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UOB Stash Account Review

Benefit from boosted interest rate of up to 1% p.a. on incremental growth of any size.

3 things to know about UOB Stash Account

  • Get up to 1% p.a. in boosted interest rates
  • A simple ‘stash-and-forget’ savings account designed for customers with variable saving habits
  • Does not require the account holder to fulfil any complicated criteria to be eligible for higher rates

S$0

Monthly fee

S$2

Fall below monthly fees

1% p.a.

Maximum annual interest rate

Details

Product NameUOB Stash Account
Monthly feeS$0
Minimum Age Requirement15 years old
Mobile paymentsApple Pay, Google Pay, Samsung Pay
Supported CurrenciesSGD

How does the UOB Stash Account works

The UOB Stash Account is a hassle-free savings account that offers up to 1% p.a. (maximum EIR is 0.58% p.a. for deposits of S$100,000) on your account balance as long as you meet these two simple criteria:

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

How to maximise your interest earn with multiple UOB accounts

Since the maximum balance eligible for bonus interest is capped at S$100,000 for the UOB Stash Account, all other amounts beyond that will only earn a base interest rate of 0.05%.

To maximise your earnings, you can consider parking the rest of your spare cash in another UOB account (e.g. UOB One Account) to earn higher interest.

Alternatively, you can also treat the UOB Stash account as a “fixed deposit” and avoid making any withdrawals so that you can consistently earn the highest bonus interest without worrying about maintaining the MAB.

Key features

  • Bonus interest rates. Unlock higher interest rates by simply maintaining or increasing your MAB compared to the previous month. You need to have at least S$10,000 in your account to qualify for bonus interest earn.
  • Minimal fees. The account doesn’t charge any opening, monthly and maintenance fees. However, a S$2 fall-below fee will apply if your average daily balance falls below S$1,000.
  • Quick and easy application. Enjoy a fast and hassle-free account application through Internet banking (for existing UOB customers) or MyInfo (Singaporeans or PRs only).
  • Up to 3% rebate. Get up to 3% rebate when you spend at Shopee, Cold Storage, Giant, Guardian, 7-Eleven, Grab and more with your UOB One Debit Card, which will be automatically issued to you upon successful application of your UOB Stash Account.

Interest rates and fees

Interest structure

The following interest rates are accurate as of 27 September 2021 and are subject to change:

Account balanceBase interest (p.a.)Bonus interest (p.a.)Total interest (p.a.)
First S$10,0000.05%0.00%0.05%
Next S$30,0000.05%0.25%0.30%
Next S$30,0000.05%0.55%0.60%
Next S$30,0000.05%0.95%1%
Above S$100,0000.05%0.00%0.05%

Note: You’ll only be eligible for bonus interest if your account’s MAB for the present calendar month is equal to or more than the MAB for the preceding calendar month.

Fees

As for fees, the UOB Stash account doesn’t charge any opening, monthly, and maintenance fees.

However, do note that you’ll need to maintain a minimum monthly average balance of S$1,000 for an automatic waiver of the S$2 monthly fall-below fee. There’ll also be a S$30 penalty if the account is closed within 6 months from account opening.

Pros and cons

Pros

  • Simple bonus interest structure. You’ll not be required to meet any complicated criteria or qualifying monthly spend to accrue interest at boosted rates.
  • Low eligible age of 15. UOB Stash account offers the opportunity for teenagers as young as 15 to benefit from bonus interest earn – especially those with substantial savings, but unable to meet the bonus interest criteria (e.g. salary credit) or eligibility (to be at least 18 years old) from other high-interest accounts.
  • Low entry barriers. You’ll only need to maintain a low Monthly Average Balance (MAB) of S$1,000 to enjoy the automatic waiver of the S$2 monthly fall-below fee.

Cons

  • Low interest rates. The base interest rate of this account is only 0.05%, which is incredibly low. Also, the highest interest rate you can unlock with the UOB Stash Account is 1% p.a., which is a lot less competitive than other bonus interest accounts available in the market.
  • Substantial account balance required for maximum interest rate. You’ll need to deposit and maintain at least S$100,000 in your account to be eligible for the highest interest rate of 1% p.a. This may not be ideal if you foresee a need for a large sum of money within the next 12 months.
  • No bonus interest for balance below S$10,000 or above S$100,000. Account balance lower than S$10,000, or above S$100,000 will only accrue interest at the prevailing base interest rate.

How to sign up

To begin your application for the UOB Stash Account, simply head to UOB’s website and click on the ‘Apply now’ button. Before applying, you should make sure that you meet the eligibility criteria and have the required documents on hand. This account also requires an initial deposit of S$1,000.

Do note that the online application process is only available for Singaporeans and PRs. If you’re a foreigner, you’ll need to visit a UOB bank branch in person with the required documents.

Eligibility

To apply for a UOB Stash Account, you must be:

  • A Singaporean, Singapore PR or foreigner with a valid visa
  • At least 15 years old

Required information

If you’re a new UOB customer, you should have the following documents on hand to speed up your application:

  • Singaporeans and permanent residents:
    • Front and back photocopy of your NRIC/passport
    • Proof of residential address (if it’s different from the one in your NRIC)
  • Foreigners:
    • Valid passport
    • Proof of employment/study or visit pass
    • Proof of residential address: e.g. utility bills, telco bills, bank statements or letters from government bodies dated within the last 3 months.

Online application process

  1. Click on the ‘Apply now’ button on the UOB Stash account page
  2. Select your preferred mode of application
    • For existing UOB customers: Click on ‘Apply with bank details’
    • For new customers with SingPass: Click on ‘Apply with MyInfo’. This will allow you to prefill the application by retrieving personal data from MyInfo
    • For foreigners: Please visit the nearest UOB bank branch to apply
  3. Fill in the required fields and upload any necessary documents
  4. Submit your application
  5. Allow time for UOB to get in touch with further instructions.

The verdict

The main draw of the UOB Stash Account is that it offers a somewhat competitive bonus interest rate without requiring any salary credit, investment or minimum spend, as long as you have a minimum balance of S$10,000 in your account and maintain/increase your MAB.

As long as you meet these two simple criteria, it doesn’t matter if you have variable saving habits or can only grow your savings a little every month since the bonuses are applied based on the balance size on a month-to-month basis.

However, do bear in mind that the maximum EIR of 0.58% p.a is only achievable with an account balance of S$100,000 – so this account is more beneficial for those who already have a substantial amount of savings to set aside. But unlike a fixed deposit, the UOB Stash Account is more “liquid” and offers the flexibility for account holders to access their funds at any time without making a long-term commitment.

Like all other financial products, always compare other savings accounts before committing in order to find one that best suit your needs.

Compare with other savings accounts

Name Product Minimum Initial Deposit Fall below monthly fees Minimum annual interest rate Maximum annual interest rate
OCBC 360 account
S$1,000
S$2
0.05% p.a.
2.68% p.a.
Earn competitive bonus interest on the first $75,000 of your balance when you credit your salary, save, insure or invest with this account
SC Bonus$aver Account
S$0
S$5
0.01% p.a.
2.38% p.a.
Unlock up to 2.38% p.a. of bonus interest on the first S$80,000 deposit and access up to 14 different currencies with this account.
DBS eMySavings Account
S$50
S$0
0.05% p.a.
0.25% p.a.
Grow your balance with a savings account that offers higher interest rates when you credit a preset amount each month.
DBS Multiplier Account
S$0
S$5
0.05% p.a.
3% p.a.
Multiply your savings with bonus interest rates when you credit your income and meet all the account's criteria.
UOB Stash Account
UOB Stash Account
S$1,000
S$2
0.05% p.a.
1% p.a.
Grow your savings and earn increasingly higher interest rates for the first S$100,000 of your account balance.
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Disclaimer: Interest rates are applicable for deposits between S$1,000 and S$49,999. Interest rate and initial deposit are shown in Singapore dollars. Please check with the provider for deposits and rates in other amounts and currencies.

Frequently asked questions

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