If you’re looking for a high-yield savings account in Singapore, UOB is one of the banks that offer competitive interest rates. Two of the most popular accounts are the UOB Stash Account and the UOB One Account. While both accounts offer attractive interest rates, they have different features and requirements that may suit different individuals.
The UOB Stash Account is designed for individuals who want to earn higher interest rates on their savings without having to meet multiple requirements. With the UOB Stash Account, you can earn up to S$3,000 in interest a year when you maintain or increase your balances. On the other hand, the UOB One Account offers a tiered interest rate structure that rewards you for fulfilling certain requirements such as salary crediting, credit card spend, and investment.
When comparing UOB Stash Account vs One Account Singapore, it’s important to consider your financial goals and lifestyle. Are you looking for a savings account that offers a simple and hassle-free way to earn interest? Or are you willing to put in more effort to maximize your returns? By understanding the features and requirements of each account, you can make an informed decision that suits your needs and preferences.
Key Takeaways
- UOB Stash Account is a good option for individuals who want to earn higher interest rates without having to meet multiple requirements.
- UOB One Account offers a tiered interest rate structure that rewards you for fulfilling certain requirements such as salary crediting, credit card spend, and investment.
- When comparing UOB Stash Account vs One Account Singapore, consider your financial goals and lifestyle to make an informed decision.
Understanding UOB Stash Account and UOB One Account
If you’re looking for a savings account in Singapore, you may have come across UOB Stash Account and UOB One Account. Both accounts offer bonus interest rates, but they have different features and benefits. Here’s what you need to know to choose the best account for your needs.
Key Features of UOB Stash Account
UOB Stash Account is a no-frills savings account that rewards you with a total interest rate of up to 1.00% p.a. when you maintain or increase your monthly average balance (MAB). Here are some key features of the account:
- Minimum initial deposit: S$1,000
- Minimum MAB: S$10,000
- Maximum effective interest rate (EIR): 1.00% p.a.
- Bonus interest rate: Up to 0.95% p.a. (depending on MAB and spend on UOB credit/debit cards)
- No fall-below fee
- Free e-statements
To enjoy the maximum bonus interest rate of 0.95% p.a., you need to maintain a MAB of S$100,000 and spend at least S$500 on UOB credit/debit cards. If you don’t meet the spend requirement, you’ll still earn a bonus interest rate of 0.50% p.a.
Key Features of UOB One Account
UOB One Account is a savings account that offers tiered bonus interest rates based on your MAB and spend on UOB credit/debit cards. Here are some key features of the account:
- Minimum initial deposit: S$1,000
- Minimum MAB: S$500
- Maximum EIR: Up to 2.50% p.a.
- Bonus interest rate: Up to 1.50% p.a. (depending on MAB and spend on UOB credit/debit cards)
- Fall-below fee: S$5 per month (waived for first 6 months)
- Free e-statements
To enjoy the maximum bonus interest rate of 1.50% p.a., you need to maintain a MAB of S$75,000 and spend at least S$500 on UOB credit/debit cards. If you don’t meet the spend requirement, you’ll still earn a bonus interest rate of 0.25% p.a.
Overall, UOB One Account offers a higher maximum EIR and bonus interest rate than UOB Stash Account, but it has a fall-below fee and a lower minimum MAB. UOB Stash Account, on the other hand, has no fall-below fee and a higher minimum MAB, but a lower maximum EIR and bonus interest rate. Consider your spending habits and savings goals to choose the best account for you.
Eligibility and Initial Deposit Requirements
UOB Stash Account Eligibility
The UOB Stash Account has the lowest eligibility requirements among UOB’s savings accounts. Almost anyone can open an account, provided they are at least 15 years of age. You do not need to have a minimum income or savings to be eligible for this account.
UOB One Account Eligibility
To be eligible for the UOB One Account, you must be at least 18 years old and have a minimum monthly income of $2,000. Additionally, you must credit your salary or dividends into the account, or make at least 3 GIRO debit transactions per month.
Minimum Initial Deposit
The UOB Stash Account requires a minimum initial deposit of $1,000. On the other hand, the UOB One Account does not have a minimum initial deposit requirement.
In summary, if you are looking for a savings account with low eligibility requirements and a low minimum initial deposit, the UOB Stash Account may be a good option for you. However, if you have a steady monthly income and are able to meet the UOB One Account’s eligibility requirements, you may benefit from the higher interest rates offered by this account.
Comparing Interest Rates and Bonus Interest
When it comes to choosing between the UOB Stash Account and the UOB One Account, one of the most important factors to consider is the interest rate structure and bonus interest offered by each account.
Interest Rate Structures
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. depending on the amount in your account. On the other hand, the UOB One Account offers a tiered interest rate structure that can go up to 1.5% p.a. depending on the amount in your account.
While the UOB One Account may seem to offer more attractive interest rates, it is important to note that it comes with requirements such as salary crediting and credit card spending. The UOB Stash Account, on the other hand, does not have such requirements and still lets you earn bonus interest.
Achieving Bonus Interest
To achieve bonus interest on the UOB Stash Account, you need to maintain a minimum average daily balance of S$1,000. The bonus interest rate is calculated based on the incremental average daily balance above the previous month’s average daily balance.
For the UOB One Account, you need to fulfill two criteria to achieve bonus interest. Firstly, you need to credit your salary or make 3 GIRO debit transactions of at least S$500 each. Secondly, you need to spend at least S$500 on your UOB credit card. If you fulfill both criteria, you can earn up to 1.5% p.a. interest on your account.
It is important to note that the bonus interest rates for both accounts are subject to change and may vary based on market conditions.
Overall, the UOB Stash Account and the UOB One Account offer different interest rate structures and bonus interest rates. It is important to consider your personal financial situation and spending habits when choosing between the two accounts.
Fees and Charges
When it comes to choosing between UOB Stash Account and UOB One Account, understanding the fees and charges associated with each account is crucial. Here’s a breakdown of the fees and charges you can expect with both accounts.
Account Maintenance Fees
With UOB One Account, there are no account maintenance fees. This means that you won’t have to worry about any monthly maintenance fees eating into your savings. On the other hand, UOB Stash Account has a minimum initial deposit of S$1,000 for Singaporeans, Permanent Residents, and Foreigners. If you fail to meet the minimum average daily balance of S$1,000, you will be charged a fall-below fee of S$2 per month.
Fall-Below Fees
As mentioned earlier, UOB Stash Account has a fall-below fee of S$2 per month if you fail to meet the minimum average daily balance of S$1,000. This fee can quickly add up and eat into your savings if you’re not careful. On the other hand, UOB One Account doesn’t have any fall-below fees, which means that you won’t have to worry about being penalized for not maintaining a minimum balance.
It’s worth noting that both accounts don’t require any transactions to be made to avoid fall-below fees. This means that you won’t have to worry about making a certain number of transactions each month to avoid being charged a fee.
Overall, when it comes to fees and charges, UOB One Account is the clear winner. With no account maintenance fees and no fall-below fees, you can rest assured that your savings won’t be eaten up by fees. However, if you’re looking for an account that offers higher interest rates, UOB Stash Account might be worth considering.
Additional Benefits and Features
The UOB Stash Account and UOB One Account come with additional benefits and features that make banking with UOB a more convenient and rewarding experience.
UOB Cards and Their Advantages
UOB offers a range of cards that come with various advantages. With the UOB One Card, you can earn up to 5% cashback on your spendings. The UOB EVOL Card allows you to earn rewards points that can be redeemed for various benefits. The UOB Mighty FX Debit Card allows you to make contactless cash withdrawals and payments in multiple currencies.
Convenience of Digital Banking
UOB offers online account opening with SingPass login, making it easy and convenient to open an account without having to visit a branch. You can also make payments and transfers easily with PayNow and GIRO. The UOB Insights feature provides you with insights and analysis on your spending and saving habits, helping you to manage your finances better.
Overall, UOB Stash Account and UOB One Account offer a range of benefits and features that make banking with UOB a convenient and rewarding experience. With UOB’s digital banking services and range of cards, you can easily manage your finances and earn rewards at the same time.
Frequently Asked Questions
What benefits can I expect from opening a UOB Stash Account compared to a UOB One Account?
UOB One Account and UOB Stash Account are both savings accounts that offer different benefits to customers. With a UOB One Account, you can earn up to S$5,000 in interest a year on your first S$100,000 savings, while with a UOB Stash Account, you can earn up to S$3,000 in interest a year on your next S$100,000 savings. However, UOB Stash Account offers a higher interest rate of up to 5% p.a. as compared to UOB One Account. Moreover, UOB Stash Account provides flexibility in terms of withdrawing your savings without affecting your interest rates.
How do the interest rates differ between a UOB Stash Account and a UOB One Account?
The interest rates for UOB One Account and UOB Stash Account differ based on the amount of savings you have. With UOB One Account, you can earn up to 1.5% p.a. interest rate on your savings, while with UOB Stash Account, you can earn up to 5% p.a. interest rate on your savings. However, UOB Stash Account interest rates are tiered and depend on the amount of savings you have in your account.
Could you explain the various UOB bank account types available for customers?
UOB offers a range of bank account types to cater to different customers’ needs. These include savings accounts, current accounts, foreign currency accounts, and fixed deposit accounts. UOB One Account and UOB Stash Account are two of the most popular savings accounts offered by UOB.
What are the costs associated with maintaining a UOB Stash Account?
There are no monthly fees associated with maintaining a UOB Stash Account. However, if your average daily balance falls below S$1,000, you will be charged a monthly fall-below fee of S$2. With UOB One Account, you will be charged a monthly fee of S$5 if your average daily balance falls below S$1,000.
How can I calculate the potential earnings from a UOB Stash Account versus a UOB One Account?
You can use the UOB savings calculator to estimate your potential earnings from a UOB Stash Account versus a UOB One Account. The calculator takes into account your savings amount, interest rates, and the duration of your savings. The calculator can help you determine which savings account is best suited to your financial goals.
What steps should I follow to close my UOB Stash Account?
To close your UOB Stash Account, you will need to visit a UOB branch and fill out an account closure form. You will also need to provide your identification documents and return any ATM cards or chequebooks associated with the account. It is important to note that you will need to withdraw all funds from your account before closing it.