uob stash account
uob stash account
Blog Article
It's a personal savings account supplied by United Overseas Bank (UOB) that encourages people today to avoid wasting a lot more by offering bigger fascination prices based on the account harmony. Let's stop working The true secret features and Added benefits to assist you understand it greater.
Important Capabilities
Tiered Curiosity Premiums: The interest amount raises as your account harmony grows, rewarding you for conserving extra.
No Lock-in Time period: Compared with set deposits, you are able to withdraw your cash at any time without having penalty.
Every month Interest Credit score: Desire is credited month-to-month, making it possible for your savings to expand steadily.
How It really works
Opening an Account:
You need to be a minimum of 18 yrs aged.
Each citizens and non-inhabitants can open up an account with vital identification documents.
Depositing Cash:
It is possible to deposit dollars into your UOB Stash Account through numerous strategies for example on line transfers, ATM deposits, or over-the-counter in a department.
Earning Desire:
The interest rate varies according to the sum of money within your account. By way of example:
Balances as many as $ten,000 may possibly gain a foundation fee.
Increased balances could receive progressively increased costs In line with predefined tiers set by UOB.
Withdrawing Funds:
Withdrawals could be created anytime through ATMs, online banking, or at branches without influencing the accrued fascination for that month.
Advantages
Flexibility: Obtain your cash Each time required with out getting rid of out on gathered curiosity.
Greater Savings Expansion Likely: Make more as compared to common cost savings accounts because of tiered desire charges.
Convenience: Take care of your account simply via UOB’s electronic platforms or physical branches.
Realistic Instance
Visualize you might have just opened a UOB Stash Account and deposited $5,000 originally:
In the very first thirty day period:
Your balance earns an First foundation curiosity level (say 0.5%).
After some time as you insert more cash:
If your stability reaches $twenty,000 inside 6 months due to steady deposits,
Your new tier could possibly supply an increased interest charge (e.g., one%).
This way, not merely does the principal amount of money develop with Every single deposit but will also the earned curiosity compounds speedier due to escalating costs tied instantly with bigger balances.
By comprehension these elementary components of how a UOB Stash Account functions and its Rewards, You will be superior Geared up to make informed decisions about handling and developing your personal savings more info successfully!