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StashAway vs StashAway Simple (How I Use It)

In this video we discuss the differences between StashAway and Stashaway Simple and how to find out which one suits your needs the best. Ready to invest with StashAway? Use these links to get some sweet bonuses: StashAway MY ► http://themillennialfinance.com/stash StashAway SG ► https://themillennialfinance.com/stas... (50% off management fees for the first 6 months) I’ve been using StashAway Simple ever since it launched about 6 months ago and initially I didn’t think I was gonna use it much. It only has around a 2% return, and I thought that I’d rather put my money into StashAway’s investment portfolio or into ASB. But now I realize how useful it can be when I need to park my money for the short-term before I make a long-term investment. Instead of leaving my cash in my savings account which has like a 0.25% return every year, I’ve decided to treat StashAway Simple as sort of my new high-interest savings account where I can have cash that’s easily accessible and earning a relatively good interest rate at the same time. But I do this because sometimes I feel uncomfortable when I have a lot of cash just sitting in my normal savings account. One of the reasons why I don’t feel comfortable having a lot of cash in my savings account is because: 1. It’s not earning much interest 2. Every time I open my bank account or get my bank statement, it shows me how much money I have in there and when I see that money in my savings account, my mind tends to believe that I can afford to buy expensive things which is something I don’t want. I want to have as little money as I can in my bank’s savings account because every time I look at it and it’s low or barely there, my mind immediately thinks that I don’t have a lot of money and that I have to be more frugal. We’ve all been in that situation where our bank account is dropping low and we feel kind of anxious and we wanna cut back on our spending. So even if I’m making more money, I want that slight anxiety to be with me, believe it or not, so that I don’t trick myself into thinking that I have a lot of money to buy nice things because I don’t. Most of my money is used to invest for the future for the long-term and the more I sort of hide my money from myself by putting it into different accounts which are not as easily accessible as my savings account, the better. So if I put my money in StashAway Simple instead, and leave only a small amount in my savings account, then my mind will think that I don’t have a lot of money to spend, which is a good thing. So why don’t I put my money into StashAway’s Investment portfolio or other investments that give a better return instead? We’ll talk about that in the next part here and the first topic I wanna touch on is accessibility. StashAway Simple Withdraw & Deposit StashAway Simple is not as accessible as your traditional bank’s savings account - and that can be a good thing or a bad thing. But the good part about this is that you can’t go to the ATM or buy something online immediately, and this like I mentioned earlier stops me from spending this money. Because I can’t go on Shopee and buy stuff with my StashAway Simple account, I can only use my savings account which I only keep enough money to pay my monthly expenses. Compared to StashAway’s investment portfolios it also takes about 2-3 working days from the day you withdraw your money until it reaches your bank account. Hey! Thanks for reading the description. We can't fit everything in here, so make sure to watch the whole video to find out more :) Timecodes: 00:00 How I Use StashAway Simple 0:23 My first impressions of StashAway Simple 0:44 Using StashAway Simple as a high-interest savings account 1:29 Why I don’t keep a lot of cash in my savings account 2:47 How accessible is StashAway Simple? 3:21 How long does it take to withdraw your money from StashAway Simple? 4:33 What are the returns of StashAway Simple? 5:18 How risky is StashAway Simple? 6:00 What is the investment in StashAway Simple? 6:37 StashAway Simple fees 7:00 Why is StashAway Simple free? 8:09 Is StashAway Simple safe? 8:19 The role of StashAway Simple in my portfolio Instagram:   / themillennialfinance_   Facebook:   / themillenialfinance   Twitter:   / themillennialf_   Tell us in the comments if you liked this video and what other kinds of videos you would like to see. These videos are for entertainment purposes only. We are not financial advisors and this is not financial advice. You (and only) you are responsible for your financial decisions. Some of the links in this video description are affiliate links, meaning, at no additional cost to you, we may earn a commission if you click through and make a purchase and/or subscribe. We only promote products that we 100% believe in and use ourselves. #TheMillennialFinance #StashAwaySimple