uob stash account

uob stash account

Blog Article

It is a financial savings account provided by United Overseas Bank (UOB) that encourages people to save extra by featuring better fascination charges depending on the account balance. Let us break down The true secret attributes and benefits to help you know it greater.

Key Options
Tiered Fascination Prices: The desire fee raises as your account equilibrium grows, satisfying you for saving additional.
No Lock-in Time period: Compared with mounted deposits, you can withdraw your cash anytime with no penalty.
Month-to-month Fascination Credit: Fascination is credited monthly, letting your financial savings to improve steadily.
How It Works
Opening an Account:

You must be at least 18 yrs old.
The two inhabitants and non-people can open an account with needed identification files.
Depositing Cash:

It is possible to deposit revenue into your UOB Stash Account via a variety of solutions like on the web transfers, ATM deposits, or around-the-counter at a branch.
Earning Curiosity:

The curiosity fee may differ depending on the sum of money with your account. Such as:
Balances up to $10,000 may make a base charge.
Increased balances could gain progressively better fees according to predefined tiers established by UOB.
Withdrawing Money:

Withdrawals may be produced anytime via ATMs, on the internet banking, or at branches without having impacting the accrued curiosity for that month.
Advantages
Flexibility: Access your resources Any time desired without the need of shedding out on gathered curiosity.
Greater Savings Growth Opportunity: Gain far more when compared with typical financial savings accounts because of tiered desire premiums.
Usefulness: Control your account effortlessly by using UOB’s electronic platforms or physical branches.
Simple Illustration
Envision you have just opened a UOB Stash Account and deposited $five,000 at first:

In the main month:
Your equilibrium earns an First foundation fascination rate (say 0.five%).
As time passes when more info you include extra money:
In the event your stability reaches $twenty,000 inside 6 months resulting from regular deposits,
Your new tier may well provide the next curiosity rate (e.g., 1%).
This way, not simply does the principal amount expand with each deposit and also the acquired fascination compounds speedier as a consequence of increasing costs tied straight with greater balances.

By knowledge these elementary elements of how a UOB Stash Account performs and its Positive aspects, you'll be better Geared up to help make educated decisions about handling and escalating your financial savings proficiently!