uob stash account

uob stash account

Blog Article

This is a discounts account made available from United Abroad Financial institution (UOB) that encourages persons to avoid wasting a lot more by supplying greater interest fees dependant on the account harmony. Let's stop working The real key capabilities and Positive aspects that can assist you comprehend it better.

Critical Characteristics
Tiered Interest Premiums: The curiosity rate boosts as your account stability grows, rewarding you for conserving much more.
No Lock-in Interval: Not like fixed deposits, you may withdraw your cash at any time with no penalty.
Month-to-month Fascination Credit: Fascination is credited monthly, letting your financial savings to mature steadily.
How It Works
Opening an Account:

You'll want to be a minimum of eighteen decades previous.
Both equally residents and non-citizens can open an account with vital identification documents.
Depositing Income:

You could deposit cash into your UOB Stash Account by a variety of methods like on the web transfers, ATM deposits, or around-the-counter at a branch.
Earning Curiosity:

The curiosity fee may differ based on the sum of money as part of your account. Such as:
Balances up to $10,000 may generate a base fee.
Better balances could get paid progressively higher rates In accordance with predefined tiers set by UOB.
Withdrawing Funds:

Withdrawals might be designed whenever by ATMs, on the net banking, or at branches without the need of influencing the accrued desire for that thirty day period.
Positive aspects
Overall flexibility: Accessibility your money Anytime required with out losing out on amassed desire.
Increased Personal savings Progress Prospective: Generate much more in comparison to regular savings accounts as a consequence of tiered fascination costs.
Ease: Handle your account conveniently by using UOB’s digital platforms or physical branches.
Realistic Instance
Imagine you have got just opened a UOB Stash Account and deposited $5,000 initially:

In the more info 1st month:
Your equilibrium earns an Preliminary foundation curiosity rate (say 0.5%).
After some time as you increase a lot more resources:
When your balance reaches $20,000 in just six months as a consequence of regular deposits,
Your new tier might offer you a higher curiosity level (e.g., 1%).
In this manner, not just does the principal total develop with Every single deposit but also the attained fascination compounds faster on account of expanding prices tied right with larger sized balances.

By comprehension these essential aspects of how a UOB Stash Account operates and its Added benefits, You will be much better equipped to generate educated conclusions about managing and expanding your personal savings successfully!