uob stash account

uob stash account

Blog Article

It is just a savings account provided by United Overseas Bank (UOB) that encourages folks to save much more by providing larger curiosity prices depending on the account balance. Let us stop working The crucial element characteristics and Positive aspects that may help you are aware of it superior.

Essential Functions
Tiered Interest Fees: The fascination price increases as your account harmony grows, gratifying you for preserving far more.
No Lock-in Time period: Unlike fastened deposits, you'll be able to withdraw your hard earned money whenever without penalty.
Regular Curiosity Credit history: Curiosity is credited monthly, letting your financial savings to mature steadily.
How It Works
Opening an Account:

You'll want to be at the very least eighteen many years outdated.
Both inhabitants and non-people can open an account with needed identification files.
Depositing Funds:

You could deposit cash into your UOB Stash Account by numerous approaches which include on the internet transfers, ATM deposits, or about-the-counter in a branch.
Earning Curiosity:

The curiosity amount may differ according to the sum of money in the account. For instance:
Balances around $ten,000 could earn a base price.
Larger balances could receive progressively bigger rates Based on predefined tiers set by UOB.
Withdrawing Funds:

Withdrawals could be manufactured whenever by ATMs, on line banking, or at branches without the need of influencing the accrued desire for that thirty day period.
Gains
Adaptability: Obtain your resources Any time desired with no shedding out on accrued curiosity.
Greater Financial savings Growth Possible: Earn more in comparison with normal financial savings accounts because of tiered desire premiums.
Usefulness: Control your account effortlessly via UOB’s electronic platforms or Bodily branches.
Sensible Case in point
Think about you've got just opened a UOB Stash Account and deposited $5,000 to begin with:

In the initial thirty day period:
Your harmony earns an initial foundation interest level (say 0.5%).
Over time while you add extra cash:
In case your equilibrium reaches $20,000 within just six months as a consequence of steady deposits,
Your new tier might offer you a higher fascination rate (e.g., 1%).
This fashion, not merely does the principal amount increase with each deposit but in addition the gained desire compounds more quickly as a consequence of escalating premiums tied straight with more substantial balances.

By being familiar with more info these basic areas of how a UOB Stash Account works and its Rewards, You will be improved equipped to produce knowledgeable selections about running and expanding your cost savings successfully!