uob stash account

uob stash account

Blog Article

It is a personal savings account made available from United Abroad Lender (UOB) that encourages individuals to save lots of extra by featuring higher desire premiums dependant on the account harmony. Let's break down The important thing attributes and benefits to help you know it superior.

Essential Functions
Tiered Interest Fees: The curiosity price improves as your account harmony grows, gratifying you for preserving far more.
No Lock-in Period: Compared with mounted deposits, you are able to withdraw your hard earned money whenever without penalty.
Regular monthly Interest Credit history: Curiosity is credited every month, making it possible for your financial savings to mature steadily.
How It Works
Opening an Account:

You'll want to be at the very least eighteen many years outdated.
Both inhabitants and non-people can open an account with needed identification files.
Depositing Funds:

You could deposit revenue into your UOB Stash Account by means of many strategies for instance on-line transfers, ATM deposits, or about-the-counter in a branch.
Earning Curiosity:

The fascination level varies with regards to the amount of cash inside your account. As an example:
Balances as many as $ten,000 might make a base fee.
Better balances could earn progressively greater charges In line with predefined tiers established by UOB.
Withdrawing Dollars:

Withdrawals is usually made read more anytime via ATMs, on-line banking, or at branches without having impacting the accrued curiosity for that month.
Rewards
Versatility: Accessibility your money Anytime necessary without having dropping out on accumulated interest.
Higher Savings Advancement Opportunity: Get paid extra as compared to frequent discounts accounts resulting from tiered curiosity prices.
Convenience: Regulate your account quickly through UOB’s digital platforms or Actual physical branches.
Realistic Instance
Imagine you have got just opened a UOB Stash Account and deposited $five,000 at first:

In the first thirty day period:
Your stability earns an Original base desire fee (say 0.5%).
After some time while you increase far more funds:
If the stability reaches $twenty,000 inside 6 months because of dependable deposits,
Your new tier may possibly give a greater desire price (e.g., one%).
This way, not merely does the principal amount expand with Each individual deposit but in addition the acquired interest compounds more quickly as a consequence of growing costs tied directly with greater balances.

By knowledge these fundamental elements of how a UOB Stash Account will work and its benefits, you'll be far better Outfitted for making educated decisions about handling and developing your discounts competently!