uob stash account

uob stash account

Blog Article

It is just a price savings account made available from United Abroad Bank (UOB) that encourages people to save lots of far more by supplying greater desire costs depending on the account balance. Let us break down The real key characteristics and Advantages that will help you know it far better.

Key Options
Tiered Curiosity Fees: The curiosity level raises as your account equilibrium grows, gratifying you for preserving much more.
No Lock-in Period of time: In contrast to fastened deposits, you are able to withdraw your cash at any time without having penalty.
Regular Interest Credit score: Desire is credited month-to-month, allowing for your financial savings to improve steadily.
How It really works
Opening an Account:

You have to be at the least eighteen several years aged.
Both citizens and non-citizens can open up an account with vital identification documents.
Depositing Cash:

It is possible to deposit revenue into your UOB Stash Account via a variety of solutions such as on-line transfers, ATM deposits, or above-the-counter in a branch.
Earning Curiosity:

The fascination amount may differ depending on the amount of money inside your account. As an example:
Balances approximately $ten,000 could gain a foundation amount.
Better balances could get paid progressively bigger fees according to predefined tiers established by UOB.
Withdrawing Dollars:

Withdrawals is often designed whenever by way of ATMs, on the web banking, or at branches with no impacting the accrued interest for that month.
Gains
Adaptability: Entry your money Every time required without getting rid of out on gathered interest.
Bigger Discounts Expansion Prospective: Make more compared to frequent personal savings accounts on account of tiered interest fees.
Advantage: Deal with your account effortlessly via UOB’s electronic platforms or physical branches.
Practical Illustration
Picture you have just opened a UOB Stash Account and deposited $five,000 at first:

In the main thirty day period:
Your balance earns an First base fascination price (say 0.five%).
As time passes while you add additional funds:
If the stability reaches $twenty,000 inside 6 months because of reliable deposits,
Your new tier may well give a greater desire price (e.g., one%).
This way, not merely does the principal amount uob stash account expand with each deposit but in addition the gained interest compounds more quickly as a consequence of escalating costs tied instantly with bigger balances.

By comprehension these essential aspects of how a UOB Stash Account operates and its Added benefits, You will be improved equipped to create knowledgeable selections about taking care of and escalating your financial savings proficiently!