uob stash account

uob stash account

Blog Article

It's really a personal savings account provided by United Overseas Lender (UOB) that encourages individuals to save more by providing larger fascination costs based on the account balance. Let's break down the key attributes and Positive aspects to assist you to understand it better.

Important Functions
Tiered Interest Charges: The curiosity charge raises as your account balance grows, worthwhile you for conserving a lot more.
No Lock-in Period: In contrast to fixed deposits, you could withdraw your cash at any time devoid of penalty.
Regular monthly Interest Credit rating: Desire is credited regular monthly, enabling your savings to increase steadily.
How It really works
Opening an Account:

You should be not less than 18 a long time outdated.
Both of those residents and non-residents can open up an account with essential identification paperwork.
Depositing Dollars:

You can deposit money into your UOB Stash Account through numerous techniques including on the web transfers, ATM deposits, or in excess of-the-counter at a department.
Earning Fascination:

The curiosity rate may differ depending upon the sum of money with your account. By way of example:
Balances as much as $10,000 may generate a foundation charge.
Bigger balances could receive progressively higher costs In line with predefined tiers set by UOB.
Withdrawing Revenue:

Withdrawals could be made anytime as a result of ATMs, on the internet banking, or at branches without impacting the accrued fascination for that thirty day period.
Gains
Versatility: Accessibility your money When needed without having dropping out on accumulated interest.
Bigger Personal savings Expansion Probable: Gain extra in comparison to normal financial savings accounts on account of tiered curiosity charges.
Usefulness: Deal with your account very easily via UOB’s electronic platforms or physical branches.
Realistic Instance
Imagine you have got just opened a UOB Stash Account and deposited $5,000 to begin with:

In the primary thirty day period:
Your balance earns an Preliminary foundation fascination charge (say 0.five%).
Over time as you incorporate more money:
If the balance reaches $20,000 inside of six months resulting from consistent deposits,
Your new tier may supply an increased desire rate (e.g., one%).
By doing this, not only does the principal quantity develop with Just about every deposit but additionally the earned interest compounds more rapidly as a result of increasing costs tied straight with larger read more sized balances.

By knowing these essential facets of how a UOB Stash Account works and its Positive aspects, You will be far better Geared up to create knowledgeable conclusions about running and growing your discounts competently!