uob stash account

uob stash account

Blog Article

It is a personal savings account supplied by 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.

Essential Attributes
Tiered Desire Costs: The interest amount raises as your account equilibrium grows, satisfying you for saving additional.
No Lock-in Time period: Compared with mounted deposits, you can withdraw your cash anytime with no penalty.
Month-to-month Fascination Credit: Fascination is credited monthly, making it possible for your financial savings to improve steadily.
How It Works
Opening an Account:

You must be at least 18 yrs aged.
The two inhabitants and non-residents can open an account with needed identification files.
Depositing Money:

It is possible to deposit revenue into your UOB Stash Account as a result of numerous approaches which include on-line transfers, ATM deposits, or in excess of-the-counter in a department.
Earning Desire:

The desire price varies dependant upon the amount of cash in your account. For instance:
Balances around $10,000 may possibly get paid a foundation read more rate.
Greater balances could generate progressively increased costs As outlined by predefined tiers established by UOB.
Withdrawing Revenue:

Withdrawals can be made anytime through ATMs, on-line banking, or at branches with out affecting the accrued interest for that thirty day period.
Gains
Adaptability: Entry your cash Every time essential without having dropping out on accumulated desire.
Bigger Price savings Expansion Likely: Generate much more in comparison to regular price savings accounts as a consequence of tiered fascination charges.
Convenience: Regulate your account quickly through UOB’s digital platforms or Actual physical branches.
Useful Example
Consider you've got just opened a UOB Stash Account and deposited $5,000 to begin with:

In the initial thirty day period:
Your stability earns an Original base desire fee (say 0.five%).
After a while as you insert much more resources:
Should your equilibrium reaches $20,000 within just six months as a consequence of steady deposits,
Your new tier might offer you the next curiosity level (e.g., 1%).
In this manner, not only does the principal volume grow with Every single deposit but also the attained fascination compounds faster resulting from increasing costs tied instantly with bigger balances.

By knowledge these essential elements of how a UOB Stash Account performs and its Gains, you'll be much better Outfitted to generate educated conclusions about managing and developing your discounts competently!