uob stash account

uob stash account

Blog Article

This is a price savings account provided by United Overseas Bank (UOB) that encourages individuals to save lots of extra by featuring bigger desire costs based upon the account stability. Let's stop working The crucial element characteristics and Rewards to assist you understand it improved.

Essential Functions
Tiered Interest Premiums: The curiosity rate boosts as your account equilibrium grows, satisfying you for saving additional.
No Lock-in Time period: Unlike fastened deposits, it is possible to withdraw your money at any time with no penalty.
Monthly Fascination Credit: Curiosity is credited every month, making it possible for your financial savings to improve steadily.
How It Works
Opening an Account:

You must be at least 18 yrs old.
Both citizens and non-inhabitants can open up an account with required identification paperwork.
Depositing Money:

You'll be able to deposit dollars into your UOB Stash Account via several methods including on the net transfers, ATM deposits, or around-the-counter at a branch.
Earning Interest:

The curiosity fee may differ based on the sum of money with your account. Such as:
Balances up to $10,000 may generate a base fee.
Better balances could get paid progressively higher rates Based on predefined tiers set by UOB.
Withdrawing Cash:

Withdrawals could be created whenever by means of ATMs, on the internet banking, or at branches with no impacting the accrued curiosity for that month.
Advantages
Flexibility: Access your resources Any time desired devoid of shedding out on gathered curiosity.
Greater Savings Growth Opportunity: Gain far more in comparison with normal savings accounts due to tiered fascination charges.
Comfort: Manage your account conveniently through UOB’s digital platforms or Actual physical branches.
Useful Example
Consider you might have just opened a UOB Stash Account and deposited $5,000 to begin with:

In the initial thirty day period:
Your stability earns an Original base desire fee (say 0.five%).
After a while as you insert much more cash:
In case your equilibrium reaches $20,000 within just six months on account of here consistent deposits,
Your new tier may possibly provide an increased interest charge (e.g., one%).
By doing this, not simply does the principal quantity increase with each deposit and also the gained interest compounds more rapidly as a consequence of escalating premiums tied directly with greater balances.

By being familiar with these fundamental facets of how a UOB Stash Account will work and its benefits, you'll be far better Outfitted to generate knowledgeable decisions about handling and developing your discounts competently!