Introducing StashAway Simple™, Our Cash Management Portfolio
Co-founder and CEO
11 November 2019
I started StashAway back in 2016 when I couldn’t find a bank or fund manager that would invest my savings the way I knew was possible: personalised, transparently, not locked-up, and inexpensive. Our team set out to provide individuals with the tools and experience their money needs, and we started by offering intelligent investment portfolios that range in risk levels and types.
And now, we’re enhancing yet another aspect of your personal financial plan: your cash management.
I’m excited to announce StashAway Simple™, our cash management portfolio.
With StashAway Simple™, you can earn a projected rate of 1.9% p.a. on any amount, and you no longer have to tolerate the conventional credit card and GIRO requirements, investment requirements, minimum balances or maximum amounts eligible for earnings, confusing tiered earning structures, lock-up periods, or any other confusing conditions. And did I mention that we don’t charge you anything for the portfolio. There’s really no catch.
So whether you still haven’t gotten around to investing with us, or you’ve been investing with us for years, now you have another wealth management tool to maximise your long-term wealth.
Meet StashAway Simple™
✔ No minimum balance
✔ One projected rate for whatever your balance is
✔ No credit, spending, or investment requirements
✔ No lock-up period
✔ Unlimited withdrawals and transfers
✔ No management fees
You won’t get this with any bank, we promise. It’s cash management, like it should be.
Who is StashAway Simple™ good for?
Everyone. Cash management should be part of any well-rounded financial plan, no matter your net worth and risk tolerance. Having a low-risk, rate-accruing cash management strategy protects your money from inflation, and protects the money you’ll need for any upcoming big purchases from the markets ups and downs (the last thing you’d want before buying a house is for your investments to drop with the markets).
You can use Simple to prepare for your short-term goals, such as getting ready to make a downpayment on a property, setting aside money for an emergency fund, or waiting to invest your money into any of our investment portfolios.
How is StashAway Simple™ different from other cash management solutions in the market?
The cash management space in Singapore is messy with restrictions and fine print that make growing cash tedious at best. Ironically, in Asia, where saving is so deeply ingrained in many of its cultures, institutions have structured cash management options to benefit the institutions inherently more than their own clients. For example, a common misconception is that a savings account’s entire balance will earn upwards of 3.5%. But, that’s almost never actually what the fine print says: average savings accounts have confusing tiered interest rates that require customers to satisfy multiple criteria, including salary credits, credit cards, and minimum monthly expenditures. And, fixed deposit accounts have rates that range from 1.5% to 2.1% p.a., but lock-up deposits for up to 12 months.
StashAway Simple™ instead doesn't have any lock-up periods, nor conditions to meet in order to unlock a flat return on any balance. Though, because StashAway Simple™ is invested in a money market fund and enhanced liquidity fund, its projected rate is subject to change as the economy grows or contracts.
Can I open Simple without investing in StashAway’s Investment Portfolios?
Yes! You don't have to invest with us to open a Simple account. Those with our investment portfolios are familiar with our fee structure, and should know that the Simple portfolio’s balance does not get included in your AUM when we calculate your investment portfolio management fees.
How risky is StashAway Simple?
In StashAway terms, it has a 1.7% SRI, which is significantly lower than our least risky growth-oriented investment portfolio. In other words, it’s ultra-low risk.
Will the projected rate always be 1.9%?
No, it can change as the economy grows or contracts. In the case that the rate changes, clients with a Simple portfolio will be notified of the change.
Can I deposit my SRS funds into Simple?
You can have up to 2 Simple portfolios— one that you can fund with your SRS funds, and one that you can fund with your personal bank account.
How do I earn the projected 1.9% rate with Simple?
Transfer. That’s it. No GIRO, credit cards, salary credits, investment requirements, dances, or hoops.