uob stash account
uob stash account
Blog Article
It's a price savings account offered by United Overseas Lender (UOB) that encourages people to save more by offering higher desire premiums dependant on the account harmony. Let's break down The important thing features and Gains to help you know it superior.
Essential Attributes
Tiered Interest Premiums: The curiosity rate improves as your account stability grows, rewarding you for preserving much more.
No Lock-in Interval: Contrary to set deposits, you can withdraw your hard earned money anytime without the need of penalty.
Regular monthly Interest Credit rating: Interest is credited every month, enabling your savings to improve steadily.
How It Works
Opening an Account:
You must be at least 18 decades previous.
Both of those citizens and non-inhabitants can open up an account with essential identification paperwork.
Depositing Money:
It is possible to deposit revenue into your UOB Stash Account via several methods including on line transfers, ATM deposits, or more than-the-counter at a department.
Earning Desire:
The interest charge differs depending on the amount of money within your account. Such as:
Balances up to $10,000 may well receive a foundation level.
Higher balances could make progressively larger premiums In keeping with predefined tiers established by UOB.
Withdrawing Money:
Withdrawals may be created whenever by means of ATMs, on the web banking, or at branches devoid of influencing the accrued fascination for that thirty day period.
Positive aspects
Overall flexibility: Entry uob stash account your cash Each time essential with no dropping out on accrued curiosity.
Greater Financial savings Growth Potential: Earn extra compared to frequent price savings accounts resulting from tiered fascination charges.
Comfort: Manage your account conveniently by means of UOB’s digital platforms or Actual physical branches.
Realistic Instance
Envision you have just opened a UOB Stash Account and deposited $five,000 at first:
In the first thirty day period:
Your balance earns an Original base desire fee (say 0.5%).
After some time as you increase far more funds:
If the stability reaches $twenty,000 inside 6 months as a result of dependable deposits,
Your new tier may possibly offer an increased interest fee (e.g., one%).
In this way, don't just does the principal volume grow with Every single deposit but will also the attained fascination compounds quicker resulting from increasing costs tied instantly with bigger balances.
By knowledge these fundamental facets of how a UOB Stash Account will work and its benefits, you'll be greater Geared up to make informed choices about taking care of and escalating your financial savings proficiently!