uob stash account

uob stash account

Blog Article

It is a discounts account provided by United Overseas Lender (UOB) that encourages individuals to save much more by supplying increased fascination premiums based on the account equilibrium. Let's break down The important thing functions and Positive aspects to help you understand it improved.

Critical Characteristics
Tiered Interest Fees: The curiosity rate boosts as your account balance grows, fulfilling you for saving additional.
No Lock-in Time period: Compared with set deposits, you could withdraw your money anytime devoid of penalty.
Regular Interest Credit score: Fascination is credited every month, permitting your discounts to mature steadily.
How It really works
Opening an Account:

You need to be at the very least 18 a long time previous.
The two citizens and non-residents can open up an account with vital identification files.
Depositing Income:

You can deposit money into your UOB Stash Account through various methods which include on line transfers, ATM deposits, or about-the-counter at a branch.
Earning Interest:

The fascination charge may differ depending on the sum of money inside your account. For example:
Balances as many as $ten,000 may well earn a base amount.
Larger balances could get paid progressively larger fees In accordance with predefined tiers established by UOB.
Withdrawing Money:

Withdrawals could be designed at any time via ATMs, on the web banking, or at branches without the need of affecting the accrued interest for that thirty day period.
Gains
Flexibility: Obtain your resources whenever needed without losing out on amassed fascination.
Better Savings Growth Opportunity: Gain additional when compared to typical financial savings accounts because of tiered desire charges.
Convenience: Deal with your account very easily via UOB’s digital platforms or Actual physical branches.
Realistic Example
Visualize you have got just opened a UOB Stash Account and deposited $5,000 to begin with:

In the initial month:
Your balance earns an First foundation interest fee (say 0.five%).
As time passes while you insert much more money:
When your harmony reaches $20,000 in six months on account of reliable deposits,
Your new tier could possibly give the next desire amount (e.g., 1%).
Using this method, not merely does the principal sum expand with Each and every deposit but additionally the gained fascination compounds more quickly because of increasing premiums tied immediately with bigger balances.

By understanding these elementary aspects of how a UOB Stash Account will work and its Rewards, You will be click here much better Outfitted to make informed selections about managing and growing your personal savings competently!