uob stash account

uob stash account

Blog Article

It is just a savings account offered by United Overseas Lender (UOB) that encourages folks to save lots of a lot more by featuring larger desire prices dependant on the account balance. Let's break down the key functions and Added benefits to assist you realize it better.

Important Capabilities
Tiered Desire Rates: The interest price will increase as your account harmony grows, fulfilling you for preserving extra.
No Lock-in Period: In contrast to mounted deposits, it is possible to withdraw your cash whenever with no penalty.
Regular Fascination Credit rating: Curiosity is credited regular monthly, making it possible for your discounts to improve steadily.
How It Works
Opening an Account:

You must be at the least 18 many years old.
Both people and non-inhabitants can open an account with essential identification documents.
Depositing Money:

You can deposit revenue into your UOB Stash Account by a variety of approaches including online transfers, ATM deposits, or around-the-counter in a branch.
Earning Desire:

The curiosity rate may differ dependant upon the amount of money in your account. One example is:
Balances around $ten,000 may possibly make a foundation charge.
Higher balances could receive progressively higher costs In accordance with predefined tiers established by UOB.
Withdrawing Cash:

Withdrawals is often produced at any time via ATMs, on the net banking, or at branches with out impacting the accrued desire for that month.
Added benefits
Flexibility: Accessibility your resources Anytime essential without having shedding out on amassed interest.
Larger Personal savings Growth Prospective: Receive extra in comparison with standard price savings accounts because of tiered curiosity charges.
Usefulness: Take care of your account easily via UOB’s electronic platforms or Actual physical branches.
Practical Example
Imagine you have just opened a UOB Stash Account and deposited $five,000 initially:

In the first thirty day period:
Your equilibrium earns an First base curiosity price (say 0.5%).
As time passes as you incorporate a lot more money:
In case your balance reaches $twenty,000 in six months because of consistent deposits,
Your new tier might give an increased fascination price (e.g., one%).
In this manner, not merely does the principal quantity grow with each deposit but will also the acquired interest compounds faster get more info resulting from rising prices tied specifically with greater balances.

By understanding these essential elements of how a UOB Stash Account works and its Added benefits, you'll be much better Geared up to help make knowledgeable choices about running and increasing your savings proficiently!