uob stash account

uob stash account

Blog Article

It is just a financial savings account supplied by United Abroad Lender (UOB) that encourages people to save a lot more by giving better desire fees according to the account balance. Let's stop working The true secret functions and Positive aspects to assist you to know it improved.

Vital Options
Tiered Fascination Premiums: The curiosity charge raises as your account balance grows, worthwhile you for preserving far more.
No Lock-in Time period: In contrast to fixed deposits, you can withdraw your hard earned money anytime without the need of penalty.
Regular Curiosity Credit: Fascination is credited regular monthly, making it possible for your cost savings to grow steadily.
How It really works
Opening an Account:

You should be a minimum of eighteen many years aged.
The two residents and non-inhabitants can open up an account with needed identification files.
Depositing Income:

You are able to deposit dollars into your UOB Stash Account via many strategies which include on the web transfers, ATM deposits, or over-the-counter at a department.
Earning Desire:

The interest amount varies with regards to the amount of cash within your account. Such as:
Balances around $ten,000 could possibly make a base amount.
Higher balances get more info could generate progressively better rates In accordance with predefined tiers established by UOB.
Withdrawing Dollars:

Withdrawals can be created whenever by ATMs, on line banking, or at branches with out affecting the accrued curiosity for that month.
Positive aspects
Adaptability: Obtain your resources whenever needed with out dropping out on accrued curiosity.
Larger Personal savings Progress Likely: Receive additional as compared to frequent price savings accounts as a consequence of tiered desire fees.
Advantage: Take care of your account quickly by means of UOB’s digital platforms or Bodily branches.
Sensible Example
Visualize you have got just opened a UOB Stash Account and deposited $five,000 at first:

In the very first thirty day period:
Your harmony earns an Preliminary foundation fascination charge (say 0.five%).
Eventually while you add extra cash:
In case your equilibrium reaches $20,000 inside 6 months as a result of consistent deposits,
Your new tier could possibly offer you a higher fascination price (e.g., one%).
In this way, don't just does the principal volume grow with Just about every deposit but additionally the gained curiosity compounds a lot quicker as a result of expanding charges tied instantly with greater balances.

By being familiar with these basic components of how a UOB Stash Account functions and its Added benefits, you'll be far better Outfitted to make informed selections about running and expanding your discounts competently!