15th June 2020 - 2 min read
Online investment management company StashAway has launched a cash management portfolio called StashAway Simple. Working like a low-requirement savings account, StashAway Simple offers interest on your account balance, and the current projected rate of interest for StashAway Simple is 2.4% p.a..
StashAway Simple has no minimum balance requirement, no limit on the balance that can earn the projected return or lock-in period, and no management, set up, or exit fees. All you have to do is transfer however much cash you want into StashAway Simple and earn returns for however long you want. You only need to pay the net fee charged by the underlying fund manager that is already embedded in the projected rate, which is approximately 0.165% p.a.. Your Simple portfolio balance is not included in your assets under management when the fees for your investment portfolios are calculated.
Moreover, StashAway states that while StashAway Simple is an investment, the level of risk is considerably low at 1.8% according to its StashAway Risk Index. You are entitled to unlimited free transfers at any time, with deposits from your personal bank account taking only 1-2 days and withdrawals taking 2-3 days. StashAway Simple is also Shariah-compliant – the underlying fund invests in Islamic money market instruments and Islamic fixed deposits.
According to StashAway, the projected rate for StashAway Simple are driven by the rate of returns of its underlying investments, net of all expenses and rebates. “StashAway Simple projected returns are the sum of the amortised yield from the underlying fund, minus fees charged by the underlying fund managers, plus any rebates,” StashAway states on its website. “Eastspring Investments rebates StashAway, and we distribute this full rebate to you when we receive it each month. We will update the projected rate should the stated projected rate change.”
Find out more about StashAway Simple here.
Subscribe to our exclusive weekly newsletter and we’ll bring you the week’s highlights of financial news, expert tips, guides, and the latest credit card and e-wallet deals.
Stay tuned for what’s to come next in the personal finance world