uob stash account

uob stash account

Blog Article

It's really a savings account supplied by United Abroad Bank (UOB) that encourages persons to save lots of much more by presenting higher desire fees according to the account balance. Let us break down The true secret characteristics and Positive aspects that can assist you are aware of it greater.

Crucial Features
Tiered Fascination Charges: The desire fee increases as your account harmony grows, rewarding you for conserving extra.
No Lock-in Period of time: As opposed to preset deposits, you'll be able to withdraw your hard earned money anytime devoid of penalty.
Month-to-month Fascination Credit history: Interest is credited regular monthly, allowing your personal savings to improve steadily.
How It really works
Opening an Account:

You have to be at the least 18 several years outdated.
Both equally people and non-people can open an account with needed identification paperwork.
Depositing Revenue:

You are able to deposit cash into your UOB Stash Account by means of a variety of strategies such as on the net transfers, ATM deposits, or above-the-counter in a branch.
Earning Desire:

The curiosity level differs based on the amount of cash within your account. For example:
Balances approximately $ten,000 may well get paid a base amount.
Greater balances could gain progressively greater premiums Based on predefined tiers established by UOB.
Withdrawing Revenue:

Withdrawals could be designed anytime by means of ATMs, on line banking, or at branches with out impacting the accrued desire for that thirty day period.
Rewards
Overall flexibility: Obtain your funds Anytime wanted without losing out on accrued curiosity.
Increased Price savings Growth Possible: Generate far more as compared to regular financial savings accounts as a result of get more info tiered curiosity costs.
Usefulness: Take care of your account quickly by means of UOB’s electronic platforms or Bodily branches.
Functional Instance
Think about you might have just opened a UOB Stash Account and deposited $5,000 at first:

In the very first month:
Your equilibrium earns an First base interest rate (say 0.five%).
After some time while you include much more resources:
In the event your harmony reaches $20,000 within 6 months on account of constant deposits,
Your new tier might give a better interest level (e.g., 1%).
This way, don't just does the principal volume develop with Each individual deposit and also the earned fascination compounds quicker as a consequence of escalating rates tied specifically with bigger balances.

By being familiar with these basic components of how a UOB Stash Account performs and its benefits, you'll be superior equipped to generate educated decisions about taking care of and growing your personal savings competently!