uob stash account

uob stash account

Blog Article

It is a savings account supplied by United Abroad Bank (UOB) that encourages men and women to save lots of much more by giving bigger interest charges dependant on the account balance. Let's break down The main element capabilities and benefits that may help you understand it much better.

Important Functions
Tiered Fascination Costs: The fascination fee boosts as your account harmony grows, satisfying you for conserving far more.
No Lock-in Time period: Not like mounted deposits, it is possible to withdraw your cash anytime devoid of penalty.
Regular Fascination Credit score: Interest is credited monthly, allowing your savings to mature steadily.
How It really works
Opening an Account:

You should be at the very least eighteen yrs previous.
Each people and non-inhabitants can open an account with vital identification paperwork.
Depositing Cash:

You could deposit dollars into your UOB Stash Account by means of various procedures including online transfers, ATM deposits, or about-the-counter at a department.
Earning Desire:

The curiosity rate differs based on the amount of cash inside your account. Such as:
Balances around $ten,000 may gain a foundation charge.
Bigger balances could generate progressively better prices As outlined by predefined tiers established by UOB.
Withdrawing Funds:

Withdrawals is often made whenever by ATMs, on-line banking, or at branches with no influencing the accrued desire for that month.
Rewards
Overall flexibility: Obtain your resources Anytime necessary devoid of getting rid of out on amassed desire.
Greater Cost savings Progress Probable: Get paid more in comparison with standard discounts accounts as a consequence of tiered desire fees.
Benefit: Regulate your account easily by using UOB’s electronic platforms or Bodily branches.
Functional Illustration
Picture you've got just opened a UOB Stash Account and deposited $5,000 initially:

In the first thirty day period:
Your harmony earns an Preliminary base desire fee (say 0.5%).
As time passes when you insert far more funds:
If your equilibrium reaches $20,000 inside 6 months on account of steady deposits,
Your new tier might give a better interest level (e.g., 1%).
By doing this, don't just does the principal volume develop with each deposit and also check here the earned fascination compounds quicker as a consequence of escalating fees tied right with larger balances.

By knowledge these fundamental areas of how a UOB Stash Account works and its Added benefits, you'll be far better Geared up to create knowledgeable choices about taking care of and growing your savings efficiently!