uob stash account

uob stash account

Blog Article

It's a discounts account made available from United Abroad Bank (UOB) that encourages folks to save more by offering higher desire costs determined by the account stability. Let's stop working The main element functions and Advantages that will help you know it superior.

Crucial Attributes
Tiered Desire Charges: The interest amount raises as your account equilibrium grows, satisfying you for saving far more.
No Lock-in Period: Contrary to set deposits, you can withdraw your cash at any time without having penalty.
Monthly Curiosity Credit history: Curiosity is credited every month, enabling your price savings to expand steadily.
How It really works
Opening an Account:

You have to be no less than eighteen a long time outdated.
Both citizens and non-inhabitants can open up an account with essential identification paperwork.
Depositing Dollars:

You are able to deposit income into your UOB Stash Account as a result of numerous approaches which include on-line transfers, ATM deposits, or above-the-counter in a department.
Earning Fascination:

The desire rate varies with regards to the amount of cash in the account. For instance:
Balances around $10,000 may possibly receive a foundation amount.
Bigger balances could earn progressively higher prices In accordance with predefined tiers set by UOB.
Withdrawing Funds:

Withdrawals could be manufactured whenever by means of ATMs, on the web banking, or at branches with no impacting the accrued curiosity for that month.
Advantages
Flexibility: Access your resources Any time check here desired without the need of shedding out on gathered curiosity.
Greater Savings Growth Opportunity: Gain far more when compared with typical financial savings accounts due to tiered desire costs.
Ease: Manage your account conveniently by means of UOB’s digital platforms or Actual physical branches.
Functional Example
Consider you might have just opened a UOB Stash Account and deposited $5,000 to begin with:

In the initial thirty day period:
Your stability earns an initial base desire fee (say 0.five%).
After a while as you insert far more funds:
If the balance reaches $twenty,000 within six months due to regular deposits,
Your new tier might offer you a higher curiosity level (e.g., 1%).
In this manner, not only does the principal volume grow with Each and every deposit but will also the earned fascination compounds a lot quicker because of raising rates tied immediately with much larger balances.

By understanding these basic areas of how a UOB Stash Account works and its Rewards, you'll be superior Geared up to make informed choices about controlling and rising your savings effectively!