uob stash account

uob stash account

Blog Article

It's really a discounts account provided by United Abroad Lender (UOB) that encourages men and women to avoid wasting more by supplying better interest prices based upon the account equilibrium. Let us break down The main element options and Advantages that can assist you realize it improved.

Critical Options
Tiered Interest Rates: The desire rate increases as your account balance grows, rewarding you for saving more.
No Lock-in Period: Unlike fixed deposits, you can withdraw your hard earned money at any time devoid of penalty.
Regular Fascination Credit score: Interest is credited monthly, allowing your savings to mature steadily.
How It really works
Opening an Account:

You should be at the very least 18 decades outdated.
Each residents and non-inhabitants can open an account with necessary identification files.
Depositing Funds:

You are able to deposit revenue into your UOB Stash Account by way of different methods for instance on the web transfers, ATM deposits, or over-the-counter in a branch.
Earning Curiosity:

The desire fee may differ dependant upon the sum of money in the account. By way of example:
Balances up to $10,000 might gain a foundation charge.
Bigger balances could generate progressively bigger prices In keeping with predefined tiers set by UOB.
Withdrawing Income:

Withdrawals is usually produced whenever as a result of ATMs, on the internet banking, or at branches devoid of influencing the accrued interest for that month.
Positive aspects
Adaptability: Access your money Each time wanted without losing out on accrued curiosity.
Better Price savings Growth Possible: Generate far more as compared to regular financial savings accounts as a result of tiered curiosity charges.
Usefulness: Deal with your account quickly by means of UOB’s electronic platforms or Bodily branches.
Useful Instance
Envision you've just opened a UOB Stash Account and deposited $5,000 in the beginning:

In the first thirty day period:
Your harmony earns get more info an Preliminary base desire amount (say 0.5%).
With time as you increase additional cash:
Should your balance reaches $twenty,000 within 6 months on account of steady deposits,
Your new tier might give a better interest amount (e.g., 1%).
This way, not simply does the principal sum develop with Each individual deposit but in addition the earned fascination compounds more quickly due to rising prices tied instantly with more substantial balances.

By comprehending these essential elements of how a UOB Stash Account is effective and its Added benefits, you'll be far better Geared up to produce educated decisions about controlling and growing your cost savings competently!