uob stash account

uob stash account

Blog Article

It is a savings account provided by United Overseas Bank (UOB) that encourages men and women to save lots of a lot more by providing higher interest rates based on the account stability. Let's break down The important thing attributes and Added benefits that may help you comprehend it improved.

Important Characteristics
Tiered Fascination Premiums: The curiosity rate will increase as your account harmony grows, rewarding you for preserving additional.
No Lock-in Time period: Contrary to preset deposits, you'll be able to withdraw your money at any time with out penalty.
Monthly Curiosity Credit: Desire is credited month to month, enabling your cost savings to mature steadily.
How It Works
Opening an Account:

You must be a minimum of eighteen a long time old.
Both equally residents and non-citizens can open up an account with important identification files.
Depositing Revenue:

You could deposit income into your UOB Stash Account by means of various solutions for example on the internet transfers, ATM deposits, or over-the-counter at a department.
Earning Curiosity:

The get more info desire charge may differ dependant upon the amount of money in the account. By way of example:
Balances up to $10,000 might receive a foundation charge.
Bigger balances could make progressively better prices As outlined by predefined tiers set by UOB.
Withdrawing Funds:

Withdrawals is usually produced whenever as a result of ATMs, on the internet banking, or at branches devoid of influencing the accrued interest for that month.
Added benefits
Adaptability: Access your money Each time desired with out dropping out on gathered fascination.
Bigger Savings Development Likely: Gain extra in comparison to typical personal savings accounts resulting from tiered desire fees.
Benefit: Regulate your account easily by way of UOB’s digital platforms or Actual physical branches.
Simple Case in point
Visualize you have got just opened a UOB Stash Account and deposited $five,000 originally:

In the primary month:
Your balance earns an Original foundation curiosity price (say 0.5%).
Over time as you incorporate much more funds:
In case your stability reaches $20,000 in 6 months as a consequence of constant deposits,
Your new tier may well present the next desire rate (e.g., one%).
This way, not only does the principal quantity develop with Each and every deposit but in addition the attained interest compounds faster because of growing rates tied instantly with larger sized balances.

By being familiar with these elementary elements of how a UOB Stash Account works and its Added benefits, You will be superior equipped to help make informed selections about managing and increasing your savings successfully!