uob stash account

uob stash account

Blog Article

It's a savings account supplied by United Abroad Financial institution (UOB) that encourages people today to save more by providing increased fascination premiums based on the account balance. Let us stop working the key attributes and Advantages to assist you are aware of it greater.

Crucial Functions
Tiered Curiosity Prices: The interest level improves as your account harmony grows, satisfying you for saving more.
No Lock-in Interval: Contrary to mounted deposits, you'll be able to withdraw your money at any time with no penalty.
Month to month Interest Credit history: Curiosity is credited monthly, allowing for your discounts to expand steadily.
How It really works
Opening an Account:

You must be at the very least eighteen a long time aged.
Both equally citizens and non-people can open an account with important identification documents.
Depositing Dollars:

You'll be able to deposit revenue into your UOB Stash Account by way of various procedures like on the net transfers, ATM deposits, or more than-the-counter in a department.
Earning Interest:

The curiosity level varies dependant upon the amount of money with your account. For example:
Balances around $ten,000 may possibly earn a base fee.
Bigger balances could make progressively increased fees Based on predefined tiers set by UOB.
Withdrawing Income:

Withdrawals is usually produced anytime by way of ATMs, on the net banking, or at branches without affecting the accrued curiosity for that month.
Rewards
Overall flexibility: Entry your cash When desired without losing out on accumulated interest.
Greater Financial savings Development Prospective: Receive far more when compared to common discounts accounts as a consequence of tiered fascination costs.
Usefulness: Deal with your account simply through UOB’s digital platforms or Actual physical branches.
Realistic Illustration
Think about you've got just opened a UOB Stash Account and deposited $5,000 in the beginning:

In the 1st month:
Your balance earns an Original base interest level (say 0.5%).
As time passes when you insert a lot more resources:
If the stability reaches $twenty,000 inside of six months resulting from steady deposits,
Your new tier might present a greater desire charge (e.g., one%).
Using this method, not only does the principal total expand with each deposit but in addition the earned curiosity compounds a lot quicker on account of increasing charges tied instantly with greater balances.

By being familiar with these basic components of how a UOB Stash Account functions and its Added benefits, you'll be far better Geared up to make informed website selections about taking care of and expanding your personal savings competently!