uob stash account

uob stash account

Blog Article

It's a savings account provided by United Overseas Financial institution (UOB) that encourages men and women to avoid wasting additional by presenting better fascination premiums dependant on the account equilibrium. Let us break down The main element characteristics and Positive aspects that may help you realize it greater.

Crucial Attributes
Tiered Interest Fees: The fascination charge increases as your account equilibrium grows, fulfilling you for conserving more.
No Lock-in Interval: Not like set deposits, you can withdraw your hard earned money whenever without penalty.
Regular Curiosity Credit: Fascination is credited month-to-month, allowing your discounts to expand steadily.
How It really works
Opening an Account:

You should be at least eighteen years outdated.
Both inhabitants and non-people can open an account with important identification documents.
Depositing Dollars:

You are able to deposit dollars into your UOB Stash Account via several techniques for instance on-line transfers, ATM deposits, or in excess of-the-counter in a branch.
Earning Curiosity:

The fascination level varies dependant upon the amount of money within your account. One example is:
Balances up to $10,000 may possibly get paid a foundation price.
Larger balances could gain progressively bigger prices In line with predefined tiers established by UOB.
Withdrawing Dollars:

Withdrawals is usually designed at any time as a result of ATMs, on-line banking, or at branches without having impacting the accrued curiosity for that month.
Positive aspects
Overall flexibility: Entry your cash Each time wanted devoid of getting rid of out on gathered fascination.
Better Discounts Expansion Probable: Gain far more when compared to standard personal savings accounts resulting from tiered fascination charges.
Comfort: Handle your account easily by using UOB’s electronic platforms or Bodily branches.
Practical Case in point
Consider you might have just opened a UOB Stash Account and deposited $5,000 in the beginning:

In the click here 1st month:
Your equilibrium earns an First base fascination charge (say 0.five%).
After some time as you increase far more funds:
In the event your stability reaches $twenty,000 in six months resulting from steady deposits,
Your new tier might offer you a higher fascination price (e.g., one%).
By doing this, not simply does the principal quantity mature with Each and every deposit but will also the attained fascination compounds quicker resulting from growing costs tied directly with more substantial balances.

By understanding these basic components of how a UOB Stash Account functions and its Added benefits, You will be much better Outfitted to help make informed choices about controlling and escalating your financial savings proficiently!