uob stash account

uob stash account

Blog Article

It is just a savings account supplied by United Abroad Lender (UOB) that encourages men and women to save lots of far more by offering better interest costs depending on the account equilibrium. Let us break down The real key functions and Gains that can assist you know it much better.

Critical Features
Tiered Curiosity Premiums: The desire rate will increase as your account harmony grows, worthwhile you for preserving more.
No Lock-in Period of time: Contrary to preset deposits, you may withdraw your money at any time with no penalty.
Regular monthly Fascination Credit score: Curiosity is credited month to month, letting your price savings to mature steadily.
How It really works
Opening an Account:

You might want to be at least eighteen years outdated.
Both equally residents and non-residents can open up an account with needed identification files.
Depositing Funds:

You are able to deposit cash into your UOB Stash Account by several methods such as on the net transfers, ATM deposits, or in excess of-the-counter in a department.
Earning Interest:

The interest level differs dependant upon the amount of cash as part of your account. One example is:
Balances nearly $10,000 may well generate a base price.
Better balances could receive progressively increased prices according to predefined tiers set by UOB.
Withdrawing Revenue:

Withdrawals might be manufactured anytime by way of ATMs, online banking, or at branches devoid of more info affecting the accrued curiosity for that thirty day period.
Benefits
Versatility: Obtain your funds Every time desired with out shedding out on amassed interest.
Larger Financial savings Growth Probable: Gain a lot more as compared to normal personal savings accounts as a consequence of tiered interest prices.
Ease: Deal with your account quickly by using UOB’s electronic platforms or Actual physical branches.
Simple Case in point
Imagine you may have just opened a UOB Stash Account and deposited $five,000 originally:

In the very first thirty day period:
Your balance earns an First foundation interest amount (say 0.five%).
Eventually when you incorporate more money:
If your stability reaches $20,000 in just six months resulting from constant deposits,
Your new tier could provide a better fascination rate (e.g., 1%).
In this way, not simply does the principal quantity increase with each deposit but additionally the attained interest compounds more quickly on account of raising premiums tied instantly with larger sized balances.

By understanding these essential areas of how a UOB Stash Account performs and its Added benefits, you'll be superior equipped to make knowledgeable decisions about taking care of and rising your cost savings successfully!