uob stash account

uob stash account

Blog Article

It is a cost savings account supplied by United Abroad Financial institution (UOB) that encourages people today to save lots of extra by featuring higher desire prices depending on the account balance. Let us stop working The crucial element capabilities and Positive aspects that can assist you are aware of it far better.

Key Features
Tiered Fascination Charges: The interest level boosts as your account balance grows, worthwhile you for conserving much more.
No Lock-in Interval: Not like set deposits, you can withdraw your cash anytime devoid of penalty.
Month to month Desire Credit score: Desire is credited regular monthly, permitting your price savings to increase steadily.
How It really works
Opening an Account:

You should be at least 18 decades previous.
Both equally residents and non-inhabitants can open up an account with essential identification paperwork.
Depositing Money:

It is possible to deposit money into your UOB Stash Account by means of many techniques for instance online transfers, ATM deposits, or above-the-counter in a department.
Earning Interest:

The curiosity fee may differ according to the sum of money in the account. For instance:
Balances around $ten,000 could earn a base price.
Increased balances could gain progressively bigger rates In accordance with predefined tiers set by UOB.
Withdrawing Funds:

Withdrawals is often built at any time through ATMs, on-line banking, or at branches with out affecting the accrued curiosity for that month.
Advantages
Flexibility: Access your funds whenever needed without losing out on amassed desire.
Better Discounts Expansion Likely: Receive a lot more when compared with typical financial savings accounts because of tiered interest premiums.
Usefulness: Control your account effortlessly via UOB’s electronic platforms or Bodily 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 initial thirty day period:
Your stability earns an initial foundation website interest level (say 0.5%).
Over time while you include extra money:
If your harmony reaches $twenty,000 in six months due to reliable deposits,
Your new tier may give a greater desire price (e.g., one%).
By doing this, not simply does the principal quantity improve with Every deposit and also the earned curiosity compounds a lot quicker as a result 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 for making educated decisions about handling and increasing your discounts efficiently!