If I already have a stashaway saving account, would it be wise to open another savings account?

Like what Yang Teng mentioned, StashAway is not a savings account. Your money in StashAway is not considered liquid as compared to that of a saving account's and hence cannot act as a place to park your savings to be readily available for use should the need arise - which is what your savings are for.

Would advice you to open a JumpStart account with Standard Chartered. Interest rate of 1% now is quite respectable in the current economic situation and would be a good place to park your cash.

You can also consider Singlife and Dash EasyEarn. They are insurance savings accounts which command a higher interest rate of 2% and 1.8% respectively. These are great choices as they grow your savings to beat the inflation rate.

Hope this helps! 😀​​​

There's StashAway Simple and StashAway's portfolios. StashAway Simple is meant to function somewhat like a psuedo-savings account (do correct me if I'm wrong), so the money there is a little bit more liquid (no lock-in period, no min amount). However, the _expected _returns you get (1.2%) is lower than if you were to park your money in Singlife. Singlife currently offers 2% (revised from 2.5%) and you can get a Singlife card as well, so I think it looks like a good alternative. I use all 3 (StashAway simple, their portfolios and Singlife), and Singlife functions as a place where I keep savings , on top of my bank account. Hope this helps ​​​