uob stash account

uob stash account

Blog Article

It is just a discounts account offered by United Overseas Financial institution (UOB) that encourages folks to save lots of extra by supplying increased fascination fees according to the account stability. Let's break down The crucial element functions and Positive aspects to help you understand it much better.

Important Functions
Tiered Curiosity Prices: The interest rate increases as your account equilibrium grows, worthwhile you for preserving additional.
No Lock-in Period of time: As opposed to set deposits, you'll be able to withdraw your money at any time devoid of penalty.
Regular monthly Curiosity Credit: Desire is credited regular monthly, making it possible for your cost savings to develop steadily.
How It really works
Opening an Account:

You must be at the very least eighteen yrs previous.
Both inhabitants and non-residents can open up an account with essential identification files.
Depositing Funds:

You can deposit dollars into your UOB Stash Account by means of many approaches like on the net transfers, ATM deposits, or above-the-counter in a branch.
Earning Curiosity:

The desire charge may differ according to the amount of cash inside your account. Such as:
Balances around $ten,000 might generate a foundation rate.
Larger balances could get paid progressively greater costs according to predefined tiers set by UOB.
Withdrawing Income:

Withdrawals is usually produced whenever by ATMs, online banking, or at branches without having impacting the accrued fascination for that thirty day period.
Benefits
Flexibility: Accessibility your money Each time wanted without the need of losing out on accumulated interest.
Larger Personal savings Expansion Opportunity: Get uob stash account paid more in comparison to normal cost savings accounts on account of tiered curiosity charges.
Usefulness: Deal with your account very easily through UOB’s digital platforms or physical branches.
Practical Case in point
Consider you may have just opened a UOB Stash Account and deposited $five,000 at first:

In the very first thirty day period:
Your harmony earns an Preliminary base desire amount (say 0.5%).
Over time when you insert a lot more funds:
In case your equilibrium reaches $20,000 inside 6 months on account of steady deposits,
Your new tier might present a better interest fee (e.g., 1%).
This fashion, not merely does the principal quantity improve with Each and every deposit but also the acquired interest compounds more rapidly because of raising prices tied specifically with greater balances.

By being familiar with these basic components of how a UOB Stash Account functions and its Gains, you'll be greater Geared up to create knowledgeable conclusions about managing and increasing your savings effectively!