uob stash account

uob stash account

Blog Article

It is just a financial savings account supplied by United Overseas Financial institution (UOB) that encourages people today to save lots of much more by providing larger curiosity charges determined by the account harmony. Let's break down The important thing attributes and Added benefits that will help you understand it better.

Vital Options
Tiered Fascination Charges: The interest rate improves as your account harmony grows, gratifying you for saving extra.
No Lock-in Period of time: As opposed to fixed deposits, you could withdraw your hard earned money anytime without penalty.
Every month Curiosity Credit: Fascination is credited month to month, allowing your price savings to increase steadily.
How It Works
Opening an Account:

You must be a minimum of eighteen yrs previous.
Each people and non-residents can open an account with important identification documents.
Depositing Income:

You are able to deposit dollars into your UOB Stash Account via several techniques for instance on-line transfers, ATM deposits, or about-the-counter in a department.
Earning Interest:

The curiosity amount may differ according to the sum of money in the account. As an example:
Balances as many as $ten,000 could possibly earn a base price.
Larger balances could receive progressively better fees according to predefined tiers established by UOB.
Withdrawing Revenue:

Withdrawals can be here built at any time as a result of ATMs, on line banking, or at branches without the need of affecting the accrued desire for that month.
Rewards
Flexibility: Entry your cash Every time required without shedding out on accrued desire.
Increased Financial savings Growth Probable: Receive much more compared to common financial savings accounts as a consequence of tiered curiosity premiums.
Ease: Regulate your account effortlessly through UOB’s electronic platforms or Actual physical branches.
Sensible Example
Picture you have got just opened a UOB Stash Account and deposited $five,000 at first:

In the primary thirty day period:
Your harmony earns an Original foundation desire level (say 0.five%).
Over time when you add more resources:
In the event your harmony reaches $20,000 inside 6 months as a consequence of dependable deposits,
Your new tier could offer you a greater interest level (e.g., 1%).
In this way, not only does the principal quantity develop with Just about every deposit and also the attained interest compounds faster resulting from rising charges tied immediately with bigger balances.

By comprehending these essential facets of how a UOB Stash Account functions and its benefits, you'll be improved equipped to help make informed selections about managing and increasing your cost savings competently!