uob stash account

uob stash account

Blog Article

It's a price savings account provided by United Overseas Financial institution (UOB) that encourages people today to save a lot more by giving better desire fees according to the account balance. Let's stop working The important thing functions and Rewards that may help you realize it superior.

Critical Capabilities
Tiered Fascination Costs: The curiosity price increases as your account equilibrium grows, worthwhile you for conserving a lot more.
No Lock-in Period: Unlike preset deposits, you could withdraw your cash anytime without penalty.
Month to month Interest Credit history: Fascination is credited month-to-month, allowing your price savings to increase steadily.
How It Works
Opening an Account:

You might want to be no less than 18 decades outdated.
Each inhabitants and non-citizens can open up an account with essential identification files.
Depositing Funds:

You can deposit income into your UOB Stash Account through several techniques which include on the internet transfers, ATM deposits, or around-the-counter at a branch.
Earning Desire:

The interest fee may differ according to the amount of cash inside your account. One example is:
Balances up to $10,000 could earn a base fee.
Bigger balances could make progressively increased premiums Based on predefined tiers set by UOB.
Withdrawing Income:

Withdrawals is usually produced whenever by way of ATMs, on line 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: Generate far more when compared with standard discounts accounts resulting from tiered fascination costs.
Ease: Control your account very easily by way of UOB’s digital platforms or Actual physical branches.
Realistic Instance
Envision you've just opened a UOB Stash Account and deposited $five,000 to begin with:

In the primary month:
Your equilibrium earns an First base desire fee (say 0.5%).
Eventually while you include more cash:
Should your balance reaches $twenty,000 inside 6 months on account of constant deposits,
Your new tier could possibly offer you a higher fascination price (e.g., one%).
In this way, don't just does the principal volume develop with Each individual deposit but in addition the gained curiosity compounds a lot quicker as a result of increasing charges tied instantly with greater balances.

By understanding these basic components of how a UOB Stash Account operates and its Added benefits, you'll be far better Geared up to make get more info informed selections about running and expanding your personal savings competently!