uob stash account

uob stash account

Blog Article

It is just a price savings account made available from United Abroad Financial institution (UOB) that encourages people to save lots of additional by giving greater desire costs depending on the account balance. Let us break down The real key characteristics and Advantages to help you realize it much better.

Vital Functions
Tiered Desire Costs: The desire charge improves as your account stability grows, worthwhile you for saving additional.
No Lock-in Period: Contrary to fixed deposits, you may withdraw your money whenever without the need of penalty.
Month to month Fascination Credit: Curiosity is credited regular, permitting your personal savings to mature steadily.
How It Works
Opening an Account:

You must be not less than 18 a long time outdated.
Both of those residents and non-residents can open an account with needed identification files.
Depositing Money:

You'll be able to deposit income into your UOB Stash Account by various techniques including on the net transfers, ATM deposits, or around-the-counter in a department.
Earning Desire:

The desire level may differ based on the amount of money within your account. By way of example:
Balances approximately $ten,000 may possibly receive a foundation fee.
Increased balances could earn progressively higher rates Based on predefined tiers set by UOB.
Withdrawing Money:

Withdrawals can be built at any time by ATMs, on the net banking, or at branches devoid of impacting the accrued curiosity for that month.
Gains
Adaptability: Entry your money Anytime needed without the need of shedding out on accrued interest.
Bigger Discounts Progress Prospective: check here Earn extra when compared to standard financial savings accounts due to tiered fascination charges.
Convenience: Take care of your account very easily via UOB’s electronic platforms or physical branches.
Realistic Instance
Visualize you might have just opened a UOB Stash Account and deposited $5,000 to begin with:

In the very first thirty day period:
Your balance earns an First foundation curiosity level (say 0.5%).
Eventually as you insert much more cash:
In case your harmony reaches $twenty,000 inside of 6 months because of reliable deposits,
Your new tier may offer you the next curiosity amount (e.g., one%).
In this way, not simply does the principal amount expand with Each individual deposit but additionally the acquired desire compounds faster as a result of raising rates tied immediately with much larger balances.

By understanding these fundamental facets of how a UOB Stash Account performs and its Gains, you'll be much better equipped to produce knowledgeable selections about taking care of and escalating your financial savings effectively!