uob stash account

uob stash account

Blog Article

This is a price savings account provided by United Overseas Lender (UOB) that encourages folks to save lots of much more by giving greater fascination prices dependant on the account stability. Let us stop working The main element features and Positive aspects that will help you realize it better.

Essential Options
Tiered Interest Costs: The desire rate raises as your account harmony grows, worthwhile you for preserving much more.
No Lock-in Time period: In contrast to preset deposits, it is possible to withdraw your hard earned money whenever with out penalty.
Regular monthly Desire Credit history: Desire is credited every month, permitting your cost savings to increase steadily.
How It Works
Opening an Account:

You must be no less than eighteen several years previous.
The two citizens and non-residents can open up an account with important identification paperwork.
Depositing Funds:

You'll be able to deposit funds into your UOB Stash Account by means of numerous techniques such as online transfers, ATM deposits, or around-the-counter at a department.
Earning Fascination:

The curiosity rate differs with regards to the amount of money in your account. One example is:
Balances approximately $10,000 could receive a foundation fee.
Greater balances could get paid progressively increased prices In keeping with predefined tiers set by UOB.
Withdrawing Revenue:

Withdrawals read more could be made whenever as a result of ATMs, on the web banking, or at branches without impacting the accrued desire for that month.
Positive aspects
Flexibility: Accessibility your resources Anytime essential without dropping out on amassed desire.
Larger Price savings Development Likely: Get paid a lot more when compared to regular cost savings accounts resulting from tiered desire rates.
Ease: Deal with your account quickly by using UOB’s electronic platforms or Actual physical branches.
Practical Example
Picture you might have just opened a UOB Stash Account and deposited $5,000 originally:

In the primary month:
Your stability earns an Preliminary base desire level (say 0.five%).
After some time when you incorporate far more money:
Should your stability reaches $twenty,000 in just 6 months on account of regular deposits,
Your new tier may well supply a greater desire amount (e.g., 1%).
In this way, not just does the principal amount mature with Just about every deposit but in addition the attained desire compounds more rapidly as a result of increasing fees tied right with bigger balances.

By understanding these elementary elements of how a UOB Stash Account is effective and its Positive aspects, You will be greater equipped to generate educated choices about running and developing your savings proficiently!