uob stash account

uob stash account

Blog Article

This is a discounts account made available from United Abroad Bank (UOB) that encourages folks to save more by featuring bigger fascination charges according to the account equilibrium. Let us break down the key capabilities and Positive aspects to assist you understand it superior.

Crucial Features
Tiered Fascination Prices: The desire charge improves as your account stability grows, rewarding you for conserving more.
No Lock-in Period of time: Unlike fastened deposits, you are able to withdraw your cash at any time with no penalty.
Monthly Curiosity Credit history: Interest is credited regular monthly, allowing your personal savings to grow steadily.
How It Works
Opening an Account:

You'll want to be a minimum of 18 yrs old.
The two inhabitants and non-people can open up an account with essential identification paperwork.
Depositing Dollars:

You can deposit funds into your UOB Stash Account by many techniques for example on line transfers, ATM deposits, or over-the-counter at a branch.
Earning Interest:

The curiosity charge differs dependant upon the amount of cash in your account. As an example:
Balances around $10,000 may possibly receive a foundation amount.
Better balances could gain progressively bigger fees according to predefined tiers established by UOB.
Withdrawing Revenue:

Withdrawals is usually built at any time as a result of ATMs, on line banking, or at branches without the need of influencing the accrued fascination for that month.
Rewards
Versatility: Access your resources Any time wanted devoid of shedding out on accrued interest.
Bigger Price more info savings Expansion Likely: Make more compared to common personal savings accounts as a result of tiered interest premiums.
Convenience: Take care of your account simply via UOB’s electronic platforms or physical branches.
Simple Illustration
Envision you have got just opened a UOB Stash Account and deposited $5,000 initially:

In the 1st month:
Your harmony earns an initial foundation interest amount (say 0.5%).
After some time as you insert much more cash:
In case your harmony reaches $20,000 in 6 months as a result of dependable deposits,
Your new tier may well give a greater fascination rate (e.g., 1%).
This fashion, not just does the principal total grow with Each and every deposit but will also the earned curiosity compounds speedier because of rising fees tied straight with more substantial balances.

By being familiar with these fundamental elements of how a UOB Stash Account performs and its Gains, you'll be much better Outfitted to generate educated conclusions about running and expanding your cost savings proficiently!