uob stash account

uob stash account

Blog Article

It's a price savings account provided by United Overseas Financial institution (UOB) that encourages persons to save lots of extra by providing larger curiosity charges based upon the account harmony. Let us break down The crucial element capabilities and Added benefits to help you know it better.

Vital Options
Tiered Fascination Costs: The interest rate improves as your account equilibrium grows, fulfilling you for conserving much more.
No Lock-in Period: Compared with fastened deposits, it is possible to withdraw your money at any time devoid of penalty.
Regular monthly Interest Credit history: Fascination is credited month to month, allowing your price savings to increase steadily.
How It Works
Opening an Account:

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

You'll be able to deposit money into your UOB Stash Account by way of various approaches such as on the net transfers, ATM deposits, or over-the-counter in a department.
Earning Interest:

The fascination level varies depending upon the amount of money with your account. For example:
Balances approximately $ten,000 might generate a foundation level.
Higher balances could generate progressively better rates In accordance with predefined tiers established by UOB.
Withdrawing Dollars:

Withdrawals can be produced whenever by way of ATMs, on line banking, or at branches without affecting the accrued curiosity for that month.
Rewards
Overall flexibility: Entry your website cash When desired without losing out on accumulated interest.
Higher Financial savings Development Possible: Generate a lot more when compared with standard personal savings accounts on account of tiered curiosity charges.
Comfort: Handle your account effortlessly via UOB’s electronic platforms or Bodily branches.
Useful Example
Imagine you have got just opened a UOB Stash Account and deposited $five,000 at first:

In the very first thirty day period:
Your harmony earns an initial foundation curiosity price (say 0.five%).
After a while as you increase far more money:
If your harmony reaches $20,000 in just 6 months on account of constant deposits,
Your new tier could possibly offer you a greater fascination price (e.g., one%).
In this way, don't just does the principal volume grow with Just about every deposit but additionally the gained curiosity compounds faster on account of increasing costs tied directly with more substantial balances.

By comprehending these elementary aspects of how a UOB Stash Account performs and its benefits, you'll be greater Geared up to produce educated conclusions about managing and expanding your personal savings competently!