uob stash account

uob stash account

Blog Article

It is just a savings account offered by United Abroad Financial institution (UOB) that encourages persons to avoid wasting far more by giving increased curiosity charges depending on the account stability. Let's stop working The crucial element characteristics and Positive aspects that may help you realize it greater.

Important Features
Tiered Desire Costs: The interest level boosts as your account stability grows, rewarding you for preserving a lot more.
No Lock-in Period: Contrary to set deposits, you can withdraw your hard earned money anytime without the need of penalty.
Regular monthly Interest Credit rating: Desire is credited regular monthly, permitting your price savings to expand steadily.
How It really works
Opening an Account:

You should be not less than 18 yrs old.
Both equally residents and non-citizens can open up an account with essential identification documents.
Depositing Dollars:

You can deposit income into your UOB Stash Account as a result of different procedures like on the web transfers, ATM deposits, or around-the-counter at a branch.
Earning Curiosity:

The fascination level varies with regards to the amount of cash in your account. As an example:
Balances approximately $ten,000 could possibly make a base charge.
Better balances could get paid progressively higher prices In accordance with predefined tiers set by UOB.
Withdrawing Income:

Withdrawals is often built at any time as a result of ATMs, online banking, or at branches with out affecting the accrued interest for that month.
Advantages
Flexibility: Access your funds When wanted devoid of shedding out on gathered curiosity.
Larger Cost savings Development Possible: Make more compared to frequent price savings accounts as a consequence of tiered fascination charges.
Comfort: Manage your account conveniently by means of click here UOB’s digital platforms or physical branches.
Realistic Instance
Envision you have just opened a UOB Stash Account and deposited $five,000 at first:

In the first thirty day period:
Your balance earns an Original foundation interest level (say 0.5%).
Over time while you include extra money:
If your harmony reaches $20,000 in six months on account of constant deposits,
Your new tier could possibly supply the next curiosity level (e.g., 1%).
In this manner, not just does the principal total develop with Each and every deposit but will also the attained fascination compounds faster on account of increasing charges tied instantly with bigger balances.

By comprehension these essential elements of how a UOB Stash Account will work and its benefits, you'll be greater Geared up to make informed choices about controlling and escalating your savings effectively!