uob stash account

uob stash account

Blog Article

It is just a discounts account supplied by United Overseas Lender (UOB) that encourages men and women to save additional by supplying higher fascination rates based on the account stability. Let us break down The real key characteristics and benefits to assist you to are aware of it improved.

Crucial Options
Tiered Interest Costs: The desire price will increase as your account equilibrium grows, rewarding you for saving extra.
No Lock-in Time period: Compared with preset deposits, you'll be able to withdraw your cash at any time without penalty.
Regular monthly Fascination Credit history: Desire is credited month-to-month, making it possible for your price savings to grow steadily.
How It Works
Opening an Account:

You have to be at the very least 18 a long time previous.
Equally inhabitants and non-citizens can open an account with essential identification documents.
Depositing Cash:

You'll be able to deposit funds into your UOB Stash Account by way of different strategies including on the internet transfers, ATM deposits, or above-the-counter at a department.
Earning Curiosity:

The interest rate may differ depending upon the sum of money within your account. As an get more info example:
Balances as much as $ten,000 may possibly make a foundation fee.
Larger balances could earn progressively better costs Based on predefined tiers established by UOB.
Withdrawing Funds:

Withdrawals can be built whenever as a result of ATMs, on the web banking, or at branches with out impacting the accrued interest for that month.
Benefits
Overall flexibility: Obtain your money Any time essential without shedding out on amassed interest.
Better Financial savings Expansion Possible: Receive more when compared with frequent cost savings accounts as a consequence of tiered interest charges.
Advantage: Manage your account very easily by means of UOB’s electronic platforms or Actual physical branches.
Simple Example
Envision you might have just opened a UOB Stash Account and deposited $five,000 to begin with:

In the main thirty day period:
Your equilibrium earns an Original foundation fascination amount (say 0.five%).
Eventually when you increase more resources:
If your equilibrium reaches $twenty,000 within just 6 months on account of reliable deposits,
Your new tier could present an increased curiosity charge (e.g., 1%).
This way, not only does the principal amount of money improve with Just about every deposit but in addition the attained interest compounds speedier on account of escalating prices tied instantly with much larger balances.

By comprehension these fundamental areas of how a UOB Stash Account performs and its Advantages, You will be much better Geared up to produce educated choices about running and increasing your financial savings successfully!