uob stash account

uob stash account

Blog Article

It is a cost savings account supplied by United Overseas Financial institution (UOB) that encourages men and women to avoid wasting a lot more by supplying greater interest rates based on the account equilibrium. Let's break down the key options and Added benefits that may help you are aware of it far better.

Key Options
Tiered Fascination Prices: The desire charge increases as your account harmony grows, gratifying you for preserving a lot more.
No Lock-in Period: Unlike fastened deposits, you'll be able to withdraw your hard earned money anytime without the need of penalty.
Regular monthly Interest Credit score: Desire is credited month to month, allowing your personal savings to grow steadily.
How It Works
Opening an Account:

You might want to be at the very least eighteen many years outdated.
Both of those citizens and non-inhabitants can open up an account with essential identification paperwork.
Depositing Funds:

You may deposit cash into your UOB Stash Account by way of many techniques for example on line transfers, ATM deposits, or more than-the-counter in a department.
Earning Fascination:

The desire rate varies dependant upon the sum of money in the account. For instance:
Balances around $10,000 may possibly get paid a foundation level.
Higher balances could generate progressively larger premiums In keeping with predefined tiers established by UOB.
Withdrawing Money:

Withdrawals can be produced anytime via ATMs, on the internet banking, or at branches without having impacting the accrued curiosity for that month.
Advantages
Flexibility: Access your resources Any time desired without the need of getting rid of out on gathered curiosity.
Larger Cost savings Development Possible: Earn extra as compared to common personal savings accounts on account of tiered curiosity rates.
Benefit: Take care of your account simply via UOB’s electronic platforms or physical branches.
Practical Case in point
Think about you've got just opened a UOB Stash Account and deposited $five,000 to begin with:

In the very first thirty day period:
Your stability earns an Original base interest amount (say 0.5%).
Eventually while you increase far more funds:
If the stability reaches $twenty,000 inside of 6 months as a result of dependable deposits,
Your new tier may possibly offer a better interest charge (e.g., one%).
In this way, don't just does the principal quantity improve with Every deposit and also the earned curiosity compounds a lot quicker get more info because of raising rates tied right with larger sized balances.

By knowing these elementary aspects of how a UOB Stash Account operates and its Added benefits, You will be much better Outfitted to generate educated conclusions about managing and developing your price savings efficiently!