uob stash account

uob stash account

Blog Article

It's a cost savings account provided by United Abroad Financial institution (UOB) that encourages persons to avoid wasting more by featuring better curiosity rates dependant on the account harmony. Let's stop working The true secret features and Added benefits that can assist you comprehend it improved.

Essential Features
Tiered Fascination Rates: The fascination rate boosts as your account balance grows, satisfying you for preserving a lot more.
No Lock-in Interval: As opposed to preset deposits, you'll be able to withdraw your hard earned money anytime with no penalty.
Monthly Curiosity Credit rating: Desire is credited month to month, letting your financial savings to increase steadily.
How It really works
Opening an Account:

You have to be at the least eighteen years previous.
Equally people and non-people can open an account with essential identification paperwork.
Depositing Dollars:

You can deposit cash into your UOB Stash Account by way of several solutions like on the internet transfers, ATM deposits, or in excess of-the-counter in a department.
Earning Fascination:

The fascination amount may differ depending on the amount of money inside your account. Such as:
Balances up to $ten,000 might earn a foundation level.
Higher balances could earn progressively higher rates Based on predefined tiers set by UOB.
Withdrawing Revenue:

Withdrawals is usually made at any time by ATMs, on the net banking, or at branches devoid of impacting the accrued curiosity for that month.
Benefits
Adaptability: Entry your money Every time required without getting rid of out on gathered curiosity.
Higher Price savings Expansion Likely: Generate more compared to common personal savings accounts as a result of tiered desire costs.
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 month:
Your harmony earns an initial base desire charge (say 0.five%).
As time passes when you add additional funds:
If the balance reaches $20,000 in just six months resulting from consistent deposits,
Your new tier may possibly offer a better desire price (e.g., 1%).
This fashion, not just does the principal volume mature with Each and every deposit and also the earned curiosity compounds more rapidly as a consequence of growing costs tied instantly with bigger more info balances.

By comprehension these elementary components of how a UOB Stash Account functions and its Positive aspects, You will be superior Geared up to make informed decisions about handling and increasing your discounts competently!