Pros
- Low age requirement (15 years old)
- No transactions required to earn bonus interest
- No salary credit requirement
- Fuss-free for consistent savers
Cons
- Low maximum effective interest rate
- No bonus interest for first S$10,000
- Requires S$100,000 for the highest interest rate
- Automatically comes with a UOB One Debit Mastercard, which has an annual fee
Stash and forget.
As the name implies, stash accounts are meant for setting aside extra money that you won’t be touching soon. It’s low maintenance with almost no action required, and you’ll earn interest on the cash you hold there.
The UOB Stash Account is one such option. Question is, how good is it?
We’ll take a look at this savings account today, including:
- Eligibility, fees, and charges
- What is the UOB Stash Account? How does it work?
- UOB Stash vs other stash accounts
- UOB Stash Account as a joint account
- Whom this savings account is best for
UOB Stash Product Summary
| Eligibility | 15 years and above for application via branch; 16 and above for online application |
| Minimum Initial Deposit | S$1,000 |
| Maximum Interest | 1.0% |
| Maximum Effective Interest | 0.575% |
| Fall-Below Fees | S$2 (waived for first 6 months) if account balance falls below S$1,000 |
| Early Account Closure Fees | S$30 for accounts closed within 6 months from opening |
| Current Account Opening Promotions |
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The UOB Stash Account has relatively low barriers to entry: students at least aged 15 and above can sign up.
The minimum initial deposit of S$1,000 makes it slightly less accessible for students, however. Most of the welcome promotions also don’t seem entirely meant for the UOB Stash Account.
How Does The UOB Stash Account Work?
Savings accounts such as the UOB One or OCBC 360 may offer more attractive interest rates. However, they also come with requirements like salary crediting or card spending.
The UOB Stash account doesn’t have such requirements while still letting you earn up to 1% interest (0.575% maximum effective interest rate).
| Monthly Average Balance (MAB) | Base Interest | Bonus Interest (p.a) | Total Interest (p.a) |
|---|---|---|---|
| First S$10,000 | 0.05% | 0.00% | 0.05% |
| Next S$30,000 | 0.05% | 0.25% | 0.30% |
| Next S$30,000 | 0.05% | 0.55% | 0.60% |
| Next S$30,000 | 0.05% | 0.95% | 1.00% |
| Above S$100,000 | 0.05% | 0.00% | 0.05% |
To start earning the bonus interest, you’ll need to:
- Ensure your MAB is above S$10,000
- Ensure your MAB is equal to or more than the previous month’s
You won’t earn any bonus interest past S$100,000 though, so those excess funds are better held elsewhere.
UOB Stash vs UOB One Account
| UOB Stash | UOB One | |
|---|---|---|
| Eligibility | 15 years old | 18 years old |
| Minimum Initial Deposit | S$1,000 | S$1,000 |
| Maximum Effective Interest Rate | 0.58% | 2.14% |
| Fall Below Fees | S$2 | S$5 |
Interest-wise, clearly the UOB One Account trumps the Stash Account. But Stash is meant for a different demographic: it’s better suited to savers below 18 or retirees with no active income sources and few financial obligations.
The UOB Stash Account also comes with a UOB One Debit Card, which grants you cashback at specific merchants – namely, Shopee, SimplyGo, Grab, and Dairy Farm International group of merchants. Just bear in mind the card’s S$500 minimum spend requirement, which goes against the “low-maintenance” design of the Stash Account.
The UOB One Debit Mastercard also has an annual fee of S$18, which you can get a waiver for if you make at least 12 transactions per year.
How Does The UOB Stash Compare With Other Stash Accounts?
Is UOB Stash the best stash account in the market? Let’s compare it with the OCBC Bonus+ Savings Account and Citibank MaxiGain, two other stash accounts in Singapore:
| UOB Stash | OCBC Bonus+ | Citibank MaxiGain | |
|---|---|---|---|
| Minimum Age | 15 years old | 16 years old | 18 years old |
| Minimum Initial Deposit | S$1,000 | S$5,000 | None |
| Maximum Effective Interest Rate | 0.575% | 2.8% | 0.31% |
| Fall Below Fees | S$2 below S$1,000 | $2 below S$3,000 | $15 below $15,000 |
| Early Account Closure Fees | S$30 | S$30 | S$50 |
| Best For | Students or retirees with no active income sources and little to no financial obligations | Consistent savers who don’t want a long-term commitment/lock-in period for their cash | Those who already bank with Citibank and who want another account in which to park cash |
The UOB Stash Account Has the Lowest Eligibility Requirements
Almost anyone can open an account. It also has the lowest minimum balance requirement, making it accessible especially for younger folks with limited savings and no income.
OCBC Bonus+ Savings Account Offers Better Interest
On one condition: You’ll only get the max interest rate if you make zero withdrawals and deposit at least S$500 that month. But if all you can commit to is making no withdrawals, you’ll still get an extra 2% interest per annum.
UOB Stash As A Joint Account?
Given its low requirements, the UOB Stash might work as a joint account for parents with their teenaged children – or perhaps adult children with their elderly parents.
At present though, the OCBC Bonus+ Savings Account offers higher interest for roughly the same requirement (to maintain or grow your savings).
On top of that, the UOB Stash needs a minimum balance of S$10,000 before you can start earning bonus interest. Although OCBC requires a higher initial deposit of S$5,000, you’ll earn bonus interest on this as long as you don’t make any withdrawals.
This may change in future: OCBC has revised its interest downwards in the past. But the OCBC Bonus+ also has no lock-in period, so you may as well take the higher interest while it’s available.
Read also: Best Joint Savings Accounts for Singapore (2022)
Whom is the UOB Stash Best For?
In summary, this savings account may be a good fit if you:
- Don’t meet the age requirement for other stash accounts
- Have substantial savings but are not eligible to earn bonus interest from other savings accounts
- Prefer a fuss-free savings account that requires no transactions to earn 1% p.a.
- Prefer banking with UOB
On the contrary, you should not apply for this savings account if you:
- Have savings of less than S$10,000 or more than S$100,000
- Know that you need to withdraw a large sum of money within the next 12 months
- Prefer a short-term, higher-interest savings account