uob stash account

uob stash account

Blog Article

It's really a price savings account supplied by United Abroad Lender (UOB) that encourages men and women to save lots of much more by giving bigger interest charges dependant on the account balance. Let's break down The main element options and benefits that can assist you realize it improved.

Key Attributes
Tiered Curiosity Costs: The fascination amount boosts as your account equilibrium grows, fulfilling you for preserving additional.
No Lock-in Period of time: Contrary to fastened deposits, you may withdraw your hard earned money whenever with no penalty.
Regular monthly Curiosity Credit: Interest is credited every month, allowing for your discounts to improve steadily.
How It Works
Opening an Account:

You have to be at least eighteen several years old.
Both inhabitants and non-citizens can open up an account with needed identification documents.
Depositing Revenue:

You may deposit funds into your UOB Stash Account via many approaches like on line transfers, ATM deposits, or in excess of-the-counter in a branch.
Earning Desire:

The curiosity level varies depending on the amount of cash within your account. Such as:
Balances approximately $ten,000 may well get paid a base charge.
Bigger balances could make progressively better rates As outlined by predefined tiers established by UOB.
Withdrawing Cash:

Withdrawals is often made whenever by ATMs, online banking, get more info or at branches without having influencing the accrued desire for that thirty day period.
Rewards
Overall flexibility: Entry your resources whenever necessary devoid of getting rid of out on amassed interest.
Greater Cost savings Progress Probable: Get paid more in comparison with common price savings accounts because of tiered interest rates.
Comfort: Handle your account very easily by way of UOB’s digital platforms or 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 base interest rate (say 0.five%).
After a while as you add extra cash:
When your stability reaches $twenty,000 in six months due to dependable deposits,
Your new tier could supply a higher fascination charge (e.g., one%).
Using this method, not just does the principal amount increase with Every deposit but will also the acquired interest compounds more rapidly because of expanding charges tied instantly with more substantial balances.

By understanding these elementary aspects of how a UOB Stash Account performs and its benefits, you'll be improved equipped for making educated choices about taking care of and growing your personal savings competently!