Max effective interest at $100,000
The good thing about this account is you can withdraw and deposit again and as long as the monthly average balance is more than last month's balance you still get the bonus interest.
At 0.825%, it's pretty good for a simple deposit account. However, how many people have $100k sitting around ready to park in such an account?
If you're depositing only $50k, then the effective interest is only 0.65%.
If you're depositing between $50k - $100k, then the EIR is somewhere between 0.65% - 0.825%.
If we compare this account vs the OCBC Bonus+ Savings Account,
The OCBC Bonus+ Savings Account, straight off gives you 0.8% interest on ALL your savings.
The problem with the OCBC Bonus+ Savings Account is that you cannot withdraw else you won't get the bonus interest for the month.
The plus point for the UOB Stash Account is that you CAN withdraw and move around your funds just as long as the average monthly balance is more than last month's average balance.
Even so, the OCBC Bonus+ Savings Account wins hands down.
Cos likely, this account won't be your main cashflow account. This is probably the spare cash account which you may use to park your emergency fund or something, so likely you won't be moving cash around anyway.
Straight off you get 0.8% interest for ANY amount, so you don't need to have $100k. You can put in only $10k or you can even put more than $100k.
Just too be really anal about the calculation, here's the break even points.
Any other number, OCBC Bonus+ Savings account will do better.
Note, the EIR falls very very fast on the UOB Stash account cos the 0.05% drags down the EIR very quickly.
Unfortunately, UOB... I think you should try harder...
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