With banks reducing their savings account’s interest rate, I wonder if it’s wise to put my money in a robo advisor instead?

Hello!

I wouldn't compare StashAway's General Investing to the savings accounts as they generally have very different risk profiles.

I would view my Stashaway portfolio as part of my investment portfolio, and it's not somewhere I would plonk my emergency funds at.

However, if you're looking for something slightly more similar, you might want to look at cash management accounts which also have varying asset classes. They are not the same as savings accounts, but slightly closer to them. :-)

Hi there,

Your stashaway account forms a platform for wealth accumulation but do note that investments are never guaranteed so you shouldn't be putting as large chunk of what you have on equities/investment since there is a systemic risk involved. Stashaway Simple have also recently revised their returns rate so thats something for you to consider.

So you may want to opt for something thats guaranteed but offers a higher interest rate than the banks now. You can potentially look at savings plans that guarantees your capital, allows for partial withdrawals and offers non-guaranteed bonuses.

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