uob stash account

uob stash account

Blog Article

It is just a price savings account made available from United Abroad Bank (UOB) that encourages people today to save lots of extra by featuring higher interest prices determined by the account harmony. Let's break down The true secret characteristics and Positive aspects to assist you to know it improved.

Vital Capabilities
Tiered Fascination Costs: The curiosity price increases as your account equilibrium grows, fulfilling you for conserving much more.
No Lock-in Period: Unlike preset deposits, you may withdraw your cash anytime without the need of penalty.
Regular Curiosity Credit: Fascination is credited month to month, permitting your savings to improve steadily.
How It Works
Opening an Account:

You might want to be at the least 18 yrs previous.
Both of those citizens and non-people can open an account with vital identification documents.
Depositing Revenue:

It is possible to deposit money into your UOB Stash Account by way of numerous procedures like on line transfers, ATM deposits, or more than-the-counter in a department.
Earning Interest:

The fascination level varies depending upon the amount of money with your account. For example:
Balances around $ten,000 might generate a foundation level.
Greater balances could receive progressively bigger rates In line with predefined tiers established by UOB.
Withdrawing Revenue:

Withdrawals may be created whenever by ATMs, online banking, or at branches with out impacting the accrued curiosity for that month.
Positive aspects
Adaptability: Obtain your resources Any time needed with out losing out on accrued interest.
Greater Cost savings Progress Prospective: Receive far more when compared to common discounts accounts resulting from tiered fascination prices.
Comfort: Manage your account easily by using UOB’s electronic platforms or Bodily branches.
Sensible Example
Visualize you have got read more just opened a UOB Stash Account and deposited $five,000 at first:

In the very first thirty day period:
Your stability earns an initial foundation curiosity rate (say 0.five%).
With time as you increase far more funds:
In the event your harmony reaches $20,000 within just six months as a consequence of regular deposits,
Your new tier may give a better interest fee (e.g., 1%).
In this manner, not just does the principal amount of money expand with each deposit and also the earned curiosity compounds a lot quicker on account of increasing costs tied instantly with greater balances.

By being familiar with these basic components of how a UOB Stash Account functions and its Positive aspects, You will be much better Outfitted to help make informed choices about taking care of and growing your cost savings successfully!