Co-founder and CEO
15 June 2020
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, transparent, not locked-up, and inexpensive. Since 2016, our team has set out to provide individuals with the tools and experience their money needs, and that started by offering intelligent investment portfolios that range in risk levels and types.
And now, we’re enhancing yet another aspect of your financial plan: the way you manage your cash.
I’m excited to announce StashAway Simple™, our cash management portfolio. With StashAway Simple™, you can earn a projected rate of 2.4% p.a. on any amount, and you no longer have to tolerate lock-up periods, minimum deposit requirements, credit card and investment requirements, 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, you now have another wealth management tool to maximise your long-term wealth.
✔ No lock-up period
✔ No minimum deposit requirements
✔ One flat rate for whatever your balance is
✔ No credit card, spending, or investment requirements
✔ Unlimited withdrawals and transfers
✔ No platform or service fees
You won’t get this with any bank, we promise. It’s cash management, like it should be.
Cash management should be part of any well-rounded financial plan, no matter your net worth and risk tolerance. Having a flexible, 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 earn a rate on any balance while you flexibly manage your cash and 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. Or anything else you may think of! It’s flexible so that you can use it however you want. And we manage your Simple portfolio for free.
There aren’t many options for Malaysians to manage their cash. Most savings accounts don’t offer a rate that can keep up with inflation, and when you do want to earn a better rate, you’re usually forced to lock up your funds in fixed deposits. With StashAway Simple™, you don’t have to lock up your funds anymore to be able to earn a better rate.
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 fixed deposit account can earn you a rate anywhere from 2% to 2.5%, but you’ll need to satisfy multiple criteria that include putting up a large minimum deposit, locking up your funds for up to 12 months, and even being above a certain age. In addition to never locking your cash up for even a day, StashAway Simple™ also has no conditions that you have to meet in order to unlock a flat return on any balance.
Unlike fixed deposits, StashAway Simple™ also accrues interest daily, which means you can withdraw at any time and not lose the returns you’ve earned for the period of time you kept your cash in StashAway Simple™.
Though, because StashAway Simple™ is invested in a money market fund, its projected rate is subject to change as the economy grows or contracts.
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 Simple portfolio’s balance does not get included in your AUM when we calculate your investment portfolio management fees.
In StashAway terms, it has a 1.8% SRI, which is significantly lower than our least risky growth-oriented investment portfolio. In other words, it’s ultra low-risk.
Yes, the Simple portfolio is Shariah-compliant.
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
Transfer. That’s it. No lock-ups, minimum deposits, investment requirements, dances, or hoops. The rate you earn on your amount in your Simple portfolio accrues daily so you can also withdraw at any time without losing the returns you’ve earned on your Simple portfolio.