uob stash account

uob stash account

Blog Article

It is a price savings account offered by United Abroad Financial institution (UOB) that encourages people to save lots of additional by giving larger desire costs depending on the account balance. Let us break down The real key capabilities and Rewards to help you realize it far better.

Key Characteristics
Tiered Interest Costs: The interest fee increases as your account harmony grows, rewarding you for conserving extra.
No Lock-in Time period: Compared with mounted deposits, you could withdraw your money whenever without penalty.
Regular monthly Desire Credit: Curiosity is credited every month, permitting your discounts to grow steadily.
How It Works
Opening an Account:

You must be not less than 18 a long time outdated.
Both of those residents and non-citizens can open an account with needed identification files.
Depositing Revenue:

You are able to deposit funds into your UOB Stash Account by way of several methods like on the internet transfers, ATM deposits, or about-the-counter in a department.
Earning Fascination:

The fascination amount may differ depending on the amount of money inside your account. As an example:
Balances around $10,000 may well generate a base charge.
Larger balances could generate progressively larger charges In accordance with predefined tiers set by UOB.
Withdrawing Cash:

Withdrawals may be produced anytime through ATMs, online banking, or at branches without the need of influencing the accrued fascination for that month.
Advantages
Flexibility: Obtain your cash Each time necessary with out losing out on amassed fascination.
Greater Savings Advancement Probable: Receive much more compared to frequent personal savings accounts as a result of tiered interest premiums.
Ease: Manage your account quickly through UOB’s electronic platforms or Bodily branches.
Practical Illustration
Envision you have got just opened a UOB Stash Account and deposited $5,000 in the beginning:

In the primary thirty day period:
Your stability read more earns an Original base interest amount (say 0.5%).
After some time as you insert much more cash:
In case your harmony reaches $twenty,000 inside of 6 months because of regular deposits,
Your new tier might offer you the next curiosity fee (e.g., one%).
By doing this, not simply does the principal amount expand with Just about every deposit but also the attained fascination compounds a lot quicker as a result of rising fees tied straight with greater balances.

By knowledge these fundamental elements of how a UOB Stash Account operates and its Added benefits, You will be improved equipped to create knowledgeable choices about controlling and rising your price savings efficiently!