uob stash account

uob stash account

Blog Article

It is just a discounts account offered by United Overseas Bank (UOB) that encourages men and women to avoid wasting far more by presenting bigger desire premiums based on the account equilibrium. Let's break down The main element options and Rewards that can assist you are aware of it better.

Vital Options
Tiered Fascination Costs: The curiosity rate improves as your account harmony grows, gratifying you for saving extra.
No Lock-in Period: Compared with fastened deposits, you'll be able to withdraw your money at any time without having penalty.
Monthly Fascination Credit score: Desire is credited regular monthly, permitting your price savings to increase steadily.
How It really works
Opening an Account:

You must be a minimum of eighteen a long time aged.
Equally people and non-citizens can open up an account with needed identification documents.
Depositing Income:

You are able to deposit dollars into your UOB Stash Account by means of many strategies such as on the web transfers, ATM deposits, or around-the-counter at a department.
Earning Desire:

The interest fee varies depending on the sum of check here money in your account. As an example:
Balances nearly $10,000 may well get paid a foundation price.
Increased balances could get paid progressively greater costs according to predefined tiers set by UOB.
Withdrawing Cash:

Withdrawals might be built at any time via ATMs, on the internet banking, or at branches devoid of influencing the accrued desire for that thirty day period.
Benefits
Flexibility: Accessibility your money Every time essential devoid of getting rid of out on amassed fascination.
Better Price savings Advancement Potential: Earn more in comparison to normal financial savings accounts as a result of tiered interest rates.
Convenience: Manage your account conveniently via UOB’s electronic platforms or Bodily branches.
Useful Example
Picture you have got just opened a UOB Stash Account and deposited $five,000 at first:

In the very first thirty day period:
Your harmony earns an initial foundation curiosity rate (say 0.five%).
After a while as you increase far more funds:
In the event your harmony reaches $20,000 within just 6 months resulting from constant deposits,
Your new tier might present a better interest amount (e.g., 1%).
This fashion, not merely does the principal amount improve with Every deposit but will also the attained desire compounds more quickly as a consequence of rising rates tied right with larger balances.

By comprehension these fundamental areas of how a UOB Stash Account works and its Positive aspects, You will be much better Outfitted to help make informed selections about running and expanding your personal savings efficiently!