uob stash account

uob stash account

Blog Article

This is a savings account provided by United Overseas Financial institution (UOB) that encourages persons to save lots of additional by featuring higher interest rates based on the account balance. Let us stop working The crucial element capabilities and Added benefits to assist you to know it superior.

Critical Characteristics
Tiered Curiosity Rates: The desire fee will increase as your account balance grows, worthwhile you for conserving much more.
No Lock-in Period: Contrary to mounted deposits, you'll be able to withdraw your hard earned money whenever with out penalty.
Monthly Fascination Credit: Fascination is credited month to month, allowing your discounts to expand steadily.
How It really works
Opening an Account:

You should be at least 18 years previous.
Both of those citizens and non-people can open an account with important identification documents.
Depositing Income:

You can deposit income into your UOB Stash Account through different solutions including on line transfers, ATM deposits, or more than-the-counter at a department.
Earning Desire:

The interest fee may differ based on the sum of money as part of your account. For example:
Balances around $ten,000 could earn a base charge.
Better balances could get paid progressively greater charges As outlined by predefined tiers established by UOB.
Withdrawing Revenue:

Withdrawals can be produced anytime by way of ATMs, on the net banking, or at branches without the need of influencing the accrued desire for that thirty day period.
Benefits
Flexibility: Access your funds whenever required with out dropping out on accumulated interest.
Higher Savings Growth Potential: Earn more when compared with standard cost savings accounts as a result of tiered curiosity rates.
Convenience: Regulate your account quickly by means of UOB’s digital platforms or physical branches.
Realistic Illustration
Picture you have just opened a UOB Stash Account and deposited $five,000 originally:

In the initial thirty day period:
Your harmony earns an initial foundation interest level (say 0.5%).
As time passes when you incorporate more cash:
Should your equilibrium reaches $20,000 within 6 months because of reliable deposits,
Your new tier may well offer an increased interest fee (e.g., one%).
Using this method, not only does the principal volume develop with Just about every deposit but additionally the acquired interest compounds more rapidly due to rising fees tied immediately with much larger balances.

By comprehending these elementary aspects of how a UOB Stash Account operates and its Gains, you'll be far better Outfitted uob stash account to help make informed choices about controlling and escalating your financial savings proficiently!