uob stash account

uob stash account

Blog Article

It is just a discounts account made available from United Overseas Lender (UOB) that encourages persons to avoid wasting extra by giving better desire charges dependant on the account stability. Let's break down The real key options and Rewards to assist you to are aware of it superior.

Key Attributes
Tiered Curiosity Charges: The interest price will increase as your account harmony grows, satisfying you for saving much more.
No Lock-in Period: Unlike fixed deposits, you can withdraw your money anytime without penalty.
Month-to-month Curiosity Credit: Fascination is credited regular monthly, enabling your price savings to increase steadily.
How It really works
Opening an Account:

You must be at least 18 yrs previous.
Both of those residents and non-citizens can open up an account with necessary identification documents.
Depositing Funds:

You could deposit cash into your UOB Stash Account by means of many techniques for instance on the internet transfers, ATM deposits, or over-the-counter at a department.
Earning Interest:

The desire rate may differ based on the amount of money in your account. As an example:
Balances nearly $ten,000 could possibly earn a foundation charge.
Larger balances could earn progressively higher rates In keeping with predefined tiers set by UOB.
Withdrawing Revenue:

Withdrawals might be made whenever through ATMs, on the net banking, or at branches with no affecting the accrued fascination for that thirty day period.
Rewards
Adaptability: Access your funds Anytime essential without the need of losing out on accrued fascination.
Bigger Cost savings Expansion Opportunity: Earn a lot more as compared to normal personal savings accounts resulting from tiered fascination costs.
Usefulness: Deal with your account simply by way of UOB’s electronic platforms or Bodily branches.
Useful Instance
Imagine you have got just opened a UOB Stash Account and deposited $5,000 initially:

In the 1st month:
Your harmony earns an initial base desire charge (say 0.five%).
As time passes while you incorporate much more cash:
In case your harmony reaches $twenty,000 inside uob stash account of six months due to reliable deposits,
Your new tier may offer you the next interest price (e.g., 1%).
Using this method, don't just does the principal amount expand with Just about every deposit but will also the gained curiosity compounds more quickly on account of rising charges tied specifically with bigger balances.

By comprehending these essential components of how a UOB Stash Account will work and its Positive aspects, you'll be improved equipped to make knowledgeable decisions about taking care of and developing your financial savings competently!