uob stash account

uob stash account

Blog Article

It's really a personal savings account offered by United Overseas Bank (UOB) that encourages persons to save lots of more by providing increased desire rates depending on the account stability. Let's break down The main element capabilities and benefits to assist you are aware of it greater.

Essential Capabilities
Tiered Fascination Costs: The curiosity charge raises as your account stability grows, rewarding you for preserving extra.
No Lock-in Period of time: Not like mounted deposits, it is possible to withdraw your money anytime without the need of penalty.
Every month Fascination Credit score: Interest is credited every month, letting your personal savings to expand steadily.
How It really works
Opening an Account:

You'll want to be at the least 18 yrs previous.
Both inhabitants and non-citizens can open up an account with required identification files.
Depositing Income:

You are able to deposit dollars into your UOB Stash Account by means of various approaches like on line transfers, ATM deposits, or above-the-counter in a branch.
Earning Fascination:

The desire charge may differ according to the amount of cash inside your account. Such as:
Balances around $ten,000 might generate a foundation rate.
Larger balances could get paid progressively greater costs according to predefined tiers set by UOB.
Withdrawing Funds:

Withdrawals is often made anytime by way of ATMs, on line banking, or at branches with out impacting the accrued fascination for that thirty day period.
Gains
Flexibility: Accessibility your money Each time wanted without losing out on accumulated interest.
Greater Cost savings Progress Probable: Gain extra compared to regular financial savings accounts because of tiered interest rates.
Convenience: Manage your account effortlessly via UOB’s electronic platforms or Bodily branches.
Functional Instance
Envision you've just opened a UOB Stash Account and deposited $5,000 in the beginning:

In the 1st month:
Your balance earns an Original base interest level (say 0.five%).
As time passes when you insert far more funds:
In the event your harmony reaches $20,000 in just six months because of consistent deposits,
Your new tier could supply a higher fascination price uob stash account (e.g., one%).
In this way, don't just does the principal volume develop with Each individual deposit but in addition the gained curiosity compounds faster on account of growing premiums tied straight with much larger balances.

By comprehending these elementary aspects of how a UOB Stash Account performs and its benefits, you'll be superior Geared up to produce knowledgeable conclusions about handling and increasing your savings effectively!