uob stash account

uob stash account

Blog Article

It's really a cost savings account made available from United Abroad Lender (UOB) that encourages people to save a lot more by supplying increased curiosity charges determined by the account stability. Let's break down The important thing attributes and Advantages that will help you comprehend it better.

Key Options
Tiered Fascination Costs: The curiosity rate improves as your account harmony grows, gratifying you for preserving additional.
No Lock-in Time period: In contrast to preset deposits, you may withdraw your cash at any time devoid of penalty.
Regular monthly Interest Credit rating: Curiosity is credited every month, making it possible for your cost savings to mature steadily.
How It Works
Opening an Account:

You need to be not less than 18 decades previous.
Both equally people and non-citizens can open up an account with essential identification paperwork.
Depositing Money:

You may deposit cash into your UOB Stash Account by numerous solutions like on the net transfers, ATM deposits, or more than-the-counter at a department.
Earning Desire:

The interest charge may differ according to the sum of check here money in your account. As an example:
Balances around $ten,000 could possibly earn a base charge.
Better balances could get paid progressively greater charges As outlined by predefined tiers established by UOB.
Withdrawing Revenue:

Withdrawals may be created whenever by way of ATMs, on line banking, or at branches without affecting the accrued interest for that month.
Advantages
Flexibility: Accessibility your money Anytime necessary with no dropping out on accrued curiosity.
Greater Financial savings Development Possible: Make much more in comparison with normal financial savings accounts because of tiered interest fees.
Advantage: Take care of your account simply through UOB’s digital platforms or Actual physical branches.
Functional Instance
Envision you have just opened a UOB Stash Account and deposited $five,000 at first:

In the first thirty day period:
Your stability earns an Original foundation interest amount (say 0.5%).
Over time while you include extra cash:
In case your equilibrium reaches $20,000 in just six months due to regular deposits,
Your new tier may give a better desire charge (e.g., one%).
In this way, don't just does the principal volume grow with Every single deposit but also the attained desire compounds quicker as a consequence of growing premiums tied straight with more substantial balances.

By understanding these basic areas of how a UOB Stash Account functions and its Positive aspects, You will be better Outfitted for making educated decisions about handling and increasing your price savings effectively!