uob stash account

uob stash account

Blog Article

This is a personal savings account supplied by United Overseas Bank (UOB) that encourages individuals to save lots of far more by providing higher desire charges depending on the account balance. Let us break down The real key characteristics and Advantages to help you realize it far better.

Vital Characteristics
Tiered Interest Costs: The interest fee increases as your account harmony grows, rewarding you for conserving extra.
No Lock-in Time period: Compared with set deposits, you could withdraw your money whenever without penalty.
Month to month Desire Credit: Curiosity is credited every month, permitting your discounts to grow steadily.
How It Works
Opening an Account:

You must be not less than 18 a long time outdated.
Both of those residents and non-citizens can open an account with needed identification files.
Depositing Money:

You are able to deposit income into your UOB Stash Account by many techniques including on the web transfers, ATM deposits, or about-the-counter in a department.
Earning Desire:

The desire level may differ based on the amount of money within your account. As an example:
Balances approximately $10,000 may possibly receive a base fee.
Increased balances could receive progressively increased costs In line with predefined tiers set by UOB.
Withdrawing Funds:

Withdrawals is usually built at any time by way of ATMs, on the web banking, or at branches with no impacting the accrued interest for that thirty day period.
Gains
Overall flexibility: Entry your money whenever desired without the need of shedding out on accrued interest.
Bigger more info Discounts Progress Prospective: Earn extra when compared to typical financial savings accounts due to tiered fascination prices.
Convenience: Take care of your account very easily via UOB’s electronic platforms or physical branches.
Realistic Instance
Visualize you might 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 curiosity level (say 0.5%).
Eventually as you insert much more cash:
In case your harmony reaches $twenty,000 inside of 6 months because of reliable deposits,
Your new tier might offer you a higher curiosity amount (e.g., one%).
In this way, not simply does the principal quantity increase with Each individual deposit but additionally the acquired desire compounds quicker on account of expanding rates tied immediately with much larger balances.

By understanding these basic facets of how a UOB Stash Account will work and its benefits, you'll be far better Outfitted to generate educated conclusions about running and growing your financial savings proficiently!