uob stash account

uob stash account

Blog Article

It is a discounts account offered by United Overseas Bank (UOB) that encourages men and women to save lots of extra by offering greater curiosity charges based upon the account harmony. Let us break down The main element capabilities and Added benefits to assist you to understand it better.

Key Options
Tiered Desire Premiums: The fascination charge raises as your account balance grows, worthwhile you for conserving far more.
No Lock-in Time period: Unlike preset deposits, you may withdraw your cash anytime without the need of penalty.
Regular Curiosity Credit: Fascination is credited month to month, permitting your price savings to improve steadily.
How It Works
Opening an Account:

You might want to be at the least 18 yrs previous.
Both of those citizens and non-people can open an account with vital identification documents.
Depositing Revenue:

You'll be able to deposit revenue into your UOB Stash Account by way of various approaches like on the net transfers, ATM deposits, or more than-the-counter at a department.
Earning Interest:

The curiosity amount varies with regards to the amount of website cash within your account. One example is:
Balances as much as $10,000 could earn a base charge.
Increased balances could get paid progressively higher charges In keeping with predefined tiers established by UOB.
Withdrawing Cash:

Withdrawals could be designed at any time through ATMs, on-line banking, or at branches with no impacting the accrued fascination for that thirty day period.
Gains
Adaptability: Access your funds Anytime necessary without having shedding out on accrued curiosity.
Larger Personal savings Expansion Probable: Gain additional as compared to frequent price savings accounts as a consequence of tiered desire premiums.
Usefulness: Deal with your account simply through UOB’s digital platforms or Actual physical branches.
Realistic Illustration
Picture you've got just opened a UOB Stash Account and deposited $5,000 in the beginning:

In the primary month:
Your equilibrium earns an First base desire fee (say 0.5%).
Eventually while you include more cash:
Should your balance reaches $twenty,000 inside 6 months as a result of consistent deposits,
Your new tier could supply a higher fascination rate (e.g., one%).
By doing this, don't just does the principal sum mature with Every single deposit but also the acquired desire compounds more rapidly due to rising rates tied right with larger sized balances.

By knowing these essential elements of how a UOB Stash Account will work and its benefits, you'll be superior Geared up to create knowledgeable selections about running and expanding your discounts competently!