Introduction
In today’s digital banking landscape, UOB offers two popular account options: the UOB Stash Account and the ONE Account. Both accounts come with unique features and benefits, but which one is right for you? To help you make an informed decision, this article delves into a comprehensive comparison of the two accounts.
Account Type and Features
The UOB Stash Account is a multi-currency savings account that allows you to earn interest on up to 10 different currencies. It’s designed for individuals who want to save and grow their money in multiple currencies simultaneously. Key features include:
- Earn interest on up to 10 currencies
- No minimum balance requirement
- Zero account maintenance fees
The UOB ONE Account is an all-in-one current account that combines a checking and savings account into one convenient package. It offers high interest rates on savings, as well as other perks and benefits. Key features include:
- High interest rates on savings
- Zero account maintenance fees
- Unlimited withdrawals and deposits
- Free ATM withdrawals at UOB ATMs
Interest Rates and Fees
Interest rates and fees are crucial factors to consider when choosing a savings account. Here’s a breakdown of the rates and fees for the UOB Stash Account and ONE Account:
| Interest Rates | UOB Stash Account | UOB ONE Account |
|---|---|---|
| SGD | Up to 0.35% | Up to 1.88% (on savings) |
| USD | Up to 0.25% | Up to 0.88% (on savings) |
| EUR | Up to 0.10% | Up to 0.45% (on savings) |
| GBP | Up to 0.10% | Up to 0.43% (on savings) |
Fees
Both the UOB Stash Account and ONE Account have no account maintenance fees. However, additional fees may apply for specific transactions, such as ATM withdrawals or overseas remittances.
Transaction Limits and Fees
The UOB Stash Account and ONE Account have different transaction limits and fees. Here’s a summary:
| Transaction | UOB Stash Account | UOB ONE Account |
|---|---|---|
| ATM withdrawals | Unlimited at UOB ATMs; S$5 per withdrawal at other ATMs | Unlimited at UOB ATMs; S$10 per withdrawal at other ATMs |
| Overseas remittances | S$25 flat fee per transaction | S$35 flat fee per transaction |
Other Features and Benefits
Beyond interest rates and fees, the UOB Stash Account and ONE Account offer additional features and benefits:
UOB Stash Account
- Multi-currency: Save and earn interest on up to 10 different currencies.
- No minimum balance: Start saving with any amount.
- Park your spare change: Automatically round up card purchases to the nearest dollar and transfer the excess to your Stash Account.
UOB ONE Account
- All-in-one: Combines checking and savings accounts for convenience.
- Unlimited withdrawals and deposits: Access your money whenever you need it.
- Free ATM withdrawals at UOB ATMs: Save on ATM fees.
- Overdraft protection: Link your UOB ONE Account to a UOB credit card for protection against overdrafts.
Which Account is Right for You?
The best account for you depends on your individual needs and preferences. If you’re looking for:
- Multi-currency savings: UOB Stash Account
- High interest rates on savings and checking: UOB ONE Account
- All-in-one convenience: UOB ONE Account
- No minimum balance requirement: UOB Stash Account
Common Mistakes to Avoid
When choosing the right savings account, it’s important to avoid common mistakes:
- Ignoring transaction fees: Consider the fees associated with ATM withdrawals, overseas remittances, and other transactions.
- Chasing the highest interest rates: Remember that interest rates can change over time. Focus on choosing an account that meets your long-term needs.
- Not comparing accounts: Take the time to compare different savings accounts before making a decision.
FAQs
- Can I open both UOB Stash Account and ONE Account?
Yes, you can open both accounts and manage them simultaneously.
- Can I earn interest on all currencies in the UOB Stash Account?
Yes, you can earn interest on up to 10 different currencies, including SGD, USD, EUR, and GBP.
- Is there a minimum balance required for the UOB ONE Account?
No, there is no minimum balance requirement for the UOB ONE Account.
- What is overdraft protection?
Overdraft protection allows you to access funds from your linked credit card if your UOB ONE Account balance falls below zero.
- Can I use the UOB Stash Account to pay bills?
No, the UOB Stash Account cannot be used for bill payments. You would need to link it to a UOB ONE Account or another current account to make payments.
- Are there any annual fees for the UOB Stash Account or ONE Account?
No, both the UOB Stash Account and ONE Account have no annual fees.
- Can I access my UOB Stash Account or ONE Account through mobile banking?
Yes, you can access both accounts through the UOB Mighty app.
- What are the other features of the UOB ONE Account?
The UOB ONE Account offers other features, such as free eStatements, access to UOB’s exclusive rewards program, and discounts on UOB products and services.
