UOB Stash Account: A simple way to grow your savings

The UOB Stash Account now offers an effective interest rate of up to 3% p.a. with very few requirements to earn a higher interest rate. 

This is not the same as the usual UOB One, OCBC 360 or DBS Multiplier, and is actually closer to a traditional savings account where you don’t need to fulfill separate criteria to get a higher interest.

Whether you are a student, a retiree or simply have too much cash, this is something you might be interested in. 

So read on to find out more about the UOB Stash Account.

What is the UOB Stash Account?

The UOB Stash Account is a savings account that allows you to earn an effective interest rate of up to 3% p.a. on your deposits simply when you maintain or increase your balances. Interest gets paid out monthly and there’s no lock-in period for your money!

What is the interest rate for the UOB Stash Account? 

The UOB Stash Account offers a base interest rate of 0.05% p.a., and a bonus interest rate of up to 4.95% p.a. 

Unlike other high-yield deposit accounts where you need to perform complicated steps, you will only need to do these to qualify for the bonus interest rate:

• Have more than S$10,000 in your monthly account balance and;
• Maintain or increase the account balance from last month’s balance. 

Let me try to break it down and calculate the effective interest rate (EIR) in tiers for you! 

If you have a monthly average balance of S$100,000 in the UOB Stash account, you will earn a total interest of about $3,000 over one year. 

Also, the UOB Stash Account does not require you to fulfil numerous requirements to receive the bonus interest rates. 

There’s no need to spend a minimum amount on a credit card, make investment/insurance purchases or credit your salary.  

Putting it simply, the key to unlocking the bonus interest of the UOB Stash account is to have an account balance that is similar or higher than the previous month - yay! 

We do not need to constantly increase/top-up the account balance each month unless we want to!

Another advantage of the UOB Stash Account is that it is easy to qualify for opening an account. You can open an account if you are 15 years old and above.

The minimum balance for the UOB Stash Account is S$1,000. If your monthly account balance falls below S$1,000, a $2 fall-below fee will be imposed. This is waived for the first six months for accounts opened online. Not bad huh?

How does the UOB Stash Account compare to other deposit accounts?

I know, as fellow Singaporeans, we like to compare and make sure we get the best deal for ourselves. Lo and behold, my section on comparison below!

Let’s try to compare the UOB Stash Account to other savings accounts which have limited requirements to earn higher interest rates. 

The GXS Boost Pocket offers an interest rate of 2.98% p.a. for a 3-month deposit. However, the maximum deposits for the GXS Boost Pocket is up to S$60,000. 

The Mari Savings Account offers an interest rate of 2.5% p.a. without having to jump through hoops. 

The Stanchart JumpStart Account offers 2.00% p.a. on deposit balances of up to $50,000, but you must be between 19 and 26 years old to open a SCB JumpStart account (and sadly I don’t qualify).

From the comparison above, the UOB Stash would offer a higher interest rate of 3.0% if you have S$100,000 of savings. 

Combo hack Dynamic Duo - UOB One Account + UOB Stash Account!

Here’s our strategy for earning a higher interest rate by leveraging both accounts. 

I earlier shared that the UOB One Account offers one of the highest interest rates in Singapore, with an effective interest rate of up to 4.0% per annum. 

One of the caveats I shared about the UOB One Account earlier is that the interest earned falls to 0.05% when your deposits rise above S$150,000.

This led many to ask – what should I do if I have more than $150,000 of spare cash that I do not want to be locked up in a fixed deposit or T-bill? 

After all, it will be hard to fulfil the criteria of OCBC 360 or DBS Multiplier after crediting your salary into UOB One Account.

Now, you can also open a UOB Stash Account, and earn a higher interest rate on your additional spare cash above S$100,000.

By putting S$150,000 into the UOB One Account and earning the maximum effective interest rate of 4% p.a., and another S$100,000 into the UOB Stash Account and earning the maximum effective interest rate of 3% p.a., you’d earn a total interest of S$9,000 in a year.  

That will work out to an average interest rate of about 3.6% p.a. per annum, above the best fixed deposit interest rate and latest 6-month T-bill interest rate. And without any locking in of your money!

You have to admit, this is a good combo hack because you need not approach another bank and open a new account - yes I am referring to the lazy people who want more money without doing any work!

Is there any catch to the UOB Stash Account?

The main drawback of the UOB Stash Account would be the need to maintain or increase your account balance from that of the previous month to qualify for the bonus interest. 

For example, if your monthly average balance falls to $99,500 from $100,000 the month before, the amount of interest you will earn for the month falls to the base interest rate of 0.05%. 

Also, the first $10,000 in the UOB Stash Account earns just a 0.05% interest rate. As your balance goes above $100,000, it will revert to the base interest rate of only 0.05%. 

The flip side of the liquidity offered by a deposit account is that the interest rates are subject to change, and you are not able to ‘lock-in’ the interest rates like for fixed deposits.

Are there any promotions for the UOB Stash Account? 

UOB is running a Lunar New Year Pot of Gold Promotion where you can earn up to S$688 guaranteed cash when you top up your eligible UOB savings account, including the UOB Stash account. 

• Top up S$20,000 new funds to get S$68 cash credit

• Top up S$50,000 new funds to get S$188 cash credit

• Top up S$100,000 new funds to get S$388 cash credit

• Top up S$150,000 new funds to get S$688 cash credit

Learn more about the Lunar New Year Pot of Gold Promotion here. 

How to apply for the UOB Stash Account

To open a UOB Stash Account, follow these simple steps. 

Step 1: Visit the Stash account website here

Step 2: Click on “Apply now” 

Here’s a pro tip: You can even select to open the UOB One Account simultaneously if you don’t already have one!

Lastly here’s a limited promo: Get up to S$110 cash credit when you are amongst the first 200 to apply for a UOB savings account online, deposit fresh funds and sign up for salary crediting!

Final verdict on UOB Stash Account

The UOB Stash account offers an easy way to earn a higher effective interest rate of up to 3% p.a. on your deposit account without compromising on liquidity.

If you have a monthly average balance of S$100,000 in the UOB Stash account, you will earn a total interest of about $3,000 over one year. 

By combining with the UOB Lunar New Year Pot of Gold promotion, you can get an additional S$388 cash credit when you top up S$100,000 new funds into your UOB Stash Account. 

You don’t need a minimal credit card spend, or even need to credit your salary into the account. 

All you need to do is to maintain or increase your account balance compared to the previous month. 

If you’re already hitting the $150,000 limit on UOB One Account, you can also use the UOB Stash Account to earn a higher interest rate on your additional spare cash. 

Check out our guide to the best savings account in Singapore to find out which savings account offers the highest interest rate. 

If you would prefer to lock in interest rates for a longer period of time, find out which are the best fixed deposit interest rates currently.