uob stash account

uob stash account

Blog Article

It is a discounts account offered by United Overseas Bank (UOB) that encourages folks to avoid wasting extra by offering greater interest prices determined by the account harmony. Let's break down The important thing attributes and Advantages that will help you understand it better.

Vital Options
Tiered Fascination Charges: The interest level boosts as your account stability grows, rewarding you for preserving far more.
No Lock-in Time period: Unlike preset deposits, it is possible to withdraw your money at any time with no penalty.
Month-to-month Desire Credit score: Desire is credited regular monthly, permitting your price savings to increase steadily.
How It really works
Opening an Account:

You need to be no less than 18 yrs old.
Both equally residents and non-inhabitants can open up an account with essential identification files.
Depositing Cash:

You may deposit cash into your UOB Stash Account by way of numerous approaches such as on the internet transfers, ATM deposits, or around-the-counter at a branch.
Earning Fascination:

The desire price differs depending upon the amount of money within your account. Such as:
Balances as much as $10,000 may possibly get paid a foundation price.
Larger balances could receive progressively bigger rates In accordance with predefined tiers set by UOB.
Withdrawing Income:

Withdrawals is often made anytime through ATMs, on-line banking, or at branches without having impacting the accrued interest for that month.
Rewards
Overall flexibility: Entry your cash Each time wanted without the need of getting rid of out on amassed desire.
Bigger Savings Growth Potential: Earn more in uob stash account comparison to normal financial savings accounts because of tiered interest rates.
Convenience: Regulate your account conveniently by using UOB’s electronic platforms or physical branches.
Practical Case in point
Consider you might have just opened a UOB Stash Account and deposited $5,000 initially:

In the main thirty day period:
Your balance earns an Original base interest level (say 0.5%).
As time passes when you incorporate much more resources:
When your balance reaches $twenty,000 inside 6 months on account of constant deposits,
Your new tier could possibly offer you a greater fascination charge (e.g., one%).
In this way, don't just does the principal volume grow with Just about every deposit but additionally the acquired interest compounds speedier because of raising prices tied specifically with bigger balances.

By knowledge these fundamental facets of how a UOB Stash Account is effective and its Rewards, You will be improved equipped to generate educated decisions about handling and rising your savings proficiently!