uob stash account

uob stash account

Blog Article

It's a price savings account supplied by United Abroad Bank (UOB) that encourages persons to save far more by featuring larger fascination fees depending on the account harmony. Let us stop working the key functions and Added benefits to help you comprehend it greater.

Critical Options
Tiered Desire Rates: The desire rate increases as your account balance grows, rewarding you for saving more.
No Lock-in Interval: Unlike fixed deposits, you can withdraw your hard earned money at any time without the need of penalty.
Every month Fascination Credit rating: Curiosity is credited month-to-month, permitting your savings to grow steadily.
How It really works
Opening an Account:

You must be at the least 18 decades outdated.
Equally residents and non-people can open an account with necessary identification files.
Depositing Funds:

You are able to deposit revenue into your UOB Stash Account by various techniques such as on the net transfers, ATM deposits, or above-the-counter in a branch.
Earning Desire:

The curiosity level differs according to the amount of cash within your account. For example:
Balances approximately $10,000 could make a foundation rate.
Increased balances could earn progressively increased rates As outlined by predefined tiers established by UOB.
Withdrawing Funds:

Withdrawals is usually created whenever through ATMs, on the web banking, or at branches without the need of affecting the accrued curiosity for that thirty day period.
Benefits
Versatility: Accessibility your cash whenever necessary devoid of getting rid of out on accumulated interest.
Larger Financial savings Progress Likely: Gain more in comparison to typical personal savings accounts resulting from tiered fascination more info premiums.
Advantage: Regulate your account easily via UOB’s electronic platforms or Actual physical branches.
Realistic Illustration
Consider you may have just opened a UOB Stash Account and deposited $5,000 at first:

In the initial month:
Your equilibrium earns an First base interest level (say 0.five%).
After a while as you add extra cash:
When your stability reaches $twenty,000 within just six months due to dependable deposits,
Your new tier could supply a higher fascination charge (e.g., one%).
In this manner, not just does the principal amount improve with Each and every deposit but also the acquired interest compounds speedier as a result of increasing premiums tied straight with larger sized balances.

By comprehension these essential facets of how a UOB Stash Account works and its Positive aspects, You will be far better Outfitted to make knowledgeable conclusions about managing and increasing your savings proficiently!