uob stash account

uob stash account

Blog Article

It's a savings account supplied by United Abroad Bank (UOB) that encourages persons to save a lot more by presenting higher curiosity costs based on the account balance. Let's break down The main element features and Advantages that may help you know it better.

Important Functions
Tiered Curiosity Costs: The curiosity fee boosts as your account harmony grows, satisfying you for conserving far more.
No Lock-in Time period: As opposed to mounted deposits, you'll be able to withdraw your cash anytime with out penalty.
Monthly Desire Credit history: Fascination is credited month to month, enabling your financial savings to develop steadily.
How It really works
Opening an Account:

You'll want to be at the least 18 years outdated.
Equally residents and non-people can open an account with necessary identification paperwork.
Depositing Cash:

You can deposit dollars into your UOB Stash Account by way of numerous solutions for example on-line transfers, ATM deposits, or around-the-counter at a department.
Earning Interest:

The fascination price differs according to the amount of cash within your account. Such as:
Balances approximately $ten,000 may gain a foundation rate.
Larger balances could receive progressively increased prices As outlined by predefined tiers set by UOB.
Withdrawing Income:

Withdrawals is usually produced whenever by ATMs, online banking, or at branches without having impacting the accrued fascination for that thirty day period.
Gains
Flexibility: Access your funds Every time essential devoid of getting rid of out on amassed curiosity.
Increased Discounts Advancement Opportunity: Earn more in comparison to common personal savings accounts as a consequence of tiered desire premiums.
Advantage: Take care of your account quickly by means of UOB’s digital platforms or physical branches.
Practical Case in point
Visualize you may have just opened a UOB Stash Account and deposited $5,000 at first:

In the very first thirty day period:
Your harmony earns an Preliminary base fascination click here fee (say 0.5%).
Over time while you incorporate much more resources:
When your stability reaches $twenty,000 in six months as a consequence of regular deposits,
Your new tier may well offer an increased interest level (e.g., 1%).
This way, not simply does the principal quantity mature with Every single deposit but also the acquired interest compounds more rapidly because of raising charges tied instantly with greater balances.

By being familiar with these basic areas of how a UOB Stash Account functions and its Added benefits, You will be far better Outfitted to make knowledgeable selections about running and expanding your discounts efficiently!