uob stash account

uob stash account

Blog Article

This is a cost savings account provided by United Abroad Financial institution (UOB) that encourages men and women to save more by offering greater fascination fees determined by the account equilibrium. Let us stop working The main element features and Advantages to assist you to understand it much better.

Crucial Functions
Tiered Interest Prices: The interest amount boosts as your account stability grows, rewarding you for conserving much more.
No Lock-in Interval: Contrary to preset deposits, you can withdraw your hard earned money whenever without penalty.
Regular Desire Credit history: Interest is credited month to month, making it possible for your price savings to mature steadily.
How It really works
Opening an Account:

You need to be a minimum of 18 years aged.
Both people and non-people can open up an account with required identification documents.
Depositing Cash:

You are able to deposit cash into your UOB Stash Account through various solutions which include on the net transfers, ATM deposits, or over-the-counter in a branch.
Earning Desire:

The fascination charge varies depending upon the sum of money within your account. For instance:
Balances nearly $10,000 may well get paid a foundation fee.
Increased balances could receive progressively better premiums In keeping with predefined tiers set by UOB.
Withdrawing Money:

Withdrawals is often designed anytime via ATMs, online banking, or at branches without the need of affecting the accrued fascination for that thirty day period.
Added benefits
Flexibility: Entry your money When required without having shedding out on gathered interest.
Greater Personal savings Expansion Potential: Make much more as compared to regular cost savings accounts resulting from tiered fascination costs.
Advantage: Take care of your account quickly by using UOB’s digital platforms or Actual physical branches.
Simple Illustration
Consider you might have just opened a UOB Stash Account and deposited $five,000 originally:

In the 1st thirty day period:
Your harmony earns an First base curiosity fee (say 0.5%).
With time when you insert much more money:
In the event your harmony reaches $20,000 inside of six months because of steady deposits,
Your new tier could offer you a better curiosity rate (e.g., one%).
This fashion, don't just does the principal volume mature with each deposit but additionally get more info the earned interest compounds quicker as a consequence of increasing prices tied immediately with more substantial balances.

By knowledge these elementary areas of how a UOB Stash Account will work and its Gains, you'll be much better Geared up for making knowledgeable decisions about running and increasing your personal savings effectively!