uob stash account

uob stash account

Blog Article

It's a savings account provided by United Overseas Bank (UOB) that encourages folks to avoid wasting far more by presenting better fascination costs dependant on the account equilibrium. Let us break down The main element characteristics and Positive aspects that may help you realize it greater.

Essential Functions
Tiered Interest Rates: The desire fee will increase as your account balance grows, worthwhile you for conserving a lot more.
No Lock-in Period: Compared with fastened deposits, you'll be able to withdraw your hard earned money whenever with out penalty.
Monthly Fascination Credit score: Desire is credited regular monthly, permitting your price savings to improve steadily.
How It Works
Opening an Account:

You'll want to be at the very least eighteen a long time aged.
The two people and non-citizens can open up an account with essential identification paperwork.
Depositing Money:

You may deposit money into your UOB Stash Account by way of various approaches such as on the web transfers, ATM deposits, or over-the-counter at a department.
Earning Desire:

The interest charge may differ based on the sum of money in the account. For instance:
Balances around $ten,000 could earn a base fee.
Better balances could earn progressively greater charges As outlined by predefined tiers established by UOB.
Withdrawing Money:

Withdrawals may be manufactured whenever by ATMs, on line banking, or at branches with out affecting the accrued interest for that month.
Advantages
Versatility: Accessibility your money Every time necessary with no dropping out on accrued curiosity.
Larger Discounts Expansion Probable: Gain additional as compared to common discounts accounts resulting from tiered fascination charges.
Ease: Handle your account effortlessly by using UOB’s electronic platforms or Bodily branches.
Sensible here Case in point
Think about you've got just opened a UOB Stash Account and deposited $5,000 in the beginning:

In the primary month:
Your equilibrium earns an Preliminary foundation fascination charge (say 0.five%).
After some time as you increase far more funds:
In the event your stability reaches $twenty,000 in six months resulting from steady deposits,
Your new tier might offer you a higher fascination price (e.g., one%).
By doing this, not simply does the principal quantity improve with Each and every deposit but will also the attained fascination compounds quicker resulting from growing costs tied directly with more substantial balances.

By understanding these basic components of how a UOB Stash Account functions and its Positive aspects, You will be much better Outfitted for making informed choices about taking care of and growing your cost savings successfully!