uob stash account

uob stash account

Blog Article

It's a personal savings account offered by United Overseas Bank (UOB) that encourages people today to save additional by offering increased fascination premiums based on the account balance. Let us break down The crucial element options and Advantages that may help you know it improved.

Vital Capabilities
Tiered Curiosity Prices: The desire fee raises as your account equilibrium grows, satisfying you for saving additional.
No Lock-in Time period: Unlike preset deposits, it is possible to withdraw your money whenever without the need of penalty.
Regular monthly Desire Credit: Curiosity is credited every month, enabling your savings to expand steadily.
How It Works
Opening an Account:

You'll want to be a minimum of 18 several years outdated.
Both of those people and non-residents can open up an account with essential identification documents.
Depositing Funds:

It is possible to deposit income into your UOB Stash Account by several solutions which include online transfers, ATM deposits, or over-the-counter in a branch.
Earning Desire:

The fascination charge varies depending on the amount of cash with your account. By way of example:
Balances around $ten,000 could receive a foundation charge.
Higher balances could gain progressively larger rates As outlined by predefined tiers set by UOB.
Withdrawing Income:

Withdrawals can be manufactured at any time by means of ATMs, on line banking, or at branches without having impacting the accrued desire for that thirty day period.
Rewards
Overall flexibility: Obtain your resources whenever required with no getting rid of out on amassed curiosity.
Larger Personal savings Expansion Probable: Get paid extra compared to regular financial savings accounts as a result of tiered interest rates.
Benefit: Take care of your account simply through UOB’s electronic platforms or Bodily branches.
Practical Illustration
Picture you've just opened a UOB Stash Account and deposited $five,000 initially:

In the 1st month:
Your stability earns an Original foundation curiosity level (say 0.five%).
After a while when you add a lot more cash:
If your stability reaches $20,000 within just 6 months as a consequence of constant deposits,
Your new tier could give a greater interest charge (e.g., 1%).
In this way, not merely does the principal volume improve with Each individual click here deposit but also the gained fascination compounds more quickly on account of rising charges tied straight with larger balances.

By knowledge these elementary elements of how a UOB Stash Account works and its Gains, you'll be better Outfitted to help make informed selections about handling and escalating your personal savings competently!