My initial signup experience was not good with this UOB Stash account.
I have decided open a Stash account on 23 June 2020 due to the June promotion of 'UOB Savers Unite Promotion' where initial deposit of certain amount, I could either get shopping vouchers or Bruno appliances. There was also promised higher deposit interest rates when maintaining or increasing the Monthly Average Balance.
As the circuit breaker still in Phase 2, going to a UOB branch inconvenience, hence I have decided to sign online on UOB website, using singpass Myinfo. The website has said that the application will be approved instantly.
First stumble, I have encountered after submitting the application, the application was not processed immediately. The message show that application after 8:30pm will be process the next day.
Second stumble, on the next day I have received an SMS that UOB was reviewing my application and will hear from them soon. Next, on the same day I recieved an email that UOB will be sending a letter through postage to inform me the status. I was wondering why so there was different information of my application from different source.
Third stumble, after a week of not receiving any letter, SMS or email about the application, I called the UOB hotline. Through the UOB hotline, the Customer Service Officer, told me that my online application will not be approved due to that I do not own a credit card with UOB. I have to go down to any UOB branch to apply for this account. Hence, I have decided not to open this account at branch as it was already in July that the freebies promotion was likely to be fully redeemed.
Fourth stumble, a few days after the call at the hotline, I have received a UOB letter through postage that this Stash account was opened and I was required to deposit the amount That I had stated during my application. Luckily I did not place my intended funds at other banks, else I will be in trouble with $0 balance in the account.
Fifth stumble, I have received an SMS from UOB the next day, that my debit application was successful. I did not apply for any UOB debit card as I knew that UOB debit card has an annual fee, unlike other banks which was free. Though UOB One debit card has a 3% cashback at supermarket and pharmacies, I would need to spend a minimum monthly of $500 with this card. This requirement was either similar or worst than credit cards, I would rather use a credit card for my gorceries purchases.
Since, I was required to deposit the amount I had stated during appication, I did a FAST transfer from another bank. The Stash account reflected the amount immediately when I checked in the UOB ibanking.
As with other online accounts, I will only receive E-statements and account transaction would be only be shown for the past 3 months, hence I would need save or download the e-copies of my monthly statement myself.
Overall, after all those stumbles, I was unhappy with the services provided by UOB, either online or hotline. I have no choice but to keep this account and accept whatever deposit interest rates for at least 6 months, as there would be a cancellation fee if I closed this account within 6 months of opening.