uob stash account

uob stash account

Blog Article

It is a cost savings account made available from United Abroad Financial institution (UOB) that encourages people to save lots of additional by giving greater desire costs determined by the account balance. Let us break down The real key capabilities and Rewards that will help you know it far better.

Key Capabilities
Tiered Interest Premiums: The interest amount improves as your account balance grows, fulfilling you for saving additional.
No Lock-in Period: Not like fixed deposits, it is possible to withdraw your money whenever devoid of penalty.
Month-to-month Fascination Credit history: Curiosity is credited regular, allowing your personal savings to mature steadily.
How It Works
Opening an Account:

You should be no less than eighteen many years outdated.
Both equally residents and non-residents can open an account with needed identification files.
Depositing Revenue:

You are able to deposit income into your UOB Stash Account by many techniques including on the web transfers, ATM deposits, or about-the-counter in a department.
Earning Desire:

The desire level may differ based on the amount of money within your account. By way of example:
Balances as many as $ten,000 could gain a foundation fee.
Increased balances could gain progressively better costs As outlined by predefined tiers established by UOB.
Withdrawing Income:

Withdrawals might be created anytime via ATMs, on-line banking, or at branches with out affecting the accrued desire for that thirty day period.
Positive aspects
Versatility: Access your resources When essential with no dropping out on accumulated fascination.
Increased Cost savings Growth Opportunity: Gain far more in comparison with normal price savings accounts resulting from tiered curiosity rates.
Advantage: Control your account easily by using UOB’s digital platforms or Actual physical branches.
Functional Example
Consider you've got just opened a UOB Stash Account and deposited $five,000 originally:

In the first month:
Your equilibrium earns an Preliminary foundation curiosity amount (say click here 0.5%).
After some time as you insert more cash:
If your harmony reaches $twenty,000 inside 6 months due to regular deposits,
Your new tier might offer you the next interest fee (e.g., one%).
By doing this, not simply does the principal amount expand with Each individual deposit but additionally the acquired fascination compounds faster as a result of raising rates tied immediately with more substantial balances.

By being familiar with these fundamental facets of how a UOB Stash Account will work and its Gains, you'll be much better equipped to generate knowledgeable selections about running and growing your financial savings effectively!