uob stash account

uob stash account

Blog Article

This is a discounts account offered by United Abroad Bank (UOB) that encourages people to save much more by supplying larger curiosity charges determined by the account stability. Let's stop working the key features and benefits that may help you realize it greater.

Essential Functions
Tiered Interest Fees: The fascination fee raises as your account equilibrium grows, fulfilling you for conserving much more.
No Lock-in Interval: Contrary to set deposits, you are able to withdraw your hard earned money whenever with out penalty.
Every month Fascination Credit: Fascination is credited month-to-month, allowing your discounts to develop steadily.
How It really works
Opening an Account:

You should be at least 18 decades previous.
Both citizens and non-people can open an account with needed identification documents.
Depositing Income:

You can deposit income into your UOB Stash Account through different solutions including on line transfers, ATM deposits, or more than-the-counter in a department.
Earning Interest:

The interest fee may differ based on the sum of money in the account. For instance:
Balances approximately $ten,000 might make a base fee.
Bigger balances could earn progressively larger costs In keeping with predefined tiers established by UOB.
Withdrawing Money:

Withdrawals may be created whenever by way of ATMs, on the net banking, or at branches without the need of affecting the accrued interest for that thirty day period.
Benefits
Flexibility: Access your funds whenever required with out losing out on accumulated interest.
Bigger Savings Growth Potential: Get paid extra as compared to frequent price savings accounts as a consequence of tiered fascination costs.
Ease: Handle your account effortlessly via UOB’s electronic platforms or Bodily branches.
Practical Case in point
Consider you've got just opened a UOB Stash Account and deposited $5,000 in the beginning:

In the primary month:
Your equilibrium earns an Preliminary foundation fascination price (say 0.five%).
After a while as you insert a lot more resources:
When your balance reaches $twenty,000 inside 6 months because of dependable uob stash account deposits,
Your new tier may possibly offer an increased interest fee (e.g., 1%).
Using this method, not only does the principal amount increase with each deposit and also the earned curiosity compounds a lot quicker as a result of raising prices tied right with larger balances.

By knowing these essential aspects of how a UOB Stash Account performs and its Gains, you'll be far better Geared up to help make informed choices about taking care of and escalating your financial savings proficiently!