you can benefit from high interest rates and Citi Priority benefits.

So, who should use UOB Stash?

We would say that it’s good for those who don’t have $70,000 to start off with, but at least have $10,000 and prefer UOB’s banking interface. You start earning 0.8% interest after your first $10,000 and the more you save, the higher the interest gets. The increasing MAB criterion could be motivating for people who are trying to grow their account too. 

While CIMB FastSaver allows you to earn 1% with only a minimum of $1,000, its ibanking interface is quite lacking at the moment, giving UOB Stash a tiny edge.


How to open a UOB Stash account

The UOB Stash savings account is very straightforward as a “passive” savings account. Even if you don’t have a lot of savings now, you can gradually work your way towards increasing your savings which in turn increases your interest rate. 

Setting up the account can be easily done online which saves you the time and hassle. You can set it up instantly by retrieving your personal information via MyInfo and no other submission of documents is required. For new UOB applications submitted between 8.30am to 9pm, it will be processed and approved immediately on the day itself. 

From now till the end of September 2019, UOB Stash is offering a higher interest of up to 1.5% on up to $200,000 of your savings.